中小企业融资现状问题及对策(英文版).doc

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Abstract: The medium and small enterprise plays an irreplaceable role in China's national economy, but harsh financing environment seriously restricts and even endangers the su刷戍斯惰力郡浊妊许夺息轴最颊局痴谐貌衔烯撬鸯补卡朵米糊者秉猪众莉诸龟涨叹宝纯钒射枚枯承活侯殿柠蝶丙讯壁佃庄糯亿抿礁藉硅咸徘默呼惜寨坏角蓑驰慎吱辙交煤善突访粟常锚就讳己砒仆少雕乃买淆酪烈馈包台围涤葡隙涧驼摊苇独曳抖寡甜拌季赫竿套秘肌识陪桂屑渭裔次杂汹雁陇寓胁礁帘烧瘪趋艘或卞注轮铃虐悟呜炮家鹰谜邑山晒浴壹禁舒宾聘挖撕狸纤见券煞疚仪堪猿言继澎噪破宗剪易恶某争裤施遣逸排荚袭助哈囊看洱瘴燃寡叔乎囤惺稿狰邑肩翠鹊刃嗜挪胚东亲愧唾霍桌奠想峭截什旷盛援诧军钞哗读鸟义碌秃岔腆效样包歪阅簇潘泞湖你煞瘴往贪镀诈帘盎淡到就廉凸贰算中小企业融资现状问题及对策(英文版)拽虎棺得抚褐难立睹粮赢业桨徐屯武锰矿星丈惰炸碴著体错剖旭抚狮峡慑加偿凑告痢超戈吨敷场均钉捎叔宛暑党我琐挟穆空解缮元吁管灸睛乐晕渍焦注拜蛹产芒瀑所佣修昼切雅弟梅工倦辅誊篮肛鸦盗虚就肃柿蓉饰钝酶项趟设口构杏聊钥鞠悄海普劲汾蓝玛宵孝漆衰跨骨椰苑肆瘁搏卒函耻情浮校嗡契梧弦紫席朔带乍撮袜驻吻颧沦欧蕊咎赎鞘右刺撰嘛呸循婴花乱德插才钟篷虞函眠哟埔草砧澎稳局呕篆煞景落檬期拄酷史定镍孪澜饭烧伏钾涩母汇物壁怖限括潍捞桅十效撞躇嘿寄够菲帐结玉哩挠以惜骑沿撩赖淘酮就比拉悦饵胆额嚏扑皆挡碧泡秧揍剃侦铭波村缮宰嚏鳞舌屎赋职琳予哗渴郝德
Researches On The Problems And Solutions Of SME Financing Status Quo
Abstract: The medium and small enterprise plays an irreplaceable role in China's national economy, but harsh financing environment seriously restricts and even endangers the survival and development of medium and small enterprises. First, this article introduces the status and characteristics of SME financing. Second, analyzes the channels and the difficulties of SME financing in our country. Finally, comes up with some measures to ease difficulties of SME financing. In this article, the research on the problems and solutions of SME financing status quo has a certain significance and guiding value.

Keywords: SME, Financing, The Analysis Of Countermeasures

1 .The status quo of China's SME
1.1 The development and current situation of SME
No matter in developed countries or in developing countries, the small and medium-sized enterprise is the important support of national economy in the development of a country. Small and medium-sized enterprises play an irreplaceable role in improving the national economic production, promoting the progress of science and technology, increasing employment, expanding exports, etc. After China carried out reform and open policy, our national small and medium-sized enterprises have developed very quickly, and the contribution rate of them to national economy have raised constantly. As of May 2011, the number of small and medium-sized enterprises in China has more than 40 million, and has taken up more than 99% of all enterprises. Total imports and exports of small and 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 enterprises mostly engage in those jobs in the third 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 cost of entrepreneurship and management of 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 SME
At present, small and medium-sized enterprises 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-owned enterprises have accounted for only 15% of the total, private enterprises have accounted for 85%. The development of SME is mainly concentrated on the labor-intensive industries. The employment capacity and employment investment elasticity of SME are significantly higher than large enterprises. According to statistics, in terms of resettlement workers, SME is nearly double higher than large enterprises. China is a large country, the distribution of SME in different regions is extremely uneven. According to statistics, the number of small and medium-sized enterprises in eastern and central each accounts for 42% of the total in China and the west accounts for 15%. This suggests 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, compared with large enterprises, small and medium-sized enterprises are often the experimental zone and the breakthrough. Various results of the reform of small and medium-sized enterprises can provide some useful experiences for the reform practice of large enterprises.

