多万，真正的工商注册企业也有1000多万，占我国企业总数比例达99.5% ，中小企业的工业总产值和实现利税分别占全国总数的60%和40% ，发明的专利占全国专利总数的三分之二，已经成为我国经济发展的主力军，是中国经济增长中最有活力的组成部分。 There are more than 70 million small and medium-sized enterprises in China, and more than 10 million real industrial and commercial registered enterprises, accounting for 99.5% of the total number of Chinese enterprises. The total industrial output value and realized profits and taxes of small and medium-sized enterprises account for 60% and 40% of the national total. Patents account for two-thirds of the country's total patents, and they have become the main force of China's economic development and the most dynamic component of China's economic growth. Financing for SMEs is a worldwide problem, especially under the background of greater downward pressure on the real economy and declining corporate profitability. The problems of difficult and expensive financing for SMEs have become more prominent. How the financial system can further serve the real economy's financing needs through institutional and institutional innovation has become an urgent issue.
I. Main Problems Facing China's SME Financing
、内部融资规模小，企业无法做大做强 1. The internal financing scale is small, and the company cannot grow bigger and stronger
The source of endogenous funds is mainly retained profits of the enterprise, that is, funds that belong to shareholders but are not retained in the form of dividends and retained in the enterprise. The retained profit of an enterprise is actually a reinvestment of the enterprise by ordinary shareholders. In addition to retained profits, employee shareholdings have also become an internal source of funds. Because the funds come from the inside of the enterprise and no financing costs occur, it is a preferred method of financing for enterprises. However, internal financing depends on the company's own accumulation and profitability. Small and medium-sized enterprises operate on a small scale. Even if the profitability is strong, their profit scale is limited after all. ，其中城镇个体经济自筹比例达93% ，股份制经济达53% 。 In fact, in recent years, the self-financing funds of China's small and medium-sized enterprises reached 66.6% , of which 93% were urban self-financing and 53% were joint-stock economies. A considerable part of self-raised funds also depend on corporate operators and employees to borrow funds from relatives and friends. Especially during the economic downturn, the operating conditions of enterprises have deteriorated, and the scale of internal fund-raising has to shrink.
、直接融资比重低，企业缺乏融资渠道 2. The proportion of direct financing is low, and enterprises lack financing channels
，相比而言，我国中小企业直接融资比重过低，仅为5% ，企业缺乏融资渠道，这显然是制约我国中小企业发展的重要因素。 Data show that the proportion of direct financing of SMEs in developed countries is about 70% . In contrast, the proportion of direct financing of SMEs in China is too low, only 5% , and enterprises lack financing channels. This is obviously a constraint on the development of SMEs in China. Key factor. There are roughly three direct financing channels:
上市，主要的问题是门槛高、难度大。 The first is the IPO . The main problem is the high threshold and difficulty. 年的运营历史和3年连续盈利记录、发行前公司股本总额不少于人民币3千万元。 The Shanghai and Shenzhen stock markets require companies that issue stocks to have a three- year operating history and a three- year continuous profit record. The total share capital of the company before the issue is not less than RMB 30 million. The main board is mainly large blue-chip enterprises, the small and medium-sized boards are mainly targeted at stable development of medium-sized enterprises, and the GEM is mainly targeted at technology growth companies, so the threshold for ordinary SMEs is too high. 到最终核准上市，流程多、时间久，无法满足中小企业短期内的融资需求。 In addition, China has not implemented a registration system. From the application for IPO to the final approval of listing, enterprises have many processes and time, which cannot meet the short-term financing needs of SMEs.
The second is the issue of corporate bonds. The main problem is the low credit rating and low appeal to investors. 月21日，占比接近三分之一，企业债数量仅为8.55% 。 In terms of quantity, the current China's bond market is dominated by interbank certificates of deposit. As of March 21 , it accounted for nearly one-third, and the number of corporate bonds was only 8.55% . ，金融债占比超过25% ，而企业债规模仅为4.82% 。 From the balance point of view, national debt accounted for more than 18% , financial debt accounted for more than 25% , and corporate debt was only 4.82% . Except for government bonds, investors have low trust in other bonds. SMEs have lower credit ratings, greater risks, and are less attractive to investors, making it difficult to obtain financing from the bond market.
