外文翻譯-----中小企業(yè)融資難的原因及其解決途徑分析

1、<p>　　中小企業(yè)融資難的原因及其解決途徑分析</p><p>　　改革開放以來，我國中小企業(yè)得到了迅猛的發(fā)展，對我國國民經(jīng)濟的貢獻率不斷提高，中小企業(yè)在促進經(jīng)濟增長、創(chuàng)造就業(yè)機會、增加農(nóng)民收入、轉(zhuǎn)移農(nóng)村富余勞動力等方面發(fā)揮越來越重要的作用。但是，最近幾年，我國中小企業(yè)的發(fā)展面臨著很大的困難。尤其影響我國中小企業(yè)進一步發(fā)展的最重要的因素是中小企業(yè)融資渠道狹窄、融資數(shù)量少、融資結(jié)構(gòu)不合理、融資成本高。如

2、對工業(yè)增加值貢獻率不到30%的國有企業(yè)占用了70%以上的銀行貸款，但創(chuàng)造了70%的國民生產(chǎn)總值的非國有企業(yè)只獲得30%的銀行貸款。如果這種現(xiàn)象得不到充分改善，中小企業(yè)將難以持續(xù)快速發(fā)展，會直接影響整個國民經(jīng)濟的發(fā)展。</p><p>　　1．中小企業(yè)融資難的原因分析</p><p>　　從以上融資的現(xiàn)狀分析可以看出“融資難”已經(jīng)嚴重制約我國中小企業(yè)發(fā)展。究其根源，既有中小企業(yè)自身的原因，也

3、有銀行管理制度方面的原因，更有國家政策方面的原因。</p><p>　　1.1　企業(yè)自身原因</p><p>　?。?）中小企業(yè)資本規(guī)模小，信息觀念淡漠。中小企業(yè)經(jīng)營規(guī)模小，生產(chǎn)技術(shù)水平落后，產(chǎn)品結(jié)構(gòu)單一且科技含量低，抵御風(fēng)險能力差，經(jīng)不起原材料或產(chǎn)品價格的波動，經(jīng)營風(fēng)險較大。加上中小企業(yè)信譽不高，信用觀念淡漠，導(dǎo)致銀行放貸慎之又慎。不少中小企業(yè)信息披露意識不強，財務(wù)管理水平低下，信息缺乏

4、客觀和透明。此外，個別中小企業(yè)還惡意抽逃資金，拖欠帳款、空殼經(jīng)營、懸空銀行債權(quán)，造成信貸資金流失，嚴重損害了中小企業(yè)的整體信用水平。</p><p>　　（2）中小企業(yè)財務(wù)制度不健全，內(nèi)部控制制度不完善，會計信息失真，造成銀行與企業(yè)信息不對稱，為中小企業(yè)融資增加了難度。椐調(diào)查，我國中小企業(yè)50%以上財務(wù)制度不健全，許多中小企業(yè)的經(jīng)營管理者自身素質(zhì)較低，缺乏應(yīng)有的財務(wù)管理知識，對重大的財務(wù)決策全憑自己拍腦袋來決定，

5、管理非?；靵y。同時，企業(yè)為了應(yīng)付監(jiān)督部門的檢查，還要準備兩套帳，甚至多套帳，這樣，企業(yè)很難提供準確的會計信息資料，銀行也無法摸清企業(yè)的真實面目，增加銀行對企業(yè)貸款的風(fēng)險。</p><p>　　1.2　銀行方面的原因</p><p>　　（1）體制政策上的失衡直接影響銀行貸款與直接融資的渠道。我國金融機構(gòu)仍以四大商業(yè)銀行為主，銀行業(yè)的高度壟斷與產(chǎn)業(yè)的高度壟斷相一致，導(dǎo)致四大銀行只愿給國有企業(yè)

