What is the ability to borrow?

Borrowing ability refers to the scale of a company's possible financing under certain economic and financial conditions. It is the ability to continuously obtain long-term high-quality capital, and must be able to raise funds through multiple channels and at low cost, and must be able to raise funds from home and abroad; Lending ability is the key factor for the rapid development of enterprises, and financing can create more value for enterprises. However, only enterprises that can "land safely" after rapid growth are the real financing winners. Analysis of Small and Medium-sized Borrowing Ability I. Defects in Small and Medium-sized Borrowing Ability (1) Insufficient fixed assets of small and medium-sized enterprises. Enterprise financing can be divided into credit financing and asset financing. In order to avoid risks, capital providers are increasingly favoring asset-based financing activities, especially for long-term financing of 1 year or more, mortgage or guarantee has become a common financing method. The current situation of small and medium-sized enterprises in China is that the proportion of fixed assets is low, which shows that it is difficult for small and medium-sized enterprises in China to obtain medium and long-term loan financing. (2) The turnover rate of SMEs is low. The current ratio measures the ability of enterprises to realize current assets to pay current liabilities, and reflects the short-term financing ability of enterprises. The higher the current ratio, the greater the capital demand that the enterprise can realize, and the two are in direct proportion. The fixed assets ratio of small and medium-sized enterprises is lower than that of large enterprises; At the same time, the fixed assets ratio of small and medium-sized enterprises is far lower than its current assets ratio. The financing of small and medium-sized enterprises is mainly short-term financing. Compared with large enterprises, the liquidity ratio of SMEs is lower than that of large enterprises. It is conceivable that the asset liquidity of small and medium-sized enterprises is facing a huge risk of ineffective capital operation. (3) The structure of current assets is unreasonable. Within the current assets, the liquidity of various current assets is also different, so different current assets will affect the liquidity of the overall current assets, and the composition of enterprise current assets can also reflect the short-term financing ability of enterprises. The structure of current assets is mainly reflected by the ratio of accounts receivable to inventory. According to the survey, the ratio of inventory and accounts receivable of small and medium-sized enterprises in China is higher than that of large enterprises, and relatively speaking, the short-term financing ability of small and medium-sized enterprises is weak. Second, SME financing suggestions (1) broaden indirect financing channels. Bank loan is the most important indirect financing channel in the world. Establish financial institutions to serve small and medium-sized enterprises and strengthen the construction of financial system for small and medium-sized enterprises. At present, we should do the following work well: First, reshape the market position of commercial banks, shift the focus of financial support to support the development of urban small and medium-sized enterprises and local economy, set up a credit department for small and medium-sized enterprises in urban commercial banks, and establish a credit guarantee system for small and medium-sized enterprises. Secondly, standardize the operation of rural credit cooperatives in strict accordance with the principle of cooperative system, actively promote the close cooperative relationship between township enterprises and rural credit cooperatives, and improve the financial support ability of credit cooperatives to township enterprises; Change the current loan approval procedures and establish credit systems, policies and procedures suitable for small and medium-sized enterprises. Thirdly, strengthen the business guidance, inspection and supervision of the SME credit department of state-owned commercial banks 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 and information, establish an information base for small and medium-sized enterprises, and provide industry analysis and decision-making consulting services for small and medium-sized enterprises. Finally, study and establish policy-oriented specialized banks for small and medium-sized enterprises to help them improve their financial structure and management level. (2) Establish a fair, open and multi-level capital market. Developing multi-level and diversified capital markets, especially expanding the financing channels of SMEs through these securities trading markets, can further accelerate the development process of SMEs. A perfect capital market should be able to cover enterprises of different development scales, meet different financing needs of various enterprises, provide diversified financing methods, and promote the healthy and stable development of the national economy. Therefore, a diversified capital market should be established as soon as possible to meet the financing requirements of enterprises of different sizes. It will accelerate the development of small and medium-sized enterprises to establish a second-board market and local over-the-counter market with lower cost and looser standards of quasi-person, and allow qualified small and medium-sized enterprises, especially small and medium-sized high-tech enterprises, to enter the securities market for financing. Editor: Chen Jinkang