完善中小微型企业发展的金融体系研究

1、随着知识经济时代的到来，经济的发展呈现多样化的需求，企业发展呈现了柔性化趋 势，使得传统集约型企业生产逐渐呈现分散化与小型化的趋势，逐渐成为社会经济发展的重 要支柱，然而现阶段我国金融体系対中小微型企业发展的扶持力度有限，导致中小微型金业 的融资存在困难，因此对完善中小微型企业发展的金融体系进行研究具有一定的现实意义。1中小微型金业的界定对中小企业界定的是基于企业规模差片化的-种和対性概念，是相对于大型企业存在的, 屮小企业一般指的是相对于大型企业而言，金业经营规模处于中等或屮等以下的金业，人多 屮小微型企业都存在生产规模小、企业资木较少、融资难度人的特点。对屮小微型企业的界 定存在着一定程度

2、上的时空差异，在不同地域下以及不同发展阶段中，市场都会采用不同的 标准对屮小企业进行界定。现阶段我国对中小企业的界定主要通过企业控制方式、企业经济 特征对企业生产规模与固定资产进行判定与衡量。2现阶段我国金融体系在支持中小微型企业发展过程中存在的问题现阶段我国中小微型企业在发展过程屮普遍存在融资不畅、贷款困难的问题，在很人程 度上制约了我国中小微型企业的发展。我国中小微型企业融资能力较差的主要原因在于中小 微型企业规模较小、负债过多，导致屮小微型金业信用等级较低。而我国金融休系在考虑到 屮小型企业偿债能力不足之后，提升了贷款审批的审批门槛，这对屮小企业筹资环节造成了 很大的影响。2.1缺少银行

3、信贷支持银行信贷作为我国资金循环过程屮的主要渠道，是我国企业融资最为重要的渠道。然而 由于中小微型企业存在金业规模较小、资产负债过多等问题，银行为了保证白身的经济利益， 更愿意以规模较大、还款较为稳定的大型企业作为信贷对象，这就导致银行系统对小小微型 企业的信贷供给严重不足。现阶段我国四大国冇商业银行作为信贷发放的主渠道，在运营过 程屮过于注重对重点行业与大规模金业的服务，忽略了屮小微型金业的信贷服务，在具体信 贷过程屮存在着不平等现象。由于我国现阶段尚未建立专门性质的屮小微型企业的金融机构 信贷体系，由于缺少银行信贷支持，银行等内容机构难以发挥对中小微型企业服务的作用， 我国中小微型企业难以

4、保证融资的稳定性。2.2信用担保体系不健全虽然我国信用担保体系实行已冇25年z久，然而在实际实施过程中，信用担保体系仍 不够完善，仍然存在担保机构不专业以及担保资金不足的问题。现阶段很大一部分担保机构 都在实行会员制制度，中小微型企业为了加入担保机构并成为会员，必须要事先缴纳一部分 入会押金，这就在一定程度上进一步加大了中小微型企业的融资成本，也扩大了担保难度。 现阶段绝人多数屮小微型企业在发展过程屮都存在着产权不清晰、企业经营不规范、企业管 理家族化的问题，使得屮小微型金业难以将产权进行抵押，同时难以支付信用担保的小介费 用，在很大程度上制约了中小型企业发展的进程。2.3直接触资市场体系不完

5、善随着市场经济的不断发展，我国屮小微型企业的融资方式也向多元化方向发展，由传统 单一性的银行信贷融资逐渐转变为以银行信贷为主，股权融资、债券融资、证券投资、风险 投资等多种融资手段并存的融资形式。然而由于中小微型企业生产规模较小，普遍不具备现 行证券融资管理所要求的生产规模以及投资回报，难以在肓接融资市场获得资金。虽然h 20世纪90年代以來，风险投资的迅速发展在一定程度上推动了我国屮小微型金业的发展, 然而由于中小微型企业生产规模有限难以保证其生产经营的可靠性，便得中小微型企业在融 资过程中由定向集资转向乱集资，中小微型企业受到直接融资市场的排斥。2.4屮小微型企业信用环境较差中小微型企业较

6、z大规模企业，存在生产规模较小、资产负债过高等特点，导致屮小微 型企业信川环境较差，难以根据完善的信用制度完成企业融资工作。现阶段中小微型企业不 良贷款占比较大规模企业稍高，且信用状况较人规模企业稍差，加之屮小微型企业缺乏完善 的信用记录系统，导致中小微型企业在银行等金融机构间缺乏良好的企业信用。可以说中小 微型企业不仅是恶劣的信用环境的受害者，同时也是信用环境差的责任人。3完善支持中小微型企业发展的金融服务体系3.1拓宽融资渠道由于现阶段中小微型企业在发展过程中存在融资困难的问题，为了推动屮小微型企业的 可持续发展，应当从企业内部入手，适当拓宽企业自身的融资渠道，利用融资租赁、项目融 资等多

