湖州市小微工业企业融资效率评估.docx

工业企业是推动湖州市国民经济发展，构造市场经济主体，促进社会稳定的主要力量。然而融资难、成本高的结构性问题一直是工业企业发展的桎梏，特别是小微工业企业尤为突出。有效缓解小微工业企业融资成本，既可以为企业“输氧供血”，促进湖州市当前经济增长，又能形成金融和实体经济良性互动，使经济固本培元、行稳致远。所以，解决好企业，特别是小微企业融资成本高的问题，对于稳增长、促改革、调结构、惠民生具有重大的意义，值得我们重视和研究。1 湖州市小微工业企业的融资现状为了解湖州市（下简称我市）小微工业企业的融资现状，本文从湖州市工业企业中抽样选取165家小微工业企业作为调查样本。研究发现我市小微工业企业存在如下问题。1-1 小微工业企业资金占用效益偏低从反映企业资金占用的经济效益的指标总资产贡献率看，165家被调查的企业若剔除2013年新增企业19家，在146家小微工业企业中，有52家企业总资产贡献率小于10%，占35-62%；48家在10%20%，占32-88%；27家在20%30%，占18-49%；仅19家超过30%。被调查的146家小微工业企业中有超过2/3的企业的总资产贡献率小于20%，有13家企业甚至出现负值。反映出大多数小微工业企业全部资产获得利润的能力仍然较弱，导致企业自由资金的不足，影响了贷款的风险化解和补偿能力，从而使银行没有向其发放贷款的意愿。所以，目前小微企业仍很难从根本上走出融资难、融资贵的困境。1-2 小微工业企业资金结构偏向性较大绝大部分小微企业融资不易、成本较高的结构性问题的存在是由于其不合理的资金结构造成的。合理的资金结构，需同时实现资产结构合理和负债结构合理，实现负债结构与资产结构的互相适应，在资金结构合理的情况下，企业的投资收益最高，企业价值最大，企业的资金来源稳定，偿债风险最小，企业的资金成本最低。据调查，在我市165家小微工业企业的资产结构中流动资产、长期投资、固定资产、无形资产及其他的平均占比为58-89%、3-95%、33-21%及3-95%。总体资产结构偏向于流动资产和固定资产，长期投资和无形资产等占比很少。90%以上的小微工业企业没有长期投资，固定资产占比为50%以上的企业数高达33-94%。从负债结构来看，被调查的165家小微工业企业以流动负债和所有者权益为主，平均长期负债的占比不到5%，165家中仅10家企业有长期负债。反映了我市小微工业企业资金结构的偏向性和不合理性。1-3 小微工业企业融资渠道较窄我市小微工业企业的融资方式以内源融资和外源融资的间接融资为主。其中，内源融资方式主要是将自身的留存收益和折旧转化为投资，或是民间借款。而银行贷款在近年成为我市小微工业企业外源融资的唯一渠道。从被调查的小微工业企业的融资方式来看，165家企业中基本没有通过资本市场直接融资的。其主要依赖银行贷款，77-58%的企业当前拥有银行贷款。少数企业靠民间借款来筹集资金，有民间借款的企业占15-76%。其他的融资形式在我市小微工业企业的融资过程中不太常见。1-4 小微工业企业融资难问题比较突出从我市工业企业中随机抽取165家小微企业的样本调查结果看，有50%以上的企业认为当前融资困难。近30%的企业将融资难列入该企业当前面临的最突出的三个问题之一。我市小微工业企业融资难问题比较突出。在被调查的企业中35%以上企业当前资金紧张，缺口较大。但由于企业自身发展动力不足，企业经营状况不佳，被调查的165家企业平均营业利润率仅为7-49%，其中有13家利润甚至为负值。加上资金结构和融资结构的不合理性等原因，当前我市小微工业企业仍很难从根本上走出融资难、融资贵的困境。2 小微工业企业的融资效率评估为更好地分析我市小微工业企业的状况，特进行融资效率评估。为便于分析与计算，剔除2013年新增企业19家和负利润增长的13家，整理出由133家企业组成的新样本。对该样本数据利用数据包络法（DEA模型）进行融资效率评估。选取能有效反映企业融资效率的指标若干个，确定投入型指标两个：资本成本率、资产负债率；产出型指标四个：总资产周转率、流动比率、营业利润率和总资产贡献率。本文利用MaxDea软件的数据包络法对调查样本进行融资效率的评估。评估结果如下。2-1 小微工业企业融资效率总体处于低效的状态从133家被调查小微工业企业融资效率的总体状况来看，被调查的133家小微工业企业中仅8家技术效率有效，16家纯技术效率有效，8家规模效率有效，分别仅占被调查样本总数的6-02%，12-03%和6-02%（如表1所示）。表1 133家被调查小微工业企业融资效率的总体状况93-98 数据来源：调查样本数据包络法运算结果。说明：是否有效意味着企业是否在投入一定的条件下实现了产出最大化。在技术效率有效的 16家企业中，仅8家企业的相关的松弛变量全等于零，说明这8家企业在 CCR 模型假设条件下同时达到了规模报酬不变和技术效率有效状态，其公司投入不存在投入过剩或产出不足，表明融资效率处于有效状态，但仅占6-02%（133家被调查小微工业企业规模报酬状况见表2）。16家纯技术效率企业有8家未达到技术效率有效。其余被调查企业融资效率值均小于 1，即融资效率为非有效，说明这些企业融资效率处于低效的状态，存在投入过剩或产出不足，故其投入或产出有待进一步改善。 2-2 绝大多数小微工业企业规模报酬递减在被调查的我市133家小微工业企业中有118家企业规模报酬递减，仅7家企业规模报酬递增，8家企业规模报酬不变。造成超过80%的企业规模报酬递减的主要原因有两个，其一是生产要素可得性的限制。随着企业生产规模的逐渐扩大，由于原材料供应、劳动力市场等多种因素的限制，可能会使企业在生产中需要的要素投入不能得到满足。其二是生产规模较大的企业在管理上效率会下降，如内部的监督控制机制、信息传递等，容易错过有利的决策时机，使生产效率下降。表2 133家被调查小微工业企业规模报酬状况统计表6-02 数据来源：调查样本数据包络法运算结果。说明：规模报酬（Returns to Scale）是指在其他条件不变的情况下，企业内部各种生产要素按相同比例变化时所带来的产出量变化。3 缓解企业融资难的对策建议缓解小微企业融资难必须做到标本兼治，多措并举。无论政府、相关机构还是小微企业自身，都需要做出更多的努力。3-1 要强化政策的支持与引导，完善优化金融市场（1）强化政府支持与引导：建立和完善对小微企业融资的扶持政策体系；引导民间借贷规范健康发展；推进社会信用体系建设。（2）完善金融市场体系优化金融服务：建立完善的小微企业金融服务体系；健全融资担保体系；完善资本市场；放开多种金融产品，坚持金融创新。3-2 加快市场体制建设，协助建立互助小微企业金融机构（1）构建小微企业多层次金融组织体系。（2）采取科学考核，分类处理，创新小微企业贷款融资方式。对经营效益好、产品供销状况稳定、产品技术含量高、发展前景好的小微企业，在经过有关部门评估后采取不同的抵押贷款方式；同时积极探索联保贷款方式，探索最高限额抵押贷款管理办法。（3）逐步完善银行服务。建立有利于小微企业融资的信贷审核管理体制。创新信贷品种，创新金融产品，提供更多符合小微企业融资需求的金融产品。（4）合理定价，制定科学的风险定价模式。金融机构贷款利率上浮不可盲目，更不可一刀切。小微企业是经济发展不可忽视的推动力量，在货币紧缩的大背景下，有关部门应该对融资难度进一步加大、融资成本进一步上升给小微企业所带来的不利影响进行全面评估。3-3 强化小微企业内部管理，健全信用担保体系小微企业要提高企业综合素质，增强内在融资能力关键是要规范运作，提高竞争能力。