On the production company financing

Papers to write Net: Abstract: With China's rapid economic development, and production-oriented SMEs in the performance of different financing issues, to influence the development of these enterprises in China, this article will focus on these issues to discuss, and find the corresponding response.

Keywords: production-based decision-making on SME financing


Since reform and opening, China's production has been rapid development of SMEs, contribution of our national economy continues to increase. Production-oriented enterprises in support of China's economic growth, create employment opportunities for labor has played an increasingly important role, but in comparison, the share of manufacturing companies the financial resources are very limited in recent years, China's production faced by SMEs The problem of financing has restricted the manufacturing process of enterprise development constraints facing the primary bottleneck in this paper in the analysis of production based on the financing of SMEs, through the use of a variety of financial means to break the production company financing policy recommendations.

First, the production faced the problem of financing SMEs

(A) the bank lending channel information poor, leading to the low proportion of loans

November 14, 2009 the State Council Development Research Center released a survey report, it is difficult from the bank loans of medium and small enterprises were 63.4% and 70.9% share from the distribution of bank loans, a higher proportion of long-term loans, mostly for long-term and medium-sized construction projects, most of the money to invest in 'stingy' infrastructure, and the main cast to the large and medium state-owned enterprises, private SMEs, making difficult to obtain loans. asymmetric information is a serious impact on financial institutions and enterprises relationship banking and financial institutions as providers of funds, often can not personally participate in the daily operation and management, in information, SMEs in the operation and management of funds than banks with more information, such information can result in asymmetry caused by the contradictions and problems, such as production rates of small and medium enterprises out of business and bankruptcy rates, and credit and guarantee system is not perfect, making the bank for its services, there is a high risk of lending so the bank makes the production-oriented SMEs In the absence of credit history, information dispersion and high transparency, financial statements, bank account funds are not regulated small enterprises, banks not willing to provide services.

(B) securities financing

At present, China's capital market is still in a state of delay, and single capital market structure, such as listing standards on the capital of China's size, profitability and other aspects of records and amount of financing constraints, has led to a large number of private enterprises in a fast-exclusion In addition to listed companies, resulting in poor flow of private capital, private capital often can not successfully combine both supply and demand. Making small and medium private enterprises, there are still many problems listed according to the survey, as of June 2010, China's only listed private companies in Shanghai and Shenzhen 769, of which 241 private listed companies Shanghai, with a total market capitalization of 1.38 trillion Yuan, market capitalization of 1.14 trillion yuan, accounting for approximately 31%, 37% and 49%, while compared to developed countries, developed countries 90% of listed companies are private enterprises. While small and medium enterprises in the financial and management on their own, there are many problems, they do not want do not want to accept the listing of business ownership and management rights of the necessary dilution and changes, some companies are unwilling to accept the shareholders' meeting, regular disclosure of information constraints and other aspects of the rules and regulations, which makes it difficult for SMEs to enter production in China's securities market in securities activities.

Second, the production strategy for the financing of SMEs

(A) the establishment of credit guarantee financing platform

According to China's production of the actual situation of SMEs, the establishment of policy, commercial and private mutual guarantee institutions, and through the establishment of a joint venture of government and society, such as the formation of credit guarantee companies a higher degree, the formation of production and specific groups of SMEs the integrity of the system, so security needs of enterprise companies and the relationship between the rapid formation of mutual trust in order to obtain the bank's recognition results. this National Development and Reform Commission's Macroeconomic Research Institute of Investment Research in a research report recommends: strengthening government the transparency of fiscal and debt, establish and improve the government debt statistics reporting system, to achieve commercial bank debt of the government's size, structure and complete monitoring and evaluation of dynamic effects, and local financing platform for the credit rating scale of its financing as a control the main basis, according to different credit rating, the central government there are differences in regulating the size of local financing platform for financing, to encourage local governments to improve fund use efficiency, constraints, local governments, the effect of excessive borrowing. for commercial banks to provide true and reliable information , thus facilitating the role of commercial bank credit decisions.

(B) allows local governments to issue bonds to the production-oriented SMEs

2009 places in order to meet the country to implement a proactive fiscal policy, strengthening local government financially supports the ability to invest and expand, it started as a local government bonds. With the size of local government bonds expanded rapidly, reaching around to ease the infrastructure construction funding .2010 June 10, the State Council issued a <<State Council on strengthening local government financing platform management issues related to notice>> People's Government and wagons and the agencies directly under and in accordance with the nature of projects and debt principal also money source for local financing platform for the company's debt classification management, in order to raise from the general direction of local government debt financing platform for the company and its principle of rectification, if long-term situation, instead of allowing local governments through Stealth mode of large-scale borrowing, so might as well by modifying our existing <<Budget Law>> and <<Guarantee Law>> to improve the government's issuance of local bonds guarantee rules in order to achieve transparency in the role of local government debt the central Government at all levels, whether local governments have issued local bonds to assess qualifications, to closely monitor the size of local government bonds and stock of the incremental scale, the flow of funds and bond debt repayment, etc., and these indicators in local government performance evaluation system. in order to allow eligible local governments to issue local bonds, the stock of hidden places in China to resolve the debt, to achieve effective for the production of a good SME financing purposes. Links to free download http://www . hi138.com

(C) the establishment of private small and medium financial institutions to increase

Production problem of inadequate financing for SMEs, the key is to nurture SMEs are willing to provide financial support for the private financial institutions, and private financial institutions to determine the legal status, scope of activities, the standard of behavior, such as the existence of market access ( qualifications, funding sources, use, borrowing, payment methods, legal rights and interest rate setting has made it clear that to start the regular track into the national legal system, while in order to protect the interests of depositors, the People's Bank of China should the use of various monetary policy tools to strengthen supervision, and the loan to invest in good operating efficiency, play a positive role in promoting the national economy and individual business enterprises and households. and to strengthen the administration, by pressing the relevant state regulations, registration, issue a business license, the license management approach to classification, one belongs to all licensed banks, the second is to absorb the large time deposits, as a professional lender, the three credit does not exist is the only way.


[1] Yang Xianping based theory of interpretation of the financing of SMEs financing strategies [J]. Invest in China, 2009, (6
[2] Zhang Tianhui. Local government bonds: opportunities, risks and countermeasures [J]. Shanxi University of Finance, 2009, (12 Links to free download http://eng.hi138.com

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