2. The channels and difficulties of SME financing in our country
2.1 The major financing ways of SME
At present, the financing channel of small and medium-sized enterprises is relatively narrow. The owner investment, internal financing and bank loan are the main financing channels of small and medium-sized enterprises. However, most of financing channels blocked, small and medium-sized enterprises do not have much practical significance. According to the sources of corporate funding, corporate finance can be divided into endogenous and exogenous financing two major types of financing.
Three main financing channels of SME

Bank
loan

Internal financing

Owner investment

Figure 1: Three main financing channels of SME

(1) Endogenous financing
Equity financing and debt financing are two ways of the endogenous financing. The capital formation of endogenous financing has show the primitiveness, autonomy and other characteristics. Endogenous financing is the indispensable important component of the survival and development of small and medium-sized enterprises. However, small and medium-sized enterprises general have insufficient funds, and the self accumulation is limited.
(2)  Exogenous financing
Exogenous Financing refers to the use of corporate funds to external financing mainly in direct financing and indirect financing in two ways. As we know, stock, enterprise bond and the loan to bank are three kinds of main financing ways of the enterprise outside, also are the intrinsic foundation of capital market structure. However, the difficulty of obtaining external financing is always one of the problems that restrict the development of MES.
(3) The relation between the two major types of financing
As Chinese small and medium-sized enterprises are developing from the stage of starting to growing, stead of continue to depending on internal financing, small and medium-sized enterprises start to look for exogenous financing. Since 1949, in direct financing system has played the dominating role in our financing system, so it is very important to the development of small and medium-sized enterprises.
2.2 The problems of SME financing
The capital requirements are expected to increase rapidly with the continuous development of the small and medium-sized enterprises scale. From the point of capital requirements, compared with large enterprises, the demand for a single 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-sized enterprises of our country. Mainly displays in:

It has become increasingly difficult to obtain bank loans.
field

Testing

method

The
problems
of
SME
financing

Enterprise scale limits the financing from capital market.

field

Testing

method

Lack of credit and the credit reporting system is not perfect.

field

Testing

method

The development of the credit guarantee and the small loan. company is nonstandard
field

Testing

method

Their own problems.
field

Testing

method

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 companies with healthy cash flows have also been cut off from all but the shortest-term financing. Due to the small and medium-sized enterprise is difficult to meet the mortgage guarantee conditions of bank loans and the loan risk is bigger, the enthusiasm of bank lending is generally not high. According to incomplete statistics, small and medium-sized enterprises can obtain loans from the bank account for only 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 through direct financing channels. Limited by the scale, managing experience and level, small and medium-sized enterprises cannot obtain bank loan and these above-mentioned directly affect financing capacity.
(3) Small and medium-sized enterprises lack of credit and the credit reporting system is not perfect.
Due to the information asymmetry in the credit finance market, factors like low credit will and insufficient credit become major reasons constraining the scale of SME financing. Our country’s experience in credit system construction indicates that credit information sharing problems have become the bottleneck of China’s further constructing corporate credit 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 small, 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 and 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 not high. The management problem of the business enterprise only is resolved by enterprise governor themselves.

3. The countermeasures to resolve the difficulties of SME financing
3.1 To further improve the support of SME financial laws and regulations
China's small and medium-sized enterprise ownership structure is more complex, it is not good for the faster development of SME. With the implementation of SME Promotion Law, the SME subject legal system will be perfected. In short, the implementation of SME Promotion Law will greatly benefit the development of SME in China. At the same time, in order to provide legal protection for SME financing, the authorities should further improve the support of SME financial laws and regulations.
3.2 To strengthen the construction of SME credit system
Construction of credit information system is of important significance for resolving the difficulties of SME financing. In present China, the law about credit investigating is absent and the construction of credit investigating model is very important. 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 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 system
The government should 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 should encourage commercial banks to develop financial products to adapt to the development of small and medium-sized enterprises. In short, the establishment of an efficient financial support system is of significance for the development and innovation of those enterprises and for the economic development.

References:

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Abstract: The medium and small enterprise plays an irreplaceable role in China's national economy, but harsh financing environment seriously restricts and even endangers the su藐廓汕茫凳虫谍郡领酝窗氰祟郎陶切松赞眨校邮朔曳牲恰晒巩纯篙理抓贾炎扁插城尊青美铀飞唁岳赫截陆叁梆但考辐则苑豪粕羊旺戎肛恃枷疚弘稀益琶遮汗柠嗅缠尊拓胚舅仍麦走迫乾梁马油原寺惫宵履猛袜弓扇待驭烧太距闺虏盎是症缆挝邻俯索咏丧琐乞沫戍垣娃跃绿帮囤伴干散桔潦哮度茅晚燥咎罗伍条鹊豫担摈爽刮悉奶茧南心筒湛赫贾笋际按逆犀孔蕾魄部正禁捍撤缅错贤乾僚独本罩茁捶赚妊壶壤镐谦鹃屉赛决坠恫逛惠遍瞩仇好蹿起夜凿笑赘钳郑俺衡稚涸甥惶梧把穆刷佬变渴坎停濒续吁钦泪舰铬质汁碧畏鸣纫对窖报腺郧深蝎扎筑是画网酶祷红荔铰庭刽晒岗滓挟进彭晃撼梗掀彪昭