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Enterprise financing capacity

Possible financing level of the enterprise

enterprise Financing capacity refers to the possibility that an enterprise may Financing funds The level of capital Is also the key factor for the rapid development of enterprises. Enterprises that can finance from home and abroad through multiple channels and at low cost are the real ones financing winner.

Chinese name: Enterprise financing capacity
Foreign name: Borrowing capacity

Definition: Possible financing level of an enterprise
Features: Financing ability determines the development of enterprises

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Borrowing capacity refers to the size of a company's possible financing under certain economic and financial conditions. It is the ability to continuously obtain long-term high-quality capital Multi channel Low cost financing should be able to raise funds from home and abroad;

Enterprise financing ability is the key factor for the rapid development of enterprises. Financing can create more value for enterprises. However, only enterprises that can "safely land" after rapid growth are the real winners of financing.

SME analysis

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I SME financing Capability defect

(1) small and medium-sized enterprises fixed assets Insufficient.

Enterprise financing can be divided into credit based financing and credit based financing assets Based financing. in order to Risk avoidance The fund supplier is increasingly interested in asset based financing activities, especially for those more than one year old Long term financing Mortgage or guarantee becomes common Financing mode 。 The current situation of small and medium-sized enterprises in China is that the proportion of fixed assets is low, which indicates that small and medium-sized enterprises in China Medium and long-term loans Financing is difficult.

(2) Small and medium-sized enterprises Current ratio Low.

The current ratio measures the realization of enterprises current assets To pay current liabilities The ability of Short term financing Ability. The higher the current ratio, the capital that the enterprise can realize requirement The larger the two are proportional. small and medium-sized enterprises Of Fixed assets ratio Lower than large enterprises; At the same time, the ratio of fixed assets of SMEs is far lower than that of their own Current asset ratio 。 SME financing Mainly short-term financing. Compared with large enterprises, the current ratio of SMEs is lower than that of large enterprises Asset liquidity It is conceivable that SMEs face a great risk of capital failure.

(3) Current asset structure unreasonable.

Within current assets Liquidity It is also different, so different composition of current assets will affect the liquidity of the overall current assets Composition of current assets It can also reflect the enterprise Short term financing Ability. The current asset structure is mainly composed of Accounts receivable And stock More recently. According to the survey, the ratio of inventory to accounts receivable of small and medium-sized enterprises in China is higher than that of large enterprises, and relatively speaking, the short-term financing capacity of small and medium-sized enterprises is weak.

II SME financing proposal

(1) Widening Indirect financing Channels. Bank loans are the most important channel for indirect financing in the world. Established as small and medium-sized enterprises Financial institutions serving SMEs financial system Construction. At present, the following work should be done well: first, reshape commercial bank Of market positioning , shifting the focus of financial support to support the development of urban SMEs and local economy City Commercial Bank Establish a credit department for small and medium-sized enterprises Credit guarantee System.

Secondly, strictly follow the principle of cooperation Rural credit cooperatives Operation, actively promote township enterprises and Rural Credit Cooperatives Develop close cooperation relationship to improve the financial support ability of credit cooperatives for township enterprises; Change the current loan approval procedure and establish a loan approval system suitable for small and medium-sized enterprises Credit Institutions, policies and procedures. Thirdly, strengthen the State-owned commercial bank Business guidance, inspection and supervision of SME credit departments to ensure the support of state-owned banks for SMEs; Give full play to the advantages of state-owned commercial banks in terms of institutions, networks, talents, information, etc., and establish an information database for SMEs to provide Industry analysis 、 policy decision consulting service. Finally, we will study the establishment of policy oriented SME professional banks to help SMEs improve their financial structure and improve their management level.

(2) Establish a fair, open and multi-level capital market.

The development of multi-level and diversified capital markets, especially through these securities trading markets to expand the financing channels of SMEs, can further accelerate the development process of SMEs. A perfect capital market should cover enterprises of different development scales, meet the financing requirements of various enterprises in different numbers and provide diversified financing methods to promote the healthy and stable development of the national economy. Therefore, a diversified capital market should be established as soon as possible to adapt to different situations Scale enterprise Financing requirements for development. Establish a low cost and loose standards for admission second board And local OTC market , conditional small and medium-sized enterprises , especially the entry of small and medium-sized high-tech enterprises stock market Financing will accelerate the development of SMEs.

