浅析宁波市中小外贸企业融资问题

1、浅析宁波市中小外贸企业融资问题abstractningbo is a coastal city with relatively developed private economy. foreign trade industry makes great contributions to the citys development. also, this industry is beneficial for creating jobs，increasing tax revenues，social harmonious and many other aspects. it is fair to sa

2、y that foreign trade industry is indispensable for the whole society.one of the basic features of ningbos foreign trade industry is there are many small and medium-sized firms. these firms have large numbers and cover various aspects of the industry. however, owing to reasons like high raw material

3、and labor costs，limited scale as well as old-fashioned management patterns，ningbos small and medium-sized foreign trade enterprises are confronted with financing difficulties. therefore，it is very important to analyze these firms current situations and reasons for financing difficulties，and then, fi

4、nding practical and effective solutions.the essay aims at small and medium-sized foreign trade enterprises in ningbo. according to domestic foreign researches and these firms current situation, the writer analyzes reasons that lead to financing difficulties. in the meanwhile, the writer puts forward

5、 some solutions and suggestions through taking foreign countries successful experience as references. the purpose of this essay is helping solve the financing problems existing in ningbos small and medium-sized foreign trade enterprises.keywords: ningbos small and medium-sized foreign trade enterpri

6、ses,table of contentsabstractil introduction12.1.1 research background and significance100000000 background111111111 significance22.1.2 research contents，methods and objectives3research contents3research methods3research objectives42.1.3 overseas and domestic research status41.1 overseas research41.

7、2 domestic research52.1.4 shortcomings6il theoretical frameworks72.1 the definition and division standard7iii. definition7iv. division standard7iv. financing theories8iv. mm theory9iv. relationship finance theory9iv. asymmetric information theory10the current financing situation and causes123.1 curr

8、ent situation123.2 causes143.2.1 policies and regulations.143.2.2 market143.2.3 financial institutions153.2.4 enterprises themselves15solutions and suggestions171. financing models in foreign countries172. solutions and suggestions183.1 governments aspect193.2 financial institutions aspect213.3 ente

9、rprisesaspect.22conclusion24references26acknowledgements30i. introductionli research background and significancesmall and medium-sized enterprises have a rapid growth for decades, and they have already become an essential part of market economy in china. it becomes increasingly important in most asp

10、ects of the whole society.as a city near ports，ningbo relies on the development of export-oriented economy very much. and it is a common sense that small and medium-sized enterprises，especially those foreign trade enterprises，are the key of ningbos industrial development.1.1.1 backgroundsince the la

11、unch of chinese economic reform in 1978, china makes every effort to develop market economy. in the meanwhile，small and medium-sized enterprises have received many supports and developed very well. as research shows the number of small and medium-sized companies have accounted for the largest part o

12、f the countrys total number of firms，namely more than 99 percent，in 2011. at present，the contributions of these enterprises in zhejiang and guangdong province to national economy have reached 70 per cent. it is fair to say that small and medium-sized enterprises drive the rapid development of nation

13、al economy. and foreign trade enterprises，as an irreplaceable component，are the bellwether of small and medium-sized enterprises.ningbo is a port city and its main economic pattern is developing export-oriented economy. thus，foreign trades，which are widely regarded as the lifeblood of ningbos econom

14、y，have significant impact on the citys economic development as well as the whole societys improvement. as a coastal city that has highly developed private economy，ningbo has a large number of small and medium-sized foreign trade enterprises involving many aspects of different industries. these compa

15、nies have a leading position and support the growth of gdp in ningbo. until the end of 2014, the number of foreign trade companies in ningbo amount to 21,500 including more than 12,000 companies has good export performance. 21however，it is noteworthy that small and medium-sized enterprises are confr

16、onted with new challenges owing to social progress and economic development in recent decade. for one thing，international community has more and more direct and deep impact on national economic development since our country entered the world trade organization in 2001. the financial crisis in 2008 l

17、eads to the complex status of international society until now. and a series of problems like european debt crisis and shrink on government spending in some countries，intensify the depression of global consumer market. all of these affect small and medium-sized enterprises directly because these comp

18、anies are dependent on the world economy.on the other hand, we are on the stage of restructuring industries and try to abandon low-cost development patterns. nowadays，the cost of raw materials，lands as well as other resources has an obvious increase. the shortage of labor force leads to higher labor

19、 costs than before. the overall trend of rmb is increased. in addition, a variety of taxes such as added-value tax，sales tax and income tax, put heavy burden on small and medium-sized enterprises. so, these companies，which have limited capital and operating scales as well as rely on low cost，faces n

