The difficulty of financing private enterprises is a very prominent problem in the country. Below I will unravel the financing methods of private enterprises, I hope to help you.
Private enterprise financing
A, bank borrowing
Bank borrowing is a way of private enterprise financing in Wenzhou, but not the main way. Under the traditional financial system, it is difficult for private enterprises in Wenzhou to obtain loan support from legitimate financial institutions. According to the data of 1998, the output value of the state-owned sector in Wenzhou is less than 6% of the total output value, but the loans accounted for about 80% of the total amount of loans from legal institutions, while the non-state-owned sector, which accounted for more than 90% of the total output value, received quite little financing, which, according to the statistics, was not more than 7% of the total output value of the entire official financial system, including urban credit unions and rural credit unions, the proportion of the loans to the private sector and the self-employed in 1990, 3.9%, and 1991, 3.9%. 3.9% in 1990, 3.87% in 1991, 5.1% in 1994, 5.49% in 1995 and 6.87% in 1998. Many private enterprises, especially the smaller ones, find it hard to get bank loans, which is probably extremely similar to the rest of the country. At the same time, although the bank loan interest rates are lower, but because of the complexity of the procedures, cumbersome procedures, longer processing cycle, not only require collateral, and sometimes have to treat gifts, can not be adapted to the characteristics of the capital needs of private enterprises, so many private enterprises do not like to the bank loan, but would rather pay a higher interest rate to take other ways to finance the funds.
In today's Wenzhou, the general scale is relatively large, with a certain degree of visibility of the enterprise will choose to bank loans, and thousands of small private enterprises bank loans is very low, according to Guo Bin, Liu Manlu survey ("private finance and small and medium-sized enterprise development: an empirical analysis of Wenzhou," Economic Research, No. 10, 2002), Wenzhou's small-scale enterprises (with an annual sales volume of less than million yuan) had taken out bank loans was 11.5%, the proportion of medium-sized private enterprises that had taken out bank loans was 23.4% for those with sales of 1-5 million yuan and 43.6% for those with sales of 5-10 million yuan, and the proportion of large-sized private enterprises (with sales of more than 10 million yuan) that had taken out bank loans was 82.6%. These figures are only those who have had loan experience, not the proportion of bank loans in total enterprise financing. From the overall situation, bank loans in Wenzhou private enterprises in the financing method does not occupy a very important position, whether from the scope of view, or from the number of view is true.
Two, private lending
Private lending is the Wenzhou private enterprises to get the most important way of financing. Almost all of the private enterprises have had the experience of private lending, and many of today's well-known private enterprises, when many of them are relying on private lending to get the development, and today will still rely on private lending to make up for the lack of circulation of funds.
Private lending procedures are simple, time-sensitive, and very suitable to meet the needs of private enterprises in the process of operation of temporary circulation of funds, and therefore very much welcomed by the Wenzhou private enterprises. There has been such an example, very illustrative: in 1989, for some reason overseas enterprises to stop the mainland supply of a called? High voltage ceramic electronic? The lighter device, Wenzhou hundreds of lighter enterprises all? No rice to cook? The production was paralyzed. A private owner in Wenzhou knows a Hong Kong businessman, remembering the old friendship, is willing to provide him with an exclusive 500,000 of the original electronic parts, but proposed that must be a cash transaction. At that time, the private boss tried to raise only 600,000 yuan, away from the required 1.4 million yuan is far. In a hurry, he came to Guangzhou to do business with the Wenzhou people gathered in the Wuyangcheng Hotel, to see every Wenzhou people said: ? You lend me 50,000 yuan, a week later I return you 60,000 yuan. 1.4 million yuan of cash in a day so strangely raised, the result is to save all the lighter enterprises in Wenzhou. Like this private lending behavior almost every day in wenzhou. So Wenzhou private lending is now generally at a level of what? Wenzhou People's Bank in January 2003 to carry out a survey, and to the community announced the results of the survey. The survey department in the city selected 30 private lending more active townships as a monitoring point, selected samples of 300. In order to ensure that the