SME Financing Difficulty Lies In The Lack Of Mechanism

To solve the financing difficulties of small and medium-sized enterprises, we can not rely on the market alone, nor rely solely on the government.

We should find a path of 1 + 1 > 2 and combine the publicity and market nature of the government.

At present, there is a concern in the industry that the tight chain of funds may lead to the collapse of SMEs.

Zhou Dewen, vice president of China SME Association and President of Wenzhou SME Association, said in an interview with the China Economic Times reporter, if

Almost every year, small and medium-sized enterprises have difficulty in financing.

SMEs have become the driving force for Zhejiang's economic growth.

"There are many small and medium enterprises in Zhejiang, but many SMEs are labor-intensive and capital intensive enterprises. Now they are short of money and lack of people, so it is very difficult for enterprises to survive."

Chen Cundong, the head of Wenzhou Jida Textile Co., told reporters that small and medium-sized enterprises are an important part of China's economy. The state should treat and guide small and medium-sized enterprises as their own children.

Financing is difficult, enterprises complain hard, and credit funds are few, banks are also very difficult.

Increased lending volume

Difficult to change financing

A person in charge of the Wenzhou Banking Regulatory Commission told reporters that the proportion of loans to SMEs has been increasing in recent years.

"SMEs are still the top priority of credit support."

The Central Bank of Hangzhou branch of the people's Bank of China said in an email to our reporter that from the end of the whole enterprise loans, the balance of loans of SMEs in Zhejiang accounted for 81.39% of the total loans of enterprises, representing an increase of 3.03 percentage points compared with the same period last year. The new SME loans accounted for 80.3% of the total business loan increments in 1 to April. Among them, small business loans increased by 71 billion 958 million yuan, accounting for 45% of the total loans of all enterprises, up 3.4 percentage points from the same period last year.

Since 2005, the Central Bank of Hangzhou branch of the people's Bank of China and Zhejiang provincial finance department have set up a risk compensation mechanism for small business loans, funded by the provincial finance and supporting by the county (city). The financial institutions have increased the proportion of loans to small businesses that sell 5 million yuan and loans less than 2 million yuan to 0.5% by the ratio of risk. In the past five years, the total amount of compensation funds has been nearly 300 million yuan.

"We need great efforts to help SMEs finance."

Huang Shoujun, director of the SME Bureau of Wenzhou economic and Trade Commission, told reporters that in recent years, the authorities have launched a number of measures to solve the financing problems of SMEs, such as issuing SME bonds, recommending enterprises and related potential projects to the banks, and using Guarantee Corporation to provide guarantees for small and medium enterprises loans.

"In this case, SMEs are still financing difficulties."

A person in charge of an enterprise in Cixi, Ningbo, told reporters.

Zhang Wenkui, deputy director of the research and development center of the State Council, told reporters in an e-mail interview that the problem of financing difficulties of SMEs has been more prominent before the financial crisis. After 2009, due to the implementation of very loose monetary and credit policies, the problem of financing difficulties has been temporarily alleviated.

But many factors superimposed this year, making the problem of financing more urgent.

"Generally speaking, it is not the right choice to ease the financing difficulties of SMEs through loose monetary and credit policies."

Zhang Wenkui believes that just like a person's continuous improvement of blood pressure to solve the problem of insufficient blood supply to limbs, can cause the whole body to be ill.

Relying on the central bank to release high-energy currencies, the side effects will be huge.

Lack of financing mechanism is the main reason.

"To solve the financing difficulties of small and medium-sized enterprises, we can't rely on the market alone, nor can we rely solely on the government."

In an interview with reporters, Lu Shaoji said that we should look for a path of 1 + 1 > 2, combining the publicity and market nature of the government.

Lu Shaoji believes that the financing of SMEs is difficult to solve for many years. The main reason is that the mechanism of supporting SMEs financing has not been established.

Although data show that the amount of loans granted by banks to SMEs has increased year by year, in fact, most of these loans are invested in large enterprises in SMEs ("234 type", namely 2000, 300 million yuan, 400 million yuan assets), rather than real SMEs.

What really needs money is the "334 type" small businesses whose sales income is less than one hundred million yuan, that is, 300 people, 30 million yuan sales, 40 million yuan assets enterprises, and those enterprises whose sales volume is below 5 million yuan.

"At present, there are two things in the financing chain of small and medium-sized enterprises: one is the policy banks that serve the SMEs, and the other two is the good financial services ecological environment."

Lu Shaoji said that policy banks originally had CDB. Now CDB has changed from policy banks to joint-stock commercial banks, and the remaining two policy banks (Exim Bank and Agricultural Development Bank) are not specialized in small and medium-sized enterprises.

Only by giving special support to policy banks can enterprises be able to pform and implement industrial upgrading.

At present, because of the pressure of survival, what is the enterprise making money to do?

For example, the more the country wants to eliminate polluting industries, the more money the industry will make. The more willing the enterprises are to do these industries, the less competition, the more orders and the higher profits.

"Without policy banks, enterprises will never be able to pform and upgrade because they are always going to maximize profits."

