中小企业融资现状问题及对策

1、Researches on the problems and solutions of SME financingstatus quo摘要：中小企业在我国国民经济中发挥着不可替代的作用，但恶劣的融资环境严重地制约甚至危及着中小企业的生存和发展。 文章介绍了我国中小企业融资现状及特点，分析我国中小企业融资渠道及面临的困境，提出缓解中小企业融资难的对策。本文研究成果将对解决中 小企业融资难问题提供一定借鉴意义。关键词：中小企业融资对策分析SME financing Coun termeasures1.我国中小企业现状1.1中小企业发展及现状不论在发达国家还是在发展中国家，中小企业都是国民经济的重要

2、经济支柱。中小企业在提高国民经济生产、促进科技进步、增加就业、扩大出口等方面，发挥着不可替代的作用。自改革开放以来，我国的中小企业发展迅速，在国民经济和社会发展中的地位和作用日益增强。截至2011年5月，我国中小企业数已超过4000万户，占全国企业总数的99%以上，中小企业进出口总额占69%，开发新产品占82%以上。中小企业工业总产值、销售收入、实现利税分别占总量的60%、57%和50%;流通领域中小企业占全国零售网点的90%以上；中小企业大多数从事第三产业，贴近市场，贴近用户，活跃在市场竞争最为激烈的领域，是市场经济的主体和市场体制的微观基础；中小企业创业及管理成本低，市场的应变能力强，就业

3、弹性高，是社会就业的主要场所，国有企业的下岗职工、农村剩余劳动力主要集中在中小企业中再就业。中小企业为社会提供了近80%的就业岗位。Both in developed and develop ing coun tries, SMEs are an importa nt econo mic pillar of the national economy. SMEs in improving the national economy and promote scientific and tech no logical progress, in creas ing employme nt, expa

4、nding exports, etc., play an irreplaceable role. Since the reform and ope ning up, the rapid developme nt of Chin a's SMEs, the status and role in the n ati onal economy and social developme nt is grow ing. As of May 2011, the nu mber of SMEs in China has more than 40 million, accounting for mor

5、e than 99% of the total number of enterprises, SMEs account for 69% of total imports and exports, development of new products acco un ted for more tha n 82%. SME in dustrial output value, sales in come, and profits acco un ted for 60% of the total, respectively, 57% and 50%; circulation SMEs account

6、 for over 90% of n atio nal retail outlets; SMEs are en gaged in the tertiary in dustry, close to the market, close to the user, are active in the most competitive areas of the market, is the main micro-fo un dati on of the market economy and the market system; low-cost small and medium bus in ess a

7、nd man ageme nt, strong resilienee of the market, the employment elasticity is high, is the main place of social employme nt, the state-ow ned compa nies laid off workers, mai nly in the rural surplus labor force in the re-employme nt of SMEs. SMEs provide the com mun ity with n early 80% of jobs.No

8、 matter in developed countries or in developing countries, small and medium-sizedenterprises are the important economic pillar of the national economy. Small and medium-sizedenterprises in improving the national economic production, promote theprogress of scie nee and tech no logy, in crease employm

9、e nt, expa nd exports, etc., play an irreplaceable role. Since reform and opening up, China's small and medium-sized enterprise development is rapid, in the position and role of the national economy and social developme nt is grow ing stro nger day by day. As of May 2011, our country small and m

10、edium-sized compa nies for more tha n 40 milli on households, more tha n 99% of the total number of national enterprises,imports and exports accounted for 69%, small andmedium-sized en terprises to develop new products acco un ted for more tha n 82%. Small and medium-sizeden terprises gross in dustr

11、ial output value, sales in come, taxes andaccounted for 60% of the total, 60% and 57% respectively; Circulation of small and medium-sized enterprises account for more than 90% of the national retail outlets; Most small and medium-sized en terprises en gaged in the tertiary in dustry, close to the ma

12、rket, close to the user, active in the field of the most intense market competition, is the main body of market economy and the micro foun datio n of market system; The bus in ess management of low cost, small and medium enterprises market strain capacity, high employmentelasticity, is the main plac

13、e to employment, the laid-off workers ofstate-ow ned en terprises, mainly in the rural surplus labor in the small and medium-sized en terprises. Small and medium-sized en terprises (smes) provides n early 80% of jobs for the society.1.2中小企业的主要特点我国的中小企业目前是以民营企业为主，国有企业和民营企业两种形式并存的局面。以工业企业为例，国有企业仅占总数的1

