中小企业融资现状问题及对策(英文版)

1、Researches On The Problems And Soluti ons Of SME FinancingStatus QuoAbstract:The medium and small en terpriseplays an irreplaceable role in China'sn atio nal economy, butharsh financingenvironmentseriously restrictsand evenendan gersthe survivaland developmentof medium and small enterprises.Firs

2、t,this articlein troducesthe status andcharacteristicsof SME financing.Second,an alyzes the cha nn els and the difficulties of SME financing in our coun try. Fin ally,comes up with some measures to ease difficulties of SME financing. In this article,the research on the problems and solutions of SME

3、financing status quo has a certa in sig ni fica nee and guidi ng value.Keywords:SME, Financing, The An alysis Of Coun termeasures1 .The status quo of Chin a's SME1.1 The developme nt and curre nt situati on of SMENo matter in developedcountries or in developingcoun tries,the smallandmedium-sized

4、en terpriseis the importantsupport ofn ati onaleconomy inthedevelopme ntof a coun try.Small andmedium-sized1en terprisesplayanirreplaceable role in improvi ng the n ati onal econo mic product ion, promot ing theprogress of scie nee and tech no logy, in creas ing employme nt, expa nding exports, etc.

5、 After China carried out reform and ope n policy,our n atio nal small andmedium-sized en terprises have developed very quickly, and the con tributi on rateof them to national economy have raised constantly. As of May 2011, the number ofsmall and medium-sized enterprises in China has more than 40 mil

6、lion, and has taken up more than 99% of all enterprises. Total imports and exports of smalland medium-sized enterprises have accounted for 69%. The gross industrial output value, sales income, taxes of SME have respectively accounted for 60% of the total, 57% and 50%. Small and medium-sized enterpri

7、ses mostly engage in those jobs in thethird industry, which are close to the market, close to the user.They are active in the most competitive areas of the market. SME is the main body of market economy and the micro foundation of market system. Because the costof entrepreneurship and management of

8、small and medium enterprises are relatively low, and the resilience of the SME market is strong, SME is the main place to employment. Small and medium-sized enterprises have provided nearly 80% of jobs for the society nowadays.1.2 The main characteristics of SMEAt present, small and medium-sized ent

9、erprises in our country are mainly private enterprises, and have already formed the situation of state-owned enterprises and private enterprises in two forms coexist. As for industrial enterprises, for example,state-ownedenterprises have accounted for only 15% of the total, privateenterpriseshave ac

10、counted for 85%. The development of SME is mainlyconcentratedon the labor-intensive industries. The employment capacity andemploymentinvestment elasticity of SME are significantly higher than largeenterprises. According to statistics, in terms of resettlement workers, SME is nearly double higher tha

11、n large enterprises. China is a large country, the distribution ofSME in different regions is extremely uneven. According to statistics, the number of small and medium-sized en terprises in easter n and cen tral each acco unts for 42%of the total in China and the west accounts for 15%. This suggests

12、 that in the enterprise scale, the average output value of small and medium-sized enterprises in eastern is larger than the central and western. In the process of reform, comparedwith largeen terprises,small and medium-sizeden terprisesare often theexperime ntal zone and the breakthrough. Various re

13、sults of the reform of small and medium-sizedenterprisescan provide some useful experiences for the reformpractice of large en terprises.2. The channels and difficulties of SME financing in our country2.1 The major financing ways of SMEAtprese nt,the financing cha nnel of smalland medium-sized en te

14、rprises is relatively narrow. The owner investment, internal financing and bank loan are themain financingcha nn elsof small and medium-sized en terprises. However,most of financingchannels blocked, small and medium-sizedenterprisesdo nothave much practical sig ni fica nee. Accord ing to the sources

15、 of corporate funding, corporate finance can be divided into en doge nous and exoge nous financing two major types of financing.Three main financing cha nn els ofSMEThree main financing cha nn els of SME(1) En doge nous financingEquity financing and debt financing are two ways of the en doge nous fi

16、nancing. Thecapital formati on of en doge nous financing has show the primitive ness, aut onomyand other characteristics. En doge nous financing is the in dispe nsableimporta ntcomp onent of the survival and developme nt of small and medium-sized en terprises. However, small and medium-sized en terp

17、rises gen eral have in sufficie nt fun ds, and the self accumulati on is limited.(2) Exoge nous financingExogenous Financing refers to the use of corporate funds to externalfinancingmainly in direct financing and in direct financing in two ways. As we know, stock,enterprise bond and the loan to bank

