和县中小企业融资策略研究
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摘要
我国90%以上的中小企业都分布在县域范围内。县域中小企业是地方社会经济发展的支柱,在拉动县域产业经济总量增长、增加就业和优化居民收入结构等方面发挥着重要作用。然而,即便是组织体系和管理制度相对较为完善的县域中小企业依然受到融资难问题的困扰,融资难问题是制约县域中小企业扩大再生产的“瓶颈”,影响着中小企业生产性资金的周转和经营规模的合理扩张,如何有效增强中小企业融资的可获得性、解决中小企业融资的困难显得尤为必要和现实。
近年来和县中小企业发展速度较快,企业数量众多,产业结构地方特色较为鲜明,所有制结构呈多元化发展趋势,同时企业经营规模有限、盈利能力整体较弱。总的来说,和县中小企业带动了县域经济增长、整合了县域产业资源并促进了就业,对县域经济发展作出了重要贡献。
和县金融与政府部门在支持县域中小企业融资方面做出了很多努力。以银行为主体的金融部门不断增加网点布局、延伸服务半径,并丰富信贷产品种类,同时政府部门积极实施有效的配套措施,牵头组织银企对接、支持和协助正规金融机构建设、鼓励金融创新、以政府性资金存款激励银行增强信贷支持力度和对中小企业融资费用进行补贴。
尽管如此,和县中小企业融资依然存在困难。一是企业信用等级低,信用增级途径有限。和县很多中小企业没有完善的财务制度、财务管理不规范,企业缺乏核心资产抵押,又没有更多的信用增级途径,因而达不到银行信贷条件;二是县域金融服务机制不完善。县域金融缺乏有效的直接融资机制安排,国有大型银行信贷门槛高、银行服务同质性强,间接融资对市场的垄断造成企业较高的融资成本,民间融资渠道狭窄；三是企业粗放式发展路径与国家宏观经济政策相冲突。
要解决和县中小企业融资困难的问题,和县相关机构和部门应当共同努力采取系统化的融资策略。政府相关部门需要引进商业性信用担保机构、推动企业信用建设和设立财政性补偿专项基金,以此拓宽中小企业信用增级渠道。由政府相关部门推动、县域金融机构参与组建和县中小企业投融资服务中心,通过该平台积极寻找基金、证券公司等新型投资主体,为企业上市提供指导服务,提供中小企业私募债发行咨询、代办等服务,寻找风险投资、融资租赁机构与企业对接,为民间资金提供投资平台,以此来增加直接融资资源的供给。提高国有大型银行单户企业贷款额度,建立银行信贷安排机制并重构融资费用结构,以此来加大银行间接融资支持力度。此外,中小企业应当要完善财务管理,提高盈利能力,并推动科技创新和设备升级,以此来增强自身实力。多措并举,共同破解和县中小企业融资的困难,促进和县中小企业健康发展。
In China, more than90%small and medium-sized enterprises(SMEs) are distributed in the countries, who are the backbones of local socio-economic development, and playing important roles in stimulating industrial economic growth and optimizing residents' employment and income structure. However, even the SMEs with well-organized and well-administrated systems are still plagued by the financing problems, which are still a "bottleneck" for them to expand the production, affecting the productive funds' cycles of turnover and the reasonable expansions of their operational scale. How to improve SMEs' financing availability in effective ways in order to solve the financing problems is greatly necessary and practical.
In recent years Hexian SMEs have been developing fast with the features of a large number, distinctive local industrial structure and diversified-developing ownership structure, at the same time, the SMEs are limited in business scale and generally weak in profitability. Broadly speaking, Hexian SMEs have been promoting the county's economic growth, industrial resources integration and employment, making important contributions to the local economic development.
Hexian financial sectors and government departments having been making great efforts to support the SMEs' financing. The financial sectors mainly constituted by banks continue to increase points and extend the service radiuses, and enrich their credit products; the government departments implements some supporting measures to promote the access of the SMEs' financing, such as leading in organizing the docking of bank and SME, supporting and assisting the constructions of formal financial institutions, encouraging financial innovations, government funds depositing arrangement motivating bank's credit support, and subsidies for SME financing costs.