7、种渠道筹集中小企业运营所需资金，保证企业的融资能力。为了拓宽中小企业的融资 渠道，实现屮小企业的可持续发展，我国政府相关部门也应当加人对屮小企业的资金扶持力 度，通过建立专业性面向小小企业的小型商业银行以及屮小企业信用担保机构，最人限度地 降低中小企业的融资困难。此同吋，中小微型企业述可以通过互助担保或互助联保的方式 降低银行机构的投资风险，从提升自身信用环境出发，尽可能地打消银行对中小微型企业偿 债能力的顾虑，从而提高获取银行信贷的可能。为了拓宽融资渠道，小小微型企业的管理层 应当加强对企业融资环节的重视，从加强屮小微型企业内部财务管理制度建设出发，尽可能 地实现企业财务管理信息透明化以及公

8、开化，从而提升自身的信用等级。 3.2完善直 接融资市场体系直接融资市场体系对屮小微型企业融资的辅助作川极为重要，现阶段直接融资市场体系 主要而向人中型企业开展融资信贷业务，中小微企业群体而临着融资困境。虽然我国现阶段 多层次资木市场已经初步建立，但是对中小微型企业进行辅助的低层市场仍不够完善，因此 需要推进资木市场的建设，完善肓接融资市场体系，确定合理的债市门槛，保证中小微型企 业也可以进入融资市场。为了完善直接融资市场体系，可以首先対中小微型企业集合债券发 行审批程序进行简化，拉动更多的中小微型企业通过集合债券形式进行融资，从而降低债券 发行门槛，扩人企业债券发行范i韦i，有效地提升债券规

9、模。与此同时，政府应当搭建合理的 融资平台，对符合条件的中小微型企业进行扶持，满足不同规模以及不同发展阶段金业的需 耍，通过对主板市场进行完善与发展，为屮小微型企业提供相应的融资空间，从而为屮小微 型企业提供更多的资金支持。直接融资市场公开上市的最低层次市场定位为激励新产业创新 成长的创业板，可以在创业板适当降低企业进入门槛，并逐渐扩大这一板块的板块规模，从 而尽可能地维护资木市场的市场秩序。中小微型金业的创业板块应当采取灵活的交易制度, 尽可能地提升交易市场的透明性以及流动性，从而降低市场交易费用。3.3深入挖掘金融机构的潜力银行信贷作为我国资金循环过程屮的主要渠道，是我国企业融资最为重要的

10、渠道，因此 为了完善支持中小微型企业发展的金融体系，就应当深入挖掘金融体系对中小微型企业提供 服务的潜能，从而推动中小微型金业的发展。我国金融机构具有较强的吸储能力，但缺乏有 效的将储蓄转换为贷款的能力，因此我国金融机构在促进屮小微型企业融资方面存在着较人 的潜力。首先，为了建立完善的金融体系，应当发挥商业银行以及国有银行对屮小微型企业融资 的主导作用。通过完善金融机构的企业制度以及深化商业银行改革，可以在很大程度上提升 商业银行以及国有银行对于屮小微型企业银行信贷的意识，从而转变传统以人规模金业为主 的信贷观念，将中小微型企业发展为更为有力的贷款增长点，并拓展而向中小微型企业融资 贷款的分支

11、业务范围。其次，为了建立完善的金融体系，应当发挥中小型金融机构对中小微型企业融资的支持 作用，通过更新屮小金触机构地方经济的服务理念，转变屮小金融机构的营销策略，从而拓 宽金融业务范围，加人对屮小微型企业信贷支持力度。最后，为了建立完善的金融体系，应当促进金融机构与民间资本相结合，由民间资本对 正规金融机构产品进行补充，从而弥补银行金融机构资本配置分配不肖的问题，将民间资本 转化为有效地投资活动。通过合理的金融改革，可以有效地优化渠道间的资金分配，提升各 类资木在金融体系屮的流动性。4结语总而言之，虽然屮小微型企业在我国市场经济发展屮发挥着不可替代的作川，但现阶段 我国屮小微型企业的融资困难问

12、题却在很人程度上制约了中小微型企业的发展。为了解决屮 小微型企业融资困难的问题，应当根据中小微型企业的发展周期选择适宜的融资方式，通过 拓宽融资渠道，合理分配直接融资与间接融资的比重，实现中小微型企业的可持续发展。with the advent of the era of knowledge economy, the development of economy takes on a variety of requirements, presents the flexible trend of development of the enterprise, make the traditiona

13、l intensive enterprises gradually showed a trend of diversification and the miniaturizati on of the producti on, has gradually become the imports nt pillar of social and economic development, but the present stage our country financial system support to mini, small and medium enterprises development

