中欧中小企业融资结构与融资策略的比较.docx

中欧中小企业融资结构与融资策略的比较摘要：欧盟在中小企业发展方面的成功是有目共睹的，其在中小企业融资方面的经验是值得我们借鉴的，本文通过中欧中小企业融资现状与政策的对比，来发现欧盟中小企业融资经验对我国的一些启示。 关键词：中小企业；融资结构；融资政策；欧盟 改革开放以来，我国中小企业快速发展，在国民经济中的地位日益突出。近年来我国政府相继出台了一系列政策法规以改善中小企业的融资环境。然而，根据人民日报报道，一项调查显示，80的中小企业认为近年来的融资环境没有变化或趋于恶化。这说明我国现在的中小企业融资环境仍需改进。 中小企业无论在发达国家还是发展中国家都是国民经济的重要支柱。根据欧盟委员会2006年5月官方网站上的数据，欧盟地区中小企业已达到2300万家，占企业总数的99，中小企业提供了7500万个就业岗位，在一些工业行业提供了80以上的就业机会。根据2005年7月22日国家发展与改革委员会公布的消息，我国中小企业和个体工商户合计超过3100多万家，占到企业总户数中993，GDP的556，工业新增产值的747，社会销售额的589，税收的462，出口总额的623，就业岗位的75以上。但是，中小企业的发展需求与融资困难的矛盾却是普遍困扰各国的问题。欧盟在致力于支持中小企业融资方面形成了一整套行之有效的政策框架体系和实施办法。“他山之石，可以攻玉”，笔者认为，欧盟委员会的中小企业融资政策对我国具有很强的借鉴作用。 一、中欧中小企业融资状况的比较 (一)我国中小企业融资结构的特点 目前，我国中小企业融资的方式主要有：自有资金、银行贷款、发行股票和债券、财政扶持。调查显示，中小企业首选自由资金，其次是银行贷款，仅有238的中小企业通过发行股票和债券进行融资。在财政扶持方面，我国先后建立了国家科技型中小企业创新基金、市场开拓基金、中小企业服务体系专项补助资金和中小企业发展专项资金。但由于各项基金的金额有限，能够得到财政扶持的中小企业数量很少。例如，国家科技型中小企业创新基金从1999年开始实施到2004年的5年中，总共才批准立项4946个，中央财政安排预算33亿人民币。 据中国人民银行中国中小企业金融制度调查组对全国东、中、西部有代表性的六个城市的1105户中小企业的入户问卷调查，在2003年9月，200家样本企业仍以董事长或总经理出资为主，出资比例为507，企业其他内部人员占151。2003年我国中小企业的具体融资结构如图1所示： 该项调查还显示：在银行贷款方面，中小企业的贷款得到批准，最主要的原因是提供了资产(不动产)抵押，占42；其次为提供了有效担保，占24，其中企业担保占18，担保公司担保占6；由于企业的信誉良好，产品市场前景好等原因获得贷款占30。在信用担保体系方面，截止2003年9月末，五个样本地区平均有76的样本企业至今没和任何担保机构建立过信用担保关系，而在获得信用担保的样本企业中，担保贷款余额仅占全部贷款余额的6，担保机构基本上没有发挥实质性作用。 (二)欧盟中小企业的融资方式根据2005年10月公布的第174号欧盟指标中小企业融资所显示的对原15个成员的3047家中小企业管理者的电话调查结果，欧盟中小企业最常用到的融资机构是银行，79的被调查企业通过银行获得过资金支持。68的被调查者认为银行能为他们的公司提供充足的资金支持；65的被调查者认为他们的银行了解自己公司的特殊性；49的被调查者认为离开银行他们将无法为公司的融到足够的资金。另外，24的被调查企业通过融资租赁公司进行过融资，11的被调查企业向公共投资机构寻求过资金支持，只有2的被调查企业通过风险投资公司进行过融资。欧盟中小企业利用各种融资机构的情况如图2所示： 就融资方式而言，欧盟中小企业利用的融资方式主要有融资租赁、透支、银行贷款、风险资本融资等。其中，融资租赁和透支是欧盟中小企业最常用的融资方式，有51的被调查企业利用过融资租赁的融资方式，有50的被调查企业利用过透支的融资方式。风险资本融资则很少被采用，很多被调查的企业甚至在可预期的将来都没有利用风险资本进行融资计划。具体的融资方式利用情况如图3所示： 总体而言，欧盟中小企业的融资现状是令人满意的，77的被调查企业认为他们能为各种项目融到足够的资金。 (三)中欧中小企业融资状况的差异从上述两项的调查报告，我们发现我国和欧盟的中小企业外部融资的主要方式都是银行贷款。但我国中小企业目前还未能与银行建立起良好的信用关系，中小企业要获得贷款还主要是依靠提供担保，贷款难度较大。相对而言，欧盟的中小企业一般都与银行建立了良好的合作关系，银行了解企业的业务活动情况，所以银行能为中小企业的业务活动及时提供资金支持。另一方面，欧盟的中小企业可采用的融资方式也比我国的要多，欧盟的中小企业不仅可以采用常规的融资方式，还可以采用其他的融资方式，像融资租赁、透支、贴现、风险基金等这些在我国不常见的融资方式。通过采取多样化的融资方式以及和银行建立了良好的信用关系，欧盟中小企业的融资能力比我国的中小企业要强很多。 中小企业的融资结构是其自身的资金需求状况、融资能力和外部的融资环境等约束因素综合作用的结果。中小企业融资难问题之所以在欧盟得到较好的解决，主要得益于欧盟委员会高度重视中小企业的发展。他们为鼓励中小企业的创新和发展，制定和实施了一系列相互配套的融资政策。 二、中欧中小企业融资政策的比较 中小企业的融资状况直接取决于国家给予的融资政策，而融资政策包含多方面相关体系的配套政策支持。以下主要从法律体系、金融服务体系、信用担保体系、风险投资基金和资本市场利用等方面进行中欧中小企业融资政策的比较。 (一)法律体系方面 目前，我国尚未形成完善的中小企业融资的法律保障体系。虽然，我国已于2003年1月1日起开始实施中华人民共和国中小企业促进法，但该法律的条文过于原则性，而且缺乏与之相配套的金融、信用担保、风险基金等方面的法律法规。而欧盟各成员则十分注重建立和完善中小企业及其融资的法律体系。以意大利为例，意大利政府为了促进中小企业的发展并为其融资提供法律保障，先后颁布了一系列的法律、法规。像中小企业法、中小企业基金法、特别银行法、中小企业融资条例等，形成了私营中小企业融资法规的框架。 (二)金融服务体系方面我国目前还没有专门设立为中小企业融资服务的政策性银行，中小企业主要是从商业银行那里获得金融服务。一方面，我国商业银行目前的贷款投向和地区更多地集中于大型企业和中心城市，缺乏适合中小企业融资需要的金融服务。以国有商业银行为例，有些银行对分支行的授权过严，用审批大企业贷款的办法审批中小企业贷款。另一方面，在中小企业分布集中的县级地区缺乏金融机构，股份制商业银行在县级基本没有机构，而国有独资商业银行近年来不断精简县级支行，仅19992002年的四年时间里国有商业银行就精简县级支行1782个。 欧盟专门设立了为中小企业提供融资服务的政策性银行一欧洲投资银行(EIB)，其资金的90用于欧盟的不发达地区的投资项目，10用于东欧国家和与欧盟有联系的发展中国家。