Nevertheless, Hexian SMEs are still faced with difficulties in financing. Firstly, SMEs' credit ratings are low, and the approaches for credit enhancement are limited. Many SMEs don't have sound financial systems and standard financial management; they lack core assets for pledge and credit enhancement approaches, thus can't reach banks' credit conditions. Secondly, the country's financial service mechanisms are imperfect. The financial systems lack effective direct financing mechanism arrangement; the credit thresholds of large state-owned banks are generally high, and the banking services are of great homogeneity; the monopoly of indirect financing on the market results in higher financing costs of SMEs; the folk financing lacks effective channels. Thirdly, SMEs' extensive development paths are conflicted with the national macro-economic policies.
To solve Hexian SMEs' financing problems, relative parties of the country should work together to build a set of systematic financing strategies. Relevant government departments need to introduce commercial credit guarantee institutions, promote SMEs' credit constructions, and establish the special financial compensation fund, so as to broaden SMEs' credit enhancement channels. The SMEs' investment and financing service center, whose formation is promoted by relevant government departments and involved by the county's financial institutions, should actively look for new investment entities such as fund and securities companies, provide those SMEs who intend listing in the stock exchanges for IPO guidance, provide SMEs for private debt issue services such as consultancy and agency, look for venture capital and financial leasing institutions to dock with SMEs, and provide folk capital for an investment platform, so as to increase the supplies of direct financing resources. Single enterprise credit lines of the large state-owned bank should be raised, bank credit arrangement mechanism should be set up, and SMEs' financing cost structure should be reconstructed, so as to improve indirect financing support. In addition, the SMEs should be to optimize the financial management, improve their earning capacity, and promote scientific and technological innovations and equipment upgrades, so as to enhance their own powers. With these measures, Hexian SMEs'financing difficulties can be overcome, and they can develop soundly.
近年来和县中小企业发展速度较快,企业数量众多,产业结构地方特色较为鲜明,所有制结构呈多元化发展趋势,同时企业经营规模有限、盈利能力整体较弱。总的来说,和县中小企业带动了县域经济增长、整合了县域产业资源并促进了就业,对县域经济发展作出了重要贡献。
和县金融与政府部门在支持县域中小企业融资方面做出了很多努力。以银行为主体的金融部门不断增加网点布局、延伸服务半径,并丰富信贷产品种类,同时政府部门积极实施有效的配套措施,牵头组织银企对接、支持和协助正规金融机构建设、鼓励金融创新、以政府性资金存款激励银行增强信贷支持力度和对中小企业融资费用进行补贴。
尽管如此,和县中小企业融资依然存在困难。一是企业信用等级低,信用增级途径有限。和县很多中小企业没有完善的财务制度、财务管理不规范,企业缺乏核心资产抵押,又没有更多的信用增级途径,因而达不到银行信贷条件;二是县域金融服务机制不完善。县域金融缺乏有效的直接融资机制安排,国有大型银行信贷门槛高、银行服务同质性强,间接融资对市场的垄断造成企业较高的融资成本,民间融资渠道狭窄；三是企业粗放式发展路径与国家宏观经济政策相冲突。
要解决和县中小企业融资困难的问题,和县相关机构和部门应当共同努力采取系统化的融资策略。政府相关部门需要引进商业性信用担保机构、推动企业信用建设和设立财政性补偿专项基金,以此拓宽中小企业信用增级渠道。由政府相关部门推动、县域金融机构参与组建和县中小企业投融资服务中心,通过该平台积极寻找基金、证券公司等新型投资主体,为企业上市提供指导服务,提供中小企业私募债发行咨询、代办等服务,寻找风险投资、融资租赁机构与企业对接,为民间资金提供投资平台,以此来增加直接融资资源的供给。提高国有大型银行单户企业贷款额度,建立银行信贷安排机制并重构融资费用结构,以此来加大银行间接融资支持力度。此外,中小企业应当要完善财务管理,提高盈利能力,并推动科技创新和设备升级,以此来增强自身实力。多措并举,共同破解和县中小企业融资的困难,促进和县中小企业健康发展。
In China, more than90%small and medium-sized enterprises(SMEs) are distributed in the countries, who are the backbones of local socio-economic development, and playing important roles in stimulating industrial economic growth and optimizing residents' employment and income structure. However, even the SMEs with well-organized and well-administrated systems are still plagued by the financing problems, which are still a "bottleneck" for them to expand the production, affecting the productive funds' cycles of turnover and the reasonable expansions of their operational scale. How to improve SMEs' financing availability in effective ways in order to solve the financing problems is greatly necessary and practical.