18、 are three kinds of main financing ways of theenterpriseoutside, also are the intrinsic foundation of capital market structure.However,the difficultyof obtaining external financing is always one of theproblems that restrict the developme nt of MES.(3) The relati on betwee n the two major types of fi

19、nancingAs Chin esesmallandmedium-sized en terprisesare develop ing from the stage of start ing togrow ing,stead ofcon ti nueto depending on internal financing, small and medium-sized enterprises start tolook for exogenous financing. Since 1949, in direct financing system has played the dominating ro

20、le in our financing system, so it is very important to the developmentof small and medium-sized en terprises.2.2 The problems of SME financingThe capital requireme nts are expected to in crease rapidly with the continu ous developme nt of the small and medium-sized en terprises scale. From the point

21、 of capital requireme nts, compared with large en terprises, the dema nd for a sin gle enterprise fund is not large. However, there is a difficulty in financing in small and medium-sized enterprises of our country, lack of capital has greatly limited the development of small and medium-sizedenterpri

22、sesof our country. Mainlydisplays in:The problems ofSME financingIt has become in creas in gly difficult to obta in bank loa ns.Enterprise scale limits the financing from capital market.Lack of credit and the credit report ing system is not perfect.Their own problems.The developme nt of the credit g

23、uara ntee and the small loa n.Figure 2 : The five problems of SME financing.(1) It has become increasingly difficult to obtain bank loans.It has become hard for banks, even healthy ones, to find finance; large companieswith healthy cash flows have also been cut off from all but the shortest-term fin

24、ancing. Due to the small and medium-sized enterprise is difficult to meet themortgageguaranteeconditionsof bank loansand the loan risk is bigger, theenthusiasmofbanklending isgenerally nothigh. Accordingtoincompletestatistics,smallandmedium-sizedenterprisescanobtain loansfromthe bankaccount for only

25、 8% of the total credit.(2) Enterprise scale limits the financing from capital market.At present, our country capital market is still very imperfect, most enterprises,especially small and medium-sized enterprises are difficult to obtain funds throughdirect financing channels. Limited bythe scale, ma

26、naging experience and level,small and medium-sized enterprisescannotobtainbankloan and theseabove-mentioned directly affect financing capacity.(3) Small and medium-sized enterpriseslack ofcreditand thecredit reportingsystem is not perfect.Due to the information asymmetry in the creditfinancemarket,f

27、actors like lowcredit will and insufficient credit become major reasons constraining the scale ofSME financing. Our country' s experience in credit system construction indicatesthat credit information sharing problems have become the bottleneck of China'sfurther constructing corporate credit

28、 system.(4) The development of the credit guarantee and the small loan company is nonstandard.In recent years, the guarantee company and the small loan company are developing rapidly, which the main clients are small and medium-sized enterprises.However, the overall scale of these institutions is sm

29、all, strength is weak, resist risk ability is not strong, business management is not standard and the financing cost is higher. As for small and medium-sized enterprises, their financing through the credit guarantee and the small loan company become helpless choice.(5) Their own problems.The small a

30、nd medium-sized enterprise itself also has some problems and deficiencies: first, some defects exist in the administration system. Secondly, Chinese small and medium-sized enterprise oneself is integrated ability is low, and competition ability is not strong. Thirdly, industry personnel quality is n

31、ot high. The management problem of the business enterprise only is resolved by enterprise governor themselves.3. The countermeasures to resolve the difficulties of SME financing3.1 To further improve the support of SME financial laws and regulationsChina's small and medium-sized enterprise owner

32、ship structure is more complex, it is not good for the faster development of SME. With the implementation of SMEPromotion Law, the SME subjectlegalsystemwill be perfected. In short, theimplementation of SME PromotionLawwill greatly benefit the development ofSME in China. At the same time,in order to

33、provide legalprotection forSMEfinancing, the authorities should further improve the support of SME financial laws and regulations.3.2 To strengthen the construction of SME credit systemConstruction of credit information system is of important significance for resolving the difficulties of SME financ

34、ing. In present China, the law about credit investigating is absent and the construction of credit investigating model is veryimportant. In the construction of the small and medium-sized enterprise credit system, the government should not blindly emphasize the role of banks, and should mobilize the

35、enthusiasm and obligations of banks, enterprises and related departments. Therefore, the establishment of credit system should be led by the government, banks as the main body, and liaise with other departments to build together.3.3 To further improve SME financial support systemThe government shoul

36、d have been positively taking all kinds of measures to improve the financial support system and promote the technology innovation of small and medium-sized enterprises. Our financial support policies are being improved, a sound credit guarantee system installed and market access eased for the benefit of SME development. For example, the government sh