A. What are the problems in the real case of SME financing

An enterprise's development and growth is related to many factors, so what are the problems in the real case of SME financing? What are the reasons? In fact, small and medium-sized enterprises financing difficulties has become the status quo, the reasons for financing difficulties are also multi-faceted, the following

of the editor will answer your questions about the small and medium-sized enterprises financing problems, please continue to read.

I, the reasons for the financing difficulties of small and medium-sized enterprises

The financing difficulties of small and medium-sized enterprises is a long-standing systemic problem, the reasons are multifaceted. From the enterprise's point of view there are three key constraints:

1, small scale, less accumulation, it is more difficult to provide effective collateral security

2, financial system is not standardized, poor information transparency, credit status is more difficult to give objective judgment;

3, a general lack of core competitiveness, the performance of the lack of stability, the prospects for the development of the development of more difficult to assess. From the bank's point of view to provide financing for small and medium-sized enterprises there are also realistic difficulties:

(1) due to poor direct financing channels, diversified financing platforms have not been fully open to small and medium-sized enterprises, resulting in small and medium-sized enterprises most of the capital needs rely on bank credit, financing pressure is concentrated in the banking system

(2) risk compensation mechanism is not sound, small and medium-sized enterprise loan operating costs are high, the Risks, borne by the bank alone, aggravated by the bank cautious lending

(3) non-performing loans of the pre-tax write-off policy is more stringent, coupled with strict operational accountability and performance assessment, in the face of investors and regulators to evaluate the pressure of the bank to carry out SMEs financial services, the incentive of the bank has been affected.

Two, small and medium-sized enterprises financing difficulties in the status quo

1, small and medium-sized enterprises loan coverage and the proportion of financing scale is low. SMEs in the capital market in the public offering of shares and bonds to finance the higher threshold.

2, the financing cost of small and medium-sized enterprises is higher. The comprehensive financing cost of small enterprises is generally 23 times the prime rate. The cost of private financing is even higher. According to some large guarantee companies, the current annual interest rate is generally 200%. And the financing procedures for SMEs are cumbersome and time-consuming.

3, different regions, different industries, small and medium-sized enterprise financing is very unbalanced. For example, the central and western regions are not as good as the eastern regions, and traditional enterprises such as manufacturing, catering and retailing are not as good as technology-based enterprises.

4, small and medium-sized enterprises financing difficulties are more complex. Small enterprises have high gearing ratio, capital strength is weak, by the economic cycle and industry policy fluctuations; small business loans have "short, small, frequent, urgent" and other characteristics of the traditional model of large enterprises is difficult to adapt to the needs of small enterprises; small enterprises, small amount of financing, difficult to finance from the capital market.

Three, small and medium-sized enterprises to improve and perfect themselves

Small and medium-sized enterprise business itself also has some unique advantages:

1, small and medium-sized enterprise market resources are rich, the potential for development;

2, geographic and industry distribution is relatively decentralized, can effectively reduce the risk of concentration;

3, the financing needs of the short-term credit products, mainly. It is conducive to banks to adjust the asset structure and improve the liquidity of funds;

4. It is easier for banks to implement risk pricing, and higher returns can be achieved through reasonable loan pricing. Small and medium-sized enterprises (SMEs) are the most vibrant and dynamic economies in the market economy, and often take the lead in recovering from economic crises and will have greater development.

Small and medium-sized enterprises should make full use of the various opportunities and advantages in the process of development, and strive to improve themselves, as the familiar saying goes: the person who will not abandon himself is himself. The enterprise's own ability to improve, access to financing opportunities are more, the conditions are more convenient, of course, also more able to make themselves stronger, so it is a virtuous circle, can be considered a real solution to the problem of financing difficulties of small and medium-sized enterprises.

This shows that the status quo of financing difficulties in small and medium-sized enterprises depends on many aspects, there are three main factors, respectively, is the small size of the pledge guarantee, the financial system is not sound and the lack of competitiveness, for the problem of financing difficulties in order to improve and perfect the enterprise, should be to play a good small and medium-sized enterprises of their own good advantages. The above is the answer to the problems in the real case of SME financing, if you have any other questions, please consult.

Extended reading:

What are the ways of financing small and medium-sized enterprises

How to write a financing plan

What is the difference between equity financing and debt financing

Two, the two ways of financing the company's strengths and weaknesses

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Three, enterprise management failure cases