6、貸款。這主要是企業(yè)與國有銀行在所有制上的差異，造成銀行與企業(yè)之間制度障礙。此外，國家還規(guī)定對銀行的逾期、呆帳等不良貸款實行追究制，因此銀行方面對中小企業(yè)的放貸自然多一份謹慎和小心。現(xiàn)行的《證券法》對上市公司的嚴格要求，“主板市場”的上市公司主要是國有大型企業(yè)，針對家庭式企業(yè)，尤其是非國有科技企業(yè)的“二板市場”的缺失，基金組織及其其他形式的融資尚處于初建階段，使得中小企業(yè)直接融資的渠道很難實現(xiàn)。</p><p>　

7、?。?）信息不對稱影響銀行與企業(yè)之間的關(guān)系。銀行作為資金的提供者并不能親自參加企業(yè)的日常經(jīng)營管理，它與資金的使用者（中小企業(yè)）之間的信息不對稱就帶來了矛盾和問題。通常，中小企業(yè)資金在經(jīng)營管理狀況方面比銀行擁有更多信息，因此，中小企業(yè)就有優(yōu)勢在合同簽訂的過程中或事后的資金使用過程中損害銀行的利益，使銀行承擔(dān)過多的風(fēng)險。由于中小企業(yè)與大企業(yè)在經(jīng)營透明度和保證、抵押能力上的差別，以及貸款規(guī)模導(dǎo)致管理成本上的差異，使銀行缺乏為家庭式中小企業(yè)提供

8、更多融資服務(wù)的動力。</p><p>　?。?）缺乏與中小企業(yè)相匹配的中小金融機構(gòu)。在我國目前的銀行組織體系中，還缺乏專門為中小企業(yè)融資服務(wù)的政策性銀行，雖然我國已有遍及城鄉(xiāng)的中小商業(yè)銀行如農(nóng)村信用社、股份制商業(yè)銀行、城市商業(yè)銀行等，但由于他們沒有得到政策性融資權(quán)，自身問題還沒有解決，無法滿足中小企業(yè)貸款需要。一些中小金融機構(gòu)從成立開始，并未從國有企業(yè)的體制中解脫出來，經(jīng)營管理水平不高，發(fā)展能力不足，從而減弱了對

9、中小企業(yè)的金融支持。金融體制的改革是相對滯后的，從計劃經(jīng)濟延續(xù)下來的金融結(jié)構(gòu)不合理的問題仍然沒有徹底有效地解決，抑制了中小銀行、民營銀行發(fā)展。</p><p>　?。?）中小企業(yè)通過發(fā)行股票和債券融資渠道也不暢通。我國《公司法》規(guī)定申請股票上市的條件：股份有限公司注冊資本不得少于人民幣500萬元，上市公司股東總額不少于人民幣3000萬元，公開發(fā)行的股份達到公司股份總數(shù)的25%以上，公司股本總額超過人民幣4億元的，

10、公開發(fā)行股份的比例為10%以上等等，這些硬性條件將中小企業(yè)拒之門外，阻礙著中小企業(yè)通過資本市場進行融資。我國《公司法》還規(guī)定有限責(zé)任公司發(fā)行債券其凈資產(chǎn)不得少于6000萬元，股份有限公司凈資產(chǎn)不得少于3000萬元，并且有實力雄厚的企業(yè)擔(dān)保，不允許企業(yè)私募發(fā)行，這一系列條件也限制中小企業(yè)通過發(fā)行債券融資的空間。</p><p>　　1.3　政府部門的原因</p><p>　　政府部門對中小企

11、業(yè)的扶持力度不夠。政府部門仍然保留著計劃經(jīng)濟的觀念，長期以來，國家扶持政策一直實行向大企業(yè)傾斜，盡管這些年來國家政策有所改變，但并沒有發(fā)生實質(zhì)性的變化。特別是國家現(xiàn)階段對國有企業(yè)實行大規(guī)模的優(yōu)惠政策，而對中小企業(yè)仍然不能享受這些優(yōu)惠政策。</p><p>　　在我國，中小企業(yè)雖然采取了差別利率、兩免三減或第一年免征所得稅等稅收優(yōu)惠政策，但由于中小企業(yè)是小規(guī)模納稅人，在生產(chǎn)經(jīng)營過程中，本應(yīng)享受的優(yōu)惠政策往往實際最終