20、umerous pressures. the difficulties on financing are an obvious problem of small and medium-sized enterprises.131financing problems impose restriction on small and medium-sized foreign trade enterprises in ningbo. more often than not，many of these companies go bankruptcy because of financing difficu

21、lties. at the same time，some small and medium-sized enterprises cannot expand duet to inadequate capitals.1.1.2 significanceforeign trade enterprises，especially small and medium-sized, are crucial in ningbo. they play important roles in the whole societys development，for example, creating a number o

22、f job opportunities，increasing governments tax revenues, ensuring social harmony and so on. according to the latest data，the 11 months span from january to november in 2014 witnessed a 4.2 per cent increase in total value of export, up to ¥587.13 billion. when it comes to us dollar-denominated，

23、ningbo exported $95.57 billion worth of goods，bearing a ratio of 5.4 per cent. and those small and medium-sized foreign trade companies，whose export value is under $5 million，make a significant contribution.i?1therefore，it is vary important to do some research on small and medium-sized foreign trade

24、 enterprises financing difficulties, and think about practical and effectivesolutions.2.2 research contents，methods and objectives1.2.1 research contentsthe essay narrates features and relevant definitions about small and medium-sized enterprises at first. then, through combining the criteria of the

25、 wholesale industry as well as the retail industry，and the reality, the essay defines the foreign trade industry. the essay cites and interprets some results from both domestic and foreign experts and scholars. besides，the essay analyses the situation and reasons of small and medium-sized foreign tr

26、ade enterprises financing difficulties, these enterprises challenges and pressing problems from macro and micro standpoints. finally, through summarizing other scholars results and the own research of the writer，the essay comes up with feasible solutions and suggestions from three aspects， namely，th

27、e governments functions，financial systems and small and medium-sized enterprises themselves.1.2.2 research methodsthe main research method of this essay is theoretical analysis. before writing， the writer has collected many relevant literature works from various places，such as libraries and websites

28、. then，the writer integrates experts views and the reality afterreading all those materials, preparing resources for writing.l2.3 research objectivesthe essay combines theories with reality in order to solve or alleviate ningbos small and medium-sized foreign trade enterprises difficulties in financ

29、ing. the final solutions consist of three parts: the government plays its role; financial institutions improve their systems; enterprises make efforts.3.3 overseas and domestic research status1.3.1 overseas researchstiglitz came up with the credit rationing theory that explained the reason why it wa

30、s difficult for smes to obtain credit support. one reason is information asymmetry， and it let banks facing with relatively high credit risk when they make loans. then， banks are willing to choose credit rating out of reducing the risk. in doing so, banks may impose restrictions on these small and m

31、edium-sized enterprises owing to their nonstandard financial management system as well as they lack guarantee and collateral. therefore，it is relatively difficult for small and medium-sized enterprises to raise money from banks.41bester has analyzed the influence of moral risk on bank credit. as he

32、said，banks can only expect to obtain the average profit because they cannot know each customers accurate information. this has caused banks unwillingness to make loans to business.151ronald mckinnon and edward. s. shaw have done some research on the relationship between financial development and eco

33、nomic growth in developing countries. and they put forward two major theories, namely, financial deepening and financial repression. they attempted to explain the reason why small and medium-sized enterprises had difficulties on financing in developing countries like china. in their view，some compan

34、ies turned to informal financial channels because of financial repression. and they thought that the reform of the financial sector wasinevitable as long as we wanted to remove the financial suppress.6 f?1in addition to study on the reasons causing bottlenecks of small and medium-sized enterprises f

35、inancing，some foreign scholars also studied how to improve enterprises financing status.modigliani and miller put forward modern capital structure theory in 1950s. they thought that enterprises' financing decisions were according to the principle of minimum costs，namely the first choice is endog

36、enous finance that has no trading cost and the second choice is lower-cost debt financing.|s,thorsten beck and asli demirguc-kunt pointed out that enterprises could obtain more opportunities to get external support if they try improving companies' financial sector and systems911.3.2 domestic res

37、earchlin yifu thought small and medium-sized enterprises could make full use of our abundant labor resources，and they contribute greatly to the economic growth. he also pointed out that promoting the development of small and medium-sized financial institutions was one way to solve their financing di

38、fficulties. and he also pointed out that three things should be done to establish the institutions of small and medium-sized enterprises. the first one was opening access, the second one was raising the threshold，and the last one was strengthening the supervision.li0jhe tians studies suggested almos

39、t all small and medium-sized enterprises at regions like ningbo, taizhou，wenzhou and jiaxing in zhejiang province bridging the funding gap through private lending in their early days. informal financing，he argued， played a key role in the development of private enterprises in zhejiang. it was one of

