完善中小微型企業(yè)發(fā)展的金融體系研究

1、隨著知識經(jīng)濟(jì)時代的到來，經(jīng)濟(jì)的發(fā)展呈現(xiàn)多樣化的需求，企業(yè)發(fā)展呈現(xiàn)了柔性化趨 勢，使得傳統(tǒng)集約型企業(yè)生產(chǎn)逐漸呈現(xiàn)分散化與小型化的趨勢，逐漸成為社會經(jīng)濟(jì)發(fā)展的重 要支柱，然而現(xiàn)階段我國金融體系対中小微型企業(yè)發(fā)展的扶持力度有限，導(dǎo)致中小微型金業(yè) 的融資存在困難，因此對完善中小微型企業(yè)發(fā)展的金融體系進(jìn)行研究具有一定的現(xiàn)實(shí)意義。1中小微型金業(yè)的界定對中小企業(yè)界定的是基于企業(yè)規(guī)模差片化的-種和対性概念，是相對于大型企業(yè)存在的, 屮小企業(yè)一般指的是相對于大型企業(yè)而言，金業(yè)經(jīng)營規(guī)模處于中等或屮等以下的金業(yè)，人多 屮小微型企業(yè)都存在生產(chǎn)規(guī)模小、企業(yè)資木較少、融資難度人的特點(diǎn)。對屮小微型企業(yè)的界 定存在著一定程度

2、上的時空差異，在不同地域下以及不同發(fā)展階段中，市場都會采用不同的 標(biāo)準(zhǔn)對屮小企業(yè)進(jìn)行界定?，F(xiàn)階段我國對中小企業(yè)的界定主要通過企業(yè)控制方式、企業(yè)經(jīng)濟(jì) 特征對企業(yè)生產(chǎn)規(guī)模與固定資產(chǎn)進(jìn)行判定與衡量。2現(xiàn)階段我國金融體系在支持中小微型企業(yè)發(fā)展過程中存在的問題現(xiàn)階段我國中小微型企業(yè)在發(fā)展過程屮普遍存在融資不暢、貸款困難的問題，在很人程 度上制約了我國中小微型企業(yè)的發(fā)展。我國中小微型企業(yè)融資能力較差的主要原因在于中小 微型企業(yè)規(guī)模較小、負(fù)債過多，導(dǎo)致屮小微型金業(yè)信用等級較低。而我國金融休系在考慮到 屮小型企業(yè)償債能力不足之后，提升了貸款審批的審批門檻，這對屮小企業(yè)籌資環(huán)節(jié)造成了 很大的影響。2.1缺少銀行

3、信貸支持銀行信貸作為我國資金循環(huán)過程屮的主要渠道，是我國企業(yè)融資最為重要的渠道。然而 由于中小微型企業(yè)存在金業(yè)規(guī)模較小、資產(chǎn)負(fù)債過多等問題，銀行為了保證白身的經(jīng)濟(jì)利益， 更愿意以規(guī)模較大、還款較為穩(wěn)定的大型企業(yè)作為信貸對象，這就導(dǎo)致銀行系統(tǒng)對小小微型 企業(yè)的信貸供給嚴(yán)重不足?，F(xiàn)階段我國四大國冇商業(yè)銀行作為信貸發(fā)放的主渠道，在運(yùn)營過 程屮過于注重對重點(diǎn)行業(yè)與大規(guī)模金業(yè)的服務(wù)，忽略了屮小微型金業(yè)的信貸服務(wù)，在具體信 貸過程屮存在著不平等現(xiàn)象。由于我國現(xiàn)階段尚未建立專門性質(zhì)的屮小微型企業(yè)的金融機(jī)構(gòu) 信貸體系，由于缺少銀行信貸支持，銀行等內(nèi)容機(jī)構(gòu)難以發(fā)揮對中小微型企業(yè)服務(wù)的作用， 我國中小微型企業(yè)難以