欧洲投资银行通常利用本身的资金和借助资本市场，通过三种方式对中小企业进行融资。这三种方式为：(1)全球贷款。它是用于支持中小企业投资的一项贷款，主要用于中小企业在工业、服务业、农业领域的投资和与欧盟发展规划、能源及运输有关的小规模基础设施的投资。(2)为中小企业提供贷款贴息。欧盟与欧洲投资银行签署了一项协议，雇员人数不超过250人，固定资产不超过7500万欧元的企业可享受贴息贷款。贷款的利息补贴由欧盟财政预算支出，由欧盟投资银行管理。(3)阿姆斯特丹特别行动计划(ASAP)。该项计划是根据1997年欧盟阿姆斯特丹理事会决议实施的一个三年期的计划，资金来源于EIB的经营利润，总额为10亿欧元，旨在对高度劳动力密集型和新技术领域的中小企业进行投资和资金支持。另外，针对中小企业经常遇到的贷款难的问题，欧盟委员会于1993年专门设立了“圆桌会议”，会议由金融机构资深代表和中小企业代表团组成，目的是讨论中小企业面临的融资问题，并提出双方可接受的解决方案。 (三)信用担保体系方面 根据国家经贸委1999年发布的印发的通知，我国的中小企业信用担保体系由城市、省、国家三级机构组成，业务由担保和再担保两部分构成，担保以地市为基础，再担保以省为基础，试点期间暂不设全国性中小企业信用担保机构。担保资金和业务经费以政府预算资助和资产划拨为主，担保费为辅。担保内容主要是短期流动资金贷款，担保对象主要是产品有市场、技术含量高、有发展前景的中小企业。 欧盟通过欧洲投资基金(EIF)为中小企业提供融资担保。欧洲投资基金是根据爱丁堡理事会决议成立的，主要为泛欧洲公路网项目和中小企业提供信用担保。EIF通过三种方式提供融资便利：(1)融资担保。担保方可以是EIF的股东也可以是第三方，担保方根据不同的融资额度和风险的大小收取相应的担保佣金，担保比例不低于项目融资额的50。(2)股权参与。EIF对成员内有相应业务能力和资质并能够提供较高潜在回报的中介机构以股权参与，对中小企业间接融资。但EIF对股权参与持谨慎态度，一般经过严格考察并经董事会批准。(3)“增长和环境”引导项目。1995年，欧盟与EIF签署了关于实施“增长和环境”引导项目的协议，EIF为少于100名雇员的中小企业提供部分贷款担保，用于可以带来重大环境利益的投资。这些贷款担保措施使中小企业能够获得更为有利的贷款条件，而且所获贷款也具有较低的利率。 (四)风险投资基金方面 目前，我国财政预算设立了中小企业科目，先后建立了国家科技型中小企业创新基金、市场开拓基金、中小企业服务体系专项补助资金和中小企业发展专项资金。由于我国的各项基金都是由中央预算安排的，所以资金来源有限，支持的项目有限。目前，中小企业创新基金每年的预算安排为10亿元，市场开拓基金每年预算安排为5亿元。 欧盟方面，欧洲投资银行和欧洲投资基金两大金融机构于1997年合作建立了“欧洲技术便捷启动基金”(ETF)，1997年建立当年就发放中小企业贷款125亿欧元，19982002年约发放168亿欧元。该项基金的目标是，支持通常种子基金认为风险高的中小企业的投资，鼓励新研发成果的使用，鼓励研究中心和科学园区对中小企业提供投资的相关资金。它可以介入中介风险资本基金的25的股本，尤其注重规模小、新建的基金，照顾特定的行业技术。成员也纷纷建立了各种风险投资基金，英国本国就建有地区风险基金、英国高科技基金、SBS商业孵化基金、早期成长基金和风凰基金，而且各项基金的资金充足。SBS商业孵化基金自2001年10月实施至2004年5月共投资7500万英镑，凤凰基金自1999年11月至2008年3月计划执行期间，政府将注资177亿英镑。 (五)资本市场利用方面我国已于2004年5月27日在深圳证券交易所启动了中小企业板，但中小企业板的门槛较高。深圳证券交易所设立中小企业板实施方案明确规定，中小企业板的上市公司要符合主板市场的发行上市条件和信息批露要求。截止2006年6月17日止，在中小企业板上市交易的只有50家公司，其中85属制造业，行业覆盖面较窄，且区域分布不均衡，13个省份至今没有一家公司在中小企业板上市。 欧盟的第一家二板市场是于1995年6月成立的伦敦证券交易所另类投资市场(AIT)，它主要为新建立的小企业提供融资服务。AIT市场没有行业限制，无论是高科技公司，还是传统的制造企业和第三产业的服务公司，都可以挂牌上市，并且对上市公司的资金实力、企业规模、经营历史、企业业绩及投资者拥有股份的比例均无任何要求。由于AIT市场上市条件比较宽松，市场监管相对主板市场比较严格。欧盟其它的二板市场有巴黎的“新市场”，法兰克福、阿姆斯特丹和布鲁塞尔的股票市场。 三、欧盟经验对我国改善中小企业融资政策的启示 通过对中欧中小企业政策有关方面的比较，可以看出，虽然由于经济体制、经济发展水平及其它要素造成中欧融资政策的许多相异之处，但融资政策作为中小企业生存和发展的保障机制，是全球的发展趋势，在其制定和实施过程中存在一般性规律，欧盟成员在中小企业融资政策发展中的经验，可为我国中小企业融资政策的完善提供借鉴。 (一)建立健全中小企业融资的法律体系 为了从根本上改善我国中小企业的融资环境，我国应借鉴欧盟成员的经验，加快建立与中小企业促进法相配套的其他法律，如中小企业融资法、中小企业信用担保法、中小企业基金法等，逐步形成符合我国实际情况的中小企业融资的法律体系。 (二)加强对中小企业的金融服务 中小企业贷款难很大程度上是由于信息不对称造成的。这里的信息不对称主要包括“逆向选择”和“道德风险”两部分。所谓“逆向选择”是指银行在信息收集和处理方面存在规模不经济的问题，加上中小企业通常不愿意向外界披露企业信息，致使双方信息不对称情况更加严重，最终导致商业银行为经营失败的企业提供信贷资金，或者拒绝给有困难但能成功的企业提供资金。所谓“道德风险”是指中小企业不按照与商业银行的协议或对商业银行的承诺使用资金，或在有能力偿还银行贷款的情况下不偿还银行债务风险，这就导致银行对中小企业的监督成本过高，使得银行要求中小企业在申请贷款时有充分担保。为了改善中小企业的贷款环境，政府应充分发挥其职能作用。 首先，政府应帮助中小企业与银行间建立良好的沟通，政府可以借鉴欧盟的“圆桌会议”的形式，定期组织银行代表与中小企业代表间的对话，共同讨论中小企业融资方面的问题。银行方面也应当根据中小企业贷款的特殊性，不断开发符合中小企业信贷需求的金融服务。其次，针对一些中小企业贷款业务风险较大，商业银行不愿承担风险的情况，政府应加强政策性银行对中小企业的扶持力度。例如，政府可根据国民经济发展需要开发一些政策性贷款项目，或给予中小企业贷款贴息。 (三)发展信用担保体系虽然到2004年底，我国已建立了2188家各类中小企业信用担保机构，但实际上绝大多数的中小企业还没有与信用担保机构建立起联系。政府应帮助中小企业与信用担保机构建立长期联系，使信用担保机构的作用发挥出来。另外，政府应加快建立以中小企业、中小企业经营者(业主)、中介机构为主体，以信用登记、信用征集、信用评估和信用发布为主要内容的中小企业信用评估体系，督促中小企业注重融资信用，减少银行和信用担保机构的信用评估成本和风险。 (四)完善风险投资体系 我国风险投资基金目前最主要的问题就是资金有限，无法满足中小企业的发展需要。针对这种情况，我国应当放宽资金的来源，鼓励政策性银行等金融机构向各种风险基金投资。另外，改革开放以来，我国居民手中的资金越来越多，他们的投资意识不断增强，有相当一部分愿意承担风险，政府应利用这一有利条件，以税收优惠政策鼓励民间创办风险投资公司。此外，还可鼓励国外风险投资公司来我国开展业务。 (五)进一步扩大中小企业板规模融资方式的多元化是解决中小企业融资问题的重要途径，而融资方式的多元化离不开二板市场的繁荣。我国应当借鉴伦敦证券交易所另类投资市场的经验，放宽中小企业板的入市门槛，但同时加强对中小企业板的市场监督。只有适当降低中小企业板的入市要求，更多的中小企业才能获得利用发行股票来融资的机会，中小企业板也才能真正发挥其作用。同时中小企业的风险相对大型企业来说比较大，所以应加强对其的市场监督，维持证券市场的安全性。Central Europe Small and medium-sized enterprise financing structure and financing strategy comparisonAbstract: The EUs success in the development of small and medium-sized enterprises is obvious, its experience in SME financing, we can learn from the the status quo of China-EU SME financing and policy comparison, to find the EU SME financing experience of China some inspiration.Keywords: small and medium-sized enterprises; financing structure; financing policy; EUSince the reform and opening up, Chinas rapid development of SMEs, and the increasingly prominent position in the national economy. In recent years, Chinas government unveiled a series of policies and regulations to improve the financing environment for SMEs. However, according to Peoples Daily reported, the survey shows that 80% of the SME financing environment in recent years no change or worsening. This shows that China is now the financing environment for SMEs still needed improvement.SMEs both in developed and developing countries are an important pillar of the national economy. According to the data on the official website of the European Commission in May 2006, the EU SME has reached 23 million, accounting for 99% of the total number of enterprises, SMEs provide 75 million jobs in some industries more than 80% employment opportunities. According to the National Development and Reform Commission announced the news on July 22, 2005, Chinas small and medium-sized enterprises and individual businesses totaling over more than 3100 million, accounting for 99.3% of the total number of households, 55.6 percent of GDP, industrial The new output value of 74.7%, 58.9% of the societys sales tax of 46.2%, 62.3% of total exports, more than 75 percent of the jobs. However, the needs of the contradictions and difficulties in financing the development of SMEs is generally troubled countries. EU committed to supporting the SME financing a set of effective policy framework system and implement solutions. Stones from other hills may serve to polish jade , I believe that the European Commissions SME financing policy on China has a strong reference.First, the SME financing situation in Central Europe(A) the structural characteristics of SME financing in China currently, SME financing in China: its own funds, bank loans, stocks and bonds, financial support. The survey shows that SMEs preferred free funds, followed by bank loans, only 2.38% of SME financing through the issuance of stocks and bonds. Financial