14、 co., ltd., lead to mini, small and medium enterprises financing difficulties, so to improve the micro, small and medium enterprises financial system of the development of the study has a certain practical significanee.one definition of micro, small and medium enterprisesfor small and medium-sized e

15、nterprises is defined based on the enterprise scale differenee a relative concept, there is relative to large enterprises, small and medium-sized enterprises gen erally refers to the relative to the large en terprises, busi ness scale in the medium or medium enterprise, under the mini, small and med

16、ium-sized enterprises are mostly are in a small scale production, enterprise capital is less, the characteristics of the financing difficulty is big. the definition of micro, small and medium enterprises there are differences of space and time, to a certain extent, under the different regions and di

17、fferent development phase, the market will adopt different standards for small and medium-sized enterprises. the definition of small and medium-sized enterprises in our country at present stage through the analysis of enterprise control mode, enterprise economic characteristics of enterprise product

18、ion scale and fixed assets to determine and measurein support of the financial system in china at present stage 2 problems existing in the process of micro, small and medium enterprises developmentmini, small and medium-sized enterprises in our country at present stage in the development process of

19、poor universal existenee financing, loans difficult problem, to a great extent, restricts the development of micro, small and medium enterprises in china. mini, small and medium-sized enterprises in our country is the financing capacity of the main causes of poor mini, small and medium-sized enterpr

20、ises too much smaller, liabilities, and lead to mini, small and medium-sized en terprises credit rati ng is low. and our coun try finan cial system after con sideri ng the small and medium-sized en terprise debt payi ng ability is in sufficient, raised the loan approval for examination and approval

21、of the threshold, the small and medium-sized enterprise financing link caused great impact.2.1 lack of bank credit supportbank credit as the main cha nnel in the process of capital circulati on in chin a, is the most imports nt cha nnels to our coun try en terprise financing. however due to mini, sm

22、all and medium-sized enterprises enterprise on a smaller scale, many assets and liabilities, etc problems, banks in order to ensure its own economic interests, more willing to large enterprise with larger; more stable reimbursement as credit object, this leads to the ban king system to a serious sho

23、rtage of supply of credit to mini, small and medium enterprises the big four state-owned commercial banks in our country at present stage as the main channel of credit, too much attention to in the process of operation service for key industries and large-scale enterprises, ignored the mini, small a

24、nd medium-sized enterprises credit services, in the process of specific credit exists in equality because our cou ntry prese nt stage has not yet bee n established financial institutions of the special nature of the mini, small and medium enterprises credit system, because of a lack of bank credit s

25、upport, content such as bank institutions is difficult to play to the role of the service to mini, small and medium enterprises, mini, small and medium-sized enterprises in our country is difficult to guarantee the stability of finance2.2 the credit guarantee system is not soundalthough our country&

26、#39;s credit guarantee system for 25 years, but in the actual implementation process, the credit guarantee system is still not perfect, there are still not professi onal guara ntee agencies and guarantee the problem of insufficie nt fun ds. at prese nt a large part of the guarantee agencies in the m

27、embership system, micro, small and medium enterprises in order to guarantee agencies to join and become a member, must want to pay part of the admissi on deposit in adva nee, it is to a certai n exte nt, further in creases the micro, small and medium enterprises financing costs, also enlarged the gu

28、arantee difficulty. at this stage in the development process of the vast majority of micro, small and medium enterprises are not clear property right, the operation is not standard, enterprise management, family problems, makes it hard for mini, small and medium-sized enterprises property to mortgag

29、e, is difficult to pay for credit guarantee intermediary at the same time, to a great extent, restricts the development of small and medium-sized enterprise process23 direct financing market system is not perfectwith the continuous development of market economy, our country small and medium-sized mi

30、cro-enterprise financing way is to develop in the directi on of diversificati on, from the traditional single gradually transforms the bank credit financing is given priority to with bank credit, equity finan cing, bond financing, securities in vestment, venture capital fin anci ng means of financin

31、g in the form. however due to mini, small and medium-sized enterprises to produce smaller, gen erally do not have the curr ent securities financing man ageme nt requireme nts of the production scale and investment returns, is difficult to obtain funds in the direct financing market. although since t

32、he 1990 s, the rapid developme nt of risk in vestment in a certai n exte nt promoted the development of micro, small and medium enterprises in our country, however the scale of production limited due to mini, small and medium enterprises difficult to guarantee the reliability of its production and o

33、peration, makes the mini, small and medium-sized enterprises in the process of financing by directional to raise money to fund raising, micro, small and medium enterprises by the direct financing market2.4 mini, small and medium-sized enterprises credit environment is poormini, small and medium-size