4、保證融資的穩(wěn)定性。2.2信用擔(dān)保體系不健全雖然我國信用擔(dān)保體系實(shí)行已冇25年z久，然而在實(shí)際實(shí)施過程中，信用擔(dān)保體系仍 不夠完善，仍然存在擔(dān)保機(jī)構(gòu)不專業(yè)以及擔(dān)保資金不足的問題。現(xiàn)階段很大一部分擔(dān)保機(jī)構(gòu) 都在實(shí)行會員制制度，中小微型企業(yè)為了加入擔(dān)保機(jī)構(gòu)并成為會員，必須要事先繳納一部分 入會押金，這就在一定程度上進(jìn)一步加大了中小微型企業(yè)的融資成本，也擴(kuò)大了擔(dān)保難度。 現(xiàn)階段絕人多數(shù)屮小微型企業(yè)在發(fā)展過程屮都存在著產(chǎn)權(quán)不清晰、企業(yè)經(jīng)營不規(guī)范、企業(yè)管 理家族化的問題，使得屮小微型金業(yè)難以將產(chǎn)權(quán)進(jìn)行抵押，同時難以支付信用擔(dān)保的小介費(fèi) 用，在很大程度上制約了中小型企業(yè)發(fā)展的進(jìn)程。2.3直接觸資市場體系不完

5、善隨著市場經(jīng)濟(jì)的不斷發(fā)展，我國屮小微型企業(yè)的融資方式也向多元化方向發(fā)展，由傳統(tǒng) 單一性的銀行信貸融資逐漸轉(zhuǎn)變?yōu)橐糟y行信貸為主，股權(quán)融資、債券融資、證券投資、風(fēng)險 投資等多種融資手段并存的融資形式。然而由于中小微型企業(yè)生產(chǎn)規(guī)模較小，普遍不具備現(xiàn) 行證券融資管理所要求的生產(chǎn)規(guī)模以及投資回報(bào)，難以在肓接融資市場獲得資金。雖然h 20世紀(jì)90年代以來，風(fēng)險投資的迅速發(fā)展在一定程度上推動了我國屮小微型金業(yè)的發(fā)展, 然而由于中小微型企業(yè)生產(chǎn)規(guī)模有限難以保證其生產(chǎn)經(jīng)營的可靠性，便得中小微型企業(yè)在融 資過程中由定向集資轉(zhuǎn)向亂集資，中小微型企業(yè)受到直接融資市場的排斥。2.4屮小微型企業(yè)信用環(huán)境較差中小微型企業(yè)較

6、z大規(guī)模企業(yè)，存在生產(chǎn)規(guī)模較小、資產(chǎn)負(fù)債過高等特點(diǎn)，導(dǎo)致屮小微 型企業(yè)信川環(huán)境較差，難以根據(jù)完善的信用制度完成企業(yè)融資工作?，F(xiàn)階段中小微型企業(yè)不 良貸款占比較大規(guī)模企業(yè)稍高，且信用狀況較人規(guī)模企業(yè)稍差，加之屮小微型企業(yè)缺乏完善 的信用記錄系統(tǒng)，導(dǎo)致中小微型企業(yè)在銀行等金融機(jī)構(gòu)間缺乏良好的企業(yè)信用?？梢哉f中小 微型企業(yè)不僅是惡劣的信用環(huán)境的受害者，同時也是信用環(huán)境差的責(zé)任人。3完善支持中小微型企業(yè)發(fā)展的金融服務(wù)體系3.1拓寬融資渠道由于現(xiàn)階段中小微型企業(yè)在發(fā)展過程中存在融資困難的問題，為了推動屮小微型企業(yè)的 可持續(xù)發(fā)展，應(yīng)當(dāng)從企業(yè)內(nèi)部入手，適當(dāng)拓寬企業(yè)自身的融資渠道，利用融資租賃、項(xiàng)目融 資等多