14、5%,民营企业占比为85% ;中小企业的发展主要集中在劳动密集型产业上，其就业容量和就业投资弹性均明显高于大企业。据统计，中小企业比大企业单位平均资金安置劳动人数要高出近一倍；中国幅员辽阔，各地区中小企业分布与发展水平极不平衡。据统计，中小企业数量东部、中部各占全国总量的42%,西部占15%;而相应的工业总产值东部占66%、中部占26%、西部仅占8%。这表明，在企业规模上，东部中小企业的平均产值规模大于中部和西部，大约是中部的2.倍、西部的8倍；在改革进程中，相对大企业而言，中小企业往往是试验区，是突破口，是马前卒。中小企业的各项改革成果，为大企业的改革实践提供了有益经验，也为创造多种经济成份

15、共同发展的大好局面作出了贡献。Our SMEs are mai nly based on private en terprise, the two forms of state-ow ned en terprises and private en terprises coexist. I ndustrial en terprises, for example, state-ow ned en terprises acco un ted for only 15% of the total, private en terprises acco un ted for 85%; developme n

16、t of SMEs focused on labor-intensive industries, their employment capacity investment and employment were significantly higher elasticity of large enterprises. According to statistics, SMEs than large enterprises average unit labor funds to nearly double the number of resettlement; China's vast

17、territory, the level of development of SMEs and regional distribution is extremely uneven. Accord ing to statistics, the nu mber of SMEs in Easter n, Cen tral each acco un ted for 42% of the n atio nal total, acco unting for 15% of the West; while the corresp onding easter n in dustrial output value

18、 acco un ted for 66%, 26% in cen tral and wester n acco un ted for only 8%. This suggests that in the enterprise scale, the average value is greater than the size of the eastern central and westernSMEs, which is about two times the central, western eight times; in the reform process, a relatively la

19、rge enterprises, SMEs tend to be the test area , is a breakthrough, a pawn. The results of the reform of SMEs, large en terprises to reform the practice provides a useful experie nee, but also to create a good situation for the com mon development of various economic sectors con tributed.Small and m

20、edium-sizedenterprisesof our country at present is mainly of privateen terprises,state-ow neden terprises and private en terprisesin two forms.Inin dustrialenterprises,for example,state-owned enterprises accountedfor only 15%ofthe total,85% of private en terprises; The developme nt of small and medi

21、um-sized en terprises are mainly concen trated on the labor- inten sive in dustries, the employme nt capacity investment and employment elasticity were significantly higher than large enterprises. According to statistics, small and medium-sizedenterprises than large enterprisesaverage capital positi

22、 on nu mber of labor is n early doubled; China is a large coun try, and the uneven regional distribution and level of development of small and medium-sized en terprises. Accord ing to statistics, the nu mber of small and medium-sized en terprises in easter n and cen tral acco unts for 42% of the tot

23、al in China and the west acco un ted for 15%;And the corresp onding easter n gross in dustrial output value acco un ted for 66%, 26% in cen tral and wester n acco un ted for only 8%. This suggests that, on the en terprise scale, east the average output value of smes are larger tha n the cen tral and

24、 wester n, cen tral is about 2 times, eight times in the west; In the process of reform, the relatively large companies, small and medium-sized enterprises (smes) are often experimental zone, is a breakthrough poin t, is a paw n. Small and medium-sized en terprises in all kinds of reform efforts, re

25、form practice provides ben eficial experie nee for the big en terprise, also to create a variety of econo mic in gredie nts con tributed to the com mon developme ntof goodsituati on.2我国中小企业融资渠道及面临的困境2.1中小企业主要的融资方式 我国中小企业融资渠道比较狭窄。主要是依赖业主投资、内部集资和银行贷款等融资渠道，尽管风险投资、发行股票和债券等融资渠道也可以使用，但对中小企业的作用仍很有限。目前融资渠道主

26、要依赖于内源融资渠道和外源融资两大类。(1) 内源融资。内源融资包括权益融资渠道和债务融资两种方式。内源融资的资本形成具有原始性、自主性、低成本性和抗风险性等特点，是中小企业生存与发展不可或缺的重要组成部分。但目前中小企业普遍自有资金不足，自我积累有限。(2) 外源融资。外源融资是指吸收其他经济主体的闲置资金，使之转化为自己投资的过程。它对企业的资本形成具有高效性、灵活性、大量性和集中性等特点，同时外源融资会产生较高的融资成本。在经济日益市场化、信用化和证券化过程中，外源融资将成为中小企业获取资金的主要方式。(3) 二者的关系。在市场经济条件下中小企业融资也是一个随经济的发展由内源融资到外源融

