Researches on the problems and solutions of SME financing status quo
摘 要： 中小企业在我国国民经济中发挥着不可替代的作用，但恶劣的融资环境严重地制约甚至危及着中小企业的生存和发展。文章介绍了我国中小企业融资现状及特点，分析我国中小企业融资渠道及面临的困境，提出缓解中小企业融资难的对策。本文研究成果将对解决中小企业融资难问题提供一定借鉴意义。
关键词：中小企业 融资 对策分析
SME financing Countermeasures
1.我国中小企业现状
1.1中小企业发展及现状
不论在发达国家还是在发展中国家， 中小企业都是国民经济的重要经济支柱。
中小企业在提高国民经济生产、促进科技进步、增加就业、扩大出口等方面，发挥着不可替代的作用。自改革开放以来，我国的中小企业发展迅速，在国民经济和社会发展中的地位和作用日益增强。
截至2011年5月，我国中小企业数已超过4000万户，占全国企业总数的99%以上，中小企业进出口总额占69%，开发新产品占82%以上。
中小企业工业总产值、销售收入、实现利税分别占总量的60％、57％和50％；流通领域中小企业占全国零售网点的90％以上；中小企业大多数从事第三产业，贴近市场，贴近用户，活跃在市场竞争最为激烈的领域，是市场经济的主体和市场体制的微观基础；中小企业创业及管理成本低，市场的应变能力强，就业弹性高，是社会就业的主要场所，国有企业的下岗职工、农村剩余劳动力主要集中在中小企业中再就业。
中小企业为社会提供了近80%的就业岗位。
Both in developed and developing countries, SMEs are an important economic pillar of the national economy. SMEs in improving the national economy and promote scientific and technological progress, increasing employment, expanding exports, etc., play an irreplaceable role. Since the reform and opening up, the rapid development of China's SMEs, the status and role in the national economy and social development is growing. As of May 2011, the number of SMEs in China has more than 40 million, accounting for more than 99% of the total number of enterprises, SMEs account for 69% of total imports and exports, development of new products accounted for more than 82%. SME industrial output value, sales income, and profits accounted for 60% of the total, respectively, 57% and 50%; circulation SMEs account for over 90% of national retail outlets; SMEs are engaged in the tertiary industry, close to the market, close to the user, are active in the most competitive areas of the market, is the main micro-foundation of the market economy and the market system; low-cost small and medium business and management, strong resilience of the market, the employment elasticity is high, is the main place of social employment, the state-owned companies laid off workers, mainly in the rural surplus labor force in the re-employment of SMEs. SMEs provide the community with nearly 80% of jobs.
No matter in developed countries or in developing countries, small and medium-sized enterprises are the important economic pillar of the national economy. Small and medium-sized enterprises in improving the national economic production, promote the progress of science and technology, increase employment, expand exports, etc., play an irreplaceable role. Since reform and opening up, China's small and medium-sized enterprise development is rapid, in the position and role of the national economy and social development is growing stronger day by day. As of May 2011, our country small and medium-sized companies for more than 40 million households, more than 99% of the total number of national enterprises, imports and exports accounted for 69%, small and medium-sized enterprises to develop new products accounted for more than 82%. Small and medium-sized enterprises gross industrial output value, sales income, taxes and accounted for 60% of the total, 60% and 57% respectively; Circulation of small and medium-sized enterprises account for more than 90% of the national retail outlets; Most small and medium-sized enterprises engaged in the tertiary industry, close to the market, close to the user, active in the field of the most intense market competition, is the main body of market economy and the micro foundation of market system; The business management of low cost, small and medium enterprises market strain capacity, high employment elasticity, is the main place to employment, the laid-off workers of state-owned enterprises, mainly in the rural surplus labor in the small and medium-sized enterprises. Small and medium-sized enterprises (smes) provides nearly 80% of jobs for the society.
