CC BY
0
RESEARCH ON FINANCING ISSUES OF SMALL AND MEDIUM-SIZED
ENTERPRISES IN CHINA
Diao Abaisi, Postgraduate Student Imanaly Akbar, PhD, Senior Lecturer Al-Farabi Kazakh National University (Kazakhstan, Almaty)
DOI:10.24412/2411-0450-2024-4-2-6-15
Abstract. Small and medium-sized enterprises are the largest part of Chinese enterprises, but the financial support they receive is disconnected from their contribution to the Chinese economy. This topic combines the current financing status of China's small and medium-sized enterprises to conduct a comprehensive analysis of the financing problems of China's small and medium-sized enterprises in all aspects, find out the reasons why small and medium-sized enterprises are in financing difficulties, and further propose corresponding countermeasures to improve the financing capabilities of China's small and medium-sized enterprises and enhance their survival and development ability.
Keywords: small and medium-sized enterprises, Financing, Analysis, China.
1. INTRODUCTION
In today's society, the history and practice of economic and social development have proved that capital is a continuous driving force for economic development. China, as a socialist developing country, is still in the primary stage of socialist development, and the socialist economic construction requires a large amount of capital, whether we can make use of reasonable financing methods to carry out enterprise financing activities in the strong market competition and can improve the efficiency of the use of enterprise funds has become a key issue to achieve socialist industrialization and modernization. The choice of enterprise financing method is a problem faced by every enterprise, which will consider the various factors affecting the choice of financing method in general, and flexibly choose the financing method with low capital cost and maximum enterprise value according to the situation. Through the comparison and choice of enterprise financing methods for analysis and research, can better help the enterprise's future development and progress, and better make the enterprise in the strong market economy competition invincible.
Small and medium-sized enterprises (SMEs), as the largest part of China's corporate structure, play a vital role in the development of the entire national economy, but
the lack of funds and financing difficulties have become the bottleneck of SMEs' development. This research combines the current financing status of Chinese SMEs, analyses the financing problems of Chinese SMEs in all aspects, finds out the reasons why SMEs are in financing difficulties, and further proposes corresponding countermeasures to improve the financing ability of Chinese SMEs and enhance their survival and development ability.
The research on this topic can provide a clearer and deeper understanding of the financing problems faced by SMEs and identify countermeasures to enhance their financing ability. This is of great significance for promoting market prosperity, expanding employment, promoting people's livelihood and social stability, and maintaining the steady development of the national economy.
2. LITERATURE REVIEW
Liu Zongge and Li Xiaojun mentioned in "Financing Problems and Countermeasures of Small and Medium-sized Enterprises (SMEs) - A Review of Domestic and International Studies" that the financial support received by SMEs is out of line with their contribution to China's economy. In China, the number of SMEs exceeds 10 million, accounting for more than 99 per cent of the total number of enterprises in the country, accounting for 60 per cent of the total industrial output value, 40
per cent of the total amount of profits, taxes and exports, and providing 75 per cent of the nation's employment opportunities. However, the sources of financing that Chinese SMEs receive from various channels to support their development appear to be quite narrow, and the financing treatment they receive is quite unfair.
Luo Yi mentioned in "Cracking the Financing Dilemma of SMEs: Foreign Experiences and China's Countermeasures" that since the 1980s, Chinese SMEs have made a historical leap from small to large and from weak to strong. However, many SMEs in China have encountered bottlenecks when they need to step onto a new development platform. Difficulty in financing has become a common problem in the development of SMEs and a huge obstacle to their development.
Xu Hongcai puts forward in "Counter-measures to Solve the Financing Problems of Chinese SMEs" that the financing problem of SMEs is a worldwide problem. It is necessary to bear in mind the scientific outlook on development as a guide, adhere to the combination of solving current problems and focusing on comprehensive development, and think, study and solve the financing problems of SMEs at a deep level from the perspective of being conducive to the scientific, healthy and long-term development of China's economy, in order to help SMEs to overcome their difficulties.
