中小企业融资问题研究.docx

1、中小企业融资问题研究中小企业融资问题研究Contents摘 要 IAbstract II1. Introduction 11.1 The background of the research 11.2 The significance of the research 12. The issues of the the financing of small and medium enterprises 22.1 The current situation of small and medium enterprises 22.1.1 The principal reasons of this si

2、tuation 22.1.2 The effective financing methods 22.2 The obstruction of critical factor 3 2.2.1 The effective way to overcome the critical factor 42. Investigation 63.1 The purpose, target and content of the research 63.2 The analysis of the financial of small and medium enterprises 63.2.1 The analys

3、is of studying critical methods 63.3.2 The issues of the research result 64. The suggestions of the financial of small and medium enterprises 9 4.1 The ways of the financing 94.2 The effective methods of the fnancing 93. Conclusion 12References 13摘 要中小企业存在的合理性和在经济中的重要作用，决定了必须重视中小企业的生存与发展。由于中小企业自身的特点

4、，即规模小，可控资源更为稀缺，又往往处于快速发展阶段，需要大量的资金的投入。目前我国正处于社会主义初级阶段，同时处于社会转型期和经济发展的关键时期。中小企业对于增加就业，扩大税收，提高人民的积极性有着重要的作用。因此，中小企业的生存与发展，融资是其关键因素之一，然而目前中小企业融资的状况并不十分理想，如何结合中小企业的特点快速融资本文主要研究的问题。 关键词：中小企业融资；重要性；关键因素；解决方法Abstract SMEs in a countrys economic and social development which plays an important role in econom

5、ic development and social stability of the important conditon in the actual work of financing constraints SME development has become the main obstacle.In this paper, the status of financing for SMEs, the SME financing analysis factors. SME credit culture that loss, financial management confusion, po

6、or economic returns, lack of credit guarantees, domestic financial industry and the integration of its own loans in the current austerity is the main obstacle to SME financing. Proposed solutions should focus on the current development of small and medium banks, establishing a sound credit guarantee

7、 system problems to a fundamental breakthrough in getting loans for SMEs bottlenecks contradictions. At the same time, from the perspective of building their own enterprises make policy recommendations.Key words: economic development ; financial management ; critical factors; policy recommendations.

8、 The financing of small and medium enterprises1. Introduction 1.1 The background of the research Currently, the policy statute environment is not perfect and property rights transition and business operation mode of small and medium-sized enterprises have bad maladjustment. All commercial banks chas

9、e after large-scale enterprises and strive for load. At the same time, rigid credit system and hysteretic business innovation make the relationship between the small and medium-sized enterprises lack of integrity and financial institutions, especially relationship between commercial banks gradually

10、distort. In addition, Chinas capital market is not perfect and the stock market threshold is too high, which makes the management scale small and the operation time short. The small and medium-sized enterprises with unstable market prospect stand in awe before. The development of the bond market is

11、relatively lagging, which brings a series of distortions for bond financing in essence. The above reasons make the financing environment of small and medium-sized enterprises worsening and the financing channel unsmooth. These enterprises and are generally faced with the problem of capital shortage,

12、 which lead to the key factors of restriction of small and medium-sized enterprises financing. Therefore, to solve the small and medium-sized enterprise funds tension, to improve the SME financing environment, to expand the financing channels for small and medium enterprises and to promote the rapid

13、 and healthy development of small and medium-sized enterprises become an important problem needing to be solved.1.2 The signification of the research The financng of small and medium company play an important role in the development of the economy .In the aspect of bank loan, bank lacks effective me

14、ans of identification to risk status for small and medium-sized enterprise. After the central bank canceling floating ceiling for a loan, commercial banks could make full use of means of interest rates floating for pricing loan small and medium-sized enterprise of different risk status, at the same

15、time the credit policy of the central bank also encouraged commercial banks to increase the loan for small and medium-sized enterprises, and improved loan market of the small and medium-sized enterprises. But commercial banks, in consideration of safety, even if small and medium-sized enterprise loa