support, China has established the National SME Innovation Fund, the market development fund, special subsidy fund service system for SMEs and SME development funds. However, due to the limited amount of the funds to get the amount of financial support for SMEs rarely. For example, the National SME Innovation Fund from 1999 to 2004, five years, a total of 4946 approved by the central government allocated budget of 3.3 billion yuan.According to the survey group of the Peoples Bank of China China SMEs financial system of the country east, the western representative of the six cities-home questionnaire survey of 1105 SMEs in September 2003, 200 sample enterprises are still the chairman or general manager funded mainly funded ratio of 50.7%, and other internal personnel of the enterprises accounted for 15.1%. 2003 Chinas SMEs financing structure shown in Figure 1:The survey also revealed: bank loans, the loan is approved, the main reason is to provide the assets (real estate) mortgage, accounting for 42%; to provide effective security, accounting for 24 percent, including corporate guarantees accounted for 18% Guarantee Corporation guarantees accounted for 6%; reputable enterprises, market prospects and other reasons, loans accounted for 30%. In the credit guarantee system, as of the end of September 2003, the average of the five sample areas 76% of the sample enterprises have so far not any guarantee agencies, credit guarantee, in the sample of enterprises credit guarantee, the balance of guaranteed loans accounted for only 6% of all outstanding loans, guarantee agencies are basically did not play a substantive role.(B) the financing of the EU SME No. 174, published in October 2005 EU targets SME financing to display the original 15 members of the 3047 telephone survey of SME managers, the EU SMEs commonly used to finance institutions are banks, 79% of the surveyed enterprises received financial support through the bank. 68% of respondents believe the Bank to provide adequate financial support for their company; 65% of respondents believe that their bank to understand the particularity of their own company; 49% of respondents believe that leaving the bank, they will not be for the company the melt to the sufficient funds. In addition, 24 percent of the surveyed enterprises through financing through financial leasing companies, 11 percent of the surveyed enterprises have sought financial support to public investment institutions, only two percent of companies surveyed venture capital firm financing. EU SMEs to use a variety of funding institutions are shown in Figure 2:Financing methods, the means of financing for SMEs to use EU finance leases, overdrafts, bank loans, venture capital financing. Which finance leases and overdrafts are the most commonly used mode of financing of the EU small and medium enterprises, 51% of the surveyed companies use finance lease financing, 50% of the surveyed enterprises made use of overdraft financing. Venture capital financing is rarely used, even in the foreseeable future, many of the companies surveyed did not use venture capital financing plan. The specific means of financing for the situation shown in Figure 3:Overall, the EU SME financing situation is satisfactory, 77% of companies surveyed believe that they can melt into sufficient funds for various projects.