Solution to the financing problem of the seven recommendationsAccording to the SME development situation, combined with the requirements of relevant departments of the provincial government, I view research funding requirements of enterprises of the Association, surveyed companies amounts to 177, 177 companies covering all sectors of Hainan, analysis of the situation is as follows:
first, the internal cause of the financing difficulties of small and medium enterprises 1, lack of modern management concepts, operational risk is high.
with the development of enterprises. Early start using traditional management methods have failed to keep up the pace of development of the enterprise. Part of the corporate governance structure of SMEs still exist imperfections, management is not strong, low technological content of products, issues such as enterprise's anti-risk ability, lack of capacity for sustainable development, and the overall high level of indebtedness of SMEs, so that the credit risks of financial institutions is too high. In General, SMEs do not have medium-and long-term objectives, and management short (usually only 3-4 years), has a high possibility of collapse or bankruptcy. According to a Ministry report shows that under the 10 full marks scores, average health index 6 of China's SMEs, 57 minutes, sub-health status, and their internal management level in the middle and lower levels. China's Zhejiang Province, the findings suggest that, in the 1990 of the 20th century, 70% per cent of small businesses failed in the 1-3 years after the opening. Short and uncertainty in the operation of the SME life cycle, which inhibit financial institutions willing to lend.
2, size and credit the low level of its financing capacity.
in General, the corporate financing should have "5C", that is, character, capacity, capital, collateral and the business environment, and at present the use of owners and partnership, small scale. Meanwhile, many SMEs ' internal management system, especially the financial management system is not perfect. Many SMEs do not have to establish a sound financial system, and some did not even build up the accounts, money management is chaotic, greatly reduced the credibility of its own, seriously weakening its financing capacity. People's Bank of China survey of some SMEs focus area, 50% per cent of small and medium enterprise finance management system is not perfect, 60% per cent of the credit level 3B or 3 b below. In addition, due to the construction of social credit system and credit system construction of information network of lags, credit information transmission channels are not smooth, leading to information asymmetry between banks and enterprises, greatly reduced the credit rate of SMEs.
3, lack of property available for collateral, financing costs are high.
Bank fixed mortgage preferences to SMEs, it is usually unacceptable to SMEs of current assets mortgage. Small proportion of fixed assets in the asset structure of SMEs, especially high-tech enterprises, higher percentage of intangible assets, lack of collateral real estate risk, it is difficult to meet the lending requirements of financial institutions. SMEs seeking to guarantee agencies guarantee, as most of the term of the secured loans in six months or less, a maximum of one year; credit guarantee institutions for short-term working capital loans rather than investments long-term loans of equipment, increase the financing difficulties of SMEs. In addition, due to the guarantee company in self-financing business cases to improve security conditions, limited the Fund's financing, or by complex security procedures, high costs of security, increase the cost of financing, affects the efficiency of financing.
Second, the external causes of financing difficulty of small and medium enterprises 1, the financial institution system was flawed.
in the financing pattern in China, Bank lending in absolute proportion of financing sources, and due to rapid credit growth in recent years, and the relatively slow development of direct financing, loan balances and direct financing gap is growing. Chinese Bank loans, direct financing (including corporate bonds, stocks start, private placement and rights issue) of 73% and 27%, respectively. China's four State-owned and State-controlled commercial bank deposits, loans, holds a dominant position in the market, in the market share of bank loans, the big four State-owned commercial banks still hold a minimum of 70%. The monopoly of the big four State-owned banks reduced medium and small financial institutions have access to financial resources, limits their ability to service SMEs and big banks pursuing loan benefits and risks balanced unwilling to provide loans to small and medium enterprises. According to statistics, the enterprises at present stage China's large enterprises with more than 50% of total 0.5% share of the loans, and 88.1% small business loans of less than 20%.