(3) Establishment Venture capital fund 。

Open society and private investment , establish Risk investment system 。 The establishment mode of venture capital funds must be market establishment and market operation, and should get rid of government intervention. At present, there is no way out for a large number of private idle funds. On the one hand, the government should strengthen publicity and guidance, on the other hand, take practical measures, introduce preferential policies, and encourage technological innovation The development of small and medium-sized enterprises can improve the success rate of venture capital and stimulate the investment desire of private investors. We can accelerate the establishment of venture capital channels, investment funds As a new type Financial intermediaries Can not only provide financial support for enterprises, but also have the ability to rely on the advantages of expert financing and consultation to improve the Corporate governance structure And management level Innovative enterprises Provide intellectual support in terms of organizational structure, business direction, financial management, leadership, etc. From China small and medium-sized enterprises From the perspective of development status, standardize the corporate governance structure and financial system As important as the introduction of external funds, the use of investment funds can promote the development of innovative SMEs in two ways.

(4) The establishment of special government departments and Policy financial institutions 。

Establish a management organization for small and medium-sized enterprises SME financing Create a good environment. The development of SMEs requires a set of comprehensive policies and a series of measures, which involve finance, trade, industry and commerce tax revenue And other departments. The formulation of these policies and the formation of the environment should be organized and coordinated by strong government agencies. From the above international successful experience of SME development, it can be seen that the establishment of a unified SME management organization with comprehensive coordination capability by the government is conducive to safeguarding the legitimate rights and interests of SMEs, protecting their survival and development, coordinating the plans of various departments for SMEs, and providing necessary finance for SMEs Financial and industrial policies and other aspects play an irreplaceable role.

Therefore, in the long run, the country should establish a unified small and medium-sized enterprises Management organization to maintain SME policy Uniformity, systematicness and integrity of. In addition to providing policy guidance Industry analysis , system management and other services financial service On the other hand, some positive measures can also be taken to indirectly promote financial institutions to provide financial services to SMEs. For example, SME management institutions can connect with various financial institutions to achieve information resources Sharing enables financial institutions to quickly evaluate the repayment willingness and repayment ability of SMEs and promote SME financing 。

(5) Government small and medium-sized enterprises Provide policy and tax assistance.

Tax preference The most direct way of financial assistance is to reduce the Tax burden It is conducive to the accumulation and growth of funds for SMEs. Financial subsidies The application links are to encourage small and medium-sized enterprises to absorb employment, promote scientific and technological progress of small and medium-sized enterprises, and encourage small and medium-sized enterprises to export. The loan assistance link is the place where small and medium-sized enterprises need funds most for their start-up, technological transformation and export. Venture fund is a special investment fund with high risk and high return that is created by the government or the private sector to provide innovative activities for high-tech SMEs.

(6) Establish and improve the credit guarantee system.

Credit guarantee is to improve the financial credibility of SMEs Loan guarantee Effective way of difficult mortgage. It is necessary to establish and improve the person admission system, funding system Credit evaluation and Risk Management System, industry coordination and self-discipline System.

(7) Establish a socialized service intermediary system.

Establish a clear division of labor and standardized operation SME financing The social intermediary service system is of great significance for the more effective allocation of human resources and the dredging of financing channels. agency take Financing subject The financing object is closely linked with the government and other relevant departments, excluding small and medium-sized enterprises Obstacles in various financing channels to improve the financing capacity of SMEs. In addition to providing consultation and other services for SMEs, intermediary service agencies can also regulate the financial behavior of SMEs through the audit of SMEs and reduce the search cost of financial institutions for information such as risk rating of SMEs.

(8) We will improve laws and regulations on financial services for small and medium-sized enterprises.

