This paper systematically analyzes the impact of the financial crisis on the development of small and medium-sized enterprises in China from two aspects: difficulties and opportunities. The conclusions are as follows: The financial crisis has made small and medium-sized enterprises in China face difficulties such as sharp drop in export orders, shrinking export market, rising production costs, declining output, shrinking production scale, serious bankruptcy, reduced credit support, narrowing direct financing channels and increasing financing costs. However, in the financial crisis, small and medium-sized enterprises are also facing opportunities such as global industrial transformation and upgrading, China's policy of expanding domestic demand, active fiscal and taxation financial support, and talent introduction. Faced with difficulties and opportunities, small and medium-sized enterprises should actively expand the domestic demand market, open up overseas markets with less crisis impact, strengthen internal financial management, expand financing channels, and optimize the talent introduction and management mechanism.
Keywords: small and medium-sized enterprises; Financial crisis; Difficulties; opportunity
0 introduction
Small and medium-sized enterprises refer to enterprises with less than 2,000 employees, or sales of less than 300 million yuan, or total assets of less than 400 million yuan [1]. At present, the average annual output of SMEs accounts for more than 60% of China's GDP, and the number of employees accounts for more than 80% of the total employment in China [2]. The impact of the global economic and financial crisis triggered by the subprime mortgage crisis in the United States on China is still spreading, especially for small and medium-sized enterprises. This paper systematically analyzes the impact of the financial crisis on the development of small and medium-sized enterprises in China from two aspects of difficulties and opportunities, with a view to providing reference for small and medium-sized enterprises in China to explore ways to deal with the crisis.
1 Difficulties faced by SMEs
1. 1 exports were severely affected.
1. 1. 1 sharp drop in export orders According to customs statistics, in 20091~ August, China's foreign trade exports were 730.74 billion US dollars, down 22.2% year-on-year, and the overall export price dropped by 5.6%. After deducting the price factor, the export quantity decreased/kloc-0. The export price of processing trade decreased by 6.4%, and the export quantity decreased by 15.5%. In the same period, the import price of general trade fell by 22%, and the import volume increased by 4%; The import price of processing trade decreased by 6. 1%, and the import quantity decreased by 2 1.5%. The 5th Canton Fair (105) was attended by160,000 overseas buyers, down 5.2% compared with the previous session. The export turnover was $26.23 billion, a decrease of 16.9% compared with the previous session. Traditional labor-intensive products such as mechanical and electrical goods, light industrial products, textiles and clothing are greatly affected by the shrinking international market.
1. 1.2 shrinking export market under the influence of many factors, such as the increase of trade barriers, the reduction of export tax rebate rate and the continuous appreciation of RMB, the traditional foreign trade model of small and medium-sized enterprises in China has been tested. First, it faces the competitive pressure from India, Vietnam and other countries. Although Indian, Vietnamese and other countries' industrial facilities are not as good as China's, their labor costs are lower than China's. According to the feedback from the 2009 Canton Fair, with the increase of production costs, the foreign trade orders of small and medium-sized enterprises tend to be lost to Southeast Asian countries, especially in textile and garment, handicrafts, toys and other industries. The second is the pressure of RMB appreciation. According to the statistics of the People's Bank of China, from 2008 1 month to September 2009, the conversion of one dollar into RMB (ending period) increased from 7. 1853 to 6.8290. The processing profit of small and medium-sized enterprises in the field of textiles and clothing is between 5%~ 10%. The appreciation of RMB seriously affects the export of enterprises, the profit space is further compressed, and the price competitive advantage continues to weaken. Some enterprises tend not to take orders for more than two months. According to customs statistics, from/kloc-0 to August 2009, the export price of China to the United States dropped by 4.4%, and the export volume decreased by 13.5%, which was 0.5 percentage point deeper than that in the previous seven months, less than the overall export decline of 4. 1 percentage point in the same period, and less than that to the European Union and Japan respectively. In the same period, the export price to the EU fell by 2.7%, and the export quantity decreased by 23%. The export price to Japan increased by 2.2%, and the export volume decreased by 2 1.9%.
1.2 The production cost remains high.
1.2. 1 Rising production costs Due to the subprime mortgage crisis in the United States, the rising prices of raw materials such as iron ore, oil and grain, the appreciation of the RMB, the national macro-control policies and other factors, the growth rate of small and medium-sized enterprises in China has further slowed down, and their survival and development are facing a severe test. The rising price of raw materials has a great impact on the cost of enterprises, resulting in a substantial increase in the production cost of enterprises. Among them, the prices of some raw materials such as steel and petroleum products have risen too fast, and the internal control of small and medium-sized enterprises is not perfect, and the procurement cost is relatively high, which has caused the production cost of enterprises to rise sharply. The production equipment and technology of small and medium-sized enterprises are relatively backward, resulting in excessive production consumption and serious waste of resources, which is also an important reason for the increase in production costs of small and medium-sized enterprises.