7、種渠道籌集中小企業(yè)運(yùn)營所需資金，保證企業(yè)的融資能力。為了拓寬中小企業(yè)的融資 渠道，實(shí)現(xiàn)屮小企業(yè)的可持續(xù)發(fā)展，我國政府相關(guān)部門也應(yīng)當(dāng)加人對屮小企業(yè)的資金扶持力 度，通過建立專業(yè)性面向小小企業(yè)的小型商業(yè)銀行以及屮小企業(yè)信用擔(dān)保機(jī)構(gòu)，最人限度地 降低中小企業(yè)的融資困難。此同吋，中小微型企業(yè)述可以通過互助擔(dān)?；蚧ブ?lián)保的方式 降低銀行機(jī)構(gòu)的投資風(fēng)險，從提升自身信用環(huán)境出發(fā)，盡可能地打消銀行對中小微型企業(yè)償 債能力的顧慮，從而提高獲取銀行信貸的可能。為了拓寬融資渠道，小小微型企業(yè)的管理層 應(yīng)當(dāng)加強(qiáng)對企業(yè)融資環(huán)節(jié)的重視，從加強(qiáng)屮小微型企業(yè)內(nèi)部財(cái)務(wù)管理制度建設(shè)出發(fā)，盡可能 地實(shí)現(xiàn)企業(yè)財(cái)務(wù)管理信息透明化以及公

8、開化，從而提升自身的信用等級。 3.2完善直 接融資市場體系直接融資市場體系對屮小微型企業(yè)融資的輔助作川極為重要，現(xiàn)階段直接融資市場體系 主要而向人中型企業(yè)開展融資信貸業(yè)務(wù)，中小微企業(yè)群體而臨著融資困境。雖然我國現(xiàn)階段 多層次資木市場已經(jīng)初步建立，但是對中小微型企業(yè)進(jìn)行輔助的低層市場仍不夠完善，因此 需要推進(jìn)資木市場的建設(shè)，完善肓接融資市場體系，確定合理的債市門檻，保證中小微型企 業(yè)也可以進(jìn)入融資市場。為了完善直接融資市場體系，可以首先対中小微型企業(yè)集合債券發(fā) 行審批程序進(jìn)行簡化，拉動更多的中小微型企業(yè)通過集合債券形式進(jìn)行融資，從而降低債券 發(fā)行門檻，擴(kuò)人企業(yè)債券發(fā)行范i韋i，有效地提升債券規(guī)

9、模。與此同時，政府應(yīng)當(dāng)搭建合理的 融資平臺，對符合條件的中小微型企業(yè)進(jìn)行扶持，滿足不同規(guī)模以及不同發(fā)展階段金業(yè)的需 耍，通過對主板市場進(jìn)行完善與發(fā)展，為屮小微型企業(yè)提供相應(yīng)的融資空間，從而為屮小微 型企業(yè)提供更多的資金支持。直接融資市場公開上市的最低層次市場定位為激勵新產(chǎn)業(yè)創(chuàng)新 成長的創(chuàng)業(yè)板，可以在創(chuàng)業(yè)板適當(dāng)降低企業(yè)進(jìn)入門檻，并逐漸擴(kuò)大這一板塊的板塊規(guī)模，從 而盡可能地維護(hù)資木市場的市場秩序。中小微型金業(yè)的創(chuàng)業(yè)板塊應(yīng)當(dāng)采取靈活的交易制度, 盡可能地提升交易市場的透明性以及流動性，從而降低市場交易費(fèi)用。3.3深入挖掘金融機(jī)構(gòu)的潛力銀行信貸作為我國資金循環(huán)過程屮的主要渠道，是我國企業(yè)融資最為重要的

10、渠道，因此 為了完善支持中小微型企業(yè)發(fā)展的金融體系，就應(yīng)當(dāng)深入挖掘金融體系對中小微型企業(yè)提供 服務(wù)的潛能，從而推動中小微型金業(yè)的發(fā)展。我國金融機(jī)構(gòu)具有較強(qiáng)的吸儲能力，但缺乏有 效的將儲蓄轉(zhuǎn)換為貸款的能力，因此我國金融機(jī)構(gòu)在促進(jìn)屮小微型企業(yè)融資方面存在著較人 的潛力。首先，為了建立完善的金融體系，應(yīng)當(dāng)發(fā)揮商業(yè)銀行以及國有銀行對屮小微型企業(yè)融資 的主導(dǎo)作用。通過完善金融機(jī)構(gòu)的企業(yè)制度以及深化商業(yè)銀行改革，可以在很大程度上提升 商業(yè)銀行以及國有銀行對于屮小微型企業(yè)銀行信貸的意識，從而轉(zhuǎn)變傳統(tǒng)以人規(guī)模金業(yè)為主 的信貸觀念，將中小微型企業(yè)發(fā)展為更為有力的貸款增長點(diǎn)，并拓展而向中小微型企業(yè)融資 貸款的分支