The third is private lending. The main problem is the lack of legal protection and difficulty in safeguarding rights. Compared with other financing methods, private financing procedures are simple, the threshold is low, the method is flexible, and the account is received quickly. However, private financing often lacks effective management, and some even have verbal commitments known only to the parties, which are prone to legal disputes. In addition, private lending still has this strong pro-cyclicality, and enterprises are operating well in the upward economic period, and funds are easily available. And once the economic situation deteriorates, it is very easy for the cost of borrowing to rise rapidly, the period to be shortened, and even no money to borrow.
、间接融资成本高，企业缺乏信用担保 3. High indirect financing cost and lack of credit guarantee for enterprises
In the current financial system, which mainly serves large and medium-sized enterprises, SMEs often lack credit guarantees, making it difficult to obtain bank loans. ，中型企业为90% ，小企业仅为20% ，几乎没有微型企业。 According to the calculation of the CBRC, the coverage rate of large enterprises borrowed by banks is 100% , medium-sized enterprises are 90% , small enterprises are only 20% , and there are almost no micro-enterprises. 没有与金融机构发生任何借贷关系， 95%的小微企业也没有与金融机构发生任何借贷关系，小微企业获得的贷款在全部贷款中的比例仅20%左右。 The All-China Federation of Industry and Commerce survey shows that 90% of small enterprises below the scale have no lending relationship with financial institutions, 95% of small and micro enterprises have no lending relationship with financial institutions, and the proportion of loans obtained by small and micro enterprises in all loans Only about 20% . Faced with strong financing needs, financial institutions clearly do not match in terms of product supply. From the relevant survey results, more than 40% of the bank loans of SMEs come from the four major state-owned banks, while the four major banks focus their credit on large-scale construction projects and large state-owned enterprises, lacking financing plans and product. From the perspective of local banks with more than 20% of loans, due to their limited funds, they cannot solve the problem of financing difficulties in the development of SMEs.
SME bank loans also face the problem of expensive financing. SMEs are clearly in a weak position in the financing game with financial institutions. — 70% ，企业贷款的实际利（费）率高出大企业6个百分点左右，而国外一般高1.5-2个百分点。 In recent years, commercial banks' lending rates for small and medium-sized enterprises, especially small and micro enterprises, have basically risen by 20% to 70% . The actual interest rate (fee) rate of corporate loans is about 6 percentage points higher than that of large enterprises. 2 percentage points. ，过高的融资成本大大限制了企业的发展。 Many small and medium-sized enterprises have to rely on high private borrowing. For example, the current comprehensive interest rate of private financing in Wenzhou exceeds 16% . Excessive financing costs have greatly limited the development of enterprises.
Although bank loan financing is difficult and expensive, it is still the main financing channel for SMEs. 年的一份调查问卷显示，中小企业通常采用的融资方式为银行贷款，占85%以上。 According to a 2014 survey questionnaire, bank financing is usually used by SMEs, accounting for more than 85% . This shows that the financing channels for SMEs are very narrow.
2. The current financial supply has various constraints in terms of institutions and mechanisms.
Difficulties in financing SMEs and expensive financing have their own factors, such as their small scale, low starting point for development, incomplete governance structure, incomplete financial system, opaque information, irregular management, weak anti-risk ability, and quick survival of the fittest. But at the same time, we should also see that China's financial system has various constraints on the financing of SMEs in terms of institutions and mechanisms.
、市场机制自身无法填补“麦克米伦缺口” 1. The market mechanism itself cannot fill the "Macmillan gap"
SMEs naturally face a "Macmillan gap" in financing, which makes it difficult for China's SMEs to get rid of financing difficulties even with abundant liquidity. This phenomenon occurs in most market economy countries. Due to the flawed financing system, the supplier of funds is unwilling to provide funds on the conditions required by SMEs. There is an insurmountable gulf between SMEs and financial institutions, namely future generations. The so-called "Macmillan gap". Most of the world's SME financing has a McMillan gap caused by insufficient long-term funding. The market economic system alone cannot make up for this gap. Western countries, due to their earlier start, have gradually improved their corresponding financial systems and formed a number of small and medium-sized financial institutions to fill the McMillan gap. China's current financial system and allocation of financial resources have typical government-led characteristics. Naturally, resources are tilted toward large enterprises. In addition, marketization has started late, the financial system is still incomplete, and small and medium-sized financial institutions are seriously inadequate. A gap.