3. RELEVANT CONCEPTS OF SMALL AND MEDIUM-SIZED ENTERPRISE FINANCING
The meaning of small and medium-sized enterprises
According to the standard regulations for small and medium-sized enterprises (SMEs), according to the Notice on the Issuance of Standard Regulations for the Classification of Small and Medium-sized Enterprises issued jointly by the Ministry of Industry and Information Technology, the National Bureau of Statistics, the National Development and Reform Commission, and the Ministry of Finance on 18 June 2011, SMEs are classified as medium-sized, small-sized and micro-type enterprises, and the specific standards are classified and divided according to the differ-
ent indexes for different industries such as industrial personnel, business revenue, and total assets, and so on. The specific criteria are based on the enterprise's own industrial personnel, business revenue, total assets and other different indicators for classification and division, and is based on the specific circumstances of each industry and different. Take industry as an example, industry, small and medium-sized enterprises must meet the following conditions: the number of employees is less than 2,000, or sales of less than 30,000,000 yuan, or total assets of less than 40,000,000 yuan. Among them, medium-sized enterprises must also meet the requirements of 300 or more employees, sales of 30 million yuan and above, and total assets of 40 million yuan and above; the rest are small enterprises.
The number of small and medium-sized enterprises in China is very large, occupying the majority of the total number of enterprises in China, which has a very practical role in promoting China's economic and social development, and is essential in creating employment and re-employment for the masses, and so on. With the historical development of the society, the historical position of small and medium-sized enterprises has been more valued and affirmed. Although the scale and number of personnel in these places cannot be compared with large enterprises, but small and medium-sized enterprises also have their own special features, at least from the current development of Chinese society, is in line with the trend of the times.
The meaning of enterprise financing
The main content of the meaning of enterprise financing is to meet the needs of the enterprise's own development and business needs, the demand and supply of funds to become smooth and balanced process. When there is a demand for funds, enterprises should raise funds through effective measures to meet their own needs for funds, to solve the problem of supporting resources in the process of business development. Enterprise demand for capital is like the human body for the demand for blood, capital has the function of maintaining the survival and development of enterprises, therefore, the fundamental purpose of enterprise financing is to protect
their normal business needs, to prevent the occurrence of a variety of business risks caused by insufficient funds or even lead to business closure or bankruptcy occurs, and also has a very important role in the country.
4. FINDINGS AND DISCUSSION
4.1. Current situation of financing for small and medium-sized enterprises in China
4.1.1. The special characteristics of financing for Chinese small and medium-sized enterprises
Due to the current stage of China's social development and China's national conditions and other environmental factors, objectively speaking, although China's overall capital stock and social wealth have reached an unprecedented degree of affluence, but, on the other hand, at present, no matter any kind of financing methods or channels cannot satisfy the large number of small and medium-sized enterprises in China for the huge demand for capital. The specific performance has the following special features:
1. Difficulty in financing in the medium and long term. Thanks to the efforts of local governments, Chinese small and medium-sized enterprises (SMEs) in the current short period of time, although there is a certain degree of difficulty in financing the possibility of reducing and guaranteeing, to be able to solve some of the SMEs' part of the needs of the business operation and development. However, in view of the actual business risks and operational capacity of Chinese SMEs, the level of operation of many SMEs is a very huge problem, while the development of enterprise strength is also uneven, involving most of the industry is more low-end laborintensive industries, risk-resistant capacity can be imagined. For risk considerations, the repayment ability of small and medium-sized enterprises is not as stable and secure as that of large enterprises, naturally does not have a good advantage in financing.
2. Huge differences in financing environment. In the relatively developed provinces or regions of China's economic development, the complexity of the financing environment for SMEs is not the same, and the external environment varies greatly. Developed areas of small and medium-sized enterprise financing
environment than the backward areas of small and medium-sized enterprise financing environment are more favorable, and those less developed areas of small and medium-sized enterprises in the provinces in the financing of the poor environment, financing difficult to finance less than the enterprises in these areas have become a common insurmountable problem.