27、资的交替变换过程。中小企业在创立之初，由于市场需求不旺，生产规模有限，难以承担高额负债成本。因此十分重视自有资本的积累，避免过度的负债经营，从而主要依靠内源融资来积累资金追加投资、扩大生产规模。随着生产规模的逐步扩大，内源融资无法满足企业生产经营需要时，外源融资则成为企业扩张的主要融资手段。因此，内源融资是外源融资的保证，外源融资的规模和风险必须以内源融资的能力来衡量。如果不顾内源融资的能力而盲目地进行外源融资，不但无益于提高资源的利用率，而且将使企业陷入扩张与不稳定的困境之中。2.2中小企业融资存在的困难随着中小企业规模的不断发展，其资金需求增速迅猛。从资金需求的角度来看，单个企业资金的需求

28、量相对于大企业来说并不大，但大部分中小企业都存在资金短缺问题，整体上存在一个较大的资金需求总量。目前在中小企业融资的过程中却困难重重。主要表现在：(1) 从银行贷款的难度较大。由于中小企业难以满足银行贷款的抵押担保条件且贷款风险较大，以及财务管理水平较低等因素，再加上基层银行发放贷款的权限相对有限，致使银行发放贷款的积极性普遍不高。尤其是大型商业银行经常以中小企业财务制度不健全或缺乏抵押资产等为由而将中小企业拒之门外，据不完全统计，中小企业从银行获取贷款额度仅占信贷总额8%。企业规模限制了从资本市场融资的可能。目前，我国资本市场还很不完善，大部分企业尤其是中小企业难以通过直接融资渠道来获得资金

29、，按照公司法证券法的要求，上市公司股本总额不少于 5000万元，并要求开业时间在三年以上且连续盈利。因此，中小企业因自身规模普遍较小， 无法达到通过发行股票和债券等方式进行融资的门槛，这在一定程度上也削弱了中小企业融资的能力。(3) 中小企业信用缺失，征信系统不完善。我国企业征信体系的建设从 2006年才正式开始，但这项工作的开展近来却一直不顺利。在征信体系的建设过程中，银行作为资金的提供者，并不能亲自参加企业的日常经营管理，而使用资金的中小企业在经营信息方面比银行拥有更多的优势。 因此，中小企业就有机会在贷款合同签订的过程中，或者事后资金使用过程中，损害银行的利益，使银行承担过多的风险。反过

30、来，银行当然会对自己的风险想方设法进行控制，这场博弈的结果就是银行的贷款门槛越升越高，中小企业的资金龙头被越拧越紧。(4) 信用担保、小额贷款公司等机构发展不规范。近年来，主要以中小企业为服务对象的担保公司、小额贷款公司发展迅速，但其总体规模小，实力弱，抵御风险能力不强，行业管理 不规范，融资成本较高。对中小企业来讲，通过担保公司和小额贷款公司融资成为无奈之选。(5) 企业自身问题。中小企业自身也存在一些问题和不足之处：第一，管理制度存在缺陷。大部分中小企业存在产权界限模糊，所有权与经营权不分、剩余索取权与控制权不明确等问题。第二，自身竞争力不强。 我国中小企业主要集中于劳动密集型产业，多是依

31、靠国内廉 价的原材料和劳动力来维持低价格而得以生存和发展。第三，管理人员素质不高。虽然有些中小企业企业家非常成功，但是大多数中小企业来说，经营者的经营管理水平不高，缺乏 现代企业的经营和管理理念。3缓解我国中小企业融资难的对策3.1进一步完善支持中小企业金融的法律法规中国的中小企业所有制构成比较复杂，而中国的企业立法和有关政策又主要是按照所有制性质来制定的，这就使得不同所有制性质的中小企业处在不同竞争起跑线上，不利于中小企业的更快发展。在国家已经出台中小企业促进法的基础上，完善实施细则，依法规范中小企业银行、基金等金融机构的职责、资金来源、运作方式等，通过立法允许中小企业成立互助合作的金融机构，使中小企业管理走上法制化轨道，不断完善支持中小企业金融的法律法规建设，为中小企业融资提供法律保障。3.2加强中小企业征信体系的建设在中小企业征信体系的建设中，不能一味强调银行的作用，政府要调动银行、 企业以及相关部门的积极性和义务。比如，工商和税务部门同样掌握着关于企业信用的重要信息，只有把它们的信息整合进来，征信体系才能更准确地反映企业的信用状况。尤其当一些中小企业财务制度不透明、 资金管理不规范的时候，这种信息互联整合的价值也就愈加凸显。因此征信体系的建立要政府来牵头，银行为主体，协同其他部门共同来建设。3.3进一步完善中小企业