Financing Of Small And Medium Sized Enterprises Under The Financial Crisis

Zhou Zhengqing: the capital market gives enterprises more explosive power. Zhou Zhengqing, former chairman of the Standing Committee of the National People's Congress and vice chairman of the finance and Economics Commission, said that under the current macroeconomic background at home and abroad, technological innovation is becoming the most important driving force for the sustainable development of China's economy.

Practice has proved that through the use of financial means and market development mechanism in the capital market, we can effectively promote the development of all small and medium technology enterprises, and support the strength of the dominant enterprises.

Zhou Zhengqing said that capital market's support for high-tech enterprises through point to point can cultivate a number of internationally competitive enterprises with high innovation ability and set up a benchmark for industrial pformation. The sustained explosive force shown by it will inspire and lead more Chinese enterprises to become the leading technology innovation.

Zhou Zhengqing believes that the capital market can also play the role of point to point, because the small and medium sized listed companies can be listed as a minority. However, their listing effect can lead to venture capital, and the development of various means of financial support, especially for small and medium enterprises and high-tech enterprises. It can also stimulate the enthusiasm of the whole society in scientific and technological innovation and technological entrepreneurship, so as to effectively promote the adjustment of production mode and economic structure.

Zhou Zhengqing also believes that although the financial authorities have adopted a moderately loose monetary policy, increasing the total amount of capital supply is not enough for small and medium-sized enterprises. Besides the capital market, we should also try to put the increased funds into small and medium-sized enterprises, so we should try our best to mobilize the enthusiasm of many commercial banks and financial institutions.

Zhou Zhengqing suggested that in order to truly implement the support of small and medium-sized enterprises, we must solve the problems from the perspective of deepening reform and changing concepts, from the management system and operation mechanism, and promptly revise the rules and regulations that are not conducive to supporting the development of small and medium-sized enterprises, and formulate new regulations, new assessment standards and new incentives to encourage SMEs to increase their loans, so as to really mobilize everyone's enthusiasm for supporting SMEs.

Zhou Daojiong: at present, the launch of the gem is timely. Chairman of the China Securities Regulatory Commission, PECC, chairman of the China Finance Committee, Zhou Daojiong believes that the current launch of the gem is timely and important for supporting the stability and development of SMEs, especially for high-tech enterprises. It is also a reflection of the implementation of major measures by the central government and the State Council.

As for stock index futures, it is not necessary to "choke off the risk of choking". We should choose the right time to launch. It has a certain effect on stabilizing capital market and guarding against risks.

In addition, Zhou Daojiong believes that after the outbreak of the subprime mortgage crisis in the United States, people are more deeply concerned about the relationship between virtual economy and real economy.

Now people talk more about the negative effects of the virtual economy.

To look at this problem in a comprehensive way, for China, we should fully understand the risks of virtual economy, and study more about the positive role of virtual economy in China, so as to make it serve the real economy better.

Chen Yaoxian: "4 trillion" may aggravate the financing difficulties of small and medium-sized enterprises. The financing difficulty of SMEs is a problem that has not been solved for a long time, and even more difficult to discuss.

Chen Yaoxian, chairman of China securities registration Clearing Corp, believes that a breakthrough should be found in the market. Otherwise, it will be useless to take any measures in the future, hoping to ease the money and hope that banks will increase short-term investments, and they may not be able to solve them.

He explained that at present, the central bank's debt assets business, all the financial institutions deposits about 58% to 60% in the medium and long term loans, large enterprises and Chinese enterprises also have difficulties in capital, so SMEs can not get more money.

Chen Yaoxian believes that the state's 4 trillion yuan investment may cause further financing difficulties for small and medium-sized enterprises.

After 4 trillion yuan investment pull, it is to start investment and increase exports. This may be effective. Although it can create data for GDP or solve the financing problem of small and medium-sized enterprises, it is possible that after investment is pulled up, energy, raw materials, electricity, including money will all become tense, which will further make SMEs financing more difficult.

Chen Yaoxian concluded that in the face of the financial crisis, China should seize the opportunity to make full use of the means of the market, vigorously develop capital financing, and solve the business growth and financing channels for small and medium-sized enterprises. This is the best way to fight against the financial tsunami.

Tu Guang Sha: trying to build a bridge for the financing of small and medium-sized enterprises. At present, the willingness and voice of SMEs financing is very high. The financial industry wants to support the development of SMEs.

However, why is the docking between financial and small and medium-sized enterprises not satisfactory enough? Is SME financing so difficult for many years?

Tu Guangshao, member of the Standing Committee of the Shanghai Municipal Committee and vice mayor, thinks that this involves how to bridge the financial market, financial services and small and medium-sized enterprises better, so that the financing vehicles can run smoothly on this bridge. Therefore, we must build up four bridges between the two.

The first is the bridge supported by credit.

Next is to bridge the equity investment.

The three is bridge financing.

The fourth is the bridge of stock financing.

Tu Guangshao believes that stock financing plays a fundamental supporting role in the construction of the entire financing system. Therefore, we must accelerate the construction of a multi-level capital market system on the basis of existing capital.

SME listing through capital market is conducive to the corporate governance structure of SMEs. At the same time, it also increases capital support. It will further expand credit and drive equity investment, so that private equity investment and VC will have a better exit channel.

Therefore, the construction of multi-level market system will improve the financing basis of small and medium-sized enterprises and further broaden the financing channels.