monitoring sample overall representative, selected townships covering economically developed, general and underdeveloped areas; monitoring object is divided into enterprises, individual households and individuals three categories. With the help of this survey, wenzhou people's bank found that the private lending relationship to the individual lending to the individual, borrowing is mainly for production and operation, borrowing period of 6-12 months mostly; all types of lending, the average interest rate of household consumption is the highest, the average interest rate of enterprise lending to the individual is the lowest; from the regional point of view, the interest rate level of the local area has a large difference, the degree of economic development and interest rates inversely proportional to the survey *** in January Involving 328 private lending, amounting to 56.66 million yuan, the highest interest rate of 20?, the lowest interest rate of 5?. This basically reflects the basic situation of private lending in wenzhou, and then this survey has been carried out many times, in addition to the outside of the SARS period of the scale of private lending fell slightly, the rest of the time are largely maintained at such a level. In addition, according to a survey done by the relevant institutions in Wenzhou, about 83% of the farmers have carried out private lending activities, the use of borrowed funds to run factories accounted for 36.3%, 21.2% of the business store, farming accounted for 18.2%, real estate and other accounted for 7.6%; in the questionnaire survey of 190 private enterprises, 176 have carried out private lending, accounting for 92.6%. From the private enterprise capital structure, roughly bank loans accounted for 20%, own funds accounted for 40%, private lending accounted for 40%. This shows that today, Wenzhou's private lending is still very active, has become an important channel for private enterprises to finance.
Wenzhou private lending activities of private enterprises in the current one-on-one relationship, the lender of funds and lending enterprises to meet directly and sign an agreement, there is generally no lending intermediary that is the silver backer, even if there are most of the obligation to introduce, rarely charge an intermediary fee, let alone professional intermediaries. Some years ago, there have been professional silver backers, such as Cangnan Qianku Town in 1984, there was a private money bank but five years after the closure of their own. In wenzhou, a lot of people have a lot of money deposited in the hands of the existence of the bank interest rate is too low, they are generally willing to lend to private enterprises, and private enterprises also have a large amount of capital needs, and at any time a large number of private borrowing and lending, the question is, in view of the fact that, why did not develop professional intermediaries? According to the survey we think may be caused by the following reasons: first of all, is the reason for the policy; Secondly, Wenzhou's private lending is mostly among relatives, friends and acquaintances (relatives and friends of the lending is also to pay the normal interest rate), most of the borrowing and lending sides of the distance of no more than 5 kilometers, strangers lending relationship is extremely rare, but also makes the intermediary is not very important; again, the professional intermediary to bear the Risk is relatively large, we have learned of an intermediary because the creditor force to repay the debt and 10 years for the creditor to repay the debt is not yet paid off the case.
Three. The submission will be?
Wenzhou? Presented to the meeting? There is a long history, in the development process there are many specific forms. Presented to the meeting? The specific practice is: by an initiator (head) to invite friends and relatives to participate in a number of people (participants known as the foot), according to the principle of voluntariness, agreed to monthly, quarterly or annual meeting, each time each pay the same or a different amount of money (will be the gold), take turns by a person to use, to help each other. The chairman collects the first dues first, and then decides the order of collecting the dues of the participating members in the following order or by shaking dice, casting lots, or bidding for the dues. The head of the first time to get money after the preparation of wine feast congregation, which is called to eat will be wine, the turn of the second will be the collection of money will also do will be wine, and so on. How much should be paid each time by the needs and may be agreed upon in advance, according to the period of payment, can be divided into the General Assembly will be a small meeting, a small meeting once a month or once a few months, the General Assembly once a year, Wenzhou's? Submit to the meeting? To the small will be the main.