1.2.2 the decrease in output, the increase in production costs and labor costs make the profits of small and medium-sized enterprises decline continuously, while the decline in profits makes the output of enterprises decline. According to the survey, the national industrial added value in 2008 1 1 month increased by 5.4% year-on-year, and the growth rate was the lowest since 1994. In 2008, the average indexes of industrial enterprises' orders, production and profits in Guangdong were 1 10.7,10/.1and 100.0, respectively, which were 20.8 and 2/lower than the previous year.
1.3 The production scale is shrinking.
1.3. 1 Reduction of production scale This financial storm has reduced the export market of small and medium-sized enterprises, and the increase of production costs of small and medium-sized enterprises has seriously impacted their development. Huizhou Geelong, known as the "shoe capital" of China, is currently the largest production base for women's shoes in China. There are thousands of shoe factories in Jilong town, and there are more than 100 large-scale enterprises, and many of them are small factories. At present, nearly13 small factories have completely stopped working, and the manufacturers still in operation are also facing the problem of insufficient start-up.
1.3.2 Serious bankruptcy According to statistics, in the first half of 2008, 67,000 small and medium-sized enterprises above designated size closed down. As a representative of labor-intensive industries, more than 1 10,000 small and medium-sized enterprises in textile industry closed down, and 2/3 textile enterprises are facing reorganization. According to the statistics of Small and Medium Enterprises Bureau of Guangdong Economic and Trade Commission, in 20081~ September, the number of small and medium-sized enterprises that stopped production, closed down and transferred in Guangdong Province was 7 148, and by 2008 10, this number had risen to 1566 1.
1.4 insufficient liquidity.
The shortage of funds and financing difficulties have been a difficult problem for enterprises, especially in 2008. Taking Guangdong Province as an example, according to the statistics of the Service Industry Research Center of the National Bureau of Statistics, in 2008, the prosperity index of enterprise financing and liquidity in Guangdong Province was lower than that in the same period of last year, and the financing prosperity index fell from 103.3 in the first quarter to 93.3 in the fourth quarter. The liquidity boom index dropped from 1 15.2 in the first quarter to10/.6 in the fourth quarter; In the second half of 2008, although interest rates were lowered and governments at all levels introduced relevant policies and measures, the positive effects of policies have not yet appeared as far as the current situation is concerned. In the fourth quarter, 3 1. 1% and 3 1.9% of small and medium-sized enterprises reflected the difficulty in financing and the increasing liquidity respectively, while only 10.7% and 18.9% reflected the ease of financing and sufficient liquidity respectively.
2 opportunities faced by SMEs
2. 1 industrial layout adjustment and policy opportunities
2. 1. 1 Opportunities for global industrial transformation After the financial crisis broke out in an all-round way, there is an objective requirement for readjusting the world economic development pattern. From the perspective of manufacturing sector, the global manufacturing industry is mainly concentrated in North America, Europe and East Asia, among which East Asia is represented by China, Japan and Bill Han. Since 1990s, China's economy, which is dominated by manufacturing industry, has made great progress, and its proportion in global manufacturing industry has increased from 3% to 13.2% in 2007. It has occupied an important position in the world and has become the second largest manufacturing country in the world after the United States. The financial crisis objectively accelerated the recession of manufacturing industry in western countries and brought a historic opportunity to the development of manufacturing industry in China. At present, although China's macro-economy is also facing a cyclical downward trend, the prosperity of the manufacturing industry remains at a high level. Therefore, in the adjustment of industrial structure after the financial crisis, China should strengthen its position as a manufacturing center.
2. 1.2 opportunities for global industrial upgrading From the perspective of the opportunities for manufacturing development in China, the economies of developed countries (regions) such as the United States, the European Union and Japan will fall into recession or on the verge of recession after being hit hard by the financial crisis, and the manufacturing industry in developed countries is bound to accelerate its transfer to developing countries, which will bring historic opportunities for the growth and upgrading of manufacturing industry in China. In particular, the tax reform represented by consumption-oriented value-added tax and a series of industrial transformation policies implemented in China will certainly bring unprecedented opportunities for the development and independent innovation of small and medium-sized enterprises in China, and create new opportunities for industrial upgrading and enterprise product upgrading in China.
2. 1.3 policy opportunities for expanding domestic demand in China. The executive meeting of the State Council held in the State Council on 1 1 May 5, 2008 studied and deployed 10 measures to further expand domestic demand and promote steady and rapid economic growth, and launched a package of construction and economic development plans with a total investment of more than 4 trillion yuan. The central government's decision-making and the implementation of policies and measures to expand domestic demand will certainly bring great development opportunities to the development of small and medium-sized enterprises.