3. Financing treatment difference is huge. Large enterprises can often rely on their own scale and strength advantage to obtain more funds from commercial banks' lending, financial service institutions in order to avoid the potential risk of insufficient debt repayment ability of enterprises, resulting in loss of profits, generally choose large enterprises or state-owned enterprises around the priority of the lending object. On the contrary, China's small and medium-sized enterprises due to a variety of objective factors, in the commercial banks or other legitimate financing institutions to apply for financing, are often encountered in the financing treatment is unfair. For example, the size of the loan amount, the length of the term, interest rates and other services will encounter bias treatment, etc. These situations are the actual existence of the objective phenomenon.
4.1.2. Status of Financing for Chinese small and medium-sized enterprises
China's large number of small and medium-sized enterprises and its financing resources to obtain the size is not proportional to the small and medium-sized enterprises occupy an important position in economic and social development, but in the small and medium-sized enterprises in the financing of the problems encountered in a variety of headaches. Of course, this is closely related to China's specific national conditions, but also closely related to the factors of SMEs themselves. Therefore, understanding the financing status quo of these enterprises has an obvious role in analysing and understanding for better solving their financing problems. As to understand clearly the financing of small and medium-sized enterprises in our country, in order to be able to grasp the overall situation, effectively targeting the problem of the right remedy.
1. Small and medium-sized enterprises have few sources of financing. Firstly, it is difficult for SMEs to bring in funds through various financing channels like large enterprises or listed companies. Large enterprises are able to obtain the necessary funds to ensure the normal and stable operation of their business by virtue of their influence and strength, and the cost of obtaining them is relatively lower than that of SMEs. On the contrary, a large number of small and medium-sized enterprises in China can only be financed through their own internal enterprises through certain ways to solve or part of the commercial banks and financial institutions to solve the urgent need for loans, not all enterprises can successfully obtain financing for a large number of small and medium-sized enterprises in urgent need of funds to maintain the operation of the undoubtedly cannot be a fundamental solution to the problem of capital needs.
2. Difficulty in financing SMEs. Commercial banks or financial institutions are reluctant to grant loans to small and medium-sized enterprises, especially high-risk industries, often fail to pass the credit check, and even if they do, the amount of loanable funds granted is low and the interest rate is high. The cost of financing is relatively high and the amount of financing is relatively small, and such a situation exists objectively. Moreover, the number of SMEs in China is huge and unevenly distributed, and banks are fraught with problems in trying to facilitate the management of lending to enterprises, for example, the stability of SMEs is an important lending consideration. As a matter of fact, the business risk of Chinese SMEs is very high, which is also one of the fatal aspects of their financing difficulties.
3. SMEs acting as guarantors for each other. One of the most common financing techniques used by SMEs is for several enterprises of the same level to act as guarantors for each other in order to obtain loans from banks, in an attempt to warm up as a guarantee for loan applications. However, due to the various limitations of SMEs themselves, the "domino" effect will easily occur, which often affects the whole body. In practice, once the SMEs guaranteeing each other have difficulties in operating a certain enterprise, resulting
in the inability to repay the loan in time, it will implicate the guaranteeing enterprise as the guarantor. The consequences of such mutual guarantee are very harmful, not only can make a number of enterprises in serious cases overnight bankruptcy, employees suddenly lost their jobs, the bank loan cannot be recovered, but also from the overall situation, the consequences of such a social stability will bring great damage, is not conducive to the overall interests of the country.
