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1、 Analysis of SME financing difficulties and countermeasures Paper Keywords: SMEs; difficulties; financing; Countermeasures Abstract: The financing difficulties of SMEs in China has been restricting the development of a major bottleneck, seriously affected the small and medium-level upgrade its techn
2、ological level and business expansion of the scale. How to solve the issue of financing difficulties of SMEs is an urgent need to study the issue. Along with the development trend of economic globalization, Chinas reform and opening up further in-depth, enterprise development, the external environme
3、nt and internal conditions are changing rapidly. Number of enterprises, especially SMEs, in general, there have been weakened competitiveness, growth rate declined, economic decline, export growth slowed down significantly in difficulties in financing and so on, on these issues, financing issues are
4、 becoming more difficult to develop core competitiveness of enterprises, to address other issues of crucial importance. According to the State Information Center and the State institutions such as the Chinese Entrepreneurs Survey System survey, Chinas SMEs, large gaps in short-term loans, long-term
5、loans more is not available, the majority of enterprises believe that the liquidity within one year can only be partial or can not meet the needs Most enterprises do not have long-term lending, corporate finance generally tight. SME financing is the image of the status quo as the “lying in the glass
6、 on the ant.” Therefore, how to solve the problem of difficulties in financing small and medium enterprises is an urgent need to study the issue. One of Chinas SMEs, the nature and status of By their nature, our small and medium enterprises largely composed of the following components: township and
7、village enterprises, private enterprises, urban collective enterprises, state-owned small and medium enterprises, individual and private enterprises and foreign investment, foreign-funded enterprises, there is crossover between. As the socialist market economic system, the continuous improvement of
8、small and medium enterprises gradually implement a diversified investment bodies ah, in the distribution of ownership to the private sector gradually tilt the scale of private small and medium enterprises will also be expanded. This distribution of ownership is conducive to the rational allocation o
9、f economic resources, but also in the market economy system enterprise survival and development of an inevitable trend. 30 years of reform and opening up, Chinas SMEs access to a huge development in the national economy plays an important role in life. As of the end of 2006, Chinas small and medium
10、enterprises from the number has reached more than 4200 million, accounting for 99.8% of total number of enterprises; by the business sector the number of registered SMEs in more than 460 million, 38 million self-employed households. SMEs created by the value of final goods and services account for 6
11、0% of gross domestic product, about the production of goods accounted for 60% of the total social marketing, and paid taxes for more than half of the total, providing about 80% of the country urban jobs. December 26, 2008, the National Bureau of Statistics released the first 11 months of 2008, profi
12、ts of industrial enterprises above designated size increased by a value of 4.9%, while the 9-11 month profits of industrial enterprises decreased by 26.4% year on year, of which, to small and medium enterprises, represented by The private profit growth of 48.6% from January to August slowed to 36.6%
13、, relatively robust growth of SMEs in the Bulgarian economic downturn has become increasingly prominent role. 2 Analysis of SME Financing 2.1 SME Financing Status 2.1.1 The status of direct financing The development of direct financing and prosperity of Chinas capital markets, and promote the develo
14、pment of SMEs, has an extremely important role. At present, Chinas capital market structure is irrational, the market-level low, trading less abundant species are still quite serious. Chinas SME debt, equity financing, direct financing difficulties. On the bond financing, since the issue size subjec
15、t to strict control, it is difficult for SMEs to achieve the required minimum distribution amount required, so it is difficult for SMEs through the issuance of bonds direct financing. SMEs, small-scale credit risks are great and so on its own characteristics, resulting in practice, only small and me
16、dium enterprises is also very difficult to accomplish the issuance amount. In equity financing, due to Chinas capital market is still in its infancy, companies issuing shares have a very stringent listing and financing constraints, the performance of the high threshold for SMEs. 2.1.2 indirect finan
17、cing conditions Chinas enterprises, especially SMEs, a considerable number of sources of financing from banks. SMEs in the amount of single loan due to a small amount in mind and more, and is complicated, and contribute little to the banks earnings. Therefore, the major state-owned commercial banks
18、are key support for the natural monopoly industries and large enterprises, while some banks have introduced credit discrimination against small and medium enterprises, SMEs in terms of capitalization, or total assets can not be compared with large enterprises, resulting in lending to SMEs Conditions
19、 should be demanding much more than large enterprises, but also tend to short-term loans to SMEs. In addition, many managers of SMEs, there is poor quality, financial management system is not perfect, but also the key issues affecting SME financing. Specifically reflected in the actual credit busine
20、ss, there is a small and medium enterprises due to a serious interest, bad debts, the high proportion of bad debts. Bank lending to SMEs, when worried about, be treated with caution, especially small and medium enterprises financing needs of private small and medium enterprises, affecting the health
21、y growth of that part of the legitimate needs of SMEs to credit. 2.2 The causes of the plight of Chinas SMEs Financing Small and medium enterprises financing difficulties is a common fact that small and medium enterprises financing difficulties caused by the reasons are complex. SMEs not only to con
22、genital lack of credit, lack of collateral and other internal factors, but also Chinas financial system is not perfect, external causes of poor financing environment. Chinas financial market structure from the point of view, the proportion of state-owned financial assets is too high, leading to fina
23、ncial efficiency is not high. The most basic function of the financial sector is to optimize the allocation of social capital and the provision of financial intermediation services, the realization of these two functions need to provide a comprehensive, multi-level financial services to the financia
24、l market system. Chinas financial industry after 30 years of development and reform, has established a banking, securities, insurance, trust and investment companies, finance companies, credit unions and other financial institutions, the diversification of financial markets, the pattern of co-existe