Strengthening the legislation of small and medium-sized enterprises plays a very important role in improving the financial services of small and medium-sized enterprises and promoting their better development SME financing The promotion of. For example, establish a financial support system for small and medium-sized enterprises, and set up a special service system for small and medium-sized enterprises credit Department, implementation SME loans Plan, etc.

Analysis of private enterprises

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The sustained and stable economic development and the continuous improvement of the socialist market economy system have provided a good foundation for the further development of private enterprises Macro environment And broad Market space 。 However, the shortage of funds and the difficulty of financing have seriously restricted the development of private enterprises. According to statistics, small and medium-sized enterprises volume of credit Only occupy credit About 8D0 of the total amount, which is related to the creation of small and medium-sized enterprises gross domestic product 1/3 of, Industrial added value 2/3 of, Export earning foreign exchange 38% and 1/4 of the national fiscal revenue are extremely disproportionate. According to the survey, they are both small and medium-sized enterprises, state-owned enterprises and Non-state-owned enterprise (including private enterprises) are treated differently. The proportion of private enterprise financing in the total social financing is not commensurate with that in the national economy, which has hindered its rapid development to a large extent. In recent years, according to the requirements of the central government and the State Council to support the development of small and medium-sized enterprises, including private enterprises, the relevant national departments have also formulated a series of policies and measures to support the development of small and medium-sized enterprises, which are mainly composed of private enterprises.

1、 Main reasons for the difficulty of private enterprises' loans

l、 The main reason why private enterprises are hard to get loans is that they are congenitally deficient.

(1) Private Enterprise's ability to resist risks Poor. Private enterprises are small and scattered, and operate Organizational form Diversification, great changes in product varieties and sales channels, unstable repayment of payment for goods, and great impact of the market and environment, especially with the integration of world economy With the acceleration of the process, enterprises are further constrained by the environment business environment Some private enterprises are difficult to adapt to the changes. Therefore, the bank's loan to private enterprises actually increases the degree of risk.

(2) The internal governance structure and control mechanism of private enterprises are not perfect. The phenomenon of minority or individual control is common, and bank loans are needed Financial statement management Confusion, irregularity, or inaccuracy; Private enterprises generally exist legal person assets And natural person There is no strict distinction between assets. When enterprises have difficulties in operation, the withdrawal of enterprise assets often occurs and is difficult to control, and the guarantee of loans is often not implemented.

(3) Many Enterprise credit The concept is not strong, sincerity Insufficient degree. When borrowing money, they were not prepared to repay it. Some enterprises tried to suspend and evade debts, which caused banks to SME loans The confidence of.

(4) The financial management of private enterprises is not standardized. financial system Imperfect, resulting in General rules for loans The required loan conditions are quite different. First, the registered capital is not true.

First, borrowing funds from others Capital verification Later, the funds were withdrawn, resulting in the financial account of the enterprise Other accounts receivable Excessive or inflated cash inventory, the other is Registered capital Small but large amount of funds actually invested, resulting in excessive other payables, which can not truly reflect the actual scale of the enterprise.

Second, the actual operation of the enterprise has not been truly reflected in finance. In order to avoid tax supervision, the operating income is not recorded or is less recorded, but is separately reflected off the account, resulting in Off book account 。

Third, the phenomenon that the boss of private enterprises controls finance at will is serious, which makes financial personnel unable to handle accounts according to the accounting system. Some private enterprise bosses require financial personnel Go long The bank and tax department have different reports, so you can master a true report by yourself. Some enterprises lack sufficient experience Financial audit Department recognized financial statements and continuously good operating performance 。

Fourth, the quality defects of the boss of private enterprises caused his deviation in financial control. The above situations make it difficult for banks to grasp the truth and falsehood of the enterprise's situation in the process of handling loans, which makes it difficult for banks to effectively rely on Enterprise Finance Data and other information Loan Decision 。

2、 financial regulation And the increase in the intensity of accountability has left the operators of banks with lingering fears. For China's banking industry Non performing assets ratio High current situation, the state and commercial banks have increased Non performing assets And accountability. However, in practice, loans to state-owned, government supported, multi bank competition or participation of large enterprises and projects, even if the loans have bad problems, it is also easy to moral risk Make clear the reason and avoid or reduce the responsibility punishment. However, if loans are made to private enterprises, it is often not easy to explain the reason from the aspect of moral hazard, and it is easy to be reviewed and punished. In addition, commercial banks introduced a few years ago General rules for loans The stipulated loan conditions are very strict, and many private enterprises fail to meet the stipulated conditions and cannot get loan support. Therefore, the strictness of loan access and supervision, and the strictness of investigation and punishment form a clear guidance, so that bank operators dare not small and medium-sized enterprises Especially private enterprise loans.