4.2. The causes of financing difficulties for small and medium-sized enterprises in China
4.2.1. Small and medium-sized enterprises' own reasons
The internal factors affecting the choice of enterprise financing methods mainly include the enterprise's development prospects, profitability, operational and financial status industry competitiveness, capital structure, control, enterprise scale, reputation and other factors. Under the role of market mechanism, these ministry factors are in constant change, enterprise financing methods should also make flexible adjustments with the changes of these internal factors, otherwise it will form a vicious circle. Among them, the internal operation level and profitability of the enterprise is the key link, which is related to the profit income of the enterprise. As we all know, China's SMEs are still developing for a relatively short period of time, and the actual efficiency of the enterprises is not high, coupled with the amount of assets that have not been accumulated much in the first place, the risk of SMEs is a long-standing objective situation according to the overall situation. Firstly, their ability to resolve risks in the face of market competition is insufficient, and they appear to be very passive; secondly, their internal organizational structure and management system are not scientific, and the problem of management errors often occurs; thirdly, the financial management system is not formal enough and the interference of the human factor, especially in the private SMEs in the area of financial management, there are a variety of management norms, which affects their chances of obtaining financing and loans.
The nature of the traditional industries in which most SMEs in China are located is also an important factor. At present, many SMEs are located in industries that are laborintensive, requiring a high number of personnel, but with a low level of profit, and with the evolution of China's industrial transformation and upgrading, will gradually eliminate such backward enterprises. Enterprises that do not have high technology or do not meet the needs of social development will be eliminated from the game with the development of the industry, and only enterprises in the new industry will be able to obtain more opportunities for survival and development, traditional small and medium-sized enterprises will inevitably be defeated, so the high-risk nature of which makes the enterprise in the financing of the enterprise is often encountered a lot of trouble. These traditional small and medium-sized enterprises their own objective problems make the probability and amount of financing than large-scale powerful enterprises financing situation is too different, and even formed a vicious circle that is difficult to get rid of, polarization is obvious.
4.2.2. Reasons for financial institutions
Objective facts show that China's commercial banks for a large number of small and medium-sized enterprises to grasp the amount of information resources is very little, a serious lack of information leads to the bank in the enterprise lending business, the bank is often out of business information to grasp less, the internal information is opaque, and the traditional small and medium-sized enterprise business risk is too high, there is an extremely unstable and small and medium-sized enterprise credit rationing is more lack of audit and more strict requirements. Stricter requirements. Commercial bank loans are one of the main sources of funds for the huge number of SMEs in China, and if the banks tighten their credit allocation to these traditional SMEs, it will not only be detrimental to the good operation and development of these SMEs, but also to the employment of a large number of business people behind them, or in the big picture, it will bring social instability and potential danger of unrest to the country. According to statistics, in January 2009, China's banking sector added 1.62 trillion yuan in
new loans, an increase of 21.3 per cent, an increase equivalent to 35.2 per cent of the total new loans expected this year. Of the non-financial corporate loans totaling 1.5 trillion RMB, bill financing and medium- and long-term loans accounted for 41.6 per cent and 34.9 per cent respectively. This fact shows that the loans of commercial banks mainly flowed to the field of development projects supported by the state, rather than really flowing to a large number of small and medium-sized enterprises which have a great demand for funds in the difficult times, the surge of commercial lending and the so-called domestic demand stimulation by the government in fact didn't involve the small and medium-sized enterprises of the lowest level, and didn't satisfy the fund demand of these enterprises, which also shows that the lending direction of financial institutions is subject to certain This also shows that the lending direction of financial institutions is influenced by certain policies.
4.2.3. Insufficient government support
Financing for SMEs is very much affected by external factors such as the government, and the government's support is related to the fate of the future development of enterprises. External environmental factors mainly refer to the legal environment, financial environment and economic environment. The easiness or otherwise of the external objective environment will directly affect the choice of financing methods. When enterprises choose financing methods, they must follow the tax laws and regulations, and also consider the impact of tax rate changes on financing. Changes in financial policy will certainly affect the enterprise financing, investment, capital operation and profit distribution activities. At this time, the risk and cost of financing methods will also change. The economic environment refers to the macroeconomic conditions in which the enterprise carries out financial management activities. During the period of rapid economic growth, the enterprise needs to raise a large amount of funds through indebtedness or issuance of additional shares in order to share the fruits of economic development, and when the government's economic policy is adjusted in line with the changes in the state of economic de-
velopment, the enterprise's financing method should be adjusted in line with the changes in the policy. At present, mainland China's support for small and medium-sized enterprises (SMEs) is still very inadequate, and a large number of SMEs are still struggling to meet their financial needs. When dealing with economic development, the government first considers economic growth in the broader context, which in layman's terms means that GDP growth is the primary goal. The government has always emphasized the importance of SMEs to China's economy, and has repeatedly introduced tax breaks to support SME development, which has had a catalytic effect on addressing enterprise development. However, on the whole, the government's support for China's SMEs is still not in place, and it is most obvious that the government's support and preferential subsidies for state-owned enterprises are obviously much stronger than those for private SMEs. In some ways, this is the government in the invisible influence on the development of enterprises, the implementation of differentiated support for enterprises of different nature caused by the unbalanced external development environment of enterprises, is not conducive to the freedom of the market and fair competition among enterprises.