Lu Shaoji thinks.

At the same time, corporate finance also lacks a good financial service ecosystem.

Taking loans as an example, Hongkong is the bank to satisfy customers' needs as far as possible, while the mainland is to meet the requirements of banks as much as possible, such as three years of business reports, one of which should be done according to the requirements of banks.

"Sometimes banks force you to do false accounts. The original business performance is good, and the market prospect of the products is good. But if there are a few other additional contents that do not meet the requirements of banks, banks must take them back and remake them." is that not to make false accounts?

A person in charge of a company in Cixi told reporters that this phenomenon is relatively common in the locality.

With the poor financing environment and the lack of financing mechanism, the financing channels and financing tools are simple and the utilization rate is not high.

Take the guarantee as an example, less than 20% of the total government guarantee industry in Zhejiang is funded, and more than 80% are funded by private capital.

Abroad, this ratio is reversed.

Lu Shaoji introduced that the total amount of secured loans for SMEs in Zhejiang last year was about about 80000000000 yuan, which accounted for 5% to 8% of the loan balance of SMEs, and 8 000 for secured loan enterprises. However, there were more than 100 SMEs in Zhejiang Province, that is to say, the utilization rate of secured financing for SMEs was only 8%.

In the past few years, when Lu Shaoji visited Japan, he found that the figure in Japan was 42%.

"At present, banks generally treat small and medium enterprises financing as" raining umbrellas, sunny umbrellas ".

Lu Shaoji gave a typical example to reporters.

He said that in a less developed area in Songyang County of Zhejiang Province, a Guarantee Corporation was funded by the government. Two years ago, a guarantee loan of two million yuan was made for a farm processing enterprise named "selling oil Weng". After obtaining loans, the enterprise acquired a large amount of raw materials, and immediately invested in the production. After second years, the enterprise lived and the enterprise developed very fast.

Lu Shaoji recalled that before the Guarantee Corporation secured two million of its guarantee loan, the company could not borrow any more money in the bank.

When secured loans were two million, many banks were willing to give it money, and ICBC and ABC increased their loans to ten million at a time.

Now, the business does not need money, and banks are still rushing to give it money every day.

Lu Shaoji believes that solving the financing difficulties of SMEs is not only a headache, but also a sound financial mechanism, so that both the government and the market can play a role simultaneously.

Small loan companies:

The way out for private capital

Zhang Wenkui said that solving the financing difficulties of SMEs should use structural policies instead of aggregate policies, such as speeding up the development of rural banks and small loan companies. In particular, we need to make some substantive policy adjustments, that is, the lifting of the restrictions required by commercial banks to host village banks, and the extension of the policy of setting up village banks to urban areas.

Of course, solving the financing difficulties of small and medium-sized enterprises will not happen overnight. It requires long-term and unremitting efforts, including the development of multi-level capital markets.

"Zhejiang's private capital is rich, and the space available is very large."

Many people interviewed by reporters said that the government should actively encourage private capital to create value.

Outside speculation, Zhejiang's private capital has 1 trillion yuan.

Lu Shaoji told reporters that light Wenzhou has a place of 600 billion - 800 billion, plus other areas, 1 trillion more than enough.

"So many private capital accounts for the demand of the market. It is understood that many small businesses are borrowing private capital in the short term."

In an interview with reporters, Zhou Dewen said that after the tightening of state money, it became more and more difficult for enterprises to raise funds from formal financial institutions. At this time, the rise of private lending is actually a rising and falling relationship.

"More than 4 times the national benchmark interest rate is usury, at present, many private lending is basically usury."

Zhou Dewen told reporters that a large part of the short-term "usury" is the use of the bridge by enterprises, which means that once the banks delay lending, many enterprises will face the high cost of bridge loan.

Private economy has always been the characteristic and advantage of Zhejiang. Private capital is the vitality of Zhejiang's economy.

How to make private capital move from "gray area" to "sunshine zone" is not only a problem related to the development of financial industry, but also an important factor that affects the sustained and healthy growth of private economy.

Lu Shaoji told reporters that many people in the industry are now exploring the importance of developing private finance and adjusting the current irrational financing structure.

Wang Shengyao, deputy director of Wenzhou economic and Trade Bureau of Longwan District, told reporters that private capital is very rich. How to introduce the private capital through the Guarantee Corporation is more and more standardized.

"Private capital can be used as a microfinance company, and its role is even better than that of Guarantee Corporation.

Because its profit model is better, and the 4 fold return is more attractive. "

Lu Shaoji believes that the pfer of private capital from the ground to the ground can not only solve the problem of financing difficulties for SMEs, but also facilitate supervision by regulators.

According to the data provided by the Hangzhou central sub branch of the people's Bank of China to our correspondent, as of the end of 4, Zhejiang has officially registered 139 microfinance companies, with a total registered capital of 25 billion 769 million yuan, 38 billion 452 million yuan of loans, 53075 households with loans, 724 thousand and 500 yuan per household loan, and small loan companies have become another new force serving SMEs financing.