(C) the difference of the SME financing situation in Central Europe from the investigation report of the above two, we found that the main way of China and the EUs external financing of SMEs are bank loans. SMEs in China is still not with the bank to establish a good credit, small and medium enterprises to obtain loans to mainly rely on to provide guarantees, loans more difficult. In contrast, SMEs in the EU generally with the bank to establish good relations of cooperation, the bank understand the business activities of enterprises, so the bank can provide financial support for SME business activities in a timely manner. Means of financing available to SMEs in the EU, on the other hand, more than Chinas SMEs in the EU not only to conventional financing, you can also use other means of financing, such as finance leases, overdrafts, discounting, risk fund These are not common in our country means of financing. Established a good credit by taking a variety of financing and bank financing capacity of the EU SMEs are much stronger than Chinas SMEs.The financing structure of SMEs is the combined result of the constraints of its own funds demand conditions, financing capabilities, and external financing environment. The reason why financing of SMEs in the EU to get a better solution, mainly due to the European Commission attaches great importance to the development of SMEs. They encourage innovation and development of SMEs, to develop and implement a series of mutually supporting and financing policies.Second, the policy of the EU-China SME financingFinancing conditions for SMEs depends directly on the financing granted by the State policy, financing policy contains many system supporting policy support. Mainly from the legal system, financial services system, the credit guarantee system, the venture capital funds and capital markets use the following comparison of the EU-China SME financing policy.(A) the legal system, China has not yet formed the legal protection system of SME financing. Although the date of January 1, in 2003 the implementation of the Peoples Republic of China SME Promotion Law, the provisions of the law is too principled, finance, credit guarantees, venture funds and the lack of a matching laws and regulations. The members of the European Union attaches great importance to establish and perfect the legal system of SMEs and their financing. In Italy, for example, the Italian government to provide legal protection in order to promote the development of SMEs and its financing, has promulgated a series of laws and regulations. Like the SME, the SME Fund Act, special banking law, SME Financing Ordinance , the regulatory framework of private financing of SMEs.