25、nce. But the banks, in particular the monopoly of state-owned banks not to break the pattern of financial markets, financial monopoly inevitable result is the low efficiency of financial activity. At the same time, the service level from the market structure, the various financial institutions and f
26、inancial instruments primarily to serve the state-owned enterprises or medium-sized enterprises, the lack of small and medium enterprises and private enterprises for financial institutions and financial markets organizations; corporate bond issuance by the state-owned basic monopoly of large-scale e
27、nterprises; the stock market of clients for more than 92% of the state-owned enterprises, to support private enterprises and high-tech enterprise mainly second board market opened after a lot of problems, all aspects of mixed. As the financial markets do not improve the formation of financial depres
28、sion which not only constrains the development of private enterprises and small and medium enterprises, but also reduces the efficiency of resource allocation the whole society and undermine economic growth. Corporate finance structure, from the point of view, lending banks is still the main form of
29、 business services. With the deepening of financial system reform, diversification of financial institutions, especially the bond market, stock market establishment and development of our country to gradually broaden the financing channels for enterprises, the financing structure has been optimized,
30、 but the bond market and stock market smaller , bank loans, corporate external financing is still the main channel, and access restrictions, there are many systemic conditions. 3 solve the financing difficulties of SMEs in China Countermeasures From the above analysis we can see that the creation of
31、 SMEs and sustainable development is inseparable from the Governments support and collaboration of financial institutions and development. First of all, should establish a multi-layered financing system for SMEs, expand financing channels for small and medium enterprises; Second, we should strengthe
32、n the Governments support and SME-related laws and regulations of the building; finally, self-perfection and development of small and medium enterprises is also a must for small. 3.1 to expand the financing channels for SMEs. The establishment of SME financing system, expand financing channels for S
33、MEs is the main purpose. By the following aspects to broaden the financing channels for SMEs. 3.1.1 strengthen the small and medium enterprises within their own source of financing ability. Endogenous to strengthen the financing capacity of SMEs, the SMEs must first be standardized enterprise system
34、, clearly defined property rights of enterprises, which is the premise. Enterprise system in good condition, then the main task remaining is how to increase their profit levels are, how to promote enterprise will translate into profit within the financing capacity of the source. 3.1.2 Construction o
35、f a sound credit rating system and the SME credit guarantee system. SME credit appraisal system and the establishment of SME credit guarantee system is a clear relationship between banks and enterprises to broaden the indirect financing channels for SMEs the key. At the same time, but also small and
36、 medium enterprises access to capital markets for direct financing of the “admission ticket.” Because information asymmetry, coupled with its size and operational strength of small and medium enterprises small, banks are reluctant to provide loans to SMEs, the public was unwilling to accept the port
37、folio of SMEs. Thus, by building a sound credit rating system and the SME credit guarantee system, which allowed banks access to credit for SMEs in the level of real credit, also contributed to enhance the level of credit for SMEs to access to capital markets to meet the requirements. Reposted elsew
38、here in the paper for free download 2.1.2 indirect financing conditions Chinas enterprises, especially SMEs, a considerable number of sources of financing from banks. SMEs in the amount of single loan due to a small amount in mind and more, and is complicated, and contribute little to the banks earn
39、ings. Therefore, the major state-owned commercial banks are key support for the natural monopoly industries and large enterprises, while some banks have introduced credit discrimination against small and medium enterprises, SMEs in terms of capitalization, or total assets can not be compared with la
40、rge enterprises, resulting in lending to SMEs Conditions should be demanding much more than large enterprises, but also tend to short-term loans to SMEs. In addition, many managers of SMEs, there is poor quality, financial management system is not perfect, but also the key issues affecting SME finan
41、cing. Specifically reflected in the actual credit business, there is a small and medium enterprises due to a serious interest, bad debts, the high proportion of bad debts. Bank lending to SMEs, when worried about, be treated with caution, especially small and medium enterprises financing needs of pr
42、ivate small and medium enterprises, affecting the healthy growth of that part of the legitimate needs of SMEs to credit. 2.2 The causes of the plight of Chinas SMEs Financing Small and medium enterprises financing difficulties is a common fact that small and medium enterprises financing difficulties
43、 caused by the reasons are complex. SMEs not only to congenital lack of credit, lack of collateral and other internal factors, but also Chinas financial system is not perfect, external causes of poor financing environment. Chinas financial market structure from the point of view, the proportion of s
44、tate-owned financial assets is too high, leading to financial efficiency is not high. The most basic function of the financial sector is to optimize the allocation of social capital and the provision of financial intermediation services, the realization of these two functions need to provide a compr
45、ehensive, multi-level financial services to the financial market system. Chinas financial industry after 30 years of development and reform, has established a banking, securities, insurance, trust and investment companies, finance companies, credit unions and other financial institutions, the divers
46、ification of financial markets, the pattern of co-existence. But the banks, in particular the monopoly of state-owned banks not to break the pattern of financial markets, financial monopoly inevitable result is the low efficiency of financial activity. At the same time, the service level from the ma
47、rket structure, the various financial institutions and financial instruments primarily to serve the state-owned enterprises or medium-sized enterprises, the lack of small and medium enterprises and private enterprises for financial institutions and financial markets organizations; corporate bond iss
48、uance by the state-owned basic monopoly of large-scale enterprises; the stock market of clients for more than 92% of the state-owned enterprises, to support private enterprises and high-tech enterprise mainly second board market opened after a lot of problems, all aspects of mixed. As the financial markets do not improve the formation of financial depression which not only constrains the development of private enterprises and small and medium enterprises, but also reduces t
