中小企业融资问题研究.docx

中小企业融资问题研究.docx

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中小企业融资问题研究

中小企业融资问题研究

Contents

摘要I

AbstractII

1.Introduction1

1.1Thebackgroundoftheresearch1

1.2Thesignificanceoftheresearch1

2.Theissuesofthethefinancingofsmallandmediumenterprises2

2.1Thecurrentsituationofsmallandmediumenterprises2

2.1.1Theprincipalreasonsofthissituation2

2.1.2Theeffectivefinancingmethods2

2.2Theobstructionofcriticalfactor3

2.2.1Theeffectivewaytoovercomethecriticalfactor4

2.Investigation6

3.1Thepurpose,targetandcontentoftheresearch6

3.2Theanalysisofthefinancialofsmallandmediumenterprises6

3.2.1Theanalysisofstudyingcriticalmethods6

3.3.2Theissuesoftheresearchresult6

4.Thesuggestionsofthefinancialofsmallandmediumenterprises9

4.1Thewaysofthefinancing9

4.2Theeffectivemethodsofthefnancing9

3.Conclusion12

References13

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，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

SMEsinacountry'seconomicandsocialdevelopmentwhichplaysanimportantroleineconomicdevelopmentandsocialstabilityoftheimportantconditonintheactualworkoffinancingconstraintsSMEdevelopmenthasbecomethemainobstacle.Inthispaper,thestatusoffinancingforSMEs,theSMEfinancinganalysisfactors.SMEcreditculturethatloss,financialmanagementconfusion,pooreconomicreturns,lackofcreditguarantees,domesticfinancialindustryandtheintegrationofitsownloansinthecurrentausterityisthemainobstacletoSMEfinancing.Proposedsolutionsshouldfocusonthecurrentdevelopmentofsmallandmediumbanks,establishingasoundcreditguaranteesystemproblemstoafundamentalbreakthroughingettingloansforSMEsbottleneckscontradictions.Atthesametime,fromtheperspectiveofbuildingtheirownenterprisesmakepolicyrecommendations.

Keywords:

economicdevelopment;financialmanagement;criticalfactors;

policyrecommendations.

Thefinancingofsmallandmediumenterprises

1.Introduction

1.1Thebackgroundoftheresearch

Currently,thepolicystatuteenvironmentisnotperfectandpropertyrightstransitionandbusinessoperationmodeofsmallandmedium-sizedenterpriseshavebadmaladjustment.Allcommercialbankschaseafterlarge-scaleenterprisesandstriveforload.Atthesametime,rigidcreditsystemandhystereticbusinessinnovationmaketherelationshipbetweenthesmallandmedium-sizedenterpriseslackofintegrityandfinancialinstitutions,especiallyrelationshipbetweencommercialbanksgraduallydistort.Inaddition,China'scapitalmarketisnotperfectandthestockmarketthresholdistoohigh,whichmakesthemanagementscalesmallandtheoperationtimeshort.Thesmallandmedium-sizedenterpriseswithunstablemarketprospectstandinawebefore.Thedevelopmentofthebondmarketisrelativelylagging,whichbringsaseriesofdistortionsforbondfinancinginessence.Theabovereasonsmakethefinancingenvironmentofsmallandmedium-sizedenterprisesworseningandthefinancingchannelunsmooth.Theseenterprisesandaregenerallyfacedwiththeproblemofcapitalshortage,whichleadtothekeyfactorsofrestrictionofsmallandmedium-sizedenterprisesfinancing.Therefore,tosolvethesmallandmedium-sizedenterprisefundstension,toimprovetheSMEfinancingenvironment,toexpandthefinancingchannelsforsmallandmediumenterprisesandtopromotetherapidandhealthydevelopmentofsmallandmedium-sizedenterprisesbecomeanimportantproblemneedingtobesolved.

1.2Thesignificationoftheresearch

Thefinancngofsmallandmediumcompanyplayanimportantroleinthedevelopmentoftheeconomy.Intheaspectofbankloan,banklackseffectivemeansofidentificationtoriskstatusforsmallandmedium-sizedenterprise.Afterthecentralbankcancelingfloatingceilingforaloan,commercialbankscouldmakefulluseofmeansofinterestratesfloatingforpricingloansmallandmedium-sizedenterpriseofdifferentriskstatus,atthesametimethecreditpolicyofthecentralbankalsoencouragedcommercialbankstoincreasetheloanforsmallandmedium-sizedenterprises,andimprovedloanmarketofthesmallandmedium-sizedenterprises.Butcommercialbanks,inconsiderationofsafety,evenifsmallandmedium-sizedenterpriseloandepartmenthassetup,stillgenerallyfocusedonlargecustomersandunwillingtolendtosmallenterprises,causinglargeenterprisesmorethanaddbrilliancetotheirpresentsplendor,whilesmallenterpriseslackofprovidingtimelyhelp.Inaddition,difficultyofsmallandmedium-sizedenterprisesinloanactuallyreflectsanotherproblemonthecurrentassessmentofcommercialbankloans,thatis,whetherstate-ownedenterprisesandprivateenterprisesequallyenjoythesamenationaltreatment.Smallandmedium-sizedenterprisesareusuallyprivateenterprises,althoughnowinformallawsandregulations,thereisnodiscriminationagainstprivateenterprisesandstate-ownedenterprises,inpractice,iftheloanthatisborrowedtostate-ownedenterprisesbylendingofficersappearsproblem,itcanberegardedas“rottenmeatinthepan”;iftheloantoprivateenterprisesappearsproblem,itoftencanbeseenastheinsidertradingandtunneling.Thisideatendstomakesomelendingofficershesitationaboutdevelopingloanmarketofsmallandmedium-sizedenterprise.