4.2.4. Lack of credit guarantee system
At present, China's credit guarantee system has failed to be established, and there are still very many practical credit problems in many aspects. Some small and medium-sized enterprises (SMEs) have low credit worthiness and try to find ways to avoid bank loan debts that they should have borne. The game between banks and enterprises is often played because banks have no way of knowing exactly what the real situation of the enterprise is, forcing them to take a conservative and cautious attitude and action. For practical reasons, many SMEs falsify business contracts, issue false asset reports and other illegal means to obtain commercial loans from banks by any means necessary. Behind a false process of counterfeiting and capital operation, using all sorts of ways do not want to be responsible for the established debt obligations, such illegal practices finally bring the bank's distrust and to other small and medium-sized enterprises to
bring a fatal credit crisis, and ultimately may affect the entire region's credit score of the enterprise, while causing a lot of interest losses to commercial banks, jeopardising the development of the financial sector. This kind of illegal conceptual thinking makes enterprises eat their own words and makes banks not dare to trust enterprises as they did in the past, and it is unlikely that they will lend money easily again. It can be said that credit is also an important intangible asset of the enterprise, it is related to the fate of the development of the enterprise, where there is illegal behaviour of the enterprise are eventually abandoned by the market. However, in areas with good credit repayment, central enterprises are favoured and focused by commercial banks, and even compete for resources of enterprises with good credit. These areas with good credit enterprises in the financing of the loan can obtain a variety of preferential at the same time also be able to use the loan for the normal operating expenses of the enterprise, and with scientific business management and relatively scientific financial management, the enterprise funds to play to the full efficiency and effective supervision. These are the essence of enterprise credit, only the enterprise internal management science and financial accounting is true and reliable, real-time monitoring of funds, in order to obtain the trust and cooperation of commercial banks. Therefore, the current lack of credit guarantee in China makes small and medium-sized enterprises encounter financing difficulties delayed.
4.2.5. Narrow financing channels and single financing method
In China's market environment, there is no practical guarantee mechanism that can help SMEs to raise funds smoothly and quickly, and the narrow and single financing channels of SMEs in Thailand make enterprises in the market competition at a disadvantage. At present, the main ways of financing for SMEs are still internal financing and inter-enterprise lending, and enterprises with good credit and strength can obtain financial assistance through commercial banks. However, as a whole, the financing channels available to Chinese SMEs are still not broad and diversified enough. They lack the qualifications of
the securities market, have no access to venture capital, and find it difficult to issue their own bonds. Due to the imperfect laws and regulations in China, it is not possible for them to obtain financing funds through equity financing like foreign enterprises. These traditional SMEs are also not favoured and supported by venture capital companies, so they can only rely on their own internal financing through various other ways to solve the capital needs. The combined effect of these external and internal factors has put SMEs in a cruel situation in terms of their choice of financing channels, and has become a huge obstacle to the development and growth of these enterprises, restricting their competition in the free market.:
4.3. Countermeasures for financing problems of small and medium-sized enterprises in China
4.3.1. Strengthen the financing capabilities of small and medium-sized enterprises
Under the difficult market competition environment, in order to effectively improve the financing ability of enterprises, Chinese SMEs have to improve the scientific management methods of enterprises, adopt innovative technologies and products, develop high-end technology industries, and can no longer only do those low-end processing OEM industries. Specifically, first, to implement a modern company management model, remove the middle of the redundant organizational hierarchy, the establishment of scientific and practical in line with the actual situation of their own internal system; second, quote more high-level talent, such as management personnel, R&D personnel, marketing personnel, etc., talent is always the most valuable wealth of the enterprise resources, talent can bring the enterprise the future of the development of the space, to bring real Third, as soon as possible to learn large-scale enterprise financial accounting practices, the establishment of their own reliable financial management system, and authoritative accounting and auditing firms, to prevent the emergence of human factors caused by the falsification of the status of the issue of commercial loans to the bank to apply for real business information and relevant proof, focus on the operation and management of the