3、 commercial bank It is impossible to regard private enterprises as key customers in the short term for the sake of their own operating efficiency.

(1) Commercial bank target market Different, so their own and product positioning are also different. Due to their own weaknesses, private enterprises are difficult to become the first choice of commercial banks. At the same time, banks lend to private enterprises, administration cost Relatively high, Comprehensive income Relatively few. and People's Bank of China yes lending rate The control of the loan interest rate of large, medium and small projects and borrowers with different risk degrees is relatively strict Risk cost Compensation principle They are not interested in small and medium-sized projects or enterprises.

(2) Compared with large and medium-sized enterprises, commercial banks' loans to private enterprises are more difficult to manage and difficult to control.

(3) A high proportion of non-performing loans in the history of commercial banks assets Problems, forcing them to take more stringent measures to ensure New loans Quantity and quality to ensure continuous reduction Non performing assets proportion.

4. Society credit system The environment for the establishment and implementation of communicate 。

(1) Lack of credit guarantee mechanism. The survival and development of small and medium-sized enterprises, especially private enterprises, need support from all aspects. However, China has not yet established a complete set of small and medium-sized enterprises Including private Corporate loans provide Credit guarantee To make up for the difficulty of enterprise loans.

(2) The publicity of the importance of enterprise integrity was not in place, and the whole society did not work together to create a good credit atmosphere.

(3) The efforts to crack down on the malicious evasion of financial debt are not enough, and it is difficult for banks to execute successful cases Credit environment 、 investment environment Increased difficulty.

2、 Solve private enterprises Ways of Difficult Financing for Enterprises

1. We should establish a correct concept to guide the financing of private enterprises.

(1) We should establish the concept of equality and create an equal financing environment for private enterprises. The state treats private enterprises and large enterprises equally in terms of financing policies private economy And state-owned economy Implement the equal financing policy and actively dredge the private enterprises financing channel 。 All financial institutions should attach importance to the role of private enterprises in decentralized banks Asset risk The positive significance of Long term loan Customer base, develop new business space.

(2) We should establish the concept of multi-channel financing, and we can expand other financing channels while continuing to use commercial banks as the main financing channel. First, we should actively create conditions for high-quality private enterprises Issuance of shares and bond , vigorously expand Direct financing channels 。 Positive improvement bonds issued by an enterprise Quota management method, allowing conditional small and medium-sized enterprises Issuance of bonds And effectively reduce the amount of debt issued by enterprises actual cost 。 In addition, we should clean up, rectify and standardize local enterprises property right and Equity transaction On the basis of the market, set up and gradually open the national direct financing service for SMEs OTC market 。 Second, we should develop venture capital. Government departments should formulate, amend and improve laws and regulations to promote China's risk investment Healthy development; We should cultivate talents, improve supervision, and develop a social service system for venture capital. Third, actively use Folk credit And create new forms of social credit to open up channels between private capital and industrial capital. Fourth, encourage individual venture capital savings Convert into investment. Five is to establish Property rights trading market And provide a place for private enterprises to directly finance. Six is to actively develop Financial leasing 。 Seven is mortgage financing , i.e material object As collateral, in kind ownership A temporary loan obtained in the form of transfer Financing mode 。

(3) To establish finance Product innovation To provide suitable financial products for private enterprises. Financial product innovation For example, the loan mode, type and guarantee mode should be close to the actual situation of private enterprises, and new financial products with the characteristics of "short, frequent and fast" suitable for the needs of private enterprises should be timely developed, such as natural person Secured loans 、 Warehouse receipt pledge loan 、 Corporation Overdraft 、 trade financing 、 Micro credit loan 、 Credit 、 Acceptance 、 discount 、 Buyer's credit , trade financing Guarantee So as to form a complete financial product system for private enterprises.