1.2 中小企业的主要特点
我国的中小企业目前是以民营企业为主，国有企业和民营企业两种形式并存的局面。
以工业企业为例，国有企业仅占总数的15％，民营企业占比为85%；中小企业的发展主要集中在劳动密集型产业上，其就业容量和就业投资弹性均明显高于大企业。
据统计，中小企业比大企业单位平均资金安置劳动人数要高出近一倍；中国幅员辽阔，各地区中小企业分布与发展水平极不平衡。
据统计，中小企业数量东部、中部各占全国总量的42％，西部占15％；而相应的工业总产值东部占66％、中部占26％、西部仅占8％。
这表明，在企业规模上，东部中小企业的平均产值规模大于中部和西部，大约是中部的2.倍 、西部的8倍；在改革进程中，相对大企业而言，中小企业往往是试验区，是突破口，是马前卒。
中小企业的各项改革成果，为大企业的改革实践提供了有益经验，也为创造多种经济成份共同发展的大好局面作出了贡献。
Our SMEs are mainly based on private enterprise, the two forms of state-owned enterprises and private enterprises coexist. Industrial enterprises, for example, state-owned enterprises accounted for only 15% of the total, private enterprises accounted for 85%; development of SMEs focused on labor-intensive industries, their employment capacity investment and employment were significantly higher elasticity of large enterprises. According to statistics, SMEs than large enterprises average unit labor funds to nearly double the number of resettlement; China's vast territory, the level of development of SMEs and regional distribution is extremely uneven. According to statistics, the number of SMEs in Eastern, Central each accounted for 42% of the national total, accounting for 15% of the West; while the corresponding eastern industrial output value accounted for 66%, 26% in central and western accounted for only 8%. This suggests that in the enterprise scale, the average value is greater than the size of the eastern central and western SMEs, which is about two times the central, western eight times; in the reform process, a relatively large enterprises, SMEs tend to be the test area , is a breakthrough, a pawn. The results of the reform of SMEs, large enterprises to reform the practice provides a useful experience, but also to create a good situation for the common development of various economic sectors contributed.
Small and medium-sized enterprises of our country at present is mainly of private enterprises, state-owned enterprises and private enterprises in two forms. In industrial enterprises, for example, state-owned enterprises accounted for only 15% of the total, 85% of private enterprises; The development of small and medium-sized enterprises are mainly concentrated on the labor-intensive industries, the employment capacity investment and employment elasticity were significantly higher than large enterprises. According to statistics, small and medium-sized enterprises than large enterprises average capital position number of labor is nearly doubled; China is a large country, and the uneven regional distribution and level of development of small and medium-sized enterprises. According to statistics, the number of small and medium-sized enterprises in eastern and central accounts for 42% of the total in China and the west accounted for 15%; And the corresponding eastern gross industrial output value accounted for 66%, 26% in central and western accounted for only 8%. This suggests that, on the enterprise scale, east the average output value of smes are larger than the central and western, central is about 2 times, eight times in the west; In the process of reform, the relatively large companies, small and medium-sized enterprises (smes) are often experimental zone, is a breakthrough point, is a pawn. Small and medium-sized enterprises in all kinds of reform efforts, reform practice provides beneficial experience for the big enterprise, also to create a variety of economic ingredients contributed to the common development of good situation.
2 我国中小企业融资渠道及面临的困境
2.1 中小企业主要的融资方式
我国中小企业融资渠道比较狭窄。
主要是依赖业主投资、内部集资和银行贷款等融资渠道，尽管风险投资、发行股票和债券等融资渠道也可以使用，但对中小企业的作用仍很有限。
目前融资渠道主要依赖于内源融资渠道和外源融资两大类。
内源融资。
内源融资包括权益融资渠道和债务融资两种方式。
内源融资的资本形成具有原始性、自主性、低成本性和抗风险性等特点， 是中小企业生存与发展不可或缺的重要组成部分。
