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外文資料翻譯----中小企業融資難相關問題分析-其他專業.doc

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外文資料翻譯----中小企業融資難相關問題分析-其他專業.doc

本 科 生 畢 業 論 文 中小企業融資難相關問題分析 一、中小企業融資難現狀 自改革開放30 年以來,中小企業在我國得到了非常迅猛的發展,據數據統計在企業中有 99%的中小企業對我們國家的GDP 貢獻超過了60%,稅收超過了50%,提供了70%的進出口貿易和80%的城鎮就業崗位。中小企業在我國的自主創新中扮演了一個很重要的角色,其中有66%的發明專利,82%新產品的開發都來自于中小企業,中小企業已經成為繁榮經濟、擴大就業、調整結構、推動創新和形成新的產業的重要的力量。 從0 8 年金融危機爆發之后, 我國實施了一系列的包裹積極的財政政策和寬松的貨幣政策, 但很大一部分中小企業到如今都沒有從這些政策當中直接受益,比如08 年全國新增加的小型企業貸款數額只有225 億,比起上年來僅僅只增長了1.4%,相比之下全國的貸款卻是增加了14.9%,09 年第一個季度全國的信貸總量增加了4 .8萬億,其中給中小企業貸款增加的額度占的比例比較小,只有不到5%。目前企業融資困難、貸款困難已成為制約中小企業發展的重要因素, 中小企業生產經營面臨著嚴峻困難,據統計到08年底,很多中小企業中歇業停產或者倒閉的大約占7 .5%,城鎮就業更加困難,這個狀況不僅影響我國經濟的復蘇,而且直接影響保增長、保民生、保穩定的發展目標。從這個意義上說,國際金融危機沖擊下的我國經濟能否真正的走出低谷,關鍵是廣大中小企業的活力能否得到完全恢復。 二、中小企業融資難原因分析 中小企業融資難、貸款難應該說也是一個世界性的難題,從我國看,既有體制機制問題,也有中小企業自身的問題,主要有三個方面的原因第一個,中小企業自身的問題, 中小企業一般規模小,實力弱,它的信譽不是太高。中小企業普遍誠信意識薄弱,類似的一家企業幾套報表的現象屢見不鮮,可能在稅務這邊報表難看一些, 少交點稅,在銀行這邊可能表好看一些,多貸點款,這樣信息是否真實可靠就成了問題。而這種做法對企業反而是很不利的,對中小企業的發展是不健康的,我們試想一下,如果幾個部門把這些表全拿在一起,那首先這個企業是不誠信的,他就沒有立足之地了。我們的制造型和外向型中小企業在人才、技術、資金、市場環境等方面面對著金融危機,存在著巨大的發展壓力,它的根本原因是企業的科技含量不夠高,創新的能力比較弱,進入市場的門檻比較低,市場競爭的激烈也增加, 這些都不利于中小企業的發展壯大。第二個,從銀行方面來看,對于中小企業的貸款條件更加嚴格,因為我們的銀行大部分是商業銀行,它也考慮自身的風險,自身的利潤。到2008 年末,小企業不良貸款率是11.6,高于整個銀行業七八個百分點, 像國有的大企業,一旦出了問題,國家還會來并購重組,解決一些貸款難的問題,但是這些中小型的企業,特別小企業,一旦產生問題破產的話,就沒人管,所以銀行的貸款質量就沒有辦法得到保證,因此在這樣的經營體制下,銀行為降低風險,必然會要求中小企業在提供了足夠的抵押物后才敢放款。另外銀行從運營成本考慮,做中小企業貸款將付出更多的人力物力,因此也不愿意向中小企業發放貸款。一個銀行經營的成本,有一半左右是勞動力成本,做中小企業特別是做小企業的勞動力成本非常高,無論是五百萬還是五千萬,是五個億還是五十個億的一筆貸款,它的工作量是相同的,但是它所產生的效益是成百倍的不同。第三個,中小企業融資渠道太窄,中小企業在資本市場上直接融資的途徑有證券市場、包括中小板和創業板;還有私募股權基金、產業投資基金、創業投資基金、風險投資基金,以及債券市場等等。而自從2008 年9 月25 日,中小板市場華昌化工發行之后,證監會便關閉了IPO 大門, 近日才重啟新股發行。而創業板也是“十年磨一劍”,到現在才呼之欲出。盡管符合創業板上市條件的中小企業不少,但真正能夠上市融資,對于很多企業來說,仍然是一種奢望。在海外,中小企業成長過程中的融資不僅僅依靠銀行的貸款,很多時候是獲得風險投資或者創投的幫助,然而我國的中小企業在成長中,基本無法獲得這樣的融資。深圳擁有3000 家創投公司,注冊資金達6000 億,但沒有公司愿意投資給創業初期的企業。這些公司更多的時候只是看中比較成熟、能上創業板和證券市場的企業。 三、中小企業融資難解決之道 一 從政府角度而言 1、政府應該放松管制,降低市場準入壁壘,讓更多的小銀行,以服務中小企業為戰略定位的那些小銀行能夠蓬蓬勃勃的發展起來。現在我國有大概一百多家村鎮銀行,村鎮銀行的成立對改善縣經濟投資的瓶頸,包括改善中小企業和支持三農發展將會起到非常重要的作用。對現有五大國有銀行, 應鼓勵其大力發展自己有利于小企業融資的專門機構,放松其下設分支機構的審批環節,鼓勵它們在地、縣,甚至鄉,來提供更接近、更方便的金融服務。 2 、政府應該幫助銀行建立一個信用體系,進一步降低他們的信息成本,在我國,央行從1998 年起就開始啟動了企業征信體系建設,由專門機構采集、保存、整理、分析、使用企業的信用信息,以防范信用風險,保持金融市場穩定。2006 年開始,央行又著手建立中小企業信用體系,希望把征信體系覆蓋到那些和金融機構沒有信貸關系的中小企業。當然,信用體系也不是只靠政府,現在有一些網絡公司,比如阿里巴巴在嘗試用網上交易的信息變成中小企業的信用指標,這個信用指標如果出來了以后,可以進一步降低銀行的信息成本。 3 、政府應該多方面的對銀行進行風險補償, 目前各地出臺的利益補償機制和風險補償基金政策,僅僅是解決中小企業融資難的一種辦法,并不能從根本上解決。例如到去年末為止,福建省小企業貸款的不良貸款率是6.71,而整個銀行業,平均的水平是百分之二點一幾, 而風險補償金,只是給0.8 個百分點, 只解決一小部分。因此需要多方面的對銀行進行風險補償。例如凡是給中小企業貸款的,那么就根據銀行的貸款量,減少它的稅收,減少營業稅、所得稅; 國家可以幫助企業貼息,提高銀行風險收益; 如果貸款形成損失,政府用風險補償基金把它補起來,這就使大企業的貸款和中小企業的貸款能夠達到比較收益率是基本平衡的。 4 、政府應該積極推進多層次資本市場體系建設, 以更好的滿足包括中小企業在內的各類企業的融資需求。中小企業類型不一,所處的發展階段不盡相同,決定了中小企業的融資需求也不一樣。因此中小企業群體的差異化決定了企業融資需求的多元化,那么滿足中小企業融資需求也需要形式多樣的資金提供方式,比如銀行貸款、債券融資、股權融資等等。我國2 0 0 4 年深圳交易所創立中小板,通過推動資本、科技、管理等要素有效的結合,中小板既培育了一批優質企業,也為促進產業結構的升級發揮了積極的作用。 09 年10 月,創業板正式啟動。創辦板推出將為自主創新的企業提供有效的監管機制,推動一批中小企業邁上新的發展臺階。但對于更多中小企業而言還達不到上市的條件,解決這類企業股權融資、股份流轉需要一個有效的場外市場。