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On the main crux of the financing difficulties of SMEs and Countermeasures

Author: Huang From: www.yourpaper.net Posted: 2010-01-07 22:33:01 Read:
Paper Keywords: SME financing;; countermeasures

Abstract:
SMEs after the reform and opening up new enterprise groups, to make a positive contribution to our national economy and social development. However, the financing problem has been restricting the development of small and medium-sized enterprises, especially since the outbreak of the global financial crisis, the problem of financing is the bottleneck became the survival and development of SMEs. The same time, this problem has also been a great concern of the state and the community. This article focuses on the problems in the financing of SMEs, few targeted policy recommendations.

Perspective of the financial crisis, China has implemented a moderately loose monetary policy, a substantial increase in loans from financial institutions, but the vast majority of loans are made to the "iron-based" financing difficulties of SMEs rising voice of difficulty in obtaining loans. It is reported that by the end of April 2009, a large number of small and medium-sized enterprises closed down. This article focuses on the problems in the financing of SMEs, few targeted policy recommendations.

the , the development of the importance of SMEs

SMEs are the main force of the urban economy, to meet domestic demand, the main security, social main source of employment, the main board of the farmers' income, the main carrier of the structural adjustment, technological innovation, the active force. Stable and sustained development of the national economy stable, the market economy system, the overall competitiveness of the country's economic and even social stability has extensive and far-reaching significance.
According to the standard of our government to determine the small and medium-sized enterprises, the statistics show that in early 2009, China had 10 million SMEs, accounting for more than 90% of the total number of enterprises, employing 174 million people. Point of view from the contribution of SMEs in China created by the value of final goods and services accounted for more than 50% of the national GDP, addressed by the national employment accounted for the total urban employment is 75%, the export of products, technologies and services provided by approximately accounting for 60% of total exports, to tax SMEs account for more than 40% of the total tax revenue of the country. With the deepening of China's economic reform, the economic weight of SMEs will continue to increase. SMEs account for more than 50% of national output, but to obtain loans of less than 20% of the total loans.

Second, the current financing difficulties of SMEs Cause Analysis

SMEs in the rapid accumulation of capital, the rapid expansion of the scale of the stage, a huge need for capital in the process of the development of small and medium enterprises how to solve the financing is an unavoidable problem. Its financing is undeniable that there are a number of more serious problems.

(A) small and medium business small, unstable performance, high risk
Especially small and medium-sized enterprises assets, weak economic foundation, weak resistance to external shocks, and the lack of their own brand and stable main business, small businesses compared with large enterprises have a higher rate of closure and exit rates. According to statistics, the average life expectancy of SMEs in China only a short period of 3.5 years, easy to give investors a greater risk.

(B) guarantee, mortgage difficult, seriously restricting loans for
Mortgage situation, the majority of small business assets less the value of the mortgaged property, it is difficult to achieve the requirements of the lending bank; reach banks require collateral, due to the need to assess the collateral, notary, insurance, registration, archive storage and other links, often because the process of secured links, complicated procedures, a long time, high cost, difficult to meet the temporary urgently needed. From the guarantees, conditions of the commercial banks to guarantee enterprise should have done strict rules, such as AA or above a certain financial strength enterprises, and small businesses due to their own economic strength is weak, low repayment assurance reasons , very difficult to find acceptable to the Bank units. Coupled with the enhanced awareness of market-oriented, even if the number of small businesses find with security conditions, often because of the need for these enterprises to prevent risk and refused the grantor responsibility, so that the small business security chain is difficult to continue.

(C) financial management and internal governance structure is not perfect, and the integrity of generally poor
Few SMEs have done credit rating, many enterprises is not clear property rights and corporate governance structure is imperfect, the individual enterprise financial management is not standardized, the data is not true, incomplete, information distortion, in order to highlight the problem of single behalf of the account, off-balance sheet accounts and withdrawal of funds for, the phenomenon of delinquent accounts, impact overall credit image. In some small and medium-sized enterprises, a small number of people or individuals control the phenomenon is relatively common, there is no strict distinction between the majority of the existence of corporate assets and the assets of natural persons, when an enterprise operating difficulties, frequent and difficult to control the flight of corporate assets in guarantee for loans often not implemented.

(D) Operating variety of organizational forms and internal information, information asymmetries prominent
SME organizations in various forms, some small and medium enterprises of the financial reporting system is backward, opaque information, lack of audit department recognized in the financial statements and results of operations, increase the difficulty of the bank on the review of the financial information, banks face the risk of larger. At present, most small businesses are small-scale, scattered, set up a short time, various forms of business organization, organizational structure, the quality of the legal person, results of operations and information is difficult to accurately grasp the commercial banks, financial institutions would no doubt make the average cost and The marginal cost is relatively high, increasing the Bank for review, the difficulty of monitoring, but also to the issuance of bank loans difficult to be aware of, the banks are reluctant to pay the higher costs, the enterprise can not afford the high cost of financing.

(E) international and domestic economic situation changes, further increasing SMEs competitive pressures
Troika, stimulating the economy - investment, consumption and domestic demand, there is still the dysfunctional. This year, the world economic growth is slowing down, the subprime mortgage crisis and the continuous appreciation of Renminbi course, to some extent alleviate China's trade surplus is too large, inhibit the excessive growth of investment is conducive to promoting economic growth relies mainly on investment, exports to relying on consumption, investment and exports driven changes, but have to admit, the relative lack of domestic demand, exports continued to shrink and deadly threat for most SMEs.

solve the SME loans of a few policy recommendations

(A) chattel mortgage is a better way to solve the SME loan guarantee difficult
Over the years, more single bank loan business by way of security, mainly to real estate mortgage and guarantee, and thus "hard security" is undoubtedly difficulties in financing a core issue, and thus also as a constraint to the banking industry bigger and stronger business assets major obstacle. Aetna assets supervision company learned that some enterprises due to the use of a lease of land, plant production and business activities, and there is no available land plant, secured financing; he had been part of the original land, plant (retail), equipment line mortgage, unable to obtain bank loans to support no longer available for mortgage fixed assets; mortgaged, machinery and equipment, especially special equipment, it is difficult to realized very difficult, once disposed of according to law, and the value is difficult to achieve; loans provide each other with customers to ensure the security, constitute a de facto bank loan guarantee for ourselves, once there is a risk of recourse in accordance with the law guaranteed by the joint guarantee responsibility would inevitably lead to chain risk loans between enterprises and many other issues, the chattel mortgage lending business came into being. Chattel mortgage loan business, the name suggests, is legally obtained ownership of movable property to the pledgor pledge for loans of RMB-denominated short-term loans, and the introduction of a professional management company regulated as a third party pledged as collateral, the collateral deposited in the bank, the monitoring of the quality per capita without objection supervision warehouse, the implementation of the simultaneous implementation of the credit funds returned and the collateral out of the library. Production and operation, the bulk of the high mobility of the main raw materials (such as oil, coal, refined metal and other minerals, the level of grain and oil products, timber, general chemical raw materials, etc.) and other movable property set collateral security, are easy to preserve and increase the easy storage, easy cash, easy disposal and other notable features is an excellent credit guarantees, it must be the new trend of loan guarantees.

(B) The local government should vigorously promote the construction of credit system for SMEs, to create a favorable financial environment
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