2.Theissuesofthethefinancingofsmallandmediumenterprises

2.1Thecurrentsituationofsmallandmediumenterprises

Intheaspectofdirectfinancing,theexistingcapitalmarketcan'tmeetthefinancingneedsofsmallandmedium-sizedenterprises.OnMay27,2004,thesmallandmedium-sizedenterprisesboardsetupbyShenzhenStockExchangewasinformaloperation,withimportantsignificancetotheconstructionofthemulti-levelcapitalmarketinChina,financingofsmallandmedium-sizedenterprise,andthedevelopmentofventureinvestment,whichnodoubtopenedupthespecialmarketforequityfinancingofsmallandmedium-sizedenterprises.However,itpositionedfortheneedstolistedfinancingofhighgrowthcompanies.

Atthesametime,intheimplementschemeofthesmallandmedium-sizedenterprisesboardsetupbyShenzhenStockExchange,itpointedoutthatthelaws,regulationsandadministrativerulesfollowedbytheoperationofsmallandmedium-sizedenterprisesboard,wasthesameasthemainboardmarket;listedcompaniesofsmallandmediumenterprisespanelinlinewithconditionsofthemainboardmarketofferingandrequirementsofdisclosure.Inaddition,thesmallandmedium-sizedenterprisesboardhasamorestrictcorporategovernancesystem:

onaccountofcommoncharacteristicsofrelativelysmallcorporationequityoflistedcompaniesinthesmallandmedium-sizedenterprisesboard,toimplementstricterdisclosuresystemthanthemainboardmarket.

Thus,evenifthereisasecondboardmarket,ahigherregulatoryrequirementandthelistedconditionsmakeitonlymeetthedemandofafewsmallandmedium-sizedenterpriseseagertofinancing,andnotbecomethemainfinancingchannelsofsmallandmedium-sizedenterprises.

Informalfinancialsectorisstilltheimportantchannelforsmallandmedium-sizedenterprisesespeciallyforprivateenterprisestothestart-upandoperatingfunds.Basedontherealitythatprivately-ownedsmallandmedium-sizedenterprisesthroughnormalchannelsmeettheneedsofcapital,insomeareawiththedevelopedprivateeconomy,theinformalfinancialactivitiesemergedattherightmoment.Althoughsupervisiondepartmentlimitedvariousformsoffolkfinancingactivitiesstrictly,andbannedfolk“irregularfundraising”activitiesstrictly,itwasanindisputablefactthatfolkfinancialactivityexistedobjectively.AmongtheprivateenterprisesinFujianareaofZhejiangprovince,noneofventurecapitalcamefromtheformalfinancialsector,andintheprocessofenterprises’developmentwasrarelysupportedbythefinancialsector.Sofar,themainsourceoffundsofmanyenterprisesisstillfromtheself-financingandinformalfinancingchannels.

2.1.1Theprincipalreasonsofthissituation

Inconsiderationofvariousfactors,theauthorsummarizedreasonsforthedifficultyofsmallandmedium-sizedenterprisefinancingmainlybasedonthefollowing:

1.Ahigherratiooffailureorgoingoutofbusinessofthesmallandmedium-sizedenterprisesisoneofthemainreasonsthatbanksarereluctanttoofferloanstosmallandmedium-sizedenterprises.Althoughinourcountry,thereisnostatisticaldataaboutbusinessfailures,somebankmanagersestimatedthatnearly30%oftheprivate-ownedsmallandmedium-sizedenterprisesinourcountryintwoyearsdisappeared,nearly60%inthepastfouryearsdisappearing.Ahigherratiooffailureofthesmallandmedium-sizedenterprisesobviouslymakesbanksthatprovideloanstothemfacegreaterrisk.Thehighrateofdefaultintheloanrepaymentisalsooneoftheimportantreasonsthatbanksarereluctanttoprovideloanstosmallandmediumenterprises.Accordingtosurveyoncitycommercialbanksinourcountry,itfoundthatthedefaultrateofsmallandmedium-sizedenterpriseswashigherthanlargeenterprises.Eventhoughthestockoflargeenterprisesinthenon-performingloansofbankishigher,thenon-performingloanratioofprovidingloanstosmallandmedium-sizedenterprisesisalmostthesamewiththeoneofprovidingtothelargeenterprises.

2.Alackofmortgageandguarantee.Intheory,therearealotofassetstobemortgageforloans,includingland,building,housing,