How To Solve The "Financing Difficulty" Of Smes?

Editor's note: under the continuous tightening monetary policy, SMEs have felt the smell of cold winter this year.

SMEs are an important force in attracting employment and stabilizing the economy. Their survival and development relate to employment and other livelihood plans. But for a long time, the phenomenon of financial resources gathering to large enterprises has always been there. The financing difficulties of the small and medium-sized enterprises, especially small ones, are still very prominent and become the bottleneck restricting their development.

Small and medium-sized owners thirst for capital

At present, large scale

Guo Chao is the boss of Beijing Guo Chi's big spicy bowl restaurant company. His shop decoration is very characteristic. It's all what he has collected abroad. He is very petty bourgeoisie, so his business is getting better and better. He also wants to open another branch.

"However, the reserve requirement rate is going up, leading to the relatively weak and relatively low level of banks in our banks, so it is difficult for us to apply for loans, unlike those of large enterprises."

Guo Chao said.

Zhang Yue is also in

Zhang Yue, who has been doing garment business for more than ten years, for this purpose

Wu Kai, who has the same predicament as Zhang Yue, is also complaining about his company's failure to pay.

As a chief executive of a manufacturing and processing enterprise in Wenzhou, Wu Kai has been paying attention to the news that the deposit reserve ratio has been raised. Wu Kai said frankly that some enterprises may therefore "cut grain". Even if some enterprises can get loans, it is difficult to meet the demand in quantity.

"Then the banks may have selective lending. The stronger companies are good. Like us, SMEs may not be able to borrow money. Some enterprises will lead to capital chain tension or even bankruptcy."

Wu Kai said that after the difficulty of loans increased, the reduced liquidity of enterprises directly affected the investment in fixed assets and the pformation of production equipment.

Some enterprises have to eliminate old facilities and buy new equipment, but they can not apply for loans, and their own funds are not enough.

According to a survey conducted by the Wenzhou economic and Trade Commission, the local SMEs generally feel that the survival situation is grim in the first quarter of this year. The most prominent thing is that the financing difficulty and financing cost of enterprises have improved significantly. In the past 49.2% of the scale enterprises with higher loan satisfaction level, more and more enterprises have begun to feel tighter, but SMEs generally feel that loans are difficult.

Because of the difficulty in loans, Wu Kai took a look at some loan companies or pawnshops made up of private capital.

However, in the face of the increasing market demand, local private lending companies and pawnshops also follow suit and raise interest rates.

A few days ago, Wu Kai received a text message from a local small loan company. He was told that the loan company would raise interest rates from now on, although the old man would pay more than 1000 yuan interest every month, but he did not feel surprised that the loan company did so.

The interest rate monitoring of private lending of Wenzhou branch of the people's Bank of China showed that at the end of 3, the comprehensive interest rate of Wenzhou's private lending market was 24.81%. In the first quarter, the comprehensive interest rate of private lending in Wenzhou rose by 11.91% in the single quarter, up 8 percentage points higher than in the fourth quarter of 2010.

Besides, interest rates on private lending in Shanghai and Jiangsu are also soaring.

According to the analysis of the industry, after the bank tightened its monetary policy, the loan companies or pawn shops made up of private capital became the first choice for the financiers to merge into large amounts of funds in a short time. Even though interest rates have risen, many people who are in great need of large sums of money have chosen small loan companies or pawnshops.

Owing to the recent demand for loans or pawnshops to alleviate the pressure of funds, the funds of these SMEs are generally tight.

The rising cost of financing has made the small and medium-sized enterprises that have already suffered multiple pressures even more breathless.

"Some enterprises have short term turnover through private lending, and the monthly interest rate has reached 6 points."

Zhou Dewen, the chairman of Wenzhou SME Promotion Association, is worried about the survival of small and medium-sized enterprises. If the money continues to tighten, there will be a lot of small and medium-sized enterprises.

Some people worry that the continuous tightening of the capital chain will lead to the collapse of SMEs.

According to the survey, under the pressure of rising costs, some small and medium-sized enterprises in Zhejiang, Guangdong, Jiangsu and other places have already had half stop and stop work.

After the Qingming Festival, Wenzhou Jiangnan leather, Portman and three flag group 3 well-known enterprises, apart from Jiangnan leather, two other businesses closed or closed down, the reasons for closure are pointing to capital chain breaking.

It is also pointed out that the survival of small businesses may be even more worrying than the eve of the financial crisis in 2008.