In recent years Hexian SMEs have been developing fast with the features of a large number, distinctive local industrial structure and diversified-developing ownership structure, at the same time, the SMEs are limited in business scale and generally weak in profitability. Broadly speaking, Hexian SMEs have been promoting the county's economic growth, industrial resources integration and employment, making important contributions to the local economic development.
Hexian financial sectors and government departments having been making great efforts to support the SMEs' financing. The financial sectors mainly constituted by banks continue to increase points and extend the service radiuses, and enrich their credit products; the government departments implements some supporting measures to promote the access of the SMEs' financing, such as leading in organizing the docking of bank and SME, supporting and assisting the constructions of formal financial institutions, encouraging financial innovations, government funds depositing arrangement motivating bank's credit support, and subsidies for SME financing costs.
Nevertheless, Hexian SMEs are still faced with difficulties in financing. Firstly, SMEs' credit ratings are low, and the approaches for credit enhancement are limited. Many SMEs don't have sound financial systems and standard financial management; they lack core assets for pledge and credit enhancement approaches, thus can't reach banks' credit conditions. Secondly, the country's financial service mechanisms are imperfect. The financial systems lack effective direct financing mechanism arrangement; the credit thresholds of large state-owned banks are generally high, and the banking services are of great homogeneity; the monopoly of indirect financing on the market results in higher financing costs of SMEs; the folk financing lacks effective channels. Thirdly, SMEs' extensive development paths are conflicted with the national macro-economic policies.
To solve Hexian SMEs' financing problems, relative parties of the country should work together to build a set of systematic financing strategies. Relevant government departments need to introduce commercial credit guarantee institutions, promote SMEs' credit constructions, and establish the special financial compensation fund, so as to broaden SMEs' credit enhancement channels. The SMEs' investment and financing service center, whose formation is promoted by relevant government departments and involved by the county's financial institutions, should actively look for new investment entities such as fund and securities companies, provide those SMEs who intend listing in the stock exchanges for IPO guidance, provide SMEs for private debt issue services such as consultancy and agency, look for venture capital and financial leasing institutions to dock with SMEs, and provide folk capital for an investment platform, so as to increase the supplies of direct financing resources. Single enterprise credit lines of the large state-owned bank should be raised, bank credit arrangement mechanism should be set up, and SMEs' financing cost structure should be reconstructed, so as to improve indirect financing support. In addition, the SMEs should be to optimize the financial management, improve their earning capacity, and promote scientific and technological innovations and equipment upgrades, so as to enhance their own powers. With these measures, Hexian SMEs'financing difficulties can be overcome, and they can develop soundly.
引文
[01]Carpenter R.E.,Petersen B. C.Capital Market Imperfections, High-Tech Investment,andNew Equity Financing[J].The Economic Journal,2002,112(477):54-72.
[02]Arito Ono,Iichiro Uesugi.Role of Collateral and Personal Guarantees in Relationship Lending:Evidence from Japan's SME Loan Market[J] Journal of Money,Credit and Banking,2009,41(5):935-960.
[03]Stiglitz J. E.,Weiss A. M..Credit Rationing in Markets with Imperfect Information[J].American Economic Review,1981,71(3):393-410.
[04]Berger A. N.,Schaeck K..Small and Medium-Sized Enterprises,Bank Relationship Strength,and the Use of Venture Capital[J] Journal of Money,Credit and Banking,2011,43(2/3):461-490.
