中小型高科技企业融资难浅析

中文原文：来源：袁玉林，中小型高科技企业融资难浅析J,时代金融，2012第484期：209中小型高科技企业融资难浅析1、 导论 自改革开放以来，中国经济飞速发展，各类型企业数目与日俱增，以高科技中小企业发展最为典型。资金和技术作为高科技型中小企业发展的关键，缺一不可。高科技型中小企业的每一次发展和变革，都需要强大的资金给予支撑。然而，在长期的经济发展过程中，融资难一直是阻碍高科技型中小企业前进的关键性问题，在很大程度上直接关系到这些企业的生死。如何在激烈的竞争中站稳脚跟并取得长足进步，怎样冲破高科技型企业信贷融资中的各项瓶颈限制，解决其资金链不足，促进其发展壮大是一个重大问题。 该研究皆集中于研究中小企业信贷融资的一个方面，很少对信贷融资进行整体性研究；众多研究中小企业融资的文献中，针对高科技中小企业的文献比较少，即便有，也是一些现象和简单观点的罗列，没有进一步研究。二、高科技型中小企业融资现状及融资难成因浅析 高科技中小企业在发展的同时，也显现出资金短缺、融资困难等问题，资金和技术成为了此类企业生存和发展重要瓶颈。本章分析高科技中小企业信贷融资难的成因。造成高科技中小企业融资难的原因是多方面的。本文将从以下几方面进行分析：供需信息不对称：资本市场中，大量资金掌控在银行等金融机构，他们需要企业提供资金借贷信息，了解有资金需求企业，从而为信贷计划、企业信用评定等一系列信贷工作做准备。而高科技型中小企业往往存在信息不透明问题。企业自身原因：高科技中小企业有高投入、更新快、风险高等特点。加上自身素质不高等弊端势必会严重影响到融资效率。 （一）多数高科技企业规模小，内部管理不规范，财务制度混乱，造成老板“一言堂”局面，财务信息不完全或失真。金融机构难以对其进行信用等级评定。加之此类企业多为私有企业，信用意识淡薄，可能擅自变动资金用途。 （二）高科技更新速度快，存续状态不稳定，经营时间不能合理估计，致使银行对其信贷融资门槛提高。在调查的 150 家高科技企业中，获得融资企业平均经营时间为 3.8 年，而没有获得融资的企业大多低于 2.5 年。 （三）政府作用不到位：就目前而言， 我国政府针对中小企业信贷融资服务的措施还不够。在以国有商业银行为主体的金融系统中，为规避风险，国有商业银行对高科技中小企业信贷要求相当高。 政府没有相关的政策性金融服务机构； 在国家相关法律、法规不够健全，导致中小企业机会主义行为加剧，更大限度为私敛财。法律强制性不够，可操作性不强，都导致了中小企业有利可图。 三、高科技型中小企业信贷融资难问题的建议（一） 政府政策宏观引导 为了促进中国中小科技型企业迅速稳健发展，就必须进一步完善我国金融体系和资本市场，其中政府就必须扮演更加积极的角色。对于扩大中小融资企业的融资渠道和融资环境，政府要加大扶持力度， 为中小科技型企业营造更好的政策环境， 完善法律，优化行政服务环境，这些对中小企业的发展具有重要意义。同时政府还要进一步转变观念， 需要按照“公开、 简化、 规范、 实效”的原则去向服务型政府的角色转变。简化各种名目繁多的行政审批 , 推进简化高校的一站式服务 , 同时强化审批监督制度 , 彻底减轻科技型中小企业的负担。 （二）降低银行信贷壁垒 推动国有金融机构经营方式的改变 , 以适应新的市场 , 选择多种形式投放贷款 , 解决科技型中小企业合理的资金需要。在有效防范贷款风险的同时 , 积极探索和开展多种担保形式 , 发放多种低风险的贷款。既要开展担保贷款 , 也要适当发放信用贷款 ,还可探索开展税款返还担保、 股票股权抵押、 保单抵押、 债券抵押、应收货款抵押、其他权益抵押等多种贷款形式。加大对科技型中小企业的资金扶持力度。首先要改进贷款授权授信制度 , 下放贷款权限 , 减少对中小企业申请贷款的管理层次 , 简化审批程序 ,加大基层行、社信贷人员的贷款权限和责任。其次要在落实信贷风险防范措施的基础上 , 进一步完善信贷激励机制 , 调动信贷人员营销贷款的积极性 , 做到责权分明、奖惩兑现。 （三） 吸引风险投资 风险投资天生就是为高新技术产业设置的。风险投资是以冒高风险为代价来追求高收益为特征的。高新技术产业，由于其风险大，产品附加值高，因而收益也高，容易成为风险投资的理想选择。 当今世界著名的大型高科技企业如微软、 英特尔、 惠普等，都是靠风险投资的支持而“步步高”， 进而成为各自行业的“巨无霸”的。 二战以来，90% 的美国高科技企业是利用风险资本发展起来的。这些由风险投资支持的高科技企业， 其资产增值速度、 市场竞争力、持续发展能力和投资回报率等，是任何传统企业无法比拟的。四、结论 本文通过对我国高科技中小企业融资现状分析，发现融资难是政府作用不到位、商业银行信贷限制及各企业自身素质不高等多重因素共同作用的结果。由于出现此类企业融资困难的原因是多方面的，就不能简单的从某一单纯方面缓解问题。笔者在把握难题原因的同时，结合成都三泰电子实业股份有限公司的启示，为高科技企业信贷融资难问题的解决提出了以政府政策为指导，银行机构为主体， 高科技中小企业提升内在素质为基础的综合解决建议。英文翻译：A brief analysis on the Small and medium-sized high-tech enterprises financing difficulties一、Introductory theory From reform and open up on, Chinas economic develops rapidly with increasing number of various types of enterprises,whereby the high-tech small and medium-sized enterprise development is the most typical. Capital and technology is the essential and key part of high science and technology development in small and medium-sized enterprises. High technology-based small and medium-sized enterprises need strong capital support during each time development and change.However, in the process of long-term economic development, the difficulties on financing that small and mid-sized enterprises are facing has been blocking high forward key issues, and to a great extent, it is directly related to the enterprises vicissitude. How to gain a foothold in the fierce competition and rapid progress, how to break through the bottleneck of high science and technology enterprises credit financing constraints, how to solve the lack of capital chain, and how to promote its development are a major problem. The study is focused on the research of small and medium-sized enterprise credit financing aspect, but rarely on the study of integrity to credit financing; there are Numerous documents on studying the financing of small and medium-sized enterprises, but relatively small number documents on the high-tech small and medium-sized enterprises , even if there were, it is just some phenomenon and simple view list without further study.2、 A brief analysis on the High-tech small and medium-sized enterprise financing situation and the causes of financing difficulty When in the period of development, High-tech small and medium-sized enterprises would face such problems as shortage of funds financing difficulties, then financing and technology has become an important bottleneck during such enterprises survival and development. This chapter analyzed the causes of the credit financing difficulties in high-tech small and medium-sized enterprise,by the way , the causes are extensive.The article would analyze it from the following aspects : the asymmetry information between supply and demand, in the capital market, banks and other financial institutions hold a lot of money, then they need the borrowing funds information provided by enterprises to know about the enterprises funds demand , thus could do a series of credit ready for credit plan and enterprise credit rating. While the high science and technology small and medium-sized enterprises often appeared the opaque information problems. Enterprise own reason: high-tech small and medium-sized enterprises had a higher risk in high investment updates faster.In addition , these enterprises their own low-quality would seriously affect the financing efficiency.