34、d enterprises than large enterprises, the existing production on a smaller scale, assets and liabilities is too high, credit environment is bad, lead to mini, small and medium enterprises difficult to according to corporate finance work perfect credit system. mini, small and medium-sized enterprises

35、 at present stage high non-performing loans accounted for large enterprises, large-scale enterprises and credit status is a bit poor, coupled with a mini, small and medium-sized enterprises lack of perfect credit system, between the banks and other financial institutions lead to mini, small and medi

36、um enterprises lack of good enterprise credit. not only can say mini, small and medium enterprises have been the victims of the bad credit environment, is also the responsibility of poor credit environment.3 mini, small and medium-sized enterprises improve support the development of financial servic

37、e system3.1 broaden the financing channelsdue to the present stage in the development process of mini, small and medium-sized enterprises financing difficult problems, in order to promote the sustainable development of micro, small and medium enterprises, should be from the enterprise in ter nal, br

38、oade n the enterprise's own financing channels, appropriate use of financing lease, project financing, and other channels to raise funds required to run the small and medium-sized enterprises, ensure enterprise's financing ability. in order to broaden the financing channels of small and medi

39、um-sized enterprises, realize the sustainable development of small and medium-sized en terprises, our country gover nment related departme nt should also in crease funding support to small and medium enterprises, through the establishment of professional small commercial banks and small and medium-s

40、ized enterprise for small and medium-sized enterprises credit guarantee institutions, minimizing the financing difficulties of small and medium-sized enterprises can also at the same time, mini, small and medium enterprises through the way of mutual guarantee or mutual aid group to reduce the invest

41、ment risk of financial institutions, from improving its credit environment, as much as possible to reassure bank solvency to mini, small and medium en terprises, to improve access to bank credit managem ent in order to broaden the financing channels, mini, small and medium enterprises should strengt

42、hen the attention to the enterprise financing, from strengthening the construction of medium and small miniature enterprise in ter nal finan cial manageme nt system, as much as possible to reach the company finan cial man agement in format! on tra nspare ncy and openness, thus to improve its credit

43、rati ng. 3.2 improve the direct finan cing market systemmarket system of direct financing for small and medium-sized micro-enterprise financing of the auxiliary function is very important, at the present stage of direct financing market system for large and medium-sized enterprises to carry out the

44、financing credit business, micro, small and medium enterprises group is faced with financing difficulties. although the multi-level capital market at the present stage in china has been preliminarily established, but the mini, small and medium-sized enterprises auxiliary low-level market is still no

45、t perfect, so need to advanee the construction of capital market, improve the direct financing market system, determine reasonable bond market threshold, ensure the mini, small and medium-sized enterprises can also enter the financing market. in order to improve the direct financing market system, c

46、an be the first set of mini, small and medium enterprises to simplify the approval procedures for bond issuanee, pull more micro, small and medium enterprises through the collection form of debt financing, thus reducing bond issuance threshold, expanding the scope of the enterprise bond issua nee, e

47、ffectively improve the bonds. mean while, the governme nt should set up reas on able financing platform, www.hanyuloo.net support for eligible mini, small and medium-sized enterprises, to meet the needs of the enterprises of different size and d iff ere nt stages of development, through the study of

48、 the perfect and developme nt of the main board market, for the mini, small and medium-sized en terprises to provide the corresp on ding financing space, so as to provide more financial support to mini, small and medium enterprises. direct financing market public offering at the lowest level of grow

49、th of new market positioning to stimulate in dustrial inno vati on gem, can reduce the en terprise enters the threshold to appropriate the gem, and gradually expand the scale of the plate, plate, as far as possible to maintain the market order of capital market mini, small and medium-sized enterpris

50、es in the business sector should adopt flexible trading system, and enhanee market transparency and liquidity, as much as possible to reduce market transaction costs3.3 dig the potential financial institutionsbank credit as the main cha nnel in the process of capital circulati on in chin a, is the m

51、ost important of our country enterprise financing channels, so the micro, small and medium enterprises in order to improve the support the development of the financial system, you should dig the potential of the financial system for micro, small and medium enterprises to provide services, so as to p

52、romote the development of micro, small and medium enterprises. has the strong ability of deposit-taking financial institutions in our country, but the lack of ability to effectively convert savings to loan, so financial institutions in promoting micro, small and medium enterprises financing in china

53、 there is a greater potential.first of all, to establish a perfect financial system, shall be brought into play commercial banks and state-owned banks to mini, small and medium enterprises financing of leading role. through perfecting the enterprise system of financial institutions and deepening the

54、 reform of commercial banks, can largely improve the commercial bank and state-owned banks to mini, small and medium-sized enterprise credit consciousness, so as to change traditional mainly large-scale enterprise credit concept, the mini, small and medium-sized enterprises for the development of more powerful loan growth point, and expand to mini, small and medium enterprises financing loans branch business scope