40、 the hallmarks of zhejiangs private enterprises at their early stage.1li yizhao thought three systems need to be improved to solve the financing difficulties: the direct financing system, the indirect financing system，and the social support system for small and medium-sized enterprises financing. 1

41、1zou yi pointed out the importance of financing guarantee from the side of small and medium-sized enterprises needs of external financing. he compared two popular guarantee models using mathematical models. these two guarantee models involved government guarantee. finally，he concluded that it is an

42、inexorable trend to strive to develop mutual guarantee.11 ?ljiang tuan considered that the government had the responsibility to undertake deep reform for improving the current situation of small and medium-sized enterprises financing difficulties. his concrete suggestions included establishing credi

43、t system, establishing policy-based financial institutions，setting supporting policies for small and medium-sized businesses such as lowering taxes, providing financial subsidies and reducing administrative charges.11414.4 shortcomingsowing to the limitation of writers academic level，the drawbacks o

44、f this essay are obvious. for one thing, the analysis of this essay may be a little bit superficial and cannot cover all aspects. on the other hand, most contents of this essay are based on theories lacking practical cases. all of these may affect the feasibility of solutions and suggestions.il theo

45、retical frameworks the definition and division standard2.1.1 definitionin simple terms，small and medium-sized enterprises represent those economic units whose staff size, assets scale and the scale of operation are all relatively smaller than large enterprises in the same industry. generally，a singl

46、e person or a small group of people provide assets to organize such kind of enterprises. owing to its limited employees and turnover，most of small and medium-sized enterprises directly managed by their owners. and these enterprises have relatively less external interference.more often than not，peopl

47、e use qualitative and quantitative methods to define whether an enterprise belongs to small and medium-sized enterprises or not. the qualitative method refers to define an enterprise from its economic characteristics and control modes. at present, a majority of the worlds countries use quantitative

48、method. the quantitative method involves measuring the enterprise with some data index, such as，the number of employees，the paid in capital, total assets，and so on. however， the definition of small and medium-sized enterprises has differences accordingly in different country, different areas，even at

49、 different stages of a countrys economic development.2.1.2 division standardchinese division standard is based on “a circular on the division of small and medium-sized enterprises standard，which was jointly issued by the ministry of industry and information technology，national bureau of statistics，n

50、ational development and reform commission as well as the ministry of finance in june 18th， 2011. however，there is no specific division for foreign trade enterprises in this standard. therefore，in practical work，people always define the small and medium-sized foreign trade enterprises according to th

51、e standards of wholesale and retail industry.in wholesale industry，medium, small and micro enterprise refers to the enterprise that has less than 200 employees or whose business income is less than ¥400 million. among them, the number of employees in a medium-sized enterprise is more than 20 wh

52、ile revenue is more than ¥50 million; the number of employees in a small-sized enterprise is more than 5 and the business income is up to ¥10 million; the number of employees in a micro enterprise is under 5 while revenue is under ¥10 million.when it comes to retail industry，medium，sm

53、all and micro enterprises refer to the enterprises that have less than 300 employees or whose business income is less than ¥200 million. among them，the number of employees in a medium-sized enterprise is more than 50 while revenue is more than ¥5 million; the number of employees in a small

54、-sized enterprise amounts to 10 and the business income is up to ¥1 million; the number of employees in a micro enterprise is under 10 while revenue is under ¥1 million. n 512.2 financing theoriesin a narrow sense, financing of small and medium-sized enterprises represents a company tries

55、to use scientific forecasting and decision-making to obtain funds from investors and creditors by certain ways. these behaviors are based on the companys own production as well as operating conditions，the status of funds，and the needs of the future development. and they are a financing behaviors tha

56、t can meet the enterprises normal production demands and the needs of operational and management activities.broadly speaking，financing is the behavior that an enterprise raises fund or make loans in the financial market through various ways. there are three main theories involving financing.2.2.1 mm

57、 theorymm theory is an abbreviation about a capital structure model built by modigliani and miller. at first，the theory ignored the influence of income tax, and then they made a revise taking the existence of income tax into consideration. modigliani and miller held the view that enterprises financi

58、ng decisions were affected by the principle of minimum costs，namely the first choice is endogenous finance that has no trading cost and the second choice is lower-cost debt financing. and mm theory has seven basic hypotheses.1.1.1 the risk of a companys operation can be measured, and companies that

59、have similar operating risks are at the same risk level.2.2.2 both current and future investors have same estimate about a companys earnings before interest and tax，which means different investors have consistent anticipation about future benefits and risks.3.3.3 the stock market, which has no trading costs, is perfect.4.4.4 investors and companies have same interest