（1） In majority of small high-tech enterprises, their internal management comes short of standard, and the financial system chaos, which leaded to a situation of “What the boss says goes” and an incomplete or distorted of financial information . Financial institutions have difficulty in credit rating for them,in addition, a majority of theses enterprises belong to private enterprise, which are in short of credit consciousness and would change the application of funds without authorization.（2） Banks improve their credit financing threshold for high-tech enterprises with fast speed of technology update, unstable survival status and unreasonably estimated operation time . Among a survey of 150 high-tech enterprises,the average operation time of the enterprises getting financing was 3.8 years, while other enterprises which did not obtain financing was mostly less than 2.5 years .（3） The government does not reach the designated position :At the moment , Our government for small and medium-sized enterprise credit financing measures are not enough. In the financial system with the state-owned commercial Banks as the main body , in order to avoid the risk, the state-owned commercial Banks request high credit to high-tech small and medium-sized enterprises . The government does not have relevant policy-related financial services institutions; the imperfect relevant laws and regulations in country, leading to an aggravation on opportunism behavior and a bigger limit for private fundraising in small and medium-sized enterprise . Insufficient mandatory law and weak operability had led that the small and medium-sized enterprises were profitable.三、The proposal over the credit financing difficult problem of high science and technology small and medium-sized enterprise (一）The government offers macro policy guidance In order to promote a quickly and steady development in Chinas small and medium-sized technology-based enterprise , we must further perfect our country financial system and capital market, importantly ,the government must play a more active role. To expand financing channels and financing environment in the financing of small and medium-sized enterprise, the government should increase support to create a better policy environment for small and medium-sized science and technology enterprises, where there are perfect laws and optimized administrative service, which are of great significance to the development of small and medium-sized enterprises. At the same time, the government would change ideas further , and need to change to a service-oriented government according tothe principle of “ Public, Simplified , Specification , Pragmatic” . the government need to simplify various kinds of administrative examination and approval, to promote simplified the one-stop service, furthermore , to strengthen the supervision of examination and approval system, and to reduce the burden of small and mid-sized enterprise completely.（2） Reduce the barriers of bank credit In order to adapt to the new market, small and mid-sized enterprises need to promote the management way change of the state-owned financial institutions . The small and mid-sized enterprises choose a variety of forms on the loan to solve their reasonable capital demands . when guarding against credit risk effectively ,the small and mid-sized enterprises should explore actively and carry out a variety of guarantee forms, distribute a variety of low risk loan. The small and mid-sized enterprises should not only carry out guarantee loan,but also issue appropriate credit loans, and explore various loan forms of tax refund guarantee, stock equity mortgage, policy mortgage, bond collateral, payment receivable mortgage , and other equity mortgage loans. In order to increase capital support for small and mid-sized enterprise , first of all, it is necessary to improve loan authorization credit system, to decentralize loan authority, and to reduce the management level in small and medium-sized enterprises applying for a loan, to simplify examination and approval procedures, and to intensify basic social credit loan authority and responsibility. Secondly, on the basis of implementing credit risk prevention measures, to perfect further credit incentive mechanism and arouse the enthusiasm of the credit personnel marketing loan, thus achieve cash in liability and clear rewards and punishments. （三）Attract the risk investment Risk investment is born for new and high technology industries.Risk investment is at high risk for the pursuit of high returns.With the big risk and high value-added products ,high and new technology industry owns decent yield and is easy to become the ideal choice of venture capital.In todays world famous large high-tech companies such as Microsoft Intel, HP, etc., are all rely on the support of venture capital to rise higher Step by Step, and become a “Big MACs” respective industries.Since the second world war, 90% of American high-tech companies developed by using venture capital.These high-tech enterprise supported by the r