2.2 Fiscal and tax financial support opportunities
2.2. 1 fiscal policy: First, in 2009, Document No.36 issued by the State Council extended the implementation period of the policy of delaying the payment of social insurance premiums or reducing the rates of small and medium-sized enterprises in difficulty from the original end of 2009 to the end of 20 10. Small and medium-sized enterprises can negotiate with employees on wages, working hours and labor quotas, and can apply to the local human resources and social security department for comprehensive calculation of working hours and irregular working hours; Second, the central government has set up a technological innovation fund for small and medium-sized enterprises, funds for developing international markets for small and medium-sized enterprises, special subsidy funds for the service system for small and medium-sized enterprises, and special funds for the development of small and medium-sized enterprises. By the end of 2008, the central government has issued a total of 20.85 billion yuan of special funds to support the development of small and medium-sized enterprises. On the basis of 3.9 billion yuan in 2008, it increased to 9.6 billion yuan in 2009, and will gradually increase in the future. In addition, the National Development and Reform Commission has allocated 3 billion yuan out of the 20 billion enterprises' technological transformation funds to be used exclusively for the technological transformation of small and medium-sized enterprises, especially small enterprises. Guo Fa No.36 stipulates that it is necessary to speed up the establishment of a national SME development fund and guide the investment of social funds. The establishment of the fund is currently under study. Third, in order to reduce the burden on enterprises, in 2008, the relevant departments of the State Council canceled and stopped collecting administrative fees such as administrative protection fees for agricultural chemical products 100, which can reduce the burden on enterprises and society by about19 billion yuan every year.
2.2.2 In terms of tax policy, the new enterprise income tax law, implemented in early 2008, reduced the statutory tax rate of enterprises from 33% to 25%, levied at a low-grade tax rate of 20% for small and low-profit enterprises that meet the requirements, and reduced the tax rate of 15% for high-tech enterprises that need key support from the state. Since 2009, the state has carried out the transformation reform of value-added tax nationwide. Allow enterprises to deduct the input tax included in newly purchased equipment; Reduce the value-added tax collection rate of small-scale taxpayers from 6% and 4% to 3%; Since August last year, the export tax rebate rate has been raised seven times. On this basis, in 2009, Guofa No.36 document proposed to levy income tax on small and meager profit enterprises with annual taxable income less than 30,000 yuan by half in 20 10; If it is indeed difficult for small and medium-sized enterprises to pay urban land use tax, they may apply for tax reduction or exemption according to regulations; Small and medium-sized enterprises that cannot pay taxes on time may also apply for deferred payment according to law. 2.2.3 In terms of financial policy, Document No.36 issued by the State Council in 2009 put forward a series of policy measures. First, the system requires state-owned commercial banks and joint-stock banks to establish small-scale enterprise financial service franchises to strengthen and improve financial services for small and medium-sized enterprises; The second is to speed up the development of new small and medium-sized financial institutions, such as loan companies, village banks and mutual funds cooperatives, which mainly lend to small and medium-sized enterprises, support private capital to participate in the establishment of joint-stock financial institutions, and improve the multi-level financial service system for small and medium-sized enterprises. Third, in encouraging financial institutions to expand loans to small and medium-sized enterprises, we should encourage the establishment of small-sized enterprise loan risk compensation funds, give appropriate subsidies to small-sized enterprises by increments, and give appropriate risk compensation to small-sized enterprises' non-performing loan losses; Fourth, improve the property mortgage system and loan collateral identification methods, and alleviate the problem of insufficient collateral for SMEs through movable property, accounts receivable and equity; The fifth is to implement differentiated supervision policies for commercial banks. Sixth, in improving the credit guarantee system of small and medium-sized enterprises, we should increase financial support, improve the guarantee ability of guarantee institutions, and implement the policy of exempting qualified guarantee institutions from business tax, drawing reserves and deducting compensation losses before tax. According to the statistics of the four major banks, by the end of 10 this year, the loan balance of SMEs was about 5.8 trillion, an increase of10.3 trillion compared with the beginning of the year, with an average increase of about 43%. Its SME loan balance was 1.2 trillion yuan, an increase of 286 billion yuan compared with the beginning of the year.