[05]Clarke G,Cull R.,Peria M. S. M.,Sanchez S. M..Bank Lending to Small Businesses in Latin America:Does Bank Origin Matter?[J] Journal of Money,Credit and Banking,2005,(2):83-118.
[06]Gines Hernandez-Canovas,Pedro Martinez-Solano. Relationship Lending and SME Financing in the Continental European Bank-based System[J]. Small Business Economics,2010,34(4):465-482.
[07]Aghion P.,Bolton P.. An Incomplete Contracts Approach to Financial Contracting[J].The Review of Economic Studies,1992,59(3):473-494.
[08]Coleman S.,Robb A.. Sources of Financing for New Technology Firms: Evidence from the Kauffman Firm Survey[A].Calcagnini G.,Favaretto L.The Economics of Small Businesses[C]. Heidelberg:Physica-Verlag,2011:173-194.
[09]王霄,张捷.银行信贷配给与中小企业贷款_一个内生化抵押品和企业规模的理论模型[J].经济研究,2003,(07)：68-75.
[10]林毅夫,李永军.中小企业融资根本出路在何方[J].科技创业,2004,(01)：21-22.
[11]高桂珍,王树田.我国银行市场集中度与中小企业融资困境探析[J].金融纵横,2005,(10)：37-39.
[12]熊熊,郭翠,张维,张永杰.中小企业贷款利率定价的计算实验方法[J].系统工程理论与实践,2009,(12)：9-14.
[13]袁琼.我国商业银行对中小企业金融支持的模式研究[J].开放导报,2011,(02)：85-88.
[14]胡竹枝,李明月.中小企业融资顺序论[J].广东金融学院学报,2005,(02)：61-65.
[15]魏守华.从企业融资的角度看产业集群的竞争优势--以嵊州领带产业集群为例[J].商业经济与管理,2002,(06)：17-20.
[16]谢启标.集群中小企业融资的制约因素与完善对策[J].东南学术,2008,(03)：93-98.
[17]陈丽芹,许平彩,叶陈毅.中小企业利用融资租赁的优势分析[J].生产力研究,2011,(08)：188-190.
[18]崔毅,李卫强.我国中小企业吸引风险投资的对策研究[J].价值工程,2012,31(23)：151-152.
[19]陈柳钦,孙建平.论制度创新与中小企业信用担保体系的发展[J].上海财经大学学报,2003,(05)：34-31.
[20]王传东,王家传.信贷配给视角下的农村中小企业融资担保[J].农业经济问题,2006,(06)：48-51.
[21]中国证券监督管理委员会.证券投资基金管理公司管理办法[DB/OL].http://www.csrc.gov.cn/pub/zjhpublic/G00306201/201209/t20120927_2154 06.htm,2012-09-20/2013-02-26.
[22]中华人民共和国.中华人民共和国证券法[DB/OL].http://www.gov.cn/flfg/2005-10/28/content_85556.htm,2005-10-27/2013-02-26.
[23]中国人民银行.短期融资券管理办法[DB/OL].http://wenku.baidu.com/view/fa71d91ca8114431b90dd881.html,2012-05-15 /2013-02-26.
[24]国务院.国务院关于鼓励和引导民间投资健康发展的若干意见[DB/OL].http://www.gov.cn/zwgk/2010-05/13/content_1605218.htm,2010-05-07/201 3-02-26.
[25]和县统计信息网.比较中认清差距_发展中实现超越[EB/OL].http://www.hxtj.gov.cn/typenews.asp?id=465,2012-12-23/2013-2-7.
[26]和县人民政府网站.和县中小企业服务中心挂牌运行[EB/OL].http://www.hx.gov.cn/include/web_view.php?id=11800,2010-3-22/2013-2-7.
[02]Arito Ono,Iichiro Uesugi.Role of Collateral and Personal Guarantees in Relationship Lending:Evidence from Japan's SME Loan Market[J] Journal of Money,Credit and Banking,2009,41(5):935-960.