（1）强化企业信用观念，构筑良好银企关系。（2）要规范企业财务制度。小微企业要切实加强内部管理，规范财务管理，严格按照会计法规和商业银行要求，建立全面、准确、真实的财务制度，增强信息透明度，准确反映企业的内部财务和经营状况，有效地提高自身的对外形象。（3）小微企业要提高自身竞争能力。我市积极推动小微企业转型升级，对小微工业企业经批准立项或备案的符合产业导向的当年零土地技改，生产性设备投入在500万元及以上的，按生产性设备投资额4%给予奖励。3-4 完善小微企业融资法律法规，为小微企业融资保驾护航（1）加强信用法律体系建设。（2）完善融资法律法规。结合当前经济发展的实际情况，对现有小微企业融资方面的法律法规进行全面清理，对符合当前经济发展，有利于推动小微企业融资的规定进一步完善，适时上升为法律，对不适合当前经济发展，阻碍小微企业融资的规定，要及时的修订。（3）建立和完善投资者保护法律制度。健全的投资者保护法律制度体系，有助于促进小微企业融资。Industrial enterprises are the main force to promote the development of the national economy of Huzhou City, and to construct the main body of market economy and to promote the social stability. However, the difficulty of financing, high cost of structural problems has been the shackles of the development of industrial enterprises, especially small and micro industrial enterprises is particularly prominent. Effectively alleviate the small and micro enterprises in the industrial financing costs, both for business oxygen blood, promote the Huzhou City, the economic growth and the formation of financial and real economic benign interaction, make economic solid Ben Peiyuan Zhiyuan line stability. Therefore, to solve the problem of good corporate finance, especially small and micro enterprises financing costs, for steady growth, promoting reform, structural adjustment, benefit peoples livelihood is of great significance, it is worth our attention and research.1 financing status of small and micro industrial enterprises in Huzhou CityIn order to understand the financing status of small and micro industrial enterprises in Huzhou city (hereinafter referred to as our city), this paper selects 165 small and micro industrial enterprises from the industrial enterprises in Huzhou as the sample. Study found that the citys small and micro industrial enterprises have the following problems.1-1 small and micro industrial enterprises, the low efficiency of funds occupiedFrom the reflection of the occupation of funds of enterprises economic benefit index of total asset contribution rate, 165 surveyed enterprises excluding 2013 new enterprises 19, in 146 small and micro enterprises in the industrial, 52 companies total assets contribution rate is less than 10%, accounting for 35-62%; 48 in 10% 20%, accounting for 32-88%; 27 in 20% 30%, accounting for 18-49%; only 19 more than 30%. The survey of 146 small and micro industrial enterprises in more than 2/3 of the total assets of the enterprise contribution rate of less than 13, there are 20% companies or even negative. Will reflect all the assets of the majority of small industrial enterprises get profit ability was still weak, resulting in the lack of free enterprise funds, affecting the loan risk mitigation and compensation ability, so that the bank did not lend to them. So, the current small and micro enterprises is still difficult to get out of the difficult financing difficulties, financing expensive.1-2 small and micro industrial enterprises with a large capital structure biasThe vast majority of small and micro enterprises financing is not easy, the high cost of structural problems due to its unreasonable capital structure caused by. A