Enterprise management failure cases which enterprise management failure cases? It's hard to tell if you've been in a shopping mall for a long time. There are many examples of failures from the past to the present. The following are some of the classic cases.1, Zhenkongfu case features: entrepreneurs internal strife - can **** bitter can not share the same sweet entrepreneurial lessons: no C's lesson: whether the equity structure is reasonable is to judge the project is good or bad important domestic popularity, Chinese food chain has been indignant, and constantly jumped out to challenge the foreign fast-food. From more than ten years ago, "red sorghum" to the now very hot "trace," "real kung fu" seems to be really a bit of kung fu, chain stores more and more. With the company's name, in August 2009, "real kung fu" headquarters in Guangzhou broke out of a real kung fu show, in the investment community and entrepreneurial community is quite a sensation: *** with the founder and the company's "deputy general manager" and sent to the headquarters of the office, but by the "Real Kung Fu" actual controller, Chairman Cai Dabiao's refusal, triggering a violent dispute. To clear up the "contradictions, but also from the beginning to say that the standard and his friend Pan Yu Hai in Dongguan Changan Town to open gradually to the national chain, and in 1997 renamed "Double Seed", and ultimately renamed "real kung fu". Zenkongfu's shareholding structure is very simple, Pan Yu Hai accounted for 50%, Cai Da accounted for 25%. September 2006, Cai Dabiao and Pan Minfeng agreed to divorce, Pan Minfeng gave up his 25% stake in exchange for child support of the two shareholdings also became 50:50. 2007 "Zenkongfu" has introduced two venture capital Fund: domestic Zhongshan Linkage and foreign capital of today's capital, *** share. Thus, after the financing, the shareholding structure of "Zenkungfu" became: Cai and Pan each accounted for 47%, VC each accounted for 3%, the board of directors*** 5 seats, composed of Cai Dabiao, Pan Yuhai, Pan Minfeng, and VC's dispatch of one director each. After the introduction of venture capital, the company to seek listing, then create a modern corporate management and governance structure of the enterprise is a top priority. However, Cai Dabiao's efforts to establish a modern enterprise system touched the interests of another shareholder, Pan Yuhai, and under Cai Dabiao's auspices, Zhenkongfu implemented the internal management reform of de-familialization, replacing some of the original family management personnel with professional managers, and a large number of old employees left the company. A large number of old employees left. The company has also introduced from McDonald's, KFC and other catering enterprises *** about 20 middle and senior management, occupying most of the company's key positions, basically by Cai's total authorization, Pan Yu Hai has clearly been hollowed out. On April 22, 2011, the Guangzhou public security organs confirmed that Cai Dabiao and others were suspected of misappropriation of funds, job misappropriation and other crimes, and Cai Dabiao and other four suspects were arrested. Cai Pan both sides of the chaotic scramble for Zenkungfu so that today's capital can not withstand the pressure of shareholders, and chose to withdraw. November 30, 2012, today's capital will be under the banner of today's capital investment - (Hong Kong) Limited (hereinafter referred to as today's capital Hong Kong) held by the 3% stake in Zenkungfu transferred to the Run Hai Company Limited. At this point, the real Kung Fu equity and again back to the Cai Pan family of two halves of the situation. Three years later, the case of Cai Dabiao, the former president of ZKF, was finalized. According to the verdict of the second trial of Guangzhou Intermediate Court, Cai Dabiao was convicted of the crimes of job appropriation and misappropriation of funds and his 14-year sentence was upheld. With Cai Dabiao criminal case final judgment came into effect, Cai Dabiao held 41.74% of the equity of Zenkongfu has entered the judicial auction process, there are rumors that the equity valuation of up to 2.5 billion yuan. 2, Yitang case features: China's Internet industry, the largest amount of financing the case of the entrepreneurs of the lessons learned: even more money, you have to save to spend, otherwise the winter is not good over the VC's lessons learned: the "turtles", "concept", "concept", "concept", "concept" and "concept". ""Concept" of the era of victims in the Internet industry, the birth and death of a company is difficult to attract people's attention, but this company is undoubtedly an exception: it was once a newcomer to the high-profile birth; it is nothing, down to even the domain name were auctioned. This company is Yitang. 1999, the first Internet bubble burst on the eve of Tang Haisong just received the Harvard Business School MBA created Yitang company, its "dream team" consists of five Harvard MBA and two University of Chicago MBA. With an attractive business plan, Yitang got two tranches of financing of about $50 million from two famous American venture capitals, DFJ and Sevin Rosen. Until today, this is also one of the largest private financing cases in China's Internet sector. Yitang claims to be not only an Internet company, but also a "lifestyle group" dedicated to creating and introducing internationally advanced lifestyle products through online, retail and wireless services to serve the so-called "bright yellow e-generation" of young people between the ages of 18-35 years old, who are defining the future of China's economy and culture. Yitang.com came out overnight, quickly attacked in major universities, and rapidly "burned money" nationwide: in addition to the establishment of branches in Beijing, Guangzhou, Shenzhen, Yitang also recruited manpower and carried out large-scale publicity and promotional activities around the end of 2000, the Internet's winter came suddenly, Yitang burned out most of the money, and was still unable to make a profit. At the end of 2000, the Internet winter came suddenly, and Yitang burned out most of the money, and still could not make profit. From 2001 to 2003, Yitang continuously cooperated with professional companies, launched handbags, backpacks, condoms, underwear and other daily necessities, and online and offline sales at the same time, but also quietly try to cell phone wireless business. In the following two years, relying on SP business to survive, the only thing that can leave an impression on the users is to become the official news release site of CET (four, six) exams. 