但目前中小企业普遍自有资金不足，自我积累有限。
外源融资。
外源融资是指吸收其他经济主体的闲置资金，使之转化为自己投资的过程。
它对企业的资本形成具有高效性、灵活性、大量性和集中性等特点，同时外源融资会产生较高的融资成本。
在经济日益市场化、信用化和证券化过程中，外源融资将成为中小企业获取资金的主要方式。
(3)二者的关系。
在市场经济条件下中小企业融资也是一个随经济的发展由内源融资到外源融资的交替变换过程。
中小企业在创立之初，由于市场需求不旺，生产规模有限，难以承担高额负债成本。
因此十分重视自有资本的积累，避免过度的负债经营， 从而主要依靠内源融资来积累资金追加投资、扩大生产规模。
随着生产规模的逐步扩大，内源融资无法满足企业生产经营需要时，外源融资则成为企业扩张的主要融资手段。
因此，内源融资是外源融资的保证，外源融资的规模和风险必须以内源融资的能力来衡量。
如果不顾内源融资的能力而盲目地进行外源融资，不但无益于提高资源的利用率，而且将使企业陷入扩张与不稳定的困境之中。
2.2中小企业融资存在的困难
随着中小企业规模的不断发展， 其资金需求增速迅猛。从资金需求的角度来看，单个企业资金的需求量相对于大企业来说并不大， 但大部分中小企业都存在资金短缺问题，整体上存在一个较大的资金需求总量。
目前在中小企业融资的过程中却困难重重。
主要表现在：
(1)从银行贷款的难度较大。
由于中小企业难以满足银行贷款的抵押担保条件且贷款风险较大，以及财务管理水平较低等因素，再加上基层银行发放贷款的权限相对有限，致使银行发放贷款的积极性普遍不高。
尤其是大型商业银行经常以中小企业财务制度不健全或缺乏抵押资产等为由而将中小企业拒之门外，据不完全统计，中小企业从银行获取贷款额度仅占信贷总额8%。
(2)企业规模限制了从资本市场融资的可能。
目前，我国资本市场还很不完善，大部分企业尤其是中小企业难以通过直接融资渠道来获得资金，按照《公司法》《证券法》的要求，上市公司股本总额不少于5000 万元，并要求开业时间在三年以上且连续盈利。
因此, 中小企业因自身规模普遍较小，无法达到通过发行股票和债券等方式进行融资的门槛，这在一定程度上也削弱了中小企业融资的能力。
(3)中小企业信用缺失，征信系统不完善。
我国企业征信体系的建设从2006年才正式开始，但这项工作的开展近来却一直不顺利。
在征信体系的建设过程中，银行作为资金的提供者，并不能亲自参加企业的日常经营管理，而使用资金的中小企业在经营信息方面比银行拥有更多的优势。
因此，中小企业就有机会在贷款合同签订的过程中，或者事后资金使用过程中，损害银行的利益，使银行承担过多的风险。
反过来，银行当然会对自己的风险想方设法进行控制，这场博弈的结果就是银行的贷款门槛越升越高，中小企业的资金龙头被越拧越紧。
(4)信用担保、小额贷款公司等机构发展不规范。
近年来，主要以中小企业为服务对象的担保公司、小额贷款公司发展迅速，但其总体规模小，实力弱，抵御风险能力不强，行业管理不规范，融资成本较高。
对中小企业来讲，通过担保公司和小额贷款公司融资成为无奈之选。
(5)企业自身问题。
中小企业自身也存在一些问题和不足之处：第一，管理制度存在缺陷。
大部分中小企业存在产权界限模糊，所有权与经营权不分、剩余索取权与控制权不明确等问题。
第二，自身竞争力不强。
我国中小企业主要集中于劳动密集型产业，多是依靠国内廉价的原材料和劳动力来维持低价格而得以生存和发展。
第三，管理人员素质不高。
虽然有些中小企业企业家非常成功，但是大多数中小企业来说，经营者的经营管理水平不高，缺乏现代企业的经营和管理理念。
3 缓解我国中小企业融资难的对策
3.1 进一步完善支持中小企业金融的法律法规
中国的中小企业所有制构成比较复杂，而中国的企业立法和有关政策又主要是按照所有制性质来制定的，这就使得不同所有制性质的中小企业处在不同竞争起跑线上，不利于中小企业的更快发展。
在国家已经出台《中小企业促进法》的基础上，完善实施细则，依法规范中小企业银行、基金等金融机构的职责、资金来源、运作方式等，通过立法允许中小企业成立互助合作的金融机构， 使中小企业管理走上法制化轨道，不断完善支持中小企业金融的法律法规建设，为中小企业融资提供法律保障。
3.2 加强中小企业征信体系的建设
在中小企业征信体系的建设中，不能一味强调银行的作用，政府要调动银行、企业以及相关部门的积极性和义务。
比如， 工商和税务部门同样掌握着关于企业信用的重要信息，只有把它们的信息整合进来，征信体系才能更准确地反映企业的信用状况。
尤其当一些中小企业财务制度不透明、资金管理不规范的时候， 这种信息互联整合的价值也就愈加凸显。
因此征信体系的建立要政府来牵头，银行为主体，协同其他部门共同来建设。
3.3 进一步完善中小企业金融支持体系
为进一步完善我国中小企业金融支持体系，以加大对中小企业的金融支持力度，可考虑从以下几方面入手：一是充分发挥央行对中小企业金融支持的调控作用。
央行应根据中小企业自身的特点， 适度放宽对其贷款利率的浮动范围，充分发挥利率的杠杆作用，并调动金融机构向中小企业贷款的积极性。
二是鼓励商业银行开发适应中小企业发展的金融产品。
鼓励商业银行积极开展股权质押、票据质押等不同形式的贷款，不断改进对中小企业的金融服务。
促使中小型金融机构主动为中小企业服务。
三是中小型股份制商业银行、城政策上给他们提供各种方便，从法律上给予他们取得收入的保障；在开征环境保护税后，建立环境保护的专项转移支付，将环境保护受益地区所缴纳的环保税收入，转移到为实现环保付出代价的地区，并以环境保护补贴的方式直接发放到公众手中，将生态补偿变成现实；实施差价供电和供水，对那些环境保护做出贡献的个人，给予资源价格差价；设立个人环保奖励基金， 对每年评选出来的环保先进个人给予奖金奖励；借鉴美国的乘车过桥收费项目，将生活中的一些收费项目同环境保护联系起来。间接的名誉利益也是巨大的收益，我们应充分利用媒介力量，通过各种渠道大力宣传环境保护个人，增加个人从事环境保护的社会荣誉感和认同感， 从而增加个人的品牌收益。
环境保护与每个利益主体息息相关，把它固化成政府责任之一，一味借助政府的强制力推行环境保护，是主观上对环境保护的轻视和大意。
从美国经验上看，巨额环保支出已成为美国财政赤字的一个重要组成部分，严厉的管制措施对整个经济也产生了一定副作用， 反而不利于环境保护的开展。
但我们也不可寄希望于单纯的道德激励和说教，在市场经济下，要想把环境保护变成主观行为，就必须积极寻找每个利益主体在环境保护中的收益所在，并通过制度安排实现这些收益。
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electricity at no cost, revenue from electricity sales. Poverty alleviation to the removal, to desperate farmers out of poverty, in conjunction with urbanization, new communities are centrally placed. Poverty in the enterprise, enterprise more powerful, more social responsibility, they should allow more people to enjoy the fruits of development. Conditions to encourage private enterprises to establish Charity Fund for poverty alleviation, employment, grants, financial aid and other forms of poverty alleviation activities, let poverty alleviation aid corporate social responsibility in the specific embodiment, the proper meaning of giving back to the community. Finally reveals to implement poverty alleviation policies, older age, incapacity, cannot be achieved through industry support and employment support, such as poverty, children and unable to support the poor, Lo-Fi