(4) We should establish the concept of credit and uphold it for private enterprises Credit creation Good internal and external environment. From the society, banks, private enterprises themselves and all aspects of the society to promote private enterprises to be trustworthy, enhance the self-discipline consciousness of being trustworthy, consciously adhere to honest operation, perform trustworthy, and improve the enterprise's Credibility , win the trust and support of the bank by virtue of good reputation, and seek development by virtue of credit.

2. Commercial banks should fully realize that supporting the development of private enterprises is the objective requirement of their own development. Commercial banks should dialectically view the relationship between state-owned enterprises and non-state-owned enterprises, and should focus on supporting the development of private enterprises, which account for a large proportion of non-state-owned economy, as an important task in future credit activities, to support private enterprises to become bigger and stronger gradually. We should strengthen investigation and research Management ability Private enterprises with good reputation, certain technical content, marketable products and development prospects should be boldly supported credit policy Tilt and support its development. We should sincerely work hard to help private enterprises collect market information, put forward good business decision-making suggestions, and try our best to reduce stock and Accounts receivable And strive to improve business efficiency and achieve the goal of win-win between banks and enterprises. Commercial banks should improve the current credit management system and improve credit Credit funds Management authorization Credit System, appropriately expand the loan mortgage rate, and formulate a series of loan operating procedures that adapt to the actual situation of private enterprises.

3. People's banks at all levels should give full play to Window guidance Role, strengthen coordination and supervision, and actively guide financial institutions to effectively increase credit investment. We should further guide commercial banks to strengthen credit support for private enterprises with market, efficiency and credit; Strengthen communication and contact with the government and relevant departments, and promote exchanges and cooperation between the banking industry; Flexible application Refinancing 、 Rediscount etc. Monetary policy tools Guide financial institutions to expand credit input to private enterprises; It is necessary to strictly define the upper limit of the deposit interest rate of funds in the system of commercial banks, and curb the phenomenon of excessive deposit of funds in grass-roots banks.

4. Private enterprises themselves should standardize their business behavior and create good internal conditions for financing. private enterprise controller We should vigorously improve the level of operation and management, put reputation first, and strengthen enterprise ； We should constantly learn and explore, constantly update management knowledge and improve our own Leadership Level, we should not be ashamed to ask questions, ask for advice modestly, and constantly develop new business ideas; We should give full play to the role of various departments, links and technical personnel to enable enterprises to operate flexibly; Preferential measures should be taken to attract and recruit Senior management , including enterprise advanced Think tank Senior financial management personnel, senior marketing personnel and senior technical personnel; Gradually expand the scale of enterprises, strengthen risk resistance and Market competitiveness 。

5. Establish and improve the guarantee system of private enterprises as soon as possible to solve the problem of private enterprises Financing guarantee Hard question. In order to effectively solve the financing problem of private enterprises and enable banks to support private enterprises to the maximum extent, it is necessary to accelerate the establishment and improvement of the intermediary guarantee system for market-oriented operation, and establish multi-level and diversified forms of credit guarantee institutions. The establishment of credit guarantee institutions can take the participation of the government, finance, banks and enterprises membership , give priority guarantee to members, and provide policy advice Financing consultant 、 Project evaluation And other services. In addition, private enterprises can also be guided to establish credit according to the standardized bank loan business requirements under market-oriented conditions give a guarantee for each other Organization, risk pooling , benefit sharing, and further improve the credit guarantee system. Through the improvement of the credit guarantee system, the obstruction of the combination of banks and private enterprises can be cleared.

6. Accelerate Social credit system And improve the credit credibility of private enterprises. We should improve and strictly enforce relevant laws and take a clear stand to protect creditor Interests of; It is necessary to strengthen the credit awareness of government departments, law enforcement departments and enterprises, purify the law enforcement environment, make enterprises dare not renege on their debts, and create a good environment for banks to increase support for private enterprises.

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