Wenzhou? Presented to the meeting? Probably went through three stages of development. The first stage of the nature of purely civilian mutual aid, the wheel will be and shaking will be two forms, the wheel will be according to the pre-arranged order to take turns to collect will be gold, shaking will be referred to the way to determine the way to collect will be more than the order of shaking the dice. The specific names of the meetings at this stage are? Monthly Red? (a small amount of money, also known as? Hwae-er?) (a small amount of money) Parent's club? (a meeting assembled solely for the purpose of raising funds for the funeral expenses of parents),? Dry money (no interest, so called dry will), etc.; the second stage is the transition from pure mutual aid into a new type of mutual aid and interest combined type of lending, the form in addition to the wheel will be and shaking will be added to the? Yucheng will? (also called? (also known as "favor club"). (also known as "favor club"), is a form of mutual aid, but also equal to collect low interest), "standard club" (also known as "favor club"). Bidding? (with interest bidding, bidding interest in the form of the highest collection of membership fees), etc.; the third stage is with interest? Presentation? Stage, become a form of corporate fund-raising. In addition to the original form also appeared many new forms, such as? Staircase will? The first stage is to raise funds with interest. Eight years will? The first is the "eight-year meeting". Baohui? etc. In the third stage of the emergence of these new forms of relative complexity, generally in the case of each payment of the same dues, the collection of dues early in the collection of dues is relatively small, and the later the collection of dues collected more; or in the collection of dues in the amount of a certain case, the first collection of dues later to pay the dues will continue to increase, which in fact is the value of time factor into account, equivalent to the payment of interest.
Later this? Presentation will be? has monstrously developed into a ? The first is the "Mutual Aid Society", which is a new kind of mutual aid society. Lift will? In the lure of high interest rates, within a few months a large number of rapidly spread to the city of Wenzhou, as well as Yuhuan, Wenling, Qingtian and other counties, and even Xinjiang, Shandong, Jiangsu and other places, according to statistics, Yueqing County, the number of households accounted for the county's total number of households 23%. Wenzhou city involved? Taiwan will be? Activities of as many as 200,000 people, 13 townships to participate in the number of households up to 70%, the city? The city's "Taihui" activities were attended by as many as 200,000 people in 13 townships. The amount of money incurred will be 1.185 billion. This fraudulent nature of the? The city's government has been working on a number of projects to improve the situation. It is impossible to develop in the long term, and ultimately lead to the inevitable? The result is a large number of bankruptcies of creditors and debtors. The result is to cause a large number of creditors and debtors bankruptcy, many people's homes broken, resulting in many vicious casualties, the city due to? Raise will? caused homicide, suicide and other unnatural deaths of more than 50 people, causing great damage to the development of Wenzhou economy. This kind of? Lift will be March 1986 by the government banned.
Wenzhou folk? Presentation will be? It should be said that the development of private enterprise has played a certain positive role in the development of private enterprises at the time of a means of financing. But with the development of this financing method is no longer used by private enterprises, currently in Wenzhou, various forms of folk? Presented will be? Still exists, but basically has returned to its original basic function, become a means of mutual assistance, now there is no enterprise to participate in this kind of? Presented to the meeting? Now there is no enterprise to participate in this kind of?
Four, commodity financing
In the process of economic development, Wenzhou people give full play to their ingenuity, creatively invented a number of special means of financing, of which Cangnan ginseng and antler market is an example.
Wenzhou is located in the south of the Yangtze River and does not produce ginseng, but the national ginseng market is in Wenzhou. The ginseng here is cheaper than its origin in Changbaishan, for example, in Changbaishan 2,000 yuan 1 kilogram, here only sell 1,900 yuan, and the ginseng here is the authentic Changbaishan ginseng, never fake, is the Wenzhou people from the Changbaishan spend 2,000 yuan to purchase. So, why do the smart Wenzhou people to do this kind of money-losing business? In the beginning, Wenzhou people to buy ginseng in Changbaishan is always a large number of goods, an opening to order more than 10 tons, and one hand to pay one hand delivery, so that the northeast people have gained the trust. After the relationship is familiar, it is no longer a cash transaction, but the first 20-30% deposit, the goods sold immediately after the settlement of accounts. Further, often do not have to pay the deposit, first take the goods, and so on the next year when the goods and then once again settled. Northeastern people believe that the goods piled up in their hands, may not be sold out of a year, and Wenzhou people buy the goods at once, not only the price is high, and also credit, payment is guaranteed, and so do not have to spend money to let the Wenzhou people sales, so they are happy to sell to the Wenzhou people. The problem is that Wenzhou people buy ginseng at high prices, low prices, and how can make money?