enterprise in normal times, rather than thinking of how to fake fraud bank credit, which is not conducive to the future financing of the enterprise. This is not only unfavorable to the enterprise later financing, but also cause the enterprise credit, no enterprise goodwill in the industry. Finally, small and medium-sized enterprises should be good at exploring financing channels, grasp the use of private funds, the introduction of more external capital investment, through the mortgage or negotiation with other financial institutions and other financing methods at different levels. Only when the internal management of the enterprise is operated well and the enterprise's own strength is cultivated first, then it will find ways to introduce all kinds of strategic and tactical investments, which is a practice that Chinese SMEs should refer to and further explore.
4.3.2. Develop financial organizations for SME and improve financial service methods
In view of the complexity of Chinese SMEs, the development of SME financial service organizations has brought financial support to SMEs through micro-credit as a financing method. Although SMEs have various business risks and are not favored by commercial banks, this does not mean that all SMEs in China are ineligible. For SMEs that do not have access to commercial lending support, we should innovatively develop small and micro-credit financial service organization's specializing in serving SMEs, which is in line with the principle of risk avoidance, will not lend too much resulting in the risk of bad debts, and can to a certain extent solve the urgent needs of SMEs. Of course, the external economic environment is the main factor affecting the demand for enterprise funds, the impact of the economic environment on the way of enterprise financing is mainly manifested in the fluctuation of interest rates, as we all know, the operating law of the national economy shows cyclical ups and downs. Interest rate leverage as the central bank's policy adjustment tool with the national economy in cyclical operation in different states and accordingly in the constant adjustment. When the national economy is in the boom and stagflation, in order to reduce the pressure of inflation and prevent the
economy from deteriorating, the government will implement a tight monetary policy and raise the interest rate to suppress the demand for funds; while when the national economy is in the trough, in order to stimulate the demand for consumption and investment, the government will implement a proactive fiscal and monetary policy, and will stimulate the economy by lowering interest rates for many times. As medium- and long-term investment has a large time span, it objectively provides enterprises with a certain profit space and the opportunity to avoid interest rate risk. Enterprises can analyze the national economic cycle, judge the economic environment in the state of prosperity and the government's policy orientation, in the decision to finance the decision to "go with the trend", reduce financing costs. The mechanism is that the interest rate of medium- and long-term loans is fixed for one year, while the interest rate of bond issuance is fixed for many years, which is not affected by the change of interest rate. In this way, in the enterprise through the analysis of the economy, the interest rate is expected to go high, it is appropriate to choose the bond financing method, to avoid interest rate risk, not because of the interest rate goes high and increase the cost of financing. When enterprises expect interest rates to go down, it is appropriate to choose medium- and long-term bank loan financing, so as to reduce the cost of financing and interest payment due to the downward trend of interest rates. Through the development of small and medium-sized financial services organizations and commercial banking institutions to complement this way, the implementation of a more systematic and comprehensive approach to support the development of small and medium-sized enterprises, so that there are bank loans to support the possibility of other financial organizations to choose the services, the two complement each other to improve.