According to the Ministry of industry and information technology, in the first two months of this year, 15.8% of small and medium-sized enterprises above Designated Size suffered losses, an increase of 0.3% over the same period last year, with a growth rate of 22.3%.

At the 2011 Conference on Trade and Finance Development held in May 24th, Huo Jianguo, President of the Ministry of commerce research, said that 35 enterprises in Wenzhou made a sample survey, of which 1/4 were close to the deficit, and the main glasses, lighters, and pens. Moreover, the profits of enterprises exceeded 5%, and the number of enterprises was less than 10.

"I think recently, the SME division of the Ministry of industry and information is also concerned about these credit problems, because first of all, it is reflected in small and medium enterprises. The difficulty of loans to SMEs is very obvious. The proportion of private enterprises engaged in foreign trade exports is 28%, state-owned enterprises assume 22%, and the rest are foreign capital, but imports are counter."

Huo said that the most prominent problem now is credit, and the difficulty of corporate lending has begun to affect the normal operation of many small and medium-sized enterprises.

In April, the Federation of industry and Commerce conducted a survey of small and medium-sized enterprises in 16 provinces in Jiangsu and Zhejiang provinces. Enterprises say it is even harder than in 2008.

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Similarly, at the 2011 Lujiazui forum, which was just closed, Ding Minzhe, director of Zhejiang provincial financial affairs office, said that problems such as exchange rate, electricity limitation, employment, staff, wages, raw material prices and other issues are making some small and medium-sized private enterprises face challenges. Their pressure even surpasses the pressure of operation during the international financial crisis in 2008.

The plight of SMEs has attracted the attention of management.

In early May, the Ministry of industry and Commerce issued a circular calling on the provincial and municipal authorities to conduct a survey of the 16 aspects of the funding gap of SMEs, the actual interest rate of private lending, and the number of small and medium-sized enterprises collapsed due to the broken capital chain.

The CBRC also sent an investigation team to Wenzhou to investigate the financing situation of SMEs.

Solving the financing difficulties of SMEs through multiple channels

In a long period of time, indirect financing channels based on bank credit is the main channel of social financing in China. However, with the gradual tightening of monetary policy and the adjustment of economic structure, it is increasingly difficult to fully meet the financial needs of enterprises, especially small and medium-sized enterprises, only by relying on loans.

On the issue of financing for SMEs, experts said that the three parties of the government, banks and enterprises should form a resultant force to fundamentally improve the financing situation of SMEs.

Small and medium-sized enterprises should speed up the pformation of production and operation mode, change the operation mode of family businesses in the past, make full use of capital market and bond market, and take comprehensive financing channels such as listing financing, equity financing, debt financing, property rights trading, venture capital, venture capital and other direct financing channels.

This will not only alleviate the financing difficulties of SMEs, but also help improve the property rights structure of SMEs and achieve stable and healthy development of SME clusters.

Gu Shengzu, the Standing Committee of the National People's Congress and vice president of the Central Committee of the people's Republic of China, pointed out that the most important characteristics of high-tech enterprises are high risk and high return. They need financial innovation to disperse and resolve high risks while sharing high returns.

To this end, we need to form a multi-level "Pyramid" capital market system and banking system, and change the situation of "inverted Pyramid" that is not conducive to "helping the small and strong" in China's current main board listed companies, small and medium sized boards, gem and new three boards, and support small and medium-sized innovative enterprises by developing equity financing and "new three boards" and technology community banks.

Gu Shengzu believes that China should actively learn from the interactive mode of science and technology and finance in developed countries.

There are three main engines of economic growth in the United States: high tech industries in Silicon Valley, cultural and creative industries in Hollywood, and financial capital in Wall Street.

Wall Street provides a convenient and efficient financing channel and risk diversification mechanism for Silicon Valley's high-tech industries and Hollywood's cultural and creative industries.

Without Wall Street, there can be no Silicon Valley and Hollywood.

At present, the development of hi-tech enterprises in China is badly in need of innovation in financing ways that can eliminate high risk and share high returns, and realize the interactive development between technological innovation and financial innovation.

Zhao Xijun, vice president of the school of Finance and finance of Renmin University of China, believes that it can also solve the problem of insufficient credit and low credit capacity for SMEs by providing guarantee and guarantee system at all levels.

At the same time, some effective measures should be taken, including the establishment of government funds, the provision of various government guarantees, and the reduction of tax revenue for small and medium-sized enterprises, so as to enable SMEs to obtain funding sources.