在2006 年開始,我國啟動了非上市股份公司進入證券公司掛牌交易的試點工作。此外政府應大力推動債券市場的發展,為中小企業債券融資提供更多的便利,在發達市場國家,債券融資是企業主要的融資方式,以美國為例,2008 年,美國的公司債券發行額是同期股票發行額的5倍,與美國、歐洲等國家和地區相比,我國債券市場還有很大拓展的空間。 二 從銀行角度而言 如果依靠我國銀行業的現有金融產品和對中小企業貸款的相關規定,要想解決中小企業融資難問題是不可能的,我們改變不了中小企業的現狀,那么我們就改變我們銀行的信貸方式,金融創新迫在眉睫。目前銀行業正在通過組織架構創新,風險管理技術創新,擔保抵押創新,和產品創新等多種途徑改變中小企業融資難的現狀。 1、擔保抵押創新。抵押品不足是中小企業最大軟肋, 他們不可能買一堆房子然后準備做擔保,這是不現實的,對于高新企業而言核心的資產應該是他們的知識產權, 專利權和一個在技術、在市場上創新的團隊,是最重要的資產,可以使他們每年高速增長,但是資金就像血液一樣支撐其發展,這幾塊都需要資金,而抵押物不足,銀行不給放貸。目前全國很多省份的中小銀行都開展了面向中小企業的金融創新實驗,如江蘇農信社廣泛推廣倉單質押,通過庫存產品作為抵押取得貸款;天津濱海農村商業銀行積極開展企業股權質押貸款; 北京銀行新近推出知識產權作為質押從銀行獲得貸款。 2、信用評級創新。大銀行做業務的時候,通常看資產負債表、損益表、現金流量表,中小企業有的連這三表都沒有,銀行信息成本很高,導致惜貸, 浙江泰隆商業銀行進行創新, 他們就看水表、電表、海關報關表,大量降低成本,使得小額貸款還能夠有錢可賺。又如深圳發展銀行, 他們通過關注企業交易對手的信用,關注企業的真實性, 選擇了一種新的對企業的信用評級方式。在對企業的信用評級方法里邊,對企業自身的信用評級權重只有15%,更加關注交易對手和交易的真實性。大部分企業都是在貿易鏈中,在供應鏈中生存的,它一定有上游的原材料供應和下游的產品或者是半成品的服務或者是運輸或者是物流的管理,那么在這個過程當都能夠檢索到企業的信用記錄,用這些東西就可以比較容易的選擇到好的重信用的有真實貿易背景的這些企業,向其提供足夠好的服務,調動各種各樣的金融工具,在企業發展的過程中,深發展也創造了利潤。 3、業務流程創新。我國商業銀行大都是官辦的銀行,習慣在房子里坐等客戶,一筆貸款要審批一個月、三個月,這樣一種管理、這樣一種審批效果是不可能適應中小企業金融服務,也不可能來改善中小企業的融資困難。銀行一方面要降低門檻,另一方面必須簡化程序、減少環節,建立高效的審批機制, 這樣才能適應小企業對信貸資金短、平、快的要求。中國銀行四月底推出了信貸工廠。就是把銀行當作工廠,中小企業是原材料,進入流水線后經過營銷、銷售、業務申報、審批、支用、客戶維護和貸后管理,獲得貸款。而銀行也不是一個人從頭到尾完成所有環節,而是派出7組工人,每人把住流水線上的一個環節,批量生產。通過這樣的方式簡化審批的流程。通過這種流程安排使其對于中小企業信貸審批的周期從過去2、3 個月,縮短到現在的3、5 天。 4、加強人員培訓。在機制建設以后就要有一批人能夠做這件事情,而且把它做得很好,這就要加強員工的培訓,進一步加強對中小企業、微小企業貸款以及高新技術的中小企業的貸款工作的培訓和交流的力度,加大整個產品應變研發的力度,用新的激勵約束的辦法來培養一支專業的隊伍和新的服務文化。 三 從企業角度而言 1、企業應加強管理、提高素質。要正確認識當前形勢,正視風險,樹立靠管理求效益、謀發展的觀念, 要更加注重技術改造、科技創新,注重新產品研發、質量改進和品牌建設,不斷拓展新產品,提高產品附加值,以內在質量的提高,贏得市場。努力節能降耗、降本增效、增收節支。加大市場開拓能力,降低“產成品、應收賬款”兩項資金占用,加快資金周轉。通過轉變發展方式,不是單靠產量的擴張,而是靠質的提高實現工業增加值的較快增長。 2、企業應加強誠信體系建設,建立規范透明的管理制度,建立真實可信的財務報表,積累企業的信用制度。 綜上所述, 中小企業的融資是一個全球性的難題,也是一項系統工程,需要各方的共同努力,也更需要中小企業自身的管理進步,這件事情不管它的前進道路上有多大的困難,只要我們大家共同努力,為破解中小企業的融資難題貢獻自己的智慧和力量,轉變觀念,進行大膽創新,找到解決中小企業融資難的正確途徑, 那么在這一條道路上面我們就會越走越寬廣,我們的前景也會越來越美好。 Sme financing problems related to the analysis First, small and medium-sized enterprise financing status Reform and opening up, China for 30 years of small and medium-sized enterprises obtained a rapid development of enterprise, 99 of the small and medium-sized enterprises of our country more than 60 GDP contribution, tax over 50, provides 70 of import and export trade and 80 of urban jobs. Small and medium-sized enterprises in our country is also an important power of independent innovation, 66 of invention patent, 82 of new product development of small and medium-sized enterprises, from small and medium-sized enterprises has become the economic prosperity, expanding employment, adjusting structure, promote innovation and new industries of important strength. From 80 years since the outbreak of the international financial crisis, the implementation of the positive fiscal policy and looser monetary policy, but no small and medium-sized enterprises from the proactive fiscal policy and moderate looser monetary policy benefit directly, for instance, of the new 2008 225 million small loan only, more than the previous