中小企業(yè)融資現(xiàn)狀問題及對策

1、Researches on the problems and solutions of SME financingstatus quo摘要：中小企業(yè)在我國國民經(jīng)濟(jì)中發(fā)揮著不可替代的作用，但惡劣的融資環(huán)境嚴(yán)重地制約甚至危及著中小企業(yè)的生存和發(fā)展。 文章介紹了我國中小企業(yè)融資現(xiàn)狀及特點(diǎn)，分析我國中小企業(yè)融資渠道及面臨的困境，提出緩解中小企業(yè)融資難的對策。本文研究成果將對解決中 小企業(yè)融資難問題提供一定借鑒意義。關(guān)鍵詞：中小企業(yè)融資對策分析SME financing Coun termeasures1.我國中小企業(yè)現(xiàn)狀1.1中小企業(yè)發(fā)展及現(xiàn)狀不論在發(fā)達(dá)國家還是在發(fā)展中國家，中小企業(yè)都是國民經(jīng)濟(jì)的重要

2、經(jīng)濟(jì)支柱。中小企業(yè)在提高國民經(jīng)濟(jì)生產(chǎn)、促進(jìn)科技進(jìn)步、增加就業(yè)、擴(kuò)大出口等方面，發(fā)揮著不可替代的作用。自改革開放以來，我國的中小企業(yè)發(fā)展迅速，在國民經(jīng)濟(jì)和社會發(fā)展中的地位和作用日益增強(qiáng)。截至2011年5月，我國中小企業(yè)數(shù)已超過4000萬戶，占全國企業(yè)總數(shù)的99%以上，中小企業(yè)進(jìn)出口總額占69%，開發(fā)新產(chǎn)品占82%以上。中小企業(yè)工業(yè)總產(chǎn)值、銷售收入、實(shí)現(xiàn)利稅分別占總量的60%、57%和50%;流通領(lǐng)域中小企業(yè)占全國零售網(wǎng)點(diǎn)的90%以上；中小企業(yè)大多數(shù)從事第三產(chǎn)業(yè)，貼近市場，貼近用戶，活躍在市場競爭最為激烈的領(lǐng)域，是市場經(jīng)濟(jì)的主體和市場體制的微觀基礎(chǔ)；中小企業(yè)創(chuàng)業(yè)及管理成本低，市場的應(yīng)變能力強(qiáng)，就業(yè)

3、彈性高，是社會就業(yè)的主要場所，國有企業(yè)的下崗職工、農(nóng)村剩余勞動力主要集中在中小企業(yè)中再就業(yè)。中小企業(yè)為社會提供了近80%的就業(yè)崗位。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中小企業(yè)的主要特點(diǎn)我國的中小企業(yè)目前是以民營企業(yè)為主，國有企業(yè)和民營企業(yè)兩種形式并存的局面。以工業(yè)企業(yè)為例，國有企業(yè)僅占總數(shù)的1

14、5%,民營企業(yè)占比為85% ;中小企業(yè)的發(fā)展主要集中在勞動密集型產(chǎn)業(yè)上，其就業(yè)容量和就業(yè)投資彈性均明顯高于大企業(yè)。據(jù)統(tǒng)計(jì)，中小企業(yè)比大企業(yè)單位平均資金安置勞動人數(shù)要高出近一倍；中國幅員遼闊，各地區(qū)中小企業(yè)分布與發(fā)展水平極不平衡。據(jù)統(tǒng)計(jì)，中小企業(yè)數(shù)量東部、中部各占全國總量的42%,西部占15%;而相應(yīng)的工業(yè)總產(chǎn)值東部占66%、中部占26%、西部僅占8%。這表明，在企業(yè)規(guī)模上，東部中小企業(yè)的平均產(chǎn)值規(guī)模大于中部和西部，大約是中部的2.倍、西部的8倍；在改革進(jìn)程中，相對大企業(yè)而言，中小企業(yè)往往是試驗(yàn)區(qū)，是突破口，是馬前卒。中小企業(yè)的各項(xiàng)改革成果，為大企業(yè)的改革實(shí)踐提供了有益經(jīng)驗(yàn)，也為創(chuàng)造多種經(jīng)濟(jì)成份