2005 September, Yitang decided to overthrow the previous development model, and to the then popular Web2.0, launched a personal virtual community site called . Subsequently, in addition to a few pages such as Yitang mailboxes to retain, Yitang will all other pages and traffic to the new site.cn, the scenery of the Yitang site so transformed into a new web2.0 site. 2006, Yitang will be the best quality SP assets (license resources) sold cheaply to the Qihoo company for $ 1 million, trying to do the last struggle in the .cn. However, .cn has been closed in 2008, Yitang company is only an empty shell, the former "dream team" in the company burned out of money have also chosen to leave. 2009 May, .com domain name due to the non-renewal of the public auction, the final bidders to 35,000 U.S. dollars to cast the price. Yitang was born great, but the death is not honorable, can only be said to be bland, even miserable. Other dead website more or less some assets will be acquired by other companies, after recuperating, there may be a chance to re-emerge, but Yitang has fallen to the domain name no one renewed and was reduced to the auction of the end of the goods. Yitang has not made any noteworthy contribution to China's Internet, and perhaps the only contribution it has made is to provide an extremely failed investment case. It is born with a golden spoon aristocrats, tens of millions of dollars of capital in exchange for only a sigh of relief. 3, Sunshine Technology case features: China's largest first round of financing, the largest number of co-investors in the case of the entrepreneurs of the lesson: the market is not afraid to be defeated by their own internal disintegration of the fear of the VC's lesson: the executives of the big companies, not necessarily do the startups of the leader of the Sunshine Technology was founded in early 2003, since the birth of a prickly, shrouded in a cloud of fear, the company has been the most successful. Since its birth, the company has been covered with a blinding aura. First of all, the founder and CEO of the company is Netcom once COO Zheng Chang Xing, the management team, and the former Vice President of Huawei Chen Shuo and network products general manager Mao Sen Jiang, can be from a wealthy family; Secondly, at the beginning of the establishment of the company received a number of well-known venture capital institutions, the first $ 58 million in financing, the main investor Huadeng investment of $ 18 million, $ 10 million of investment in the DCM, IntelCapital invested $7 million, NEA invested $5 million, and other investors include SycamoreVentures, MorgenthalerVentures, JerusalemVenturePartners, Sumitomo Group's investment company PresidioVenturePartners, STARVenture, Hitachi, Itochu, Shanghai United Investment Co. Sunplus Technology has been selected as one of the top 100 private companies in Asia by RedHerring Magazine, and its goal is to become the leading Next Generation Service Platform (NGSP) provider in the communication field, and is committed to opening up a new era of free communication with "free communication limits". The company's main businesses include value-added fixed-line solutions, broadband wireless solutions and enterprise communication solutions. At that time, telecom operators were also ready to do a big job in value-added business - China Telecom's "Internet Star", China Mobile's "Mobile Dream Network", China Unicom's "Unicom Unlimited", and China Telecom's "Mobile Dream Network". "Unicom unlimited", this transformation for the sunshine technology provides a huge space for development. Although Shang Yang has a few good core business, such as UU language letter, but ultimately did not seize the market opportunity. 2 years later, due to the company's poor management since its inception, Zheng Changxin was forced to "step down", Shang Yang Technology, a substantial layoffs, the business also began to transform from the former equipment solutions provider to the Internet value-added business providers. The business also began to transform, from the former equipment solution provider to the Internet value-added services provider. In the market not only with the instant messaging field of the well-known Microsoft MSN, Skype and Googletalk and other multinational giants to compete, but also face the domestic QQ, Sina, NetEase, 263 and other local enterprises of instant messaging tools challenge. In the end, the business of Sunplus Technology did not "rise" as its name suggests, and eventually the dream was shattered and withdrawn from the market in 2006. Shangyang Technology has fallen to this point, according to sources, is a management problem. First, the company's heavy R & D, light market, the market can not catch, and R & D, the first financing is used up, there are not yet a few decent products; Second, the company's internal gangs are serious, between the divisions of their own way. At the same time, from the top to the staff "composition" is extremely complex, there are "turtles" and "turtle", there are from the state-owned enterprises and from foreign enterprises, there are from start-ups, there are also from the Global 500 companies, and even from Huawei management team to bring the old, has remained in Shenzhen, in a state of control. Walden International's Chen Liwu has a wealth of investment experience in the investment field, Zheng Changxin and so on is a star level, real-world management team, and more than a dozen well-known investment firms with large injections, enough to illustrate the space and attractiveness of China's communications market. These positive factors add up to more contrast to the pity of this case. Does this explanation make sense to anyone?

Four, corporate finance case strengths and weaknesses analysis?

The disadvantage of issuing shares is that it will dilute the controlling percentage, while the advantage is that it will increase the liquidity to expand new projects. Issuance of bond financing will increase the corporate debt ratio.