Causes and countermeasures of financing difficulties of private enterprises in China:

Since the reform and opening up, China's private economy has developed rapidly, and it has become an important part of the socialist market economy and an important force to promote the development of social productive forces. At present, the contribution of private economy accounts for more than 1/2 of GDP, fixed asset investment, tax revenue, total import and export, and urban employment, and many of them account for about 2/3. The total amount of private capital is about 2.5-3 times of the total value of state-owned assets. Although the private enterprises in the private economy were officially recognized five years later than the individual economy, they developed very rapidly after Comrade Deng Xiaoping made an important speech during his inspection in the south in 1992 and the 14th National Congress of the Communist Party of China established the reform goal of the socialist market economic system. According to the data released by the sixth national private enterprise sampling survey, from 1993 to 2113, the number of private enterprises in China increased from 237,911 to 3,115,511, an increase of more than 1.3 times, with an average annual growth rate of 28.89%. The registered capital increased from 68 billion yuan to 3,531.5 billion yuan, an increase of 52 times, with an average annual growth rate of 48.41%; The number of employees increased from 3.73 million to 42.99 million, an increase of nearly 1.2 times, with an average annual growth rate of 27.72%.

there is no doubt that in the process of continuous development and growth, private enterprises are also facing many problems, and financing difficulty is one of the outstanding problems. Although, with the care and support of the central government, the problem of financing difficulties is gradually being alleviated, the poor and narrow financing channels are still important factors restricting the development of private enterprises.

first, the current situation of financing of private enterprises in China

Private enterprises in China are mainly labor-intensive and low-tech industries, with manufacturing, wholesale and retail catering alone accounting for 75% of private enterprises. The vast majority of private enterprises, whether in their initial stage or development stage, mainly rely on self-accumulation and self-financing to develop. However, due to the low management level, small production scale and weak profitability of these enterprises, their further development is still restricted by a serious shortage of funds. Private enterprises have huge capital demand, however, the loans from banks are less than 2% of the total bank loans; Private enterprises financing by issuing stocks only account for about 9% of listed companies in China's securities market, not including those who buy shares of other listed companies at a higher price and go public in a curve; The share in the bond market is almost zero. The financing difficulties of private enterprises are highlighted by the difficulties of small and medium-sized enterprises, central and western regions and small towns, which is precisely an important link in our economic development that needs to increase support.

source: Guo Bin and Liu manlu: private finance and the development of small and medium-sized enterprises: an empirical analysis of Wenzhou, Economic Research, No.11, 2112.

it should be noted that the relevant departments of the central government and many local governments have made great efforts to solve the financing difficulties of the private economy, and have also introduced some specific policies and measures, such as establishing private joint-stock banks and local commercial banks, encouraging and supporting the four major commercial banks, increasing loans to the private economy, establishing a guarantee system, and building a venture capital system. However, judging from the implementation effect, these measures have not fundamentally changed the financing difficulty of private enterprises. Because, on the surface, the financing difficulty of private enterprises reflects the narrow channels, while the deep-seated reason is the system and institutional problems.

second, the analysis of the causes of financing difficulties of private enterprises in China

1. From the perspective of system. At present, there is still "discrimination" against private enterprises to varying degrees. Due to the long-term influence of the planned economic system and traditional consciousness, the financial sector can not treat non-public enterprises equally, and is restricted by various conditions, such as some being afraid of being implicated in problems. China's four major state-owned commercial banks have more than 71% of the country's credit funds, and they are in a monopoly position in the credit market. Originally, they were one of the main sources for private enterprises to seek credit support. However, because state-owned commercial banks have been constrained by the quasi-financial operation system with excessive administrative intervention, they have "discriminated" against private enterprises. Many places reflect that for the same amount of non-performing loans, if the loan object is a state-owned enterprise, the bank staff can not bear or bear less responsibility, and if it is a private enterprise, it may be investigated by the relevant leading institutions and even the judicial organs. Due to the consideration of loan responsibility, many bank employees would rather lend less or not to private enterprises and try to limit the amount of loans to private enterprises. Its complicated loan procedures, harsh mortgage conditions, strict requirements for collateral and low mortgage rate far exceed those of state-owned enterprises, which makes many private enterprises flinch. When private enterprises have no choice but to borrow money, it often takes a long time and misses valuable business opportunities in vain. There are still "defects" in the relevant national policies, which need to be adjusted and improved urgently. For example, during the merger and reorganization of state-owned enterprises, many non-performing assets can be disposed of through divestiture, write-off, loss of accounts, suspension of interest, etc. Foreign-funded enterprises can reduce or exempt some profits from investment, but private enterprises cannot enjoy the same treatment. In addition, private enterprises can't enjoy the preferential policies that development zone enterprises should have. This policy difference has greatly affected the expansion of financing channels for private enterprises.