(B) the financial service system in China is still not set up special services for small and medium enterprises financing, policy banks, SMEs access to financial services from commercial banks. The one hand, Chinas commercial bank loans to invest in and regions more concentrated in large enterprises and the central city, the lack of financial services for SME financing needs. State-owned commercial banks, for example, some banks the authority of the branches are too stringent, with the approval of large corporate loans ways to approve loans to SMEs. On the other hand, the distribution is concentrated in the small and medium enterprises at the county level areas the lack of financial institutions, joint-stock commercial banks at the county level basic institutions and state-owned commercial banks in recent years to streamline the county-level sub-branches, only from 1999 to 2002, four years 1782 state-owned commercial banks to streamline the county-level sub-branches.EU set up special policy banks to provide financing services for SMEs, the European Investment Bank (EIB), 90% of their funds for investment projects of the EUs less developed regions, 10% for Eastern European countries associated with the EU developing countries. European investment banks typically use their own funds and capital market financing for SMEs through three ways. This in three ways: (1) global loans. It is used for a loan to support SMEs to invest, mainly for small and medium enterprises in the field of industry, services, agriculture, investment and development planning, energy and transportation-related small-scale infrastructure investment with the EU. (2) interest payments on loans for SMEs. The European Union and the European Investment Bank signed an agreement, the number of employees over 250 people, fixed assets of not more than 75 million euros enterprises can enjoy preferential loans. Loan interest subsidies from the EU budget expenditure by the European Investment Bank Management. (3) Amsterdam Special Action Program (ASAP). The scheme is a three-year plan implemented in accordance with the 1997 EU Council resolution of Amsterdam, funded by the EIB operating profit amounted to one billion euros, aimed at highly labor-intensive SMEs and new technology investment and financial support. In addition, the frequently encountered problem in getting loans for SMEs, the European Commission in 1993 set up special round table meeting of senior representatives of financial institutions and SMEs delegation, to discuss the financing problem facing SMEs and propose a mutually acceptable solution.(C) the credit guarantee system according to the State Economic and Trade Commission in 1999 issued on the establishment of SME credit guarantee system for pilot guidance no