11、業(yè)務(wù)范圍。其次，為了建立完善的金融體系，應(yīng)當(dāng)發(fā)揮中小型金融機(jī)構(gòu)對中小微型企業(yè)融資的支持 作用，通過更新屮小金觸機(jī)構(gòu)地方經(jīng)濟(jì)的服務(wù)理念，轉(zhuǎn)變屮小金融機(jī)構(gòu)的營銷策略，從而拓 寬金融業(yè)務(wù)范圍，加人對屮小微型企業(yè)信貸支持力度。最后，為了建立完善的金融體系，應(yīng)當(dāng)促進(jìn)金融機(jī)構(gòu)與民間資本相結(jié)合，由民間資本對 正規(guī)金融機(jī)構(gòu)產(chǎn)品進(jìn)行補(bǔ)充，從而彌補(bǔ)銀行金融機(jī)構(gòu)資本配置分配不肖的問題，將民間資本 轉(zhuǎn)化為有效地投資活動。通過合理的金融改革，可以有效地優(yōu)化渠道間的資金分配，提升各 類資木在金融體系屮的流動性。4結(jié)語總而言之，雖然屮小微型企業(yè)在我國市場經(jīng)濟(jì)發(fā)展屮發(fā)揮著不可替代的作川，但現(xiàn)階段 我國屮小微型企業(yè)的融資困難問

12、題卻在很人程度上制約了中小微型企業(yè)的發(fā)展。為了解決屮 小微型企業(yè)融資困難的問題，應(yīng)當(dāng)根據(jù)中小微型企業(yè)的發(fā)展周期選擇適宜的融資方式，通過 拓寬融資渠道，合理分配直接融資與間接融資的比重，實(shí)現(xiàn)中小微型企業(yè)的可持續(xù)發(fā)展。with the advent of the era of knowledge economy, the development of economy takes on a variety of requirements, presents the flexible trend of development of the enterprise, make the traditiona

13、l intensive enterprises gradually showed a trend of diversification and the miniaturizati on of the producti on, has gradually become the imports nt pillar of social and economic development, but the present stage our country financial system support to mini, small and medium enterprises development

14、 co., ltd., lead to mini, small and medium enterprises financing difficulties, so to improve the micro, small and medium enterprises financial system of the development of the study has a certain practical significanee.one definition of micro, small and medium enterprisesfor small and medium-sized e

15、nterprises is defined based on the enterprise scale differenee a relative concept, there is relative to large enterprises, small and medium-sized enterprises gen erally refers to the relative to the large en terprises, busi ness scale in the medium or medium enterprise, under the mini, small and med

16、ium-sized enterprises are mostly are in a small scale production, enterprise capital is less, the characteristics of the financing difficulty is big. the definition of micro, small and medium enterprises there are differences of space and time, to a certain extent, under the different regions and di

17、fferent development phase, the market will adopt different standards for small and medium-sized enterprises. the definition of small and medium-sized enterprises in our country at present stage through the analysis of enterprise control mode, enterprise economic characteristics of enterprise product

18、ion scale and fixed assets to determine and measurein support of the financial system in china at present stage 2 problems existing in the process of micro, small and medium enterprises developmentmini, small and medium-sized enterprises in our country at present stage in the development process of

19、poor universal existenee financing, loans difficult problem, to a great extent, restricts the development of micro, small and medium enterprises in china. mini, small and medium-sized enterprises in our country is the financing capacity of the main causes of poor mini, small and medium-sized enterpr