year, but rose 1.4 only the loans increased 14.9, 09 year three months of national total credit increased 4 8 trillion, including loans to small and medium-sized enterprises increased amount only less than 5. Current, loan financing difficult has become the bottleneck of restricting the development of small and medium-sized enterprises and small and medium-sized enterprise production and management faced difficulties, according to the state statistical bureau of statistics and letter until the end of 2008 in the small and medium-sized enterprises of production or collapse closed accounts for about 7. 5, the urban employment, this situation is not only more difficult economic recovery, influence and directly affect the growth and development of peoples livelihood, stable target. In this sense, the international financial crisis under the impact of Chinas economy could not really low, the key is out of small and medium-sized enterprises vitality can be fully recovered. Second, the sme financing reason analysis Sme loans and financing is a cosmopolitan should say, see, both from China, and mechanism of medium and small-sized enterprises, there are three main reasons first, the medium and small-sized enterprises, small and medium-sized enterprises generally small, weak strength, its not too much credit. Small and medium-sized enterprises generally weak awareness of honesty, similar to a few of the common phenomenon, may report on tax on some, less ugly statements in Banks, this intersection, some may form good-looking, such loans point is reliable became a problem. But this approach is very adverse instead of enterprises, the development of small and medium-sized enterprises are not healthy, we imagine, if several departments with all these together, the first this enterprise is not sincere, he will have a foothold. We manufacture and export-oriented smes in human resources, technology, capital, market environment faced financial crisis, there was a huge pressure, the development of it is the root cause of the scientific and technological content of the enterprise, the innovation ability of high enough to enter the market is weak, the low threshold, the fierce competition in the market will increase, these are not good for the development of small and medium-sized enterprises. Second, from the bank, for small and medium-sized enterprise credit conditions stricter, because we are most Banks, it is also considered commercial bank, the risk of their own profits. To the end of 2008, the small bad loans is higher than that of the entire banking industry relies low percentage of state-owned enterprises, like a big problem, once, countries will still come ma, solving some problems, but the loans of the small and medium-sized enterprises, especially those small problems, once the bankruptcy, nobody tube, so the bank loan quality cannot guaranteed, so in this management system, to reduce the risks, the bank will demand of small and medium-sized enterprises in providing enough