policy reveals the role to play, eventually incorporated into the low range, and fundamentally solve the problem of poverty. (C) establishing and perfecting retreat mechanism. Poverty alleviation is a dynamic project, we must strengthen the farmers ' information management, dynamic management of poor, really "poor" no place to hide, "poverty" a timely exit, "poor" and "return to the poor" get maximum support and help. To build up the information network system of the poor, poverty the basic information and dynamic entry to the system, to implement dynamic management. According to pro-poor development, timely adjustment on
electricity at no cost, revenue from electricity sales. Poverty alleviation to the removal, to desperate farmers out of poverty, in conjunction with urbanization, new communities are centrally placed. Poverty in the enterprise, enterprise more powerful, more social responsibility, they should allow more people to enjoy the fruits of development. Conditions to encourage private enterprises to establish Charity Fund for poverty alleviation, employment, grants, financial aid and other forms of poverty alleviation activities, let poverty alleviation aid corporate social responsibility in the specific embodiment, the proper meaning of giving back to the community. Finally reveals to implement poverty alleviation policies, older age, incapacity, cannot be achieved through industry support and employment support, such as poverty, children and unable to support the poor, Lo-Fi policy reveals the role to play, eventually incorporated into the low range, and fundamentally solve the problem of poverty. (C) establishing and perfecting retreat mechanism. Poverty alleviation is a dynamic project, we must strengthen the farmers ' information management, dynamic management of poor, really "poor" no place to hide, "poverty" a timely exit, "poor" and "return to the poor" get maximum support and help. To build up the information network system of the poor, poverty the basic information and dynamic entry to the system, to implement dynamic management. According to pro-poor development, timely adjustment on
electricity at no cost, revenue from electricity sales. Poverty alleviation to the removal, to desperate farmers out of poverty, in conjunction with urbanization, new communities are centrally placed. Poverty in the enterprise, enterprise more powerful, more social responsibility, they should allow more people to enjoy the fruits of development. Conditions to encourage private enterprises to establish Charity Fund for poverty alleviation, employment, grants, financial aid and other forms of poverty alleviation activities, let poverty alleviation aid corporate social responsibility in the specific embodiment, the proper meaning of giving back to the community. Finally reveals to implement poverty alleviation policies, older age, incapacity, cannot be achieved through industry support and employment support, such as poverty, children and unable to support the poor, Lo-Fi policy reveals the role to play, eventually incorporated into the low range, and fundamentally solve the problem of poverty. (C) establishing and perfecting retreat mechanism. Poverty alleviation is a dynamic project, we must strengthen the farmers ' information management, dynamic management of poor, really "poor" no place to hide, "poverty" a timely exit, "poor" and "return to the poor" get maximum support and help. To build up the information network system of the poor, poverty the basic information and dynamic entry to the system, to implement dynamic management. According to pro-poor development, timely adjustment on
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