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In China's financial system, indirect finance has always been in a dominant position, but there are few SME banks that specialize in financing SMEs. The development of private financing is limited because there is no legal guarantee, and the financing needs of small and medium-sized enterprises lack the guarantee of a perfect financing system. This rough financial system structure fundamentally restricts the flow of social funds. To establish the financing system of small and medium-sized enterprises, the guidance and service of the government are the core, the perfection of the financial system is the key, the effective risk transfer mechanism is the foundation, and various credit risk management is the foundation.
Paper web China /3/view-475 1896.htm
Keywords small and medium-sized enterprises; Financing system; Risk transfer; Credit risk management
China Library Classification. F830.39 Document ID number A1002-736x (2013) 04-0052-03.
Judging from the current institutional framework of enterprise financing in China, the financing of small and medium-sized enterprises is still dominated by self-regulation, supplemented by policy support, and the institutional foundation is very weak. From the perspective of financial structure, indirect financing has always been the mainstay in China, but under the existing financial system, due to the lack of a complete financing system for small and medium-sized enterprises, the financial support that formal financial institutions can give to small and medium-sized enterprises is extremely limited. Even in Ningbo and Wenzhou, where the economy of small and medium-sized enterprises is very developed, less than 30% of small and medium-sized enterprises can obtain financing from formal financial institutions, accounting for more than 90% of the total number of enterprises. From the point of view of financing policy support for SMEs, it has always been to ensure employment and stabilize economic order, and the role of SMEs in technological innovation, export growth and economic growth has never been fully valued. Due to the lack of system, it is difficult to guarantee the effect of government support policies for small and medium-sized enterprises, and the financing of small and medium-sized enterprises is always in a state of hunger and laissez-faire, which is difficult to be fundamentally solved.
First, institutional arrangements are the guarantee for determining the direction and improving efficiency.
According to the theory of new institutional economics, institutions can be divided into formal institutions and informal institutions. Formal system generally refers to written laws, regulations, articles of association, contracts and other obvious provisions and constraints; Informal system refers to the ideological and psychological values that govern people's behavior, such as ideology, customs, ways of thinking and moral standards. The "system" mentioned in this paper is in terms of formal system.
System is a function of implementing rules formulated and constructed for realizing certain economic activities within a specific field framework, and it is "a code of conduct that can be implemented by itself or some external authority". There are many objects that the system points to, among which "the most abstract and complex object is the overall quality of social system, social order or generalized social behavior." This system generally takes the form of law to maintain the order, stability and effectiveness of the social system, and the financing system should belong to this category. The purpose of institutional arrangement is to provide some opportunities for participants in activities within the framework to gain additional benefits that cannot be obtained outside the structure. In a civilized society, all human activities are related to institutions, and institutional arrangements will motivate organizations, and different institutional arrangements will guide organizations to produce different behavioral responses. Without the norms and constraints of the system, human behavior will be in a state of chaos. It can be seen that the system is an indispensable and extremely important factor for efficiency.
The financing system of small and medium-sized enterprises is very weak.
(A) the legal basis is weak
Law is based on rules, and the boundaries between rights and obligations are clear, so it can effectively adjust various interests and social relations. Although China began to implement the first special law to support and promote the development of small and medium-sized enterprises in 2003, it is also the only special law on small and medium-sized enterprises in China so far. Compared with the legal system of small and medium-sized enterprises frequently promulgated and revised in time in the United States, Japan and other countries, the sparseness of laws and regulations is obvious, which makes the financing activities of small and medium-sized enterprises lack a solid foundation for system maintenance.
Correspondingly, there are many policies to support small and medium-sized enterprises. For example, in June1998, notice on strengthening credit services for small and medium-sized enterprises, in June 1999+0 1 6, guiding opinions on strengthening and improving financial services for small and medium-sized enterprises, in August 2000, several policy opinions on encouraging and promoting the development of small and medium-sized enterprises, and in July 2005, banks developed small and medium-sized enterprises. Notice on matters related to the establishment and change of large-scale credit guarantee institutions for small and medium-sized enterprises across provinces In March 2009, the Central Bank and the China Banking Regulatory Commission promulgated the Guiding Opinions on the Pilot Project of Small Loan Companies. In May 2009, 201112, the the State Council executive meeting specifically proposed to support small and micro enterprises, alleviate financial difficulties, and.
/kloc-in the past 0/0 years, state leaders have issued a large number of documents, opinions, notices and speeches. However, the financing difficulties of small and medium-sized enterprises have not fundamentally changed. This is because the policy has the characteristics of strong timeliness, regulation and expressiveness, and it is the norms and government will that are externalized as symbols. Usually, it is expressed as a principled provision, which only stipulates the direction of action and does not involve the specific rules of activities. Will be tight and loose with the needs of the economic situation. Especially because of its non-market nature, policy support is often inconsistent with the commercial interests of financial institutions, and it is generally difficult to get positive response and sustained implementation from profit-seeking financial institutions. Therefore, although policies are frequent, the results are not stable.