15、共同發(fā)展的大好局面作出了貢獻(xiàn)。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我國中小企業(yè)融資渠道及面臨的困境2.1中小企業(yè)主要的融資方式 我國中小企業(yè)融資渠道比較狹窄。主要是依賴業(yè)主投資、內(nèi)部集資和銀行貸款等融資渠道，盡管風(fēng)險投資、發(fā)行股票和債券等融資渠道也可以使用，但對中小企業(yè)的作用仍很有限。目前融資渠道主

26、要依賴于內(nèi)源融資渠道和外源融資兩大類。(1) 內(nèi)源融資。內(nèi)源融資包括權(quán)益融資渠道和債務(wù)融資兩種方式。內(nèi)源融資的資本形成具有原始性、自主性、低成本性和抗風(fēng)險性等特點(diǎn)，是中小企業(yè)生存與發(fā)展不可或缺的重要組成部分。但目前中小企業(yè)普遍自有資金不足，自我積累有限。(2) 外源融資。外源融資是指吸收其他經(jīng)濟(jì)主體的閑置資金，使之轉(zhuǎn)化為自己投資的過程。它對企業(yè)的資本形成具有高效性、靈活性、大量性和集中性等特點(diǎn)，同時外源融資會產(chǎn)生較高的融資成本。在經(jīng)濟(jì)日益市場化、信用化和證券化過程中，外源融資將成為中小企業(yè)獲取資金的主要方式。(3) 二者的關(guān)系。在市場經(jīng)濟(jì)條件下中小企業(yè)融資也是一個隨經(jīng)濟(jì)的發(fā)展由內(nèi)源融資到外源融

27、資的交替變換過程。中小企業(yè)在創(chuàng)立之初，由于市場需求不旺，生產(chǎn)規(guī)模有限，難以承擔(dān)高額負(fù)債成本。因此十分重視自有資本的積累，避免過度的負(fù)債經(jīng)營，從而主要依靠內(nèi)源融資來積累資金追加投資、擴(kuò)大生產(chǎn)規(guī)模。隨著生產(chǎn)規(guī)模的逐步擴(kuò)大，內(nèi)源融資無法滿足企業(yè)生產(chǎn)經(jīng)營需要時，外源融資則成為企業(yè)擴(kuò)張的主要融資手段。因此，內(nèi)源融資是外源融資的保證，外源融資的規(guī)模和風(fēng)險必須以內(nèi)源融資的能力來衡量。如果不顧內(nèi)源融資的能力而盲目地進(jìn)行外源融資，不但無益于提高資源的利用率，而且將使企業(yè)陷入擴(kuò)張與不穩(wěn)定的困境之中。2.2中小企業(yè)融資存在的困難隨著中小企業(yè)規(guī)模的不斷發(fā)展，其資金需求增速迅猛。從資金需求的角度來看，單個企業(yè)資金的需求

28、量相對于大企業(yè)來說并不大，但大部分中小企業(yè)都存在資金短缺問題，整體上存在一個較大的資金需求總量。目前在中小企業(yè)融資的過程中卻困難重重。主要表現(xiàn)在：(1) 從銀行貸款的難度較大。由于中小企業(yè)難以滿足銀行貸款的抵押擔(dān)保條件且貸款風(fēng)險較大，以及財(cái)務(wù)管理水平較低等因素，再加上基層銀行發(fā)放貸款的權(quán)限相對有限，致使銀行發(fā)放貸款的積極性普遍不高。尤其是大型商業(yè)銀行經(jīng)常以中小企業(yè)財(cái)務(wù)制度不健全或缺乏抵押資產(chǎn)等為由而將中小企業(yè)拒之門外，據(jù)不完全統(tǒng)計(jì)，中小企業(yè)從銀行獲取貸款額度僅占信貸總額8%。企業(yè)規(guī)模限制了從資本市場融資的可能。目前，我國資本市場還很不完善，大部分企業(yè)尤其是中小企業(yè)難以通過直接融資渠道來獲得資金