reasonable capital structure. And achieve reasonable reasonable assets structure and debt structure, debt structure and assets structure to adapt to each other in the capital structure is reasonable, enterprise investment yield and highest enterprise value, enterprise stable source of funding, debt risk minimum corporate funding costs to a minimum.According to the survey, in the city of 165 small and micro industrial enterprises in the asset structure of current assets, long-term investment, fixed assets, intangible assets and other average accounted for 58-89%, 3-95%, 33-21% and 3-95%. Overall asset structure is biased in favor of current assets and fixed assets, such as long-term investment and intangible assets accounted for less. More than 90% of small and micro industrial enterprises have no long-term investment, accounting for more than 50% of the fixed assets of the number of enterprises as high as 33-94%. From the debt structure, the survey of 165 small and micro industrial enterprises in the current liabilities and owners equity based, the average long-term liabilities accounted for less than 165, only 10 of the 5% companies have long-term liabilities. Reflects the citys small and micro industrial enterprises in the capital structure of the bias and irrational.1-3 small and micro industrial enterprises financing channels are narrowThe financing mode of small and micro industrial enterprises in our city is mainly based on the indirect financing of internal financing and external financing. Among them, the internal mode of financing is mainly to convert their retained earnings and depreciation into investment, or the private loan. And bank loans in recent years to become the only channel for small and micro enterprises in the city of foreign financing.From the survey of small and micro industrial enterprises in terms of financing, the 165 companies in the capital market is not the basic direct financing. Its mainly rely on bank loans, 77-58% enterprises currently have bank loans. A small number of companies rely on private loans to raise funds, private borrowing enterprises accounted for 15-76%. Other forms of financing in the small and micro enterprises in our city financing process is not common.1-4 small and micro industrial enterprise financing difficult problem is more prominentFrom the city industrial enterprises in the random sample survey of 165 small and micro enterprises to see, there are more than 50% of the company believes that the current financing difficulties. Nearly 30% of enterprises will be difficult to include the financing of the enterprise is currently facing one of the most prominent of the three issues. Small and micro enterprises in our city financing difficult problem is more prominent.In the survey of enterprises in more than 35% of the current funding constraints, a large gap. However, due to the lack of enterprises own development power, poor business conditions, the average operating profit of 165 companies was only 7-49%, which has 13 profit or even negative. Coupled with the unreasonable capital structure and financing structure and other reasons, the current small and micro in