[03]Stiglitz J. E.,Weiss A. M..Credit Rationing in Markets with Imperfect Information[J].American Economic Review,1981,71(3):393-410.
[04]Berger A. N.,Schaeck K..Small and Medium-Sized Enterprises,Bank Relationship Strength,and the Use of Venture Capital[J] Journal of Money,Credit and Banking,2011,43(2/3):461-490.
[05]Clarke G,Cull R.,Peria M. S. M.,Sanchez S. M..Bank Lending to Small Businesses in Latin America:Does Bank Origin Matter?[J] Journal of Money,Credit and Banking,2005,(2):83-118.
[06]Gines Hernandez-Canovas,Pedro Martinez-Solano. Relationship Lending and SME Financing in the Continental European Bank-based System[J]. Small Business Economics,2010,34(4):465-482.
[07]Aghion P.,Bolton P.. An Incomplete Contracts Approach to Financial Contracting[J].The Review of Economic Studies,1992,59(3):473-494.
[08]Coleman S.,Robb A.. Sources of Financing for New Technology Firms: Evidence from the Kauffman Firm Survey[A].Calcagnini G.,Favaretto L.The Economics of Small Businesses[C]. Heidelberg:Physica-Verlag,2011:173-194.
[09]王霄,张捷.银行信贷配给与中小企业贷款_一个内生化抵押品和企业规模的理论模型[J].经济研究,2003,(07)：68-75.
[10]林毅夫,李永军.中小企业融资根本出路在何方[J].科技创业,2004,(01)：21-22.
[11]高桂珍,王树田.我国银行市场集中度与中小企业融资困境探析[J].金融纵横,2005,(10)：37-39.
[12]熊熊,郭翠,张维,张永杰.中小企业贷款利率定价的计算实验方法[J].系统工程理论与实践,2009,(12)：9-14.
[13]袁琼.我国商业银行对中小企业金融支持的模式研究[J].开放导报,2011,(02)：85-88.
[14]胡竹枝,李明月.中小企业融资顺序论[J].广东金融学院学报,2005,(02)：61-65.
[15]魏守华.从企业融资的角度看产业集群的竞争优势--以嵊州领带产业集群为例[J].商业经济与管理,2002,(06)：17-20.
[16]谢启标.集群中小企业融资的制约因素与完善对策[J].东南学术,2008,(03)：93-98.
[17]陈丽芹,许平彩,叶陈毅.中小企业利用融资租赁的优势分析[J].生产力研究,2011,(08)：188-190.
[18]崔毅,李卫强.我国中小企业吸引风险投资的对策研究[J].价值工程,2012,31(23)：151-152.
[19]陈柳钦,孙建平.论制度创新与中小企业信用担保体系的发展[J].上海财经大学学报,2003,(05)：34-31.
[20]王传东,王家传.信贷配给视角下的农村中小企业融资担保[J].农业经济问题,2006,(06)：48-51.
[21]中国证券监督管理委员会.证券投资基金管理公司管理办法[DB/OL].http://www.csrc.gov.cn/pub/zjhpublic/G00306201/201209/t20120927_2154 06.htm,2012-09-20/2013-02-26.
[22]中华人民共和国.中华人民共和国证券法[DB/OL].http://www.gov.cn/flfg/2005-10/28/content_85556.htm,2005-10-27/2013-02-26.
[23]中国人民银行.短期融资券管理办法[DB/OL].http://wenku.baidu.com/view/fa71d91ca8114431b90dd881.html,2012-05-15 /2013-02-26.
[24]国务院.国务院关于鼓励和引导民间投资健康发展的若干意见[DB/OL].http://www.gov.cn/zwgk/2010-05/13/content_1605218.htm,2010-05-07/201 3-02-26.
[25]和县统计信息网.比较中认清差距_发展中实现超越[EB/OL].http://www.hxtj.gov.cn/typenews.asp?id=465,2012-12-23/2013-2-7.
[26]和县人民政府网站.和县中小企业服务中心挂牌运行[EB/OL].http://www.hx.gov.cn/include/web_view.php?id=11800,2010-3-22/2013-2-7.