Xu Zongheng: Xu Zongheng, mayor of Shenzhen, delivered a speech at the forum, saying that in the context of the global financial tsunami and the marked slowdown in domestic economic growth, the seventh SME financing forum was held, which has far-reaching significance for improving the financing environment of small and medium-sized enterprises and promoting the development of SMEs.

Whether China's economy can turn crisis into opportunity in the crisis and continue to maintain a good momentum of sustained, stable and rapid growth depends largely on the development of small and medium enterprises, especially innovative SMEs. Therefore, it is more important and urgent to further expand and smooth the financing channels for SMEs.

Xu Zongheng said: since 2008, under the severe economic situation at home and abroad, Shenzhen's economy has maintained a sustained, rapid and healthy development. From 1 to September, the gross domestic product of the city reached 561 billion 176 million yuan, an increase of 11.5% over the same period last year.

It is estimated that the annual growth rate will be around 12%. This is because Shenzhen's economy has a strong ability to resist risks. It has promoted the industrial pformation earlier, and has grown up a large number of innovative SMEs with independent intellectual property rights and market competitiveness. One important factor is that after years of efforts, Shenzhen has formed a financial innovation support system for small and medium-sized innovative enterprises, that is, capital market as the core and link, so as to bring about related innovation, angel investment, merger and acquisition, credit guarantee, technology credit, technology insurance and other financial instruments and means.

Chen Dongzheng: dialectical understanding of the role of the capital market. In the current financial crisis, the capital market has devastating effects on the virtual economy in the absence of effective supervision, and has rapidly spread to the real economy, causing some people to "talk about the color of the tiger" in the capital market.

Chen Dongzheng believed that the capital market was originally a powerful double-edged sword. When we first realized the tremendous destructive power of the financial crisis, we should also be soberly aware that under the effective supervision conditions, the huge driving force of capital market on the development of the real economy.

Chen Dongzheng said that the overall situation of China's listed companies and listed institutions is good. China has full conditions and capabilities to further play the role of the capital market in the whole system, and create a better environment for the survival, growth and development of China's small and medium enterprises, especially those with high technology and high growth.

Chen Dongzheng believes that the outbreak of the global financial crisis once again confirms that capital market risks are at the top of all kinds of risk markets. Therefore, stability is the primary task of the current capital market, but how to achieve stability in the capital market is the consideration of wisdom and ability of the government and regulators.

The continuous release of the risk that the capital market can bear is exactly the process that the whole financial system of our country must go through. It is impossible to push forward the development of capital market after controlling all risks. Instead, we should constantly improve the risk control mechanism in the course of development.

Li Yining: the establishment of a special regulation fund to buy high quality companies, stock market, a famous economist, and vice chairman of the Economic Committee of the CPPCC National Committee, Li Yining, called for the encouragement of high-quality enterprises and investors to invest in those potential SMEs. The CBRC can relax the long-term restrictions on those enterprises that are controllable in risk and ready to invest in small and medium-sized enterprises in light of the current situation.

In order to develop the capital market, the government can learn from the experience of Hongkong in response to the Asian financial crisis in 1997 and set up a special regulatory fund to buy shares of high-quality listed companies, and not to pfer within three years after the acquisition.

In order to help small and medium-sized enterprises, the government's orders should follow the principles of openness, fairness and impartiality and should not exclude small and medium-sized enterprises.

In addition, the gem should also be launched to support small and medium-sized enterprises listed on technology, but must prevent the use of gem for speculation.

When the capital market helps small and medium-sized enterprises to develop, they should focus on helping SMEs to be sophisticated, strong, stable and big.

Li Yining believes that the current state investment in capital construction is important, but at the same time, we must bear in mind two points: first, investment in capital construction is conducive to long-term development, but in the short term, the effect of expanding domestic demand is not obvious because it can only be reflected by paying workers' wages. Two, we should consider taking part of the investment from trillions of dollars, as a direct investment into government investment into a well efficient enterprise.

Liu Jipeng: seize the opportunity before the crisis and start the domestic demand. Is the crisis for us a crisis or an opportunity?

Different conclusions have different countermeasures, and different countermeasures will lead to different results.

Liu Jipeng, a famous economist and professor of China University of Political Science and Law, believes that the crisis in the United States is a golden opportunity for China. It can not be attributed to the US subprime mortgage crisis. It should go the opposite way and upgrade China's manufacturing industry and expand domestic demand.

Liu Jipeng believes that how to expand domestic demand should not only take into account infrastructure, but also start private capital.

Under the background of the financial crisis, we should form a framework for financial investment and private investment to sing opera.

The start-up of private capital is very important, because it not only solves the source of funds, but also more importantly, private investment is effective, so as to adjust China's manufacturing industry structure and make capital flow to where it is most needed.

He gave two suggestions for financial development: first, the bank must be liberalized.

To solve the financing problem of SMEs, we must first break the monopoly of the banking organization system.

Local commercial banks are very familiar with local SMEs and understand their risks. If the banking system is released, they will be willing to start capital.

Liu Jipeng disclosed that a report has been written recently, suggesting that the first batch should run 500 shareholder banks in the private sector.

The two is to establish a multi-level capital market system.

It is a good time to launch the new three board and OTC market, because there is not much financing in the market for the time being.

Against this background, the new three boards should be included in the regulatory system, and the gem can also be launched in a timely manner under the technical support of the Shenzhen Stock Exchange and the unified supervision of the SFC.