In terms of broadening financing channels for SMEs, various parties concerned have taken a number of measures to explore diversified financing channels for SMEs. First, actively develop the listing financing of small and medium-sized enterprises. On the basis of expanding the scale of SME board, the GEM was accelerated. The second is to support financial institutions to carry out pilot projects of SME loan securitization and build diversified direct financing channels for SMEs. The third is to standardize and promote the development of the property rights trading market. Select Beijing, Shanghai, Guangzhou and other places to carry out regional SME property rights trading market pilot, and guide them to provide services for SME property rights, property rights, equity, creditor's rights and other transactions. Fourth, actively promote the collective issuance of bonds by small and medium-sized enterprises. Beijing, Shenzhen, Dalian and other provinces and cities have successfully issued collective bonds for small and medium-sized enterprises, with a total issuance of1820 million yuan. The fifth is to establish and improve the venture capital mechanism. Encourage and guide all kinds of venture capital institutions to increase investment in small and medium-sized enterprises through tax incentives, financial support, venture capital guidance funds and other measures.
2.3 Talent introduction opportunities
From the perspective of attracting talents, although large enterprises have the advantage of attracting talents, small and medium-sized enterprises also have their own characteristics in this respect. First, the huge organization and command system of large enterprises restrict the activities of scientific and technological talents. The larger the enterprise organization, the more rigid it is, and it is difficult to make original suggestions; Second, small and medium-sized enterprises are relatively small in scale, relatively simple in organizational structure and few in management levels, so they are easy to adjust in time in the face of changes in the economic situation; Third, from the perspective of employees' self-development, small and medium-sized enterprises may be more attractive than large enterprises. According to the survey data of China Development and Reform Commission and the education department, the employment rate of college graduates in small and medium-sized enterprises has exceeded 50% in recent years, which has improved the situation that the number of college graduates in small and medium-sized enterprises is small and the education level of employees is generally low in the past, which has provided the needed human resources for small and medium-sized enterprises to some extent.
3 Countermeasures for the development of small and medium-sized enterprises
3. 1 Expand the domestic demand market
Faced with the shrinking export market, small and medium-sized enterprises should strengthen the expansion of the domestic market and find new domestic demand market space. China's low-end market has great potential for development, such as rural consumer market. Seeking new network opportunities and turning to e-commerce is also one of the growth points that enterprises can quickly find.
3.2 Explore overseas markets with less impact of the crisis
Guangdong is a major export province in China. From January to April, 2009, Guangdong's exports to the top three export markets-Hongkong, the United States and the European Union continued to decline, while its exports to emerging markets such as the Middle East, Africa and India maintained growth. Guangdong's exports to the Middle East are outstanding, with a sharp increase of 25.6% in April 2009; Exports to ASEAN and India also increased by 2.7% and 8.6% respectively; Exports to Africa decreased by 2. 1%. Therefore, small and medium-sized enterprises should open up markets in Africa and the Middle East which are relatively less affected by the financial crisis.
3.3 Strengthen internal financial management
Small and medium-sized enterprises should track customers' production plans and inventory plans in time, reasonably determine their own procurement and production plans, and realize excess inventory through price strategy or trade exchange. Collect accounts receivable or transfer accounts receivable to reduce financial pressure. Reduce the operating costs of enterprises through layoffs, salary reduction and outsourcing of some functions. Reduce procurement costs. Reduce production consumption and improve product quality. Specialization and cooperation and increase investment in high-tech equipment.
3.4 Expand financing channels
Small and medium-sized enterprises should seize the government's preferential policies in credit guarantee, loan discount and direct financial support, transform and upgrade in time, optimize product structure, and rely on scientific and technological innovation to increase the added value of products. Small and medium-sized enterprises pay attention to maintaining their own image, strengthen communication and cooperation with banks, and rely on honesty and credit to obtain bank loans. Small and medium-sized enterprises in the industrial supply chain can obtain bank loans with the help of the credit of large enterprises that have business dealings with them, and realize "supply chain finance" A number of small and medium-sized enterprises carry out financing alliances, establish mutual insurance systems, guarantee each other, or organize similar cooperative operations, collectively lend or jointly issue corporate bonds. In addition, financial leasing, hardware operating leasing, product financing, option and equity financing, OEM financing, deposit financing, pledge loans of intangible assets such as patent rights and trademark rights, equity incentive plan and attracting equity financing are also effective ways for SMEs to raise funds.
3.5 Optimize the talent introduction and management mechanism
Small and medium-sized enterprises should give full play to the advantages of flexible system and mechanism, sensitive to the environment and great development potential, foster strengths and avoid weaknesses, and establish talent strategies that are flexible in introducing and selecting people, incentive and restraint mechanisms, and reasonable talent flow. By scientifically allocating human resources, enterprises will be able to attract and retain talents. One is to create a "people-oriented" corporate culture; the other is to strengthen performance appraisal management and establish an effective incentive and competition mechanism; the third is to retain talents with protection and develop talents with training; and the fourth is to do a good job in enterprise recruitment.
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