after pawn dare loan. Another bank from the operation cost of small and medium-sized enterprises, do loans will pay more manpower, so also does not want to extend loans to small and medium-sized enterprises. A bank operating costs, the half is labor cost, small and medium-sized enterprises especially do small, very high labor costs, is five million or 50m or fifty billion billion a loan, it is the same as the workload, but it is the benefit of different times. Third, the sme financing channel is too narrow and small and medium-sized enterprises in the capital markets have direct financing ways of securities market, including small plate and gem, And private equity funds, industrial investment funds, venture investment funds, risk investment funds, and the bond market, etc. But since the sept. 25, 2008, the small plate market, securities issued after huachang chemical and closed the door, just recently IPO to restart the IPO. But gem is ten years, good sword.people until now only be vividly portrayed. Although with gem listing conditions, but a lot of small and medium-sized enterprises to financing, for many enterprises, it is still a luxury. In overseas, small and medium-sized enterprises in the process of growing only rely on bank loan financing, many times is a venture investment risk or the help of small and medium-sized enterprises in China, however, can grow in the basic of financing. Shenzhen has 3,000 venture company, with a registered capital of 6,000 billion, but no company is willing to startup investment enterprise. The company is more mature, can the fancy of the securities market and gem. Third, the sme financing difficulty in solving the problem a from the Angle of the government 1, the government should relax market access control, reducing barriers, let more smaller Banks, small and medium-sized enterprises in service for the strategic positioning of those small Banks to bitter fleabane bitter fleabane. Dynamic development Now China is probably more than a hundred villages and towns of the bank, bank established to improve the bottleneck of the economic investment county, including improving agriculture development of small and medium-sized enterprises and support will play a very important role. For existing five state-owned Banks, should be encouraged to develop their own businesses for the financing of the specialized agencies, relax its has branches and encourage them in the land, and county, township, even closer to provide financial services and more convenient. 2, the government should help Banks to establish a credit system, further reducing their information cost, in our country, the central bank since 1998 enterprise credit system construction was started by the specialized agencies, collection and storage, sorting, analysis, and use of enterprise credit information, to guard against credit risks, maintain stable financial markets. In 2006, the central bank and small and medium-sized enterprise credit system to establish the credit system, hope to cover those and financial institutions have no credit relations of small and medium-sized enterprises. Of course, the credit system is not only by the government, and now have some network company, for example, try to use alibaba.com in online transaction information into small and medium-sized enterprise credit index, the index of credit, if out of the bank to further reduce the cost of information. 