抒情歌谣集中小企业融资现状问题及对策英文版

2021年1月22日发(作者：学而不思则罔思而不学则殆的翻译)
Researches On The Problems And Solutions Of SME Financing
Status Quo
Abstract:

The medium and small enterprise
plays
an
irreplaceable
role
in
China's
national
economy, but harsh financing environment seriously restricts and even endangers the survival and
development
of
medium and small enterprises.
First,
this
article
introduces
the
status
and
characteristics
of
SME
financing.
Second,
analyzes
the
channels
and
the
difficulties
of
SME
financing
in
our
country.
Finally,
comes
up
with
some
measures
to
ease
difficulties
of
SME
financing. In this article, the research on the problems and solutions of SME financing status quo
has a certain significance and guiding value.

Keywords:
SME, Financing, The Analysis Of Countermeasures


1 .The status quo of China's SME
1.1 The development and current situation of SME

No
matter
in
developed
countries
or
in
developing
countries,
the
small
and
medium-sized
enterprise is the important support of national economy in the development of a country.
Small
and
medium-sized
enterprises
play
an
irreplaceable
role
in
improving
the
national
economic
production, promoting the progress of science and technology, increasing employment, expanding
exports, etc. After China carried out reform and open policy, our national small and medium- sized
enterprises have developed very quickly, and the contribution rate of them to national economy
have
raised
constantly.
As
of
May
2011,
the
number
of
small
and
medium-sized
enterprises
in
China has more than 40 million, and has taken up more than 99% of all enterprises. Total imports
and exports of small and medium-sized enterprises have accounted for 69%. The gross industrial
output value, sales income, taxes of SME have respectively accounted for 60% of the total, 57%
and
50%.
Small
and
medium-sized
enterprises
mostly
engage in
those jobs in the
third industry,
which are close to the market, close to the user. They are active in the most competitive areas of
the market. SME is the main body of market economy and the micro foundation of market system.
Because
the
cost
of
entrepreneurship
and
management
of
small
and
medium
enterprises
are
relatively
low,
and
the
resilience
of
the
SME
market
is
strong,
SME
is
the
main
place
to
employment.
Small
and
medium-sized
enterprises
have
provided
nearly
80%
of
jobs
for
the
society nowadays.

1.2 The main characteristics of SME
At present, small and medium-sized enterprises in our country are mainly private enterprises, and
have already formed the situation of state-owned enterprises and private enterprises in two forms
coexist. As for industrial enterprises, for example, state- owned enterprises have accounted for only
15% of the total, private enterprises have accounted for 85%. The development of SME is mainly
concentrated
on
the
labor- intensive
industries.
The
employment
capacity
and
employment
investment elasticity of SME are significantly higher than large enterprises. According to statistics,
in terms of resettlement workers, SME is nearly double higher than large enterprises. China is a
large
country,
the
distribution
of
SME
in
different
regions
is
extremely
uneven.
According
to
statistics, the number of small and medium-sized enterprises in eastern and central each accounts
for 42% of the total in China and the west accounts for 15%. This suggests that in the enterprise
scale, the average output value of small and medium-sized enterprises in eastern is larger than the
central
and
western.
In
the
process
of
reform,
compared
with
large
enterprises,
small
and
medium- sized enterprises are often the experimental zone and the breakthrough. Various results of
the
reform
of
small
and
medium- sized
enterprises
can
provide
some
useful
experiences
for
the
reform practice of large enterprises.


2.

The channels and difficulties of SME financing in our country
2.1 The major financing ways of SME
At present, the financing channel of small and medium-sized enterprises is relatively narrow. The
owner investment, internal financing and bank loan are the main financing channels of small and
medium-sized enterprises. However, most of financing channels blocked, small and medium-sized
enterprises do not have much practical significance. According to the sources of corporate funding,
corporate
finance
can
be divided
into
endogenous
and exogenous
financing
two
major
types
of
financing.

Three main financing channels of

SME












Owner
investment

Internal
financing

Bank

loan
Figure 1:
Three main financing channels of SME

(1) Endogenous financing

Equity
financing
and
debt
financing
are
two
ways
of
the
endogenous
financing.
The
capital
formation
of
endogenous
financing
has
show
the
primitiveness,
autonomy
and
other
characteristics.
Endogenous
financing
is
the
indispensable
important
component
of
the
survival
and
development
of
small
and
medium-sized
enterprises.
However,
small
and
medium-sized
enterprises general have insufficient funds, and the self accumulation is limited.

(2)

Exogenous financing

Exogenous Financing refers to the use of corporate funds to external financing mainly in direct
financing and indirect financing in two ways. As we know, stock, enterprise bond and the loan to
bank
are
three
kinds
of
main
financing
ways
of
the
enterprise
outside,
also
are
the
intrinsic
foundation of capital market structure. However, the difficulty of obtaining external financing is
always one of the problems that restrict the development of MES.
(3) The relation between the two major types of financing

As Chinese
small
and
medium-sized enterprises
are developing from the stage of starting to
growing, stead of continue to depending on internal financing, small and medium-sized enterprises