Emerging industries conform to policy orientation

It is more difficult for small and medium-sized enterprises to raise capital and small and medium-sized enterprises with light assets, but a Shanghai electronics company which mainly engaged in new materials research and development has obtained tens of millions of credit support from Shanghai bank in just 7 days, which has solved the urgent need.

According to the Bank of Shanghai, in 2010, the company successfully developed a new energy industry with a technological advantage of subdivision products, with great potential market.

Enterprises hope to increase new production lines, expand production capacity and invest in the market.

But this is a newly established "high growth and light assets" enterprise, which can only receive 3 million yuan in credit assets, 15 million yuan in liquidity, and frequent contacts with banks and Guarantee Corporation.

The most growing and dynamic small and medium technology enterprises in small and medium-sized enterprises are the focus of financial services of small and medium enterprises in Shanghai bank. For many years, the bank has persisted in exploring innovative financing mechanism for small and medium-sized technology enterprises, and has gradually formed the characteristics of technology financial services that are in line with the development of enterprises.

The customer manager of the bank went deep into the enterprise survey and found that its product conforms to the national industrial policy guidance and is now in a critical period of growth and development.

Soon, the Bank of Shanghai on the basis of in-depth understanding of the cash flow of enterprises, tailored a set of financial solutions for the company, giving enterprises financing support.

Within 7 working days, the Bank of Shanghai approved the adoption of a total of 15 million yuan of credit, timely for the enterprise "blood pfusion", to solve the financial difficulties in the development of enterprises.

This case shows that enterprises with high technology, new materials and other emerging industries can alleviate the difficulty of financing as long as they conform to the national industrial policy orientation.

In 2010, the State Council issued the decision on accelerating the nurturing and development of strategic emerging industries. It will clearly introduce a package of policies from finance, taxation and finance to accelerate the cultivation and development of strategic emerging industries.

Energy saving, environmental protection, new generation of information technology, biology and high-end equipment manufacturing industry have become the pillar industries of the national economy. New energy, new materials and new energy automobile industry has become the leading industry of the national economy.

According to the relevant experts, there are two main aspects of strategic emerging industries, one is the deepening of the original high-tech, such as LED, smart grid, triple play, and so on. Two is the industrialization of the new round of innovation technology. Cloud computing, Internet of things, virtual reality, biomass energy and so on belong to this category.

In terms of content, strategic emerging industries can be divided into two fields, one is the advanced manufacturing industry, the other is high-tech service industry.

The former includes photovoltaic equipment, amorphous film solar cell, solar thermal power generation system and other industries. The latter mainly focuses on software development, Internet of things, venture capital, consumption reduction technology and innovative services.

Yang Meilin, assistant general manager of Jiangxi branch of China Construction Bank, said that the continuous increase in the deposit reserve ratio is a measure to deal with inflationary pressure and excess liquidity. Financial institutions must resolutely carry out, and objectively, the size of bank credit will be reduced.

And those small and medium businesses with low credit, low stability and low growth are likely to be turned away by banks.

Some experts suggested that to solve the financing problems of SMEs, the industry should reduce the loans for enterprises with high energy consumption and high pollution, and increase loans to strategic emerging industries.

According to the statistics of Jiangxi SME Bureau, there are about 1000 enterprises in the province that have financing needs, and the scale of financing is about 30 billion to 40 billion yuan.

Most enterprises need less than 10 million yuan of capital, some enterprises only need 1 million yuan less than "bridge money" and "life-saving money".

Yang Zhiyong, vice president of Hengxin Electronic Technology Co., Ltd., Nanchang, Jiangxi, is in good mood recently.

Because of its core technology, the company's 3G video surveillance and IOT equipment sales were smooth, and orders were scheduled for 2012.

"Although financial costs increase by about 10% and sales can flourish, the development of enterprises is still good."

"The company like Hengxin electronics is the bank's key customer support."

Yang Meilin said, "in the case of insufficient liquidity and ensuring safety, banks are better than the best ones."

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Li Yong, Vice Minister of finance, said recently that during the "12th Five-Year" period, financial means will be fully utilized to support the strategic adjustment of Finance and the pformation of development mode.

We should comprehensively apply the financial policies of interest rates and risk compensation, actively innovate the green and low-carbon financial products, support the development of new industries, such as new energy and new materials, support the export of high-tech products, and improve the quality and grade of export products.