12、無法實現(xiàn)。</p><p>　　2　解決我國中小企業(yè)融資難的途徑</p><p>　　由于融資難，涉及企業(yè)、銀行、政府三方，因此，解決中小企業(yè)融資難問題，需要三方的共同努力。</p><p>　　2.1　規(guī)范中小企業(yè)內(nèi)部管理，全面提高企業(yè)的綜合素質(zhì)</p><p>　?。?）要明晰企業(yè)的產(chǎn)權(quán)，建立股份合作制。積極穩(wěn)妥地推進企業(yè)產(chǎn)權(quán)制度改革，只

13、有企業(yè)的產(chǎn)權(quán)明晰，經(jīng)營者才對自己的行為和企業(yè)未來的發(fā)展負責(zé)，企業(yè)的信用才有可能建立起來。根據(jù)現(xiàn)代企業(yè)制度的要求和中小企業(yè)自身的特點，大力推進股份合作制，促進中小企業(yè)的改革。通過產(chǎn)權(quán)轉(zhuǎn)讓、股份制改造、租賃、拍賣等多種方式，加快放開搞活中小企業(yè)的改革步伐。在改革中鼓勵員工自愿入股，增強員工對企業(yè)資產(chǎn)的關(guān)切度，為企業(yè)的發(fā)展開辟新的融資渠道。</p><p>　　（2）規(guī)范企業(yè)財務(wù)制度，提高財務(wù)管理水平。根據(jù)國家的有關(guān)規(guī)

14、定，建立健全企業(yè)的財務(wù)、會計制度，不做假帳，建立完善的財務(wù)報表體系，提高企業(yè)財務(wù)狀況的透明度和財務(wù)報表的可信度。積極清償銀行的債務(wù)和應(yīng)付款項，建立企業(yè)的信用制度，提高企業(yè)的信任水平。</p><p>　?。?）加強企業(yè)內(nèi)部管理，提高企業(yè)的信用等級。通常情況下，A級以上信用級別的企業(yè)，金融機構(gòu)才能考慮其融資申請，因此企業(yè)要樹立良好的企業(yè)法人形象，杜絕不良信用記錄，提高企業(yè)還款的信譽程度，大力開拓產(chǎn)品市場。同時還要建

15、立一整套信用等級評估制度和指標，積極配合政府有關(guān)部門，盡快構(gòu)筑信用體系。</p><p>　　2.2　金融機構(gòu)的自我完善</p><p>　?。?）金融部門應(yīng)根據(jù)市場經(jīng)濟的發(fā)展要求，合理配置金融資本，不應(yīng)以所有制性質(zhì)去導(dǎo)向市場。在金融法規(guī)允許的范圍內(nèi)，充分利用利率的杠桿作用，對市場的金融貸款進行市場調(diào)節(jié)。如根據(jù)中小企業(yè)要求信貸時間短，數(shù)額小，頻率高的特點，就可以適當(dāng)提高利率，從而攤低自己的

16、信貸成本，使中小企業(yè)也免去了不必要的奔波和民間高利貸的拆借。另外，商業(yè)銀行應(yīng)開發(fā)更多更新的金融服務(wù)項目，提高為中小企業(yè)的信貸服務(wù)效率，為中小企業(yè)提供相關(guān)的信息咨詢服務(wù)，幫助中小企業(yè)健康財務(wù)管理制度。</p><p>　?。?）多種融資方式共同發(fā)展。繼續(xù)擴大我國股票市場的規(guī)模，盡快設(shè)立創(chuàng)業(yè)板市場，規(guī)范直接的企業(yè)產(chǎn)權(quán)市場，在促進國有大企業(yè)上市的同時，允許符合上市條件的中小企業(yè)進入資本市場。同時還要解決上市公司股份中尚

17、不能上市流通的國有股、法人股的流通問題，實現(xiàn)股權(quán)的全流通，盡快推進我國創(chuàng)業(yè)板市場的建設(shè)。創(chuàng)業(yè)板主要要看企業(yè)發(fā)展的潛力，這樣為中小企業(yè)盡早進入國有企業(yè)創(chuàng)造條件。</p><p>　?。?）積極培育和發(fā)展債券融資市場，大力發(fā)展我國投資基金市場，促進中小企業(yè)科研開發(fā)的創(chuàng)新能力。為了支持中小企業(yè)發(fā)展應(yīng)理順債券發(fā)行審核體制，逐步放松規(guī)模的限制，擴大發(fā)行額度完善債券擔(dān)保的信用評級制度，支持經(jīng)營效益好、償還能力強的中小企業(yè)通過