4.3.3. Establishment of a mechanism to support small and medium-sized enterprises
The government is an important participant and influencer in China's economic and social development, so the Chinese government has the responsibility and obligation to formulate a support mechanism for the development of small and medium-sized enterprises, and only
by establishing a reliable system to help small and medium-sized enterprises to develop can we ensure the normal development and operation of enterprises. The state should develop a new state-led financing market channel to address the practical difficulties of SMEs and give special concessions to SMEs. Although focusing on state-owned enterprises or large enterprises can stabilize the economy to a certain extent, the number of employees absorbed by SMEs and the role of SMEs in helping the development of rural or remote areas is irreplaceable, the number of SMEs in China occupies the majority of the overall number of enterprises in China, and policies must be formulated to take care of SMEs' financing problems, and to strengthen the support for lending interest rates and tax exemptions. , giving the government the greatest assurance from all aspects. Only by establishing a reliable mechanism for financing support for countless small and medium-sized enterprises, can we achieve the purpose of supporting small and medium-sized enterprises and help them move forward in the market.
4.3.4. Improving and perfecting credit risk compensation and guarantee mechanisms
Since China's current credit guarantee system obviously does not meet the financing needs of a large number of SMEs in China, it is imperative to improve the credit and guarantee mechanism. The government should allocate part of the funds for the credit risk compensation mechanism, and encourage enterprises to contribute to the establishment of small and medium-sized enterprise guarantee mechanism in line with China's national conditions. Local governments in all regions and districts should organize enterprises to set up guarantee-related organizations to provide the necessary financing guarantees for the economies under their jurisdiction, so as to avoid chain failures triggered by enterprises guaranteeing each other. Local governments should also increase the investment of special funds for enterprise support, strengthen the use of funds to prevent the funds from being seized through unlawful means, and use the funds exclusively for the purpose of constructing guarantees to compensate for SMEs when they apply for loans. Only the sound and con-
tinuous improvement of China's small and medium-sized enterprise credit risk compensation and guarantee effective guarantee mechanism, to help more enterprises in need of funds to operate and maintain, to ensure the stable development of enterprises, is the ultimate goal of the establishment of the mechanism.
4.3.5. Broadening financing channels for small and medium-sized enterprises
Modern society is the era of the Internet, ecommerce has become a very popular and efficient business model, and a variety of Internet finance industry such as spring up in front of the eyes of the people, therefore, the government and enterprises should find ways to make use of e-commerce as a trend of the development of the opportunities brought about. In the traditional commercial bank credit loans as an existing means of financing at the same time, the development of Internet financial services is also in line with the future development of a new financing channels. Based on the background of e-commerce Internet financial services will be able to bring more gospel and opportunities to enterprises. Vigorously develop the Internet financial services, increase the choice of small and
channels, reduce the high cost of traditional financing. Make full use of the advantageous characteristics of the Internet, and effectively expand the diversification of financing channels for Chinese SMEs.
5. CONCLUSION
In order to solve the various difficult problems faced by Chinese SMEs in financing, it is necessary for the government, enterprises and society to participate in a tripartite approach. The government is responsible for creating a good external environment for financing and business atmosphere, establishing an effective system in line with the current large number of SMEs' financing, and actively promoting all favorable factors to provide necessary support for the development of SMEs' financing. SMEs should start from themselves, make efforts to innovate products and services, win the trust and praise of consumers in the market, improve their internal operation ability, manage financial funds and scientifically introduce all kinds of talents as a supportive force to realize the business objectives of the enterprises. All of the above are effective practices to solve China's SME financing problems, which are worthy of reference for enterprises.
medium-sized enterprise financing and loan
Reference
1. Liu Zongge, Li Xiaojun. Financing Problems and Countermeasures of Small and Medium-sized Enterprises - A Review of Domestic and International Studies [J]. Journal of Economic Re-search,2012,01:66-68 [in Chinese].
2. Sun Quan. Analysis of the causes of financing difficulties of small and medium-sized enterprises and ways to solve them[J]. Journal of Economic Research,2010,22:55-57. [in Chinese].
3. Liu Fengjun. Analysis of Financing Difficulties of Small and Medium-sized Enterprises [J]. Chinese and foreign entrepreneurs,2010,06:146-162. [in Chinese].