(B) the lack of specialized financial institutions for financing SMEs
Indirect financing has always had obvious advantages in the financing system. However, there are no small and medium-sized banks in the banking system that specialize in financing small and medium-sized enterprises. At present, large and medium-sized enterprises in China have established enterprise credit files, but it is difficult for small and medium-sized enterprises and small and micro enterprises to realize the socialization of credit management in a short time. Putting small and medium-sized enterprises and large and medium-sized enterprises with great differences in business scale, credit status, competitive strength, guarantee conditions and risk degree on the same financing platform, and using the same mechanism, the same way and the same standards to manage and require them, actually ignores the financing needs of small and medium-sized enterprises. This rough system construction directly restricts the flow of funds. Since the second half of 20 10, the price has risen rapidly, which has gradually become the most prominent contradiction in economic operation. Controlling the price increase has become the core of economic regulation. The central bank's monetary policy has shown the characteristics of austerity, which makes the shortage of funds for small and medium-sized enterprises suddenly prominent. A new round of domino effect triggered by the break of the capital chain of private enterprises and the "running away" of private enterprise bosses has made SMEs miserable, which profoundly reflects the lack of basic system maintenance for SME financing.
Third, the idea of improving the financing system of small and medium-sized enterprises
Whether it is developed or developing countries, whether it is financing system arrangement or system operation, it is inseparable from the government's leading and presiding.
(1) Give full play to the guidance, management and service functions of the government.
1. Perfect special laws and regulations are the foundation of the financing system. The operating basis of market economy is the legal system, and a perfect legal system is the basic requirement to safeguard the principle of fair trade and reflect the government's policy orientation. Whether it is the establishment of the system or the adjustment of interests, it must be realized through laws and regulations. Financing system and credit transaction involve the actual economic interests of each transaction subject, especially the legal protection. To establish the financing system and financing system of small and medium-sized enterprises, laws and regulations related to the operation and credit activities of small and medium-sized enterprises should be promulgated and improved as soon as possible, and the standardization of financing, credit investigation, guarantee and informatization activities of small and medium-sized enterprises should be promoted by legal means. On the basis of legislation, at the same time, we will promote the construction of professional judicial team, guarantee institutions, personnel, funds and technical conditions, and implement the legal guarantee of financing for small and medium-sized enterprises. 2. Specialized government functional institutions are the core of SME financing system framework. As soon as possible, the management functions related to small and medium-sized enterprises in the existing relevant departments will be merged, and a State Administration for Small and Medium-sized Enterprises with comprehensive coordination ability will be established to exercise the functions of safeguarding the rights and interests of small and medium-sized enterprises, formulating and issuing policies and regulations, providing information services and supervision and management, changing micro-intervention into macro-coordination and service, and enhancing the leading role and service function of the government.
3. Establish a policy-oriented SME bank. Policy-oriented financial institutions are institutions that obey and serve the government's macroeconomic policies, and engage in investment and financing activities from the perspective of the government and social interests with the goal of realizing the government's economic policies and intentions. The establishment of government banks to support small and medium-sized enterprises is a mechanism established by the Japanese government after World War II to balance the distribution of funds and coordinate the balanced development of the national economy, and it has received extremely remarkable results. The establishment of financing system framework for small and medium-sized enterprises should be oriented to the establishment of policy-oriented small and medium-sized enterprise banks.
(B) dredge private lending channels
In fact, in developed countries, private finance has always been an important force supporting the development of small and medium-sized enterprises. Even in today's leading level of economic development, private finance is still an important channel for them to finance small and medium-sized enterprises. In the economically affluent areas of China, private funds have been considerable, but there is no way to engage in conventional financial business. Dredging private financing channels is mainly to allow the development of private small financial organizations. This kind of non-governmental financial organization with obvious regionality, its financing object is limited to acquaintance customers, and the default between friends will bear greater reputation cost. In this unique credit culture background, not only the risk of information asymmetry is small, but also the risk constraint is more effective and has unique advantages.
Dredge the financing channels of small and medium-sized enterprises and build a more reasonable financial system. First, it can balance the flow of social funds; Second, it can avoid the overwhelming pressure of usury on small and medium-sized enterprises; Third, we can improve China's financial system and make it more suitable for the multiple needs of multi-level economies; Fourth, we can give full play to the energy of private funds. In addition, it has a positive effect on the stability of the financial order.
At present, small-scale private banks have appeared in the affluent areas along the southeast coast. However, due to the lack of guidance and norms of relevant laws and regulations, there are irregularities in its operation, such as a large proportion of associated loans and a high bad debt rate, which makes its business continuity and development unstable. The government should regulate and guide private banks to establish a scientific corporate governance structure through laws, engage in financial business according to the principles of compliance and prudence, and control shareholders' damage to the interests of banks in related transactions. The healthy development of SME banks is an important condition for the stability of SME financing system.
In order to encourage private capital to invest in small and medium-sized banks, the state should provide them with tax incentives (even more) while standardizing management, so that they can develop steadily on the basis of compliance and law-abiding operations.