29、，按照公司法證券法的要求，上市公司股本總額不少于 5000萬元，并要求開業(yè)時間在三年以上且連續(xù)盈利。因此，中小企業(yè)因自身規(guī)模普遍較小， 無法達(dá)到通過發(fā)行股票和債券等方式進(jìn)行融資的門檻，這在一定程度上也削弱了中小企業(yè)融資的能力。(3) 中小企業(yè)信用缺失，征信系統(tǒng)不完善。我國企業(yè)征信體系的建設(shè)從 2006年才正式開始，但這項(xiàng)工作的開展近來卻一直不順利。在征信體系的建設(shè)過程中，銀行作為資金的提供者，并不能親自參加企業(yè)的日常經(jīng)營管理，而使用資金的中小企業(yè)在經(jīng)營信息方面比銀行擁有更多的優(yōu)勢。 因此，中小企業(yè)就有機(jī)會在貸款合同簽訂的過程中，或者事后資金使用過程中，損害銀行的利益，使銀行承擔(dān)過多的風(fēng)險。反過

30、來，銀行當(dāng)然會對自己的風(fēng)險想方設(shè)法進(jìn)行控制，這場博弈的結(jié)果就是銀行的貸款門檻越升越高，中小企業(yè)的資金龍頭被越擰越緊。(4) 信用擔(dān)保、小額貸款公司等機(jī)構(gòu)發(fā)展不規(guī)范。近年來，主要以中小企業(yè)為服務(wù)對象的擔(dān)保公司、小額貸款公司發(fā)展迅速，但其總體規(guī)模小，實(shí)力弱，抵御風(fēng)險能力不強(qiáng)，行業(yè)管理 不規(guī)范，融資成本較高。對中小企業(yè)來講，通過擔(dān)保公司和小額貸款公司融資成為無奈之選。(5) 企業(yè)自身問題。中小企業(yè)自身也存在一些問題和不足之處：第一，管理制度存在缺陷。大部分中小企業(yè)存在產(chǎn)權(quán)界限模糊，所有權(quán)與經(jīng)營權(quán)不分、剩余索取權(quán)與控制權(quán)不明確等問題。第二，自身競爭力不強(qiáng)。 我國中小企業(yè)主要集中于勞動密集型產(chǎn)業(yè)，多是依

31、靠國內(nèi)廉 價的原材料和勞動力來維持低價格而得以生存和發(fā)展。第三，管理人員素質(zhì)不高。雖然有些中小企業(yè)企業(yè)家非常成功，但是大多數(shù)中小企業(yè)來說，經(jīng)營者的經(jīng)營管理水平不高，缺乏 現(xiàn)代企業(yè)的經(jīng)營和管理理念。3緩解我國中小企業(yè)融資難的對策3.1進(jìn)一步完善支持中小企業(yè)金融的法律法規(guī)中國的中小企業(yè)所有制構(gòu)成比較復(fù)雜，而中國的企業(yè)立法和有關(guān)政策又主要是按照所有制性質(zhì)來制定的，這就使得不同所有制性質(zhì)的中小企業(yè)處在不同競爭起跑線上，不利于中小企業(yè)的更快發(fā)展。在國家已經(jīng)出臺中小企業(yè)促進(jìn)法的基礎(chǔ)上，完善實(shí)施細(xì)則，依法規(guī)范中小企業(yè)銀行、基金等金融機(jī)構(gòu)的職責(zé)、資金來源、運(yùn)作方式等，通過立法允許中小企業(yè)成立互助合作的金融機(jī)構(gòu)，使中小企業(yè)管理走上法制化軌道，不斷完善支持中小企業(yè)金融的法律法規(guī)建設(shè)，為中小企業(yè)融資提供法律保障。3.2加強(qiáng)中小企業(yè)征信體系的建設(shè)在中小企業(yè)征信體系的建設(shè)中，不能一味強(qiáng)調(diào)銀行的作用，政府要調(diào)動銀行、 企業(yè)以及相關(guān)部門的積極性和義務(wù)。比如，工商和稅務(wù)部門同樣掌握著關(guān)于企業(yè)信用的重要信息，只有把它們的信息整合進(jìn)來，征信體系才能更準(zhǔn)確地反映企業(yè)的信用狀況。尤其當(dāng)一些中小企業(yè)財(cái)務(wù)制度不透明、 資金管理不規(guī)范的時候，這種信息互聯(lián)整合的價值也就愈加凸顯。因此征信體系的建立要政府來牽頭，銀行為主體，協(xié)同其他部門共同來建設(shè)。3.3進(jìn)一步完善中小企業(yè)