3, the government should various of bank risk compensation, the local interest risk compensation mechanism and policy, just compensation fund is to solve the sme financing way, and cannot be fundamentally solved. As to the end, fujian province of bad loans is small loans 6.71, but the average level of banking, is a two percent, while a few risk compensation, just to 0.8 percent, only a small part. So many of bank risk compensation. As all of the loans to small and medium-sized enterprises, then according to the bank loans, reduce its tax, business tax, income tax reduction, Countries can help enterprises to improve bank interest, risk and return, If the loan losses, the government formed by risk compensation fund to patch up it, this makes big business loans and small and medium-sized enterprise loan to achieve the balance is the basic yields. 4, the government should actively promote the multi-level capital market system, in order to better satisfy all kinds of small and medium-sized enterprises include the financing needs of enterprise. Different types of small and medium-sized enterprises, the development stage is endless and same, determines the sme financing needs is not the same. So small and medium-sized enterprise groups of differentiation determines the diversified financing needs, then satisfy sme financing demand also needs the various forms of financing mode, such as bank loans, bonds, equity financing, etc. 2 0 0 to 4 years in shenzhen stock exchange medium plate, founded by promoting capital, technology, management, and the effective factors of high quality as cultivating board, also to promote the upgrading of industrial structure is playing a positive role. In October 2009, gem officially launched. Founded board will provide for independent innovation, promoting effective supervision mechanism of small and medium-sized enterprises in the new development stage. But for more than for small and medium-sized enterprises are listed to solve this kind of condition, enterprises equity financing, stock transfer to a valid the over-the-counter market. In 2006, China launched fei joint-stock company listing for trading of securities companies entering the pilot work. Besides the government should vigorously promote the development of the bond market, bond financing for small and medium enterprises to provide more convenient, in the developed countries, the bond market is the main financing, financing, in the United States, for example, 2008, the company bonds is circulation stock circulation of

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