、隐性担保和刚性兑付扭曲了真实风险 2.Hidden guarantees and rigid redemptions distort real risk
Implicit guarantees and rigid redemptions confuse risky assets with risk-free assets and distort the allocation of market resources. Implicit guarantees have caused a large amount of financial supply to flow to large companies with government endorsements, even though the true operating conditions of these companies at the economic level may not perform well. And those small and medium-sized enterprises with good operating conditions can not obtain competitive advantages even if their financial conditions are no better, because there is no implicit guarantee from the government. On the other hand, because rigid payments cannot be broken, financial products cannot be priced at risk. The price is determined only by the rate of return, which greatly increases the interest rate level of truly risk-free assets such as government bonds. Not only has a large amount of funds poured into the virtual economy, it has led to insufficient blood supply to the real economy.
、小型金融机构数量不足 3.Insufficient number of small financial institutions
China's existing financial system was born out of the unified Chinese People's Bank system. After the reform and opening up, it has evolved into a central bank as the main body, with four state-owned banks as the main body, including industrial, agricultural, China, and construction, and other financial institutions as supplements. The financial system was followed by the establishment of urban credit cooperatives, joint-stock commercial banks, trust companies, insurance companies, securities companies, and financial companies. However, the system dominated by large and medium-sized banks has not changed fundamentally. From the perspective of target positioning, the financial system is small. Hierarchical control theory believes that when the size of a bank becomes larger and its organization structure becomes more complex, there is often an "organizational scale diseconomy", which will reduce loans to small businesses. Small banks have more advantages in financing SMEs because of their single management level. A large number of empirical studies abroad have also found that small banks are more inclined to provide loans to small businesses than large banks. However, the number of small banks in China has been significantly small for a long time, and the establishment and establishment of private banks have just been liberalized, which cannot effectively provide high-quality financing services for SMEs.
、信用体系不完善与担保体系不健全并存 4. Imperfect credit system and imperfect guarantee system coexist
China's social credit system has not yet been established, and it lacks a widely recognized credit evaluation system for SMEs. Under the premise that financial institutions cannot grasp the true credit situation of small and medium-sized enterprises, individual SMEs' debt evasion cases can easily cause widespread suspicion of the overall small and medium-sized enterprises. In addition, the small and medium-sized enterprises themselves are small in scale and weak in anti-risk capabilities. The credit rating is not high, and the bad situation of "bad coins expelling good coins" is very easy to occur.
At the same time, the inadequate guarantee system also restricts the financing of SMEs. Due to the serious shortage of SME collateral, the role of credit guarantees has become more prominent. Although many specialized credit guarantee institutions have emerged in recent years, there are also a series of problems: some financing guarantee institutions are small in scale and weak in guarantee capacity; the conditions for providing guarantees for SMEs are harsh and the guarantee prices are expensive; internal control Poor management, false information, and even reinvestment through guarantees to obtain credit funds; the type of guarantee business is single, lacking innovation and diversified development. Some regions, such as Wenzhou, have experimented with guarantee financing models such as joint guarantee and loan. However, as the downward pressure on the economy has increased, more serious problems have arisen with the breakdown of the guarantee chain and capital chain.
3. More efforts should be made to gradually establish a financial system conducive to SME financing
、健全中小企业融资法律保障并成立专门的金融支持机构 1. Improve the legal guarantee for SME financing and set up a special financial support institution
年开始逐渐出台了《国家中小企业法》、《小企业投资法》、《中小企业政策法》等一系列法律，还成立了中小企业管理局、小企业管理局等机构来支持中小企业融资，同时还允许政府机构拨出一定比例的经费支援中小企业搞新产品研发。 The United States has gradually introduced a series of laws such as the National Small and Medium Enterprise Law, the Small Business Investment Law, and the Small and Medium Enterprise Policy Law since 1953. It has also established small and medium enterprises administrations and small business administrations to support small and medium-sized enterprises Corporate financing also allows government agencies to allocate a certain percentage of funds to support small and medium-sized enterprises to develop new products. Germany will also provide financial services to SMEs through its own subsidy arrangements and actively encourage financial institutions. Japan has established the Small and Medium Business Administration under the Ministry of International Trade and Industry, and there are specialized agencies for managing small and medium-sized enterprises throughout the country. By cooperating with private financial institutions, the South Korean government has strengthened financing support for SMEs, especially outstanding SMEs. China should also continue to formulate sound laws and regulations and related policies to reduce the fees reasonably through financial subsidies and risk compensation to reduce the overall financing cost of SMEs. At the same time, policy-oriented financial institutions were established to continuously meet the financing needs of SMEs.