Wenzhou Cangnan is a printing township, printing trademarks, signs of private enterprises everywhere, they are in the contracting business, often do not require each other to pay first, but printed and then pay on delivery, which requires a lot of liquidity, and Wenzhou people do business to speed up the turnover of funds, often a capital turnover of 5 or 6 times a year, or even more than 10 times. Ginseng from the Northeast into the Northeast, as cheaper than the Northeast, so the merchants at home and abroad will give up the Northeast and to Wenzhou, thus forming a sizeable ginseng and antler market in Wenzhou, Wenzhou people into the goods are often a sale and empty, realized into a large amount of cash, Wenzhou people and then put this money into business operations, through several times the turnover and obtain considerable profits. Therefore, purely from the purchase and sale of ginseng, Wenzhou people are losing money, but they are not only from the capital turnover of the purchase and sale of ginseng loss earned back, and also more profits, in fact, this is a kind of inter-provincial capital borrowing and lending activities, is the use of ginseng, this kind of high-value commodities for financing.
Five, note financing
Wenzhou people also have a way of financing is the use of note discounting, and the spontaneous formation of a private discount market. Wenzhou people in the process of doing business, often received a number of promissory notes can not be immediately honored, which will result in the use of funds, and if the normal to the bank to discount and very troublesome, so there are people doing this business, they first buy the promissory notes of the enterprise at a price lower than the face value, and so on the expiration of the promissory notes and then go to cash to earn the difference between the two; and the enterprise has gained the cash, although a little bit of loss of interest, but the The turnover process of funds can be completely earned back, so this is favorable to both sides.
Six, pawn financing
Wenzhou's pawnbroking industry began in 1988, when the establishment of the Jincheng Pawnbrokers is the first in Zhejiang Province, the country's second, by the end of 1998, Wenzhou **** set up 42 pawnbrokers. At that time, the business of pawnbrokers was very prosperous, many people with gold and silver jewelry, motorcycles, pagers and other pawned goods often in and out of the pawnshop. Later, after the cleanup and reorganization, 17 pawnshops in Wenzhou were allowed to continue operation in 2002. Wenzhou's pawnbrokers from the beginning has become a channel for private enterprise financing, when the enterprise has a temporary, urgent small amount of money needs, they will often send some of the higher value of the goods to the pawnbrokers to pawn in order to obtain working capital, which is actually a kind of collateralized loan. At the beginning, the pawn due to its simple, fast, has become a very important way of financing private enterprises in Wenzhou, but with the development of other financing methods, the current pawn financing in Wenzhou private enterprises in the financing of the proportion has declined significantly, and now pawn collateral is also mainly for the car, real estate, jewelry and other high-value goods.
Seven, stock market financing
In the modern economy, the listing of shares is a very important way of financing enterprises, but unfortunately, until today, Wenzhou is still not a private enterprise in the domestic stock market officially listed, which may be and Wenzhou private enterprises are mostly family-owned enterprises, very few of them have to carry out the transformation of the modern enterprise system and thus do not meet the conditions of the listing. Now this situation has begun to change, many private enterprises have recognized the importance of financing through listing. 2004 July, China Ruili Group in the United States Nasdaq listing, the issuance of new shares, this listing is through the buy? This listing was realized by buying a shell. This listing was realized by buying a shell. On December 9, 2003, Ruili Group signed a shell agreement with KEATING Bank of the United States. After that, among two American shell resources, Ruili finally chose to buy EnchantedVilliageZne?shell? Company, and according to the United States on the conditions and requirements of the main body of the shell listing, and a Hong Kong company through mergers and acquisitions of assets, the creation of joint ventures, the joint venture is the main body of the shell listing. In addition, in July 2004 Wenzhou, there are two private enterprises Huafeng Enterprise Group Company and Huayi Electrical Technology Co., Ltd. through the listing counseling acceptance, is expected to be listed in Shenzhen small and medium-sized enterprise board. It can be expected that the listing financing will be more and more attention by the Wenzhou private enterprises, and there will be more and more private enterprises modern enterprise system transformation and strive for listing, which will become an important financing channel for Wenzhou private.
We summarized here the Wenzhou private enterprises of the seven means of financing, and in practice, Wenzhou private enterprises are still constantly creating new forms of financing, continuous innovation is the Wenzhou private enterprises and the Wenzhou economy, the source of development.
Private enterprises operating profitsKey taxes affect corporate profits
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