16、n department has set up, still generally focused on large customers and unwilling to lend to small enterprises, causing large enterprises more than add brilliance to their present splendor, while small enterprises lack of providing timely help. In addition, difficulty of small and medium-sized enter

17、prises in loan actually reflects another problem on the current assessment of commercial bank loans, that is, whether state-owned enterprises and private enterprises equally enjoy the same national treatment. Small and medium-sized enterprises are usually private enterprises, although now in formal

18、laws and regulations, there is no discrimination against private enterprises and state-owned enterprises, in practice, if the loan that is borrowed to state-owned enterprises by lending officers appears problem, it can be regarded as “rotten meat in the pan”; if the loan to private enterprises appea

19、rs problem, it often can be seen as the insider trading and tunneling. This idea tends to make some lending officers hesitation about developing loan market of small and medium-sized enterprise.2. The issues of the the financing of small and medium enterprises2.1 The current situation of small and m

20、edium enterprisesIn the aspect of direct financing, the existing capital market cant meet the financing needs of small and medium-sized enterprises. On May 27, 2004, the small and medium-sized enterprises board set up by Shenzhen Stock Exchange was in formal operation, with important significance to

21、 the construction of the multi-level capital market in China, financing of small and medium-sized enterprise, and the development of venture investment, which no doubt opened up the special market for equity financing of small and medium-sized enterprises. However, it positioned for the needs to lis

22、ted financing of high growth companies.At the same time, in the implement scheme of the small and medium-sized enterprises board set up by Shenzhen Stock Exchange, it pointed out that the laws, regulations and administrative rules followed by the operation of small and medium-sized enterprises board

23、, was the same as the main board market; listed companies of small and medium enterprises panel in line with conditions of the main board market offering and requirements of disclosure. In addition, the small and medium-sized enterprises board has a more strict corporate governance system: on accoun

24、t of common characteristics of relatively small corporation equity of listed companies in the small and medium-sized enterprises board, to implement stricter disclosure system than the main board market.Thus, even if there is a second board market, a higher regulatory requirement and the listed cond

25、itions make it only meet the demand of a few small and medium-sized enterprises eager to financing, and not become the main financing channels of small and medium-sized enterprises.Informal financial sector is still the important channel for small and medium-sized enterprises especially for private

26、enterprises to the start-up and operating funds. Based on the reality that privately-owned small and medium-sized enterprises through normal channels meet the needs of capital, in some area with the developed private economy, the informal financial activities emerged at the right moment. Although su

27、pervision department limited various forms of folk financing activities strictly, and banned folk “irregular fund raising” activities strictly, it was an indisputable fact that folk financial activity existed objectively. Among the private enterprises in Fujian area of Zhejiang province, none of ven

28、ture capital came from the formal financial sector, and in the process of enterprises development was rarely supported by the financial sector. So far, the main source of funds of many enterprises is still from the self-financing and informal financing channels. 2.1.1 The principal reasons of this s

29、ituation In consideration of various factors, the author summarized reasons for the difficulty of small and medium-sized enterprise financing mainly based on the following:1. A higher ratio of failure or going out of business of the small and medium-sized enterprises is one of the main reasons that

30、banks are reluctant to offer loans to small and medium-sized enterprises. Although in our country, there is no statistical data about business failures, some bank managers estimated that nearly 30% of the private-owned small and medium-sized enterprises in our country in two years disappeared, nearl

31、y 60% in the past four years disappearing. A higher ratio of failure of the small and medium-sized enterprises obviously makes banks that provide loans to them face greater risk. The high rate of default in the loan repayment is also one of the important reasons that banks are reluctant to provide l

32、oans to small and medium enterprises. According to survey on city commercial banks in our country, it found that the default rate of small and medium-sized enterprises was higher than large enterprises. Even though the stock of large enterprises in the non-performing loans of bank is higher, the non-performing loan ratio of providing loans to small and medium-sized enterprises is almost the same with the one of providing to the large enterprises.2. A lack of mortgage and guarantee. In theory, there are a lot of assets to be mortgage for loans, including land, building, housing,