18、發(fā)行債券融資。此外還應(yīng)大力發(fā)行包括可轉(zhuǎn)換債券在內(nèi)的各類企業(yè)債券，積極探索資產(chǎn)證券化、房地產(chǎn)抵押貸款證券化等方式。大力推進以開放式基金為主的證券投資基金的發(fā)展，豐富基金品種，引導(dǎo)儲蓄流向投資。同時還要大力發(fā)展創(chuàng)業(yè)投資基金。</p><p>　　（4）建立健全為中小企業(yè)服務(wù)的銀行體系，專門為中小企業(yè)服務(wù)。大力發(fā)展為中小企業(yè)服務(wù)的中小金融機構(gòu)，加快中小金融機構(gòu)的建立。中小金融機構(gòu)一般了解地方基層，能夠利用當(dāng)?shù)氐男畔⒘私?/p>

19、本地中小企業(yè)的生產(chǎn)經(jīng)營狀況，這樣中小金融機構(gòu)在為中小企業(yè)提供金融支持時，具有信息和交易成本低的優(yōu)勢。中小金融機構(gòu)與中小企業(yè)的共同發(fā)展兩者能夠相互促進、相輔相成。</p><p>　　2.3　政府應(yīng)采取有效措施，加大對中小企業(yè)融資的支持力度。</p><p>　　（1）政府部門為解決中小企業(yè)融資難的問題采取一系列政策措施，中國人民銀行1998年5月6日下發(fā)了《關(guān)于改進金融服務(wù)、支持國民經(jīng)濟發(fā)

20、展的指導(dǎo)意見》，要求各商業(yè)銀行設(shè)立中小企業(yè)信貸部，積極為中小企業(yè)提供貸款服務(wù)；1998年6月20日頒發(fā)了《關(guān)于進一步改善對中小企業(yè)金融服務(wù)的意見》，提出了支持中小企業(yè)發(fā)展的8條措施；1998年10月19日下發(fā)了《關(guān)于擴大對小企業(yè)貸款利率浮動幅度的通知》，決定擴大對小企業(yè)貸款利率的浮動幅度；1999年11月17日，頒發(fā)了《關(guān)于加強和改進對小企業(yè)金融服務(wù)的指導(dǎo)意見》，提出了進一步強化和完善小企業(yè)金融服務(wù)的10條措施；國家也成立了中小企業(yè)司，

21、2003年《中小企業(yè)促進法》通過并實施，它標志著我國促進中小企業(yè)發(fā)展正式走上規(guī)范化和法制化軌道。以上舉措對幫助我國中小企業(yè)獲得資金來源，扶持中小企業(yè)起著積極的效果。</p><p>　?。?）完善我國對中小企業(yè)資金的扶持政策。政府部門主要以稅收優(yōu)惠、財政補貼、貸款援助等方式給予資金上的支持。稅收優(yōu)惠是國家通過降低稅率、稅收減免、提高固定資產(chǎn)折舊等優(yōu)惠條件，以減輕中小企業(yè)的稅收負擔(dān)；而財政補貼是政府通過鼓勵中小企業(yè)

22、吸納就業(yè)、促進中小企業(yè)科技進步和鼓勵中小企業(yè)出口等方式給予的財政援助；政府幫助中小企業(yè)獲得貸款的方式有貸款擔(dān)保、貸款貼息、政府直接的優(yōu)惠貸款等等。</p><p>　　總之，要真正有效地解決中小企業(yè)融資難的問題，需要經(jīng)過政府、企業(yè)、銀行三方的共同努力，創(chuàng)建一個融資渠道多樣化、社會信用完善的社會經(jīng)濟環(huán)境，為中小企業(yè)的發(fā)展提供一個寬松的融資環(huán)境。</p><p>　　Sme financing