4. Luo Yi. Cracking the Financing Dilemma of Small and Medium-sized Enterprises: Foreign Experiences and Chinese Countermeasures [J]. Enterprise Economy,2012,07:116-119. [in Chinese].
5. Xu Hongcai. Countermeasures to solve the financing problems of Chinese small and medium-sized enterprises[J]. Economic Management,2009,03:14-17. [in Chinese].
6. Li Huizhong. Some Thoughts on the Financing of Chinese Small and Medium-sized Enter-prises[J]. Friends of Accounting (Zhongdian),2010,08:74-75. [in Chinese].
7. Yang Minjie. An empirical study on the financing difficulties of small and medium-sized enterprises in China [D]. Southwest University of Finance and Economics, 2012. [in Chinese].
8. Deng Chao, Ao Hong, Hu Wei, Wang Xiang. A study on loan pricing of large banks to small enterprises based on relationship-based lending [J]. Economic Research. 2010 (02), [in Chinese].
9. Chen Xinde,Qiu Antelope. Systematic thinking on improving the policy and service system of small and medium-sized enterprises [J]. Journal of System Science. 2010 (01), [in Chinese].
10. Zheng Xiujun. An overview of the research on the main banking system in Japan [J]. Journal of Economic Research. 2009 (36), [in Chinese].
11. Yang Guang. Research on securitisation of credit assets of small and medium-sized enterprises under the perspective of CRT [D]. Nankai University 2014, [in Chinese].
12. Zhang Meihua. Research on contractual incentives for SME growth under asymmetric information [D]. Wuhan University 2010, [in Chinese].
13. Zhang Pengfei. Research on innovation capacity of SME clusters based on the broad resource view [D]. Wuhan University 2010, [in Chinese].
14. Wen Ning. Research on outward foreign direct investment performance evaluation index system of Chinese SMEs [D]. Liaoning University 2014, [in Chinese].
15. MOHAMEDBOUBACAR/DAHI (Dahemin). An Empirical Study on Success Factors of SME E-Portals in the Arab Region [D]. Shanghai University 2013, [in Chinese].
16. Togtokhbuyan Lkhagvasuren. A study of product innovation in Chinese SMEs [D]. Northwest Agriculture and Forestry University 2014, [in Chinese].
17. Song Chaoli. Theoretical and Empirical Research on the Relationship between BankEnterprise Relationship Interface Status and SME Financing Availability [D]. Jinan University 2014, [in Chinese].
18. Francesco Columba,Leonardo Gambacorta, Paolo Emilio Mistrulli. mutual guarantee institutions and small business finance[J]. Journal of Financial Stability. 2009 (1), [in English].
19. Guibin Zhang. The choice of formal or informal finance: Evidence from Chengdu, China [J]. The choice of formal or informal finance: Evidence from Chengdu, China [J]. 2008 (4), [in English].
20. RaghuramRajan,HenriServaes,LuigiZingales. The Cost of Diversity: The Diversification Discount and Inefficient Investment [J]. The Journal of Finance. 2007 (1), [in English].
ИССЛЕДОВАНИЕ ПО ФИНАНСИРОВАНИЮ МАЛЫХ И СРЕДНИХ
ПРЕДПРИЯТИЙ В КИТАЕ
Диао Абайси, аспирант
Иманалий Акбар, доктор философии, старший преподаватель Казахский государственный университет имени Аль-Фараби (Казахстан, г. Алма-Ата)
Аннотация. Малые и средние предприятия (МСП) составляют самую большую долю китайских предприятий, но финансовая поддержка, которую они получают, не связана с их вкладом в китайскую экономику. Авторы рассматривают состояние текущего финансирования МСП Китая, проводят его всесторонний анализ, выясняют причины трудностей с финансированием МСП и предлагают соответствующие контрмеры для улучшения возможностей финансирования МСП Китая и повышения их способности выживать и развиваться.
Ключевые слова: малые и средние предприятия, финансирование. анализ, Китай.