20、ises too much smaller, liabilities, and lead to mini, small and medium-sized en terprises credit rati ng is low. and our coun try finan cial system after con sideri ng the small and medium-sized en terprise debt payi ng ability is in sufficient, raised the loan approval for examination and approval

21、of the threshold, the small and medium-sized enterprise financing link caused great impact.2.1 lack of bank credit supportbank credit as the main cha nnel in the process of capital circulati on in chin a, is the most imports nt cha nnels to our coun try en terprise financing. however due to mini, sm

22、all and medium-sized enterprises enterprise on a smaller scale, many assets and liabilities, etc problems, banks in order to ensure its own economic interests, more willing to large enterprise with larger; more stable reimbursement as credit object, this leads to the ban king system to a serious sho

23、rtage of supply of credit to mini, small and medium enterprises the big four state-owned commercial banks in our country at present stage as the main channel of credit, too much attention to in the process of operation service for key industries and large-scale enterprises, ignored the mini, small a

24、nd medium-sized enterprises credit services, in the process of specific credit exists in equality because our cou ntry prese nt stage has not yet bee n established financial institutions of the special nature of the mini, small and medium enterprises credit system, because of a lack of bank credit s

25、upport, content such as bank institutions is difficult to play to the role of the service to mini, small and medium enterprises, mini, small and medium-sized enterprises in our country is difficult to guarantee the stability of finance2.2 the credit guarantee system is not soundalthough our country&

26、#39;s credit guarantee system for 25 years, but in the actual implementation process, the credit guarantee system is still not perfect, there are still not professi onal guara ntee agencies and guarantee the problem of insufficie nt fun ds. at prese nt a large part of the guarantee agencies in the m

27、embership system, micro, small and medium enterprises in order to guarantee agencies to join and become a member, must want to pay part of the admissi on deposit in adva nee, it is to a certai n exte nt, further in creases the micro, small and medium enterprises financing costs, also enlarged the gu

28、arantee difficulty. at this stage in the development process of the vast majority of micro, small and medium enterprises are not clear property right, the operation is not standard, enterprise management, family problems, makes it hard for mini, small and medium-sized enterprises property to mortgag

29、e, is difficult to pay for credit guarantee intermediary at the same time, to a great extent, restricts the development of small and medium-sized enterprise process23 direct financing market system is not perfectwith the continuous development of market economy, our country small and medium-sized mi

30、cro-enterprise financing way is to develop in the directi on of diversificati on, from the traditional single gradually transforms the bank credit financing is given priority to with bank credit, equity finan cing, bond financing, securities in vestment, venture capital fin anci ng means of financin

31、g in the form. however due to mini, small and medium-sized enterprises to produce smaller, gen erally do not have the curr ent securities financing man ageme nt requireme nts of the production scale and investment returns, is difficult to obtain funds in the direct financing market. although since t

32、he 1990 s, the rapid developme nt of risk in vestment in a certai n exte nt promoted the development of micro, small and medium enterprises in our country, however the scale of production limited due to mini, small and medium enterprises difficult to guarantee the reliability of its production and o

33、peration, makes the mini, small and medium-sized enterprises in the process of financing by directional to raise money to fund raising, micro, small and medium enterprises by the direct financing market2.4 mini, small and medium-sized enterprises credit environment is poormini, small and medium-size

34、d enterprises than large enterprises, the existing production on a smaller scale, assets and liabilities is too high, credit environment is bad, lead to mini, small and medium enterprises difficult to according to corporate finance work perfect credit system. mini, small and medium-sized enterprises

35、 at present stage high non-performing loans accounted for large enterprises, large-scale enterprises and credit status is a bit poor, coupled with a mini, small and medium-sized enterprises lack of perfect credit system, between the banks and other financial institutions lead to mini, small and medi

36、um enterprises lack of good enterprise credit. not only can say mini, small and medium enterprises have been the victims of the bad credit environment, is also the responsibility of poor credit environment.3 mini, small and medium-sized enterprises improve support the development of financial servic

37、e system3.1 broaden the financing channelsdue to the present stage in the development process of mini, small and medium-sized enterprises financing difficult problems, in order to promote the sustainable development of micro, small and medium enterprises, should be from the enterprise in ter nal, br