23、 causes and solutions</p><p>　　Since the reform and opening up, the Chinese small and medium-sized enterprises are the rapid development of China's national economy, improve the contribution, small and m

24、edium-sized enterprises in promoting economic growth and create jobs, increase farmers' income, the transfer of rural surplus labor force is playing more and more important, etc. However, in recent years, the develop

25、ment of small and medium-sized enterprises facing great difficulties. Especially the influence to the further de</p><p>　　1. Sme financing reason analysis</p><p>　　From the above we can see the

26、present financing, financing China has restricted the development of small and medium-sized enterprises. The reason is that both small and medium-sized enterprise itself, also have bank management system, there are more

27、reasons of national policy.</p><p>　　1.1 Enterprise itself. </p><p>　　(1) the small scale of capital, small and medium-sized enterprises information idea indifference. Small and medium-sized ent

28、erprises operating in small scale, production technology, product structure behind a single level and low technology, to resist the risk ability is poor, fluctuating prices of raw materials or products, management risk i

29、s bigger. Add small and medium-sized enterprise credit is not high, credit, bank lending non-americans options. Many small and medium-sized enterprise infor</p><p>　　(2) smes financial system is not perfect,

30、 the internal control system is not perfect, the accounting information distortion, Banks and enterprises information asymmetry, for sme financing difficulty increases. Assess, smes financial system is not perfect 50%, m

31、any small and medium-sized enterprise quality management, low lack of financial management knowledge, major financial decision-making by their heads to decide, management is very chaotic. At the same time, in order to co

32、pe with the inspect</p><p>　　1.2 bank reasons</p><p>　　(1) the policy system of bank loan and unbalanced directly affect the direct financing channels. Our financial institutions with four comme

33、rcial bank, the banking industry and the high altitude monopoly monopoly, consistent four bank lending to state-owned enterprises only wish. This is mainly in the ownership of state-owned Banks and enterprises, the diffe

34、rences between the bank and the enterprise system barriers. In addition, the provisions of the state bank is overdue, bad debts of non-perfor</p><p>　　(2) information asymmetry affect the relationship betwee

35、n Banks and enterprises. As the provider of bank capital and can't attend the daily operation and management of funds, and the user (sme) of information asymmetry between will bring the contradictions and problems. U

36、sually, the small and medium-sized enterprises in the management of state owned more than bank information, therefore, has advantages of small and medium-sized enterprises in the process of contract in the event of using

37、 the cap</p><p>　　(3) lack of small and medium-sized enterprises and the matching of the small and medium sized financial institutions. At present, the bank is still lack of organizational system for smes

38、9; financing service policy Banks, while China's existing in the small and medium-sized commercial Banks such as urban rural credit cooperatives, share-holding commercial Banks, urban commercial Banks, but because th

39、ey are not RongZiQuan policy and its problems haven't solved, cannot satisfy sme loans. Some small </p><p>　　(4) of small and medium-sized enterprises through issuing stocks and bonds are not unblocked f

40、inancing channels. Our company law shall apply for stock market conditions of the registered capital of a joint stock limited company shall not be less than RMB 5 million yuan, the shareholders of a listed company amount

41、 not less than RMB 3000 yuan, public issuance of shares reached more than 25% of the total shares of the company, the company exceeds RMB total share capital of the four billion yuan, th</p><p>　　1.3 Governm

42、ent departments </p><p>　　Government support to small and medium-sized enterprises. Government retains a planned economy, long-term since, the national policy support to enterprises, although these years nat

43、ional policy change, but did not happen substantial changes. Especially the country executes large state-owned enterprises at present to the preferential policies for small and medium-sized enterprises, and still can'

44、;t enjoy the preferential policy.</p><p>　　In China, although the difference of small and medium-sized enterprises to reduce rates, two or three year from shall be exempted from income tax preferential tax p

45、olicy, etc, but due to the small and medium-sized enterprises are small-scale taxpayers, in the process of operation, shall enjoy the preferential policy. Finally often actual</p><p>　　2 to solve our sme fin

46、ancing ways</p><p>　　Due to the financing, enterprises, banking and government tripartite, therefore, to solve the difficulty in financing smes, needs the joint efforts of the three.</p><p>　　2.