2, defects of the capital market.
from the point of direct financing channels. Debt financing and equity financing in two main ways. Due to the late development of the capital market, imperfect and slow enterprises the proportion of direct financing through the stock market and bond market is smaller. From issued bonds financing of situation see, national on Enterprise issued bonds funding of requirements is strictly, currently only minority business status good, and economic better, and reputation good of State-owned large can through bonds market financing; stock market Shang, although created has SMEs Board market and the venture board market, but as January 2010 junior listed company total 346 home, on number many of SMEs for listed financing threshold still is high. According to the statistics. SME equity finance accounts for only 1% per cent of total domestic financing, mainly of SMEs financing or bank loans.
3, credit security environment to a certain extent affect the financing of SMEs.
at present, the SME guarantee agencies throughout the country though more than 3,700 companies, guarantee amounts to nearly 200 billion yuan, a total 1.35 trillion yuan in loans to SMEs, but still cannot effectively meet the security needs of SMEs, there is an urgent need for further strengthening the construction of credit guarantee system. The credit guarantee system of deficient and incomplete to some extent affect the financing of SMEs. Although some places trying to establish credit guarantee system for small and medium enterprises, but are in the early stages. Low in Chinese enterprises ' credit, financing of elements when it is not completely, rely on their own with the guarantee conditions, it is difficult to successfully complete the loan.
4, support the Government's policy was an important cause for financing difficulties.
Government support for SMEs is inadequate. So far China has not yet introduced a full law relating to SMEs, leading to various ownership of inequalities in laws and rights of SMEs. Many developed countries have established SME special finance mechanisms. Korea SME Bank, Japan's SME financing, these institutions set up by the Government and rely in varying degrees on Government funding to support the development of small and medium enterprises. In China, there is a big business tilt greater emphasis by the Government and policy, SMEs do not have access to financial facilities and concessions.
III, solve the difficulty of financing on SME financing issues and recommendations, we believe that radically improve the financing situation of SMEs, Government, banks, companies form a joint force. SMEs in order to speed up the change of the production method, changing the business model of family firms in the past, make full use of the capital market and the bond market, combination of financing, equity financing, debt financing, property rights trading, direct financing such as venture capital, venture capital. This way, not only can ease the financing problems of medium and small enterprises under the background of tightening liquidity problems, and contributing to the improvement of enterprises ' property rights structure and realization of stable and healthy development of the industry group.
we believe that to solve the current financing difficulties of small and medium enterprises:
first, bank credit to set up a special fund. In accordance with the principle of keeping pressure from bank credit lines, set aside a percentage, as a dedicated SME credit funds, dedicated to support those who do have international and domestic order, working capital funds of enterprises, support those who are able to manage the transformation of enterprises in the field. Key here is not to increase the Bank's existing credit lines, while strictly defining the operation of SMEs, in the context of new credit to SMEs also need to "maintain pressure".
Second, equity financing. Gem, junior, the new ban, are small and medium enterprises financing channels. Because the threshold for listing on the enterprise, the main business is also a more clearly defined, as long as the listed mark of good regulation in place, equity financing to solve the financing difficulty of SMEs, and avoid blind for SMEs "diversified" risks of development financing and prevent civil disorder.
third, the bond financing. We're not small and medium enterprises bonds. SME issuing bonds is high risk bonds. Small and medium enterprises should be stepped up issuing mechanism and control research, launch new SME debt financing as soon as possible.
IV, introduction of venture capital funds. Set up by the Government and guide social capital to enter the field of venture capital. In accordance with the market-oriented mode of operation, support the development of startup investment enterprises.
v, the introduction of industrial investment funds. Government-issued preferential policies for industrial investment fund, venture capital funds and private equity funds, promoting the financing of support.
VI, exploring pilot "enterprise credit guarantee insurance" and other new financial innovations.
seventh, strengthen supervision of informal finance. Private funding larger, more strong profit, it is necessary to strengthen the private credit and private finance, regulatory and supervisory. Transformation and upgrading, as we also see SME is not "forced" out, to guide private capital flows to the real economy and not a large "play" high risk "money" money game, restructuring and upgrading needs of SMEs operational policy guidance, or it may "force" new disorder and risk more.