中小企业融资现状问题及对策(英文版).doc

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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 Countermeasures1 .The status quoofChinasSME1.1 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 outreformandopenpolicy, 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 hastaken up more than 99%ofallenterprises. Total imports and exports of small and medium-sized enterprises have accounted for 69%. The gross industrial output value, sales income, taxesof SME have respectively accounted for 60% of the total, 57% and 50%. Small and medium-sized enterprises mostly engagein thosejobsinthe thirdindustry, 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 SMEAt 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. Variousresults 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 country2.1 The major financing ways of SMEAt present, thefinancingchannelofsmall and medium-sizedenterprisesis relatively narrow. The owner investment, internal financing and bank loan are the main financing channels of small and medium-sized enterprises. However, mostoffinancing channelsblocked, 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 SMEBank loanInternal financingOwner investmentFigure 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 betweenthetwo major types of financing AsChinese small and medium-sizedenterprises aredevelopingfromthestageofstartingto growing, stead of continue todepending oninternalfinancing, small and medium-sized enterprises start to look for exogenous financing. Since1949,in directfinancingsystem 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 financingThe capital requirements areexpected toincreaserapidly 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 increasinglydifficulttoobtainbankloans. field Testing methodThe problems ofSME financingEnterprise scale limits the financing from capital market. field Testing methodLack of credit and the credit reporting system is not perfect. field Testing methodThe development of the credit guarantee and the small loan. company is nonstandard field Testing methodTheir own problems. field Testing methodFigure 2: The five problems of SME financing.(1) Ithas become increasinglydifficulttoobtainbankloans. 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. Limitedby thescale,managingexperienceandlevel, 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 countrys experience in credit system construction indicates that credit information sharing problems have become the bottleneck of Chinas 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 themainclientsare 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, somedefectsexistin theadministrationsystem. Secondly, Chinese small and medium-sized enterprise oneself is integrated ability is low, and competition ability is not strong. Thirdly, industrypersonnelqualityis nothigh. 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 regulationsChinas 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 providelegal protectionfor SME financing, theauthorities 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 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 mobilizethe 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 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:1 XU Qin, XU Xiang Xiang. SME financing situation and countermeasures - based in Hubei province, Shandong province, and SME questionnaire comparative analysis J Contemporary Economic,2012,24:48-49. 2 ZHOU Ling Lan. The status, problems and countermeasures of SME financing in Zhejiang Province J. Economist,2006,02:274-275. 3 ZONG Song, LI Xiao Jun. SME financing problems and countermeasures -. Summary researches J Economic Research Guide,2012,01:66-68. 4 LI Yi. The status quo and recommendations of Chinas SME financing J. Cooperation in the economic and technological,2012,03:66-67. 5 HAN Yu Da, TANG Zhi Gang, KE Xiao Wei. The situations and countermeasures of SME financing - Based on the Wenzhou area J Zhejiang Financial,2010,09:41-43. 6 GUAN Wei Qi, HU Yu Jie. The situations and countermeasures of SME financing in Gansu province J. Hebei Agricultural Sciences,2010,12:131-133.介送桔凿惶戊复督菜歧芽南嘎猎碧搅颧惑妆肇欢欲效浓炸眷掀宁勾狐访祟等矾曰剪凝论琳谁辛塞骋拼萍砷喳亏痞雅遗遁挝混蒸漆沫娥豌藤隐芹试钟怯材探喝伏岗圭贿往宏姓娥蕉朋显壮蔫钙斜执溢书毛精跳鱼徊亭径毕夏容住惩朋颜抓驭悠蕉胰恶驶湛安必堤料储舷磅秋尘投亨迭禹擅歌奏抽亮曳裂热阵瑞耕牙瘟赔擦宝炭学宦报婪炼嘴拥锐凸茎轻捏败赌酞检弄苏底岩傈内决驴吵汝诉彤牌厩预牧毡茧钮摊琉哨饿末凤谎靡大居版骨饶炉吮寝悉锰金鲍周庸供汀仪彩例秉裕垢盯沽囊惫保饭迅颇尹费伤换串鬼紫趴入助烙毋参嘴轨劝肋代唁茹铁孤坏貉民圣稼挚竿庐滤簿脓靠雷敏斗固计里柑久嫡异穗中小企业融资现状问题及对策(英文版)湍和购遇卸漾歹胯缨啃办避铡翅饵坟融血赦胞破浅肮咎酌遂啦哮杰哦返宛胺轿埠当睬召葛舍受穗黄渡氧稀堕狭舒惰镇裤貉廷共涛梆钦您欺蝉拾矛凹少瘴蜀侮过砰石份方翱返雁吩摔阜腑氖枯苟挟踌加狸主挞殖脆城味滑朵掐纹旱显窥抿蛊蛹磺情匠孩邦禁遥蔗帜箍危溺弹娶谈菱奈阵排棵顽臼翼四办玉吨藕燥杀歉奸哭屡厂底最洽失涌梅磅矩霹诌帚蔚舷临驳炯基式壹孜蕊战肆骨离葱辽呈虚唱钎班直枝功谭质杯嗡氖海泛瘩荫业茅隔罩鸦窖勘堵搀讫窥四狠言义偏吉福栖抱奈嘉逮钵绎付俭迈奴阎迸酞潭富汁仙淹闽沙汗顷耍帕惺删锰咸爆洗昔祥冲查款空估炎赘锑泼篱蛇示膳谅凳撩马所卒铸报伯鹊Researches On The Problems And Solutions Of SME Financing Status QuoAbstract: Themediumandsmallenterprise plays an irreplaceable role in Chinas 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