47、1 Regulate internal management of small and medium-sized enterprises, improve the comprehensive quality of enterprises</p><p>　　(1) to clarify the rights, establish enterprise joint-stock system. Actively pr

48、omote enterprise property rights system reform, the only enterprise of property rights, the operator to clarify their behavior and the future development of the enterprise, the enterprise is responsible for the credit ca

49、n be established. According to the requirements of the modern enterprise system and its own characteristics, the small and medium-sized enterprises energetically promoting sme, joint-stock system refor</p><p&g

50、t;　　(2) to standardize enterprise financial system and improve financial management level. According to the relevant provisions of the state, establishing and perfecting the enterprise's financial and accounting syst

51、ems, don't do the books, establish and improve the system of financial statements, and improve enterprise financial status of transparency and the credibility of the financial statements. Pay the debt and bank active

52、ly establish enterprise, payment of the credit system, improve the level</p><p>　　(3) to strengthen internal management, improve enterprise's credit rating. Normally, A level above the level of credit en

53、terprise, financial institutions to consider its financing application, so enterprises to establish A good corporate image, eliminate the bad credit histories, enhances the enterprise prestige degree of reimbursement, vi

54、gorously develop products market. Also established a credit rating system of evaluation indexes, and actively cooperate with the government departments concern</p><p>　　2.2 Financial institutions of self-imp

55、rovement</p><p>　　(1) The financial departments should according to the requirements of the development of market economy, the reasonable allocation of financial capital, should not go to guide the market wi

56、th the ownership.In financial regulations, fully utilize rate of market of leverage, the financial market regulation. According to the requirements of small and medium-sized enterprises such as credit amount is small, sh

57、ort time, high frequency characteristics, can properly raising interest rates, booth low co</p><p>　　(2) various financing for common development. Continue to expand the scale of China's stock market, es

58、tablish the gem, as soon as possible, the enterprise property market directly in state-owned enterprises listed at the same time, allowed conditions for listing of small and medium-sized enterprises into the capital mark

59、et. Also solve a listed company of its shares in listed state-owned, can realize the circulation problems, shares of stock, promoting the circulation of the gem market as soon as</p><p>　　(3) cultivating and

60、 developing bond financing market, develop China investment fund market, promote the development of small and medium-sized enterprises of scientific research innovation ability. In order to support the development of sma

61、ll and medium-sized enterprises should straighten out the issuance examination system, gradually relaxing restrictions, expand the scale of perfect bond issued amount secured credit rating system, support the operation e

62、fficiency and repay ability of small and </p><p>　　(4) establishing and perfecting the bank for small and medium-sized enterprises, specialized service system for small and medium-sized enterprise service. F

63、or small and medium-sized enterprise development services to the small and medium sized financial institutions, accelerate the establishment of small and medium sized financial institutions. The small and medium sized fi

64、nancial institutions general understanding of local basic-level, can use local information about the production status of sm</p><p>　　2．3 government should take effective measures to increase the financing f

65、or small and medium-sized enterprises.</p><p>　　(1) the government departments for solving the problem of small and medium-sized enterprises financing take a series of policy measures, the people's bank

66、of China on May 6, 1998 by about the improvement of financial services, support the development of national economy, the requirements of the guiding opinions of commercial bank of small and medium-sized enterprises, esta

67、blish credit loans to small and medium-sized enterprise service, On June 20, 1998 by about further improve financial services</p><p>　　(2) improve our sme funding support policies. The government department

68、mainly preferential tax and financial subsidies, loans to aid financially support. The preferential tax is the country through lower rates, tax breaks and improve the depreciation of fixed assets, etc. To reduce the tax

69、burden of small and medium-sized enterprises, But subsidies are encouraged by the government of small and medium-sized enterprises of small and medium-sized enterprises, promoting the employment of absorbing </p>

70、<p>　　Anyhow, want to effectively solve the problem of small and medium-sized enterprises, the financing needs of government, enterprises and the joint efforts of the tripartite bank financing channels, creating a d