、建立多层次的中小企业金融服务体系 2. Establish a multi-level financial service system for SMEs
Actively establish and develop small and medium-sized financial institutions, further open up the field of commercial banks, and specialize in serving SMEs. 多家地区性中小银行，其中95%的资产小于5亿美元。 There are still more than 9,000 regional small and medium banks in the United States, 95% of which have assets less than $ 500 million. In Germany, banks are set up to provide financing services for small and medium-sized enterprises. These banks are generally funded by the government or jointly established by the government and state governments. The Japanese government has established policy financial institutions such as the SME Financial Treasury to provide capital support to SMEs. On the one hand, China must speed up the development of small financial institutions, guide small and medium financial institutions such as city commercial banks, rural commercial banks, and rural credit cooperatives to extend to areas where counties or towns and other small and micro enterprises are concentrated, and set up more rural banks that serve small and medium enterprises. On the other hand, further promote the entry of private capital into the financial industry. Expand the breadth and depth of the financial system, and build a multi-level credit supply system consisting of large, medium, and small banks and small financial institutions.
、建立统一的中小企业征信体系 3. Establish a unified credit reporting system for SMEs
Due to the fact that China's small and medium-sized enterprises have not established a corresponding credit system, in consideration of risk aversion, most financial institutions set the credit level of small and medium-sized enterprises very low. This will inevitably affect the financing of a group of small and medium-sized enterprises with good credit standing and potential for development, limiting their rapid growth. Some departments and local governments are also aware of this problem, and gradually established some credit reference platforms, such as the "China SME Information Network" and Wenzhou's private financing credit reference platforms, but they are often limited to departmental and regional internal inquiry and credit reference It is inadequate for cross-sector and cross-region dishonesty and debt evasion. Therefore, it is necessary to integrate the information resources of various departments and regions, establish a unified national enterprise credit reporting system, and solve the problem of SME financing guarantees.
、建立健全中小企业的信用担保体系 4. Establish and improve the credit guarantee system for SMEs
The first is to build a reasonable risk sharing mechanism. Increase the risk guarantee ratio of guarantee institutions, and at the same time, the reguarantee institutions above the provincial government should bear the risks of some guarantee institutions. The second is to establish a withdrawal mechanism for SME credit guarantee institutions, clean up and integrate SME credit guarantee institutions funded by local governments that are too small and inefficient, and increase the guarantee magnification. The third is to establish effective re-guarantee and insurance mechanisms. It is recommended to establish a multi-level re-guarantee system.
、积极发展风险投资体系等直接融资渠道 5. Actively develop direct financing channels such as the venture capital system
The US government has passed various bills to encourage and support venture capital institutions to invest in SMEs. A good external environment has created a highly developed venture capital system in the United States. For small and medium-sized enterprises, the introduction of venture capital can not only enrich corporate capital and meet capital requirements, but also use the guidance and cultivation of venture capital to avoid operating risks and achieve value growth. Judging from the current national conditions in China, the capital of individuals and families is fully capable and qualified to enter the field of venture capital to support the development of innovative enterprises. In the long run, financial institutions and contractual financial organizations should become an important source of venture capital. In addition, we should further expand other direct financing channels, optimize the institutional arrangements on the main board, SME board, and ChiNext market, expand the pilot system for the transfer of SME shares to the whole country, and accelerate the development of OTC market. At the same time, the establishment of SME venture capital guidance funds will be accelerated to attract social capital to establish venture capital enterprises.
In short, as the government and financial institutions, we should innovate the construction of institutions and mechanisms, improve the supply capacity of financial services, and make due contributions to supporting the real economy, especially small and medium-sized enterprises.