(3) Risk control and transfer mechanism of the double-layer guarantee structure of guarantee and insurance.
In the market economy, no system can completely eliminate credit risk, and a perfect financing guarantee system must have the functions of risk control and risk transfer. Generally speaking, it is necessary to gradually establish a financing management mechanism of risk dispersion, transfer and supervision jointly established by loan banks, guarantee institutions and insurance companies, and completely change the existing financing mechanism that whoever provides loans must bear the risks.
At present, the financing guarantee system of small and medium-sized enterprises in China has the problems of structural deficiency and decentralized management. Although the practice of credit guarantee for small and medium-sized enterprises began as early as 1992, it has developed into a new industry dominated by the government and diversified by thousands of financing guarantee institutions. However, its problems cannot be ignored. First of all, from the current situation, there are some problems in guarantee institutions, such as different administrative ownership, weak main position of guarantee institutions in financing activities, unstable profitability and so on. Secondly, structurally speaking, the existing financing guarantee system lacks a risk transfer mechanism. Because of the high financing risk of enterprises, commercial insurance companies have always avoided it. Therefore, in the financing guarantee system for small and medium-sized enterprises, except the policy financing insurance provided by China Xinbao for export enterprises, commercial insurance is still absent. In addition, at present, the blueprint of management laws and regulations for the guarantee industry is still the Interim Measures for Risk Management of Financing Guarantee Institutions for Small and Medium-sized Enterprises (Jin Cai [20065438+0] No.77) issued by the Ministry of Finance in March 2000/KLOC-0. This method mainly aims at the financing guarantee institutions established by the government with capital contribution or equity participation and serving small and medium-sized enterprises, and makes provisions on fund management. However, for the whole guarantee industry, there is still a lack of widely applicable legal guidance, which makes the guarantee industry lack legal guidance and norms for healthy development.
In order to improve the above shortcomings, a combination model of guarantee, insurance and reinsurance should be established in the system design. Guarantee, which is used to make up for the lack of credit of the financier and play a role in diversifying risks; Insurance can enable lenders and guarantors to transfer risks. This can effectively reduce the market evasion caused by financial institutions' excessive exposure to information asymmetry risks, and promote the development of credit rationing coverage from local equilibrium to overall equilibrium.
(D) to strengthen the credit risk management of SMEs
1. Improve the credit information system of SMEs. Strengthening the construction of credit information system for small and medium-sized enterprises is an important link for the stability of financing system for small and medium-sized enterprises. During the Eleventh Five-Year Plan period, the concept of enterprise credit management has been widely promoted throughout the country, but the management of credit status of small and medium-sized enterprises is still extremely lacking. There are some objective reasons, for example, the collection of credit information of a large number of small and medium-sized enterprises is very heavy, and it is difficult for financial institutions such as banks or professional credit investigation companies to establish complete credit files for them in a short time; A large number of small enterprises and micro-enterprises are mostly lack of standardization in management and imperfect in financial system. It is difficult for relevant departments to collect complete financial data of enterprises, especially micro-enterprises are small-scale operations with no credit transaction records, so it is difficult to collect information. However, the imperfection of SME credit files will inevitably affect the financial support of financial institutions and the improvement of the overall credit level of society.
For small and micro enterprises, we can try to adopt different tax rates for enterprises that voluntarily submit information and materials, guide enterprises to voluntarily submit credit information, and then establish, verify and update credit files of small and medium-sized enterprises through information collection by relevant departments such as industry and commerce, taxation and banking.
2. Build a good cooperative relationship between banks and enterprises. The effective control of financing risk of small and medium-sized enterprises first comes from the loan banks themselves. Whether it is a large bank or a small private bank, since it is a lender of small and medium-sized enterprises, it has the right to supervise the operation of debt enterprises, including making suggestions on their project investment and participating in voting. Although this will make the borrowing enterprises lose part of their independent management rights, it is the price they must pay for large-scale financing and the necessary measures to control financing risks. Establishing and maintaining a good cooperative relationship between banks and enterprises is conducive to the stability of enterprise operation and the timeliness of risk avoidance.
3. The construction of modern credit culture of small and medium-sized enterprises cannot be relaxed. The management consciousness and concept of small and medium-sized enterprise operators are the basic principles and standards of enterprise management. But everyone's credit concept is uneven. First of all, it is necessary to advocate and cultivate its advanced credit culture under the constraints of the system, so that this business group can establish the basic operating principles of honesty, seriously manage the credit image of enterprises and enhance social reputation. Secondly, establish a basic credit management system within the enterprise. Even small and micro enterprises, whether buying and selling in the commodity market or paying in the factor market, usually involve credit transactions and will inevitably face credit risks. Therefore, small and medium-sized enterprises should also learn and pay attention to the use of modern credit management system and advanced credit management methods to prevent credit risks, safeguard the interests of enterprises and seek stable development. The stability of enterprise operation will greatly improve the credit of financing.