2. From the perspective of system. (1) Guarantee companies and various fund systems are not yet perfect. Private enterprise credit loans is difficult to operate because the guarantee problem has not been solved; Mortgage loans were put on hold because most private enterprises in urban areas failed to solve the related documents such as real estate and land. The difficulty in implementing mortgage guarantee is one of the biggest problems encountered by private enterprises in financing, especially in applying for loans from financial institutions. (2) Banks' services for private enterprises are seriously inadequate. Although the central bank's credit policy encourages commercial banks to increase their loans to small and medium-sized enterprises, considering their own economic interests, commercial banks often concentrate on catching big customers and are willing to "wholesale in bulk", but lack interest in private enterprise loans with small amount and high frequency, which leads to obvious shortage of private enterprise loans. What is analyzed here is not only the poor service consciousness, but more importantly the problems caused by the system. Most professional banks in all districts and counties have no right to approve fixed assets investment loans, and they also have strict restrictions on working capital loans, which are difficult to meet the financial service needs of private enterprises all over the country. In addition, there is a lack of assessment of SME loans from state-owned commercial banks and financial institutions specializing in SME loans. (3) Narrow financing channels. At present, the overall development of China's capital market is not enough, especially the Growth Enterprise Market (GEM), which provides financing for small and medium-sized enterprises, has only been listed in Shenzhen for about one year. At present, China's securities market is very depressed, which makes it very difficult for small and medium-sized enterprises to issue bonds and stocks.

3. From the perspective of private enterprises themselves. Private enterprises are generally small in scale, lacking in funds and weak in solvency; In addition, the relatively backward business concept and management mode, insufficient property mortgage strength, no complete and convincing credit record and lack of credit foundation have increased the risk of banks investing in private enterprises and narrowed the financing scope of private enterprises. These problems need further in-depth study.

3. Countermeasures to solve the financing difficulties of private enterprises in China

1. Resolutely implement the principle of equal access and fair treatment. In accordance with the spirit of "Several Opinions of the State Council on Encouraging, Supporting and Guiding the Development of Non-public Economy such as Individual Private Enterprises", private enterprises should be treated equally in investment approval, financing services, finance and taxation, land use, foreign trade and economic and technological cooperation. The development and strength of private enterprises are the economic basis and necessary conditions for promoting the financing of private enterprises.

2. accelerate the reform of the financial system and improve the service for private enterprises. In economically developed areas, we can explore the establishment of small and medium-sized private banks, explore the establishment of financial community service model, and increase the cooperation between banks and enterprises, so that the services of local small and medium-sized financial institutions can reach many local private enterprises and form a "win-win" situation between private enterprises and financial institutions. On the basis of sound financial supervision, we should actively create various private financial institutions that are conducive to the financing of small and medium-sized enterprises, establish private financial markets, explore investment companies that mainly support small and medium-sized enterprises, do a good job in listing on Shenzhen Growth Enterprise Market, and strive to set up various forms of venture capital funds and industrial investment funds. State-owned commercial banks should enhance their awareness of serving private enterprises, increase the variety of services and help private enterprises establish a standardized financial system. It is necessary to gradually carry out the credit rating of private enterprises and promote the integrity construction of private enterprises. Existing financial organizations should strengthen information communication with private enterprises, strengthen information collection and tracking services, provide information consultation for private enterprises, and be good financial advisors.

3. Strengthen guarantee management and reduce guarantee risks. According to the principle of standardized operation and risk dispersion, we should study and formulate a credit guarantee system for small and medium-sized enterprises in line with China's national conditions, and establish policies and measures for the credit guarantee system for small and medium-sized enterprises, so as to alleviate the difficulty for small and medium-sized enterprises to obtain loan guarantees as soon as possible. In view of the difficulty in loan guarantee for small and medium-sized private enterprises, the "joint guarantee loan" business can be opened. For small and medium-sized private enterprises with the characteristics of large operating fluctuations and unstable capital demand, they can run "recycling loans" business, as well as mortgage loans for accounts receivable, pledge loans for warehouse receipts and pledge loans for standby letters of credit. You can also cooperate with leasing companies and insurance companies to provide leasing loans and insurance loans. At the same time, the corresponding loan conditions and approval procedures should be formulated, and enterprises with good financial conditions and market should not be denied loans because their scale does not meet the requirements; For private enterprises with low debt ratio, high product technology content, real market potential and strict internal management, the requirements for mortgage or guarantee may be appropriately relaxed.

reference:/2115-8 /2115-8/21158251418415719.htm