38、oade n the enterprise's own financing channels, appropriate use of financing lease, project financing, and other channels to raise funds required to run the small and medium-sized enterprises, ensure enterprise's financing ability. in order to broaden the financing channels of small and medi

39、um-sized enterprises, realize the sustainable development of small and medium-sized en terprises, our country gover nment related departme nt should also in crease funding support to small and medium enterprises, through the establishment of professional small commercial banks and small and medium-s

40、ized enterprise for small and medium-sized enterprises credit guarantee institutions, minimizing the financing difficulties of small and medium-sized enterprises can also at the same time, mini, small and medium enterprises through the way of mutual guarantee or mutual aid group to reduce the invest

41、ment risk of financial institutions, from improving its credit environment, as much as possible to reassure bank solvency to mini, small and medium en terprises, to improve access to bank credit managem ent in order to broaden the financing channels, mini, small and medium enterprises should strengt

42、hen the attention to the enterprise financing, from strengthening the construction of medium and small miniature enterprise in ter nal finan cial manageme nt system, as much as possible to reach the company finan cial man agement in format! on tra nspare ncy and openness, thus to improve its credit

43、rati ng. 3.2 improve the direct finan cing market systemmarket system of direct financing for small and medium-sized micro-enterprise financing of the auxiliary function is very important, at the present stage of direct financing market system for large and medium-sized enterprises to carry out the

44、financing credit business, micro, small and medium enterprises group is faced with financing difficulties. although the multi-level capital market at the present stage in china has been preliminarily established, but the mini, small and medium-sized enterprises auxiliary low-level market is still no

45、t perfect, so need to advanee the construction of capital market, improve the direct financing market system, determine reasonable bond market threshold, ensure the mini, small and medium-sized enterprises can also enter the financing market. in order to improve the direct financing market system, c

46、an be the first set of mini, small and medium enterprises to simplify the approval procedures for bond issuanee, pull more micro, small and medium enterprises through the collection form of debt financing, thus reducing bond issuance threshold, expanding the scope of the enterprise bond issua nee, e

47、ffectively improve the bonds. mean while, the governme nt should set up reas on able financing platform, www.hanyuloo.net support for eligible mini, small and medium-sized enterprises, to meet the needs of the enterprises of different size and d iff ere nt stages of development, through the study of

48、 the perfect and developme nt of the main board market, for the mini, small and medium-sized en terprises to provide the corresp on ding financing space, so as to provide more financial support to mini, small and medium enterprises. direct financing market public offering at the lowest level of grow

49、th of new market positioning to stimulate in dustrial inno vati on gem, can reduce the en terprise enters the threshold to appropriate the gem, and gradually expand the scale of the plate, plate, as far as possible to maintain the market order of capital market mini, small and medium-sized enterpris

50、es in the business sector should adopt flexible trading system, and enhanee market transparency and liquidity, as much as possible to reduce market transaction costs3.3 dig the potential financial institutionsbank credit as the main cha nnel in the process of capital circulati on in chin a, is the m

51、ost important of our country enterprise financing channels, so the micro, small and medium enterprises in order to improve the support the development of the financial system, you should dig the potential of the financial system for micro, small and medium enterprises to provide services, so as to p

52、romote the development of micro, small and medium enterprises. has the strong ability of deposit-taking financial institutions in our country, but the lack of ability to effectively convert savings to loan, so financial institutions in promoting micro, small and medium enterprises financing in china

53、 there is a greater potential.first of all, to establish a perfect financial system, shall be brought into play commercial banks and state-owned banks to mini, small and medium enterprises financing of leading role. through perfecting the enterprise system of financial institutions and deepening the

54、 reform of commercial banks, can largely improve the commercial bank and state-owned banks to mini, small and medium-sized enterprise credit consciousness, so as to change traditional mainly large-scale enterprise credit concept, the mini, small and medium-sized enterprises for the development of more powerful loan growth point, and expand to mini, small and medium enterprises financing loans branch business scope