analysis of the financing situation of private small and medium-sized enterprises

in recent years, the State Council has issued a series of policies to support small and medium-sized private enterprises to adjust their product structure

and carry out technological transformation, which have alleviated the current financing difficulties of some small and medium-sized private enterprises

to some extent. However, due to various factors, the financing of small and medium-sized private enterprises is still subject to many restrictions, and its financing difficulties have not been solved, mainly in the following aspects:

l Direct financing: the financing channels provided by the capital market for small and medium-sized private enterprises are limited, and the threshold is too high. There are still some defects in the capital market structure of China, such as the high threshold of the securities market, the imperfect venture investment system, and the small scale of private enterprises, which can't afford the cost of stock issuance and are not easy to obtain the qualification of public offering and listing, which is not conducive to the financing of private small and medium-sized enterprises.

SME board certainly provides a way for SMEs to raise funds through the capital market,

but it will not become the most important financing channel for tens of millions of SMEs. As for issuing bonds, key construction bonds and local enterprise bonds issued before the project

have fixed interest rates and a long term, and are mainly used for

investing in capital-intensive large-scale projects, which are driven by government-led monopoly,

generally private.

it is difficult for SMEs to raise funds publicly through the capital market. At present, China's financial market has formed six financing modes:

stocks, loans, bonds, project financing and financial support. However, the openness of these small and medium-sized private enterprises is very low, and it is difficult for private enterprises to obtain funds through

debt financing and equity financing except a small amount of credit funds. Due to the high threshold of domestic capital market access,

and increasingly standardized management, it is difficult for small and medium-sized private enterprises to obtain listing qualifications by "bundling listing" in a false way as in the early days of the establishment of the capital market, and small and medium-sized private enterprises are even excluded from the

capital market by policy, so they cannot directly raise funds in the capital market. The establishment and development of the second-board market is only

full of rumors and little rain, and it is still difficult for most high-tech small and medium-sized private enterprises to raise funds needed for development

. However, the local stock exchange market and venture capital

this market, which can provide financing services for the majority of small and medium-sized enterprises, have not yet made a T-agenda. The lack of such small capital markets has made the small and medium-sized private enterprises

lose the main channel of direct financing. The vast majority of private enterprises' medium and long-term investments are mainly

obtained by informal and small-scale fund-raising or equity financing, such as private lending market, private equity, mutual insurance and debt-to-equity swap. Such financing is small in scale, high in cost and high in risk, which makes the investment lack stability

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● Du Maohua and Tian Yinghua

and sustainability, and some enterprises even rely entirely on it.

2_I company's financing: commercial banks have limited financing support for small and medium-sized private enterprises, and there is more capital flowing

. Because of the high cost of loan transaction and monitoring, banks are reluctant to lend to SMEs. Ministry

Commercial banks have higher requirements for credit management of small and medium-sized private enterprises than large and medium-sized state-owned enterprises, especially for underdeveloped areas. There are very few small and medium-sized private enterprises that can meet these conditions and have the qualification < P > credit rating, which actually excludes most small and medium-sized private enterprises < P > from the support targets, and also limits the positive < P > nature of grassroots banks to support the development of small and medium-sized private enterprises. At the same time, due to low credit rating, lack of mortgage assets and high financing cost, it is difficult for SMEs to get financial support from banks. The central bank has issued relevant policies to encourage commercial banks to increase loans to

private enterprises. However, for the sake of capital security, commercial banks tend to concentrate on catching big customers and

are reluctant to lend to private small and medium-sized enterprises. Even if commercial banks are willing to issue loans for fixed assets to private enterprises, due to the imperfect examination and approval system for investment projects and the banks' fear of the risks brought by long-term loans, they are unwilling to open loans for infrastructure and technological transformation projects to private enterprises, so private enterprises can only obtain working capital loans within one year at most, and it is difficult to obtain long-term capital loans. In order to

meet the needs of long-term capital turnover, some private enterprises have to adopt the method of short-term loans for multiple turnover

, thus increasing the burden on enterprises and financing costs. It can be seen that the existing financing channels < P > are difficult to meet the capital needs of small and medium-sized private enterprises.

3. Informal finance: the main way of financing for small and medium-sized private enterprises, which is risky. (1) self

financing. Use business profits to accumulate development funds, or

raise funds by internal staff. (2) Private lending. Get a loan from relatives or various "underground banks" at a higher interest rate. (3) mutual guarantee. Small and medium-sized private enterprises guarantee each other and apply for loans. A few years ago, mutual guarantee between private

enterprises was popular, but because of the great risks, excellent enterprises were reluctant to

assume joint and several liability for others. At present, in practice, mutual insurance has emerged in the form of debt-to-equity swap, that is, the insured party mortgages the equity of the enterprise to the guarantor, and once the guarantor assumes the economic responsibility for it, the amount

assumed will be used as the capital contribution, thus transforming the creditor's rights to the insured party into equity. If funds are badly needed in a short period of time, small and medium-sized private enterprises will solve it by borrowing from each other.