Financing difficulties of SMEs in China has always plagued the survival and development of important issues, and financing costs continue to increase, not enough support bank lending, financing environment continues to deteriorate and the serious gap between supply and demand of funds, etc., is always SMEs Among the problems encountered financing. In recent years, the Chinese government attaches great importance to the problem of financing small and medium enterprises, in-depth research on the basis of timely introduction of a series of measures have achieved the desired results. However, history has experienced the most severe international financial crisis, China's survival and development of SMEs experiencing the most difficult course of several years. In the post-crisis era, the complex and changing international and domestic situation, resulting in a long time to achieve sustainable development impact of SME financing difficulties become more prominent. Timely help SMEs out of the post-crisis era of financing difficulties, has become very urgent and important task.

融資難始終是困擾著我國中小企業生存與發展的重要問題之一，而融資成本的不斷提高、銀行信貸的支持力度不夠、融資環境的持續惡化及資金供需的嚴重脫節等，始終是中小企業在融資當中所遇到的難題。近年來，我國政府高度重視中小企業融資難問題，在深入調研的基礎上及時出臺了一系列措施，也取得了理想的成果。然而，經歷了歷史上最為嚴重的國際金融危機，我國的中小企業經歷著生存和發展歷程中最為困難的幾年。在后金融危機時代，復雜而多變的國際和國內形勢，造成長期以來影響中小企業實現可持續發展的融資難問題變得更為突出。及時幫助中小企業走出后金融危機時代的融資困境，已成為當前十分緊迫和重要的一項任務。

First, the post-crisis era financing difficulties faced by SMEs in China

一、后金融危機時代我國中小企業面臨的融資困境 http://ukthesis.org/jr

(A) is obviously inadequate endogenous financing

The so-called endogenous financing, mainly refers to the enterprises in the business activities in which the funds generated, that is, internal financing, is the enterprise an important source of long-term financing. China's SMEs are generally from the 1980s began to slowly start up and development of SMEs due to their own capital accumulation is also difficult to support the further development of enterprises, and because the long-standing tradition of the role of human factors, in the small cooperation between enterprises is also due to the lack of trust between each other and improve the institutional arrangements and appeared unable to coordinate the multiple relationships between the interests of investors, resulting funders funding is very limited.

所謂內源性融資，主要是指企業在經營活動當中所產生的資金，也就是企業內部的融通資金，是企業進行長期融資的重要來源之一。我國的中小企業一般都是從20世紀80年代才開始慢慢起步和發展起來的，中小企業由于自身資本積累還難以支持企業的進一步發展，同時因為長期以來傳統人文因素所起的作用，在中小企業的合作上也由于缺乏相互之間信任與完善的制度安排而出現了無法協調好多個出資人之間的利益關系，從而造成出資者的資金投入十分有限。 

(Two) direct financing higher threshold

Major direct financing channels for SMEs is equity and debt financing, venture capital and asset securitization. Although the country's capital market has begun to have a scale, but its development is still very immature, in order to enter the capital market, barriers to entry are relatively high. Most small and medium business scale and management capabilities is also difficult to meet listing requirements. Currently, SMEs can get credit funds also appears to a single species, and our venture capital industry is not mature, in the exploratory stage, there are various problems. Asset securitization investors also exist over a single bank securitization wishes not strong enough, there is also relevant legal issues such as the financial system is not perfect.

(Three) indirect financing channels narrow

There are indirect financing corporate bank loans and other loans from financial institutions and so on. Among them, the banking sector lending is a worldwide first indirect financing channels. However, according to China's current situation, the vast majority of commercial bank lending flows among some large enterprises, SMEs if it is to obtain loans from financial institutions, it is simply impossible to do.

Second, the post-crisis era financing opportunities faced by SMEs in China

(A) loose fiscal policy opportunities

Since the 2008 financial crisis, a series of financial support SMEs healthy development continuing to adopt favorable policies and measures: People's Bank of China increased the amount of labor-intensive SMEs, microfinance, increasing the size of the financial institution's credit; reduced small and medium financial institutions of RMB deposit reserve ratio; implemented a proactive fiscal policy and moderately loose monetary policy; fully liberalized restrictions on lending programs; support commercial financial institutions to increase credit support for SMEs; by the central bank to cut again small and medium financial institutions deposit reserve ratio, and also cut the central bank refinancing and rediscount rates.

(Two) tax policy change opportunities

In response to the global financial crisis on the economic development of adverse effects arising from the State timely introduction of VAT transformation reform, VAT from production to consumption-based. From 2009 to carry out, to maintain the current rate of VAT in the same circumstances, to allow all of the country's value-added tax general taxpayer can deduct the purchase of equipment for its new VAT contained, and the yield of small-scale taxpayers levy Unified reduced to 3%. Since then, a number of countries have also further improve the labor-intensive mechanical and electrical products and other products are affected relatively large export tax rebate rate, resulting in tax support and encourage SMEs to further continuous development.

Third, the post-crisis era the main reasons of financing of SMEs

(A) Information obvious asymmetry

The so-called asymmetric information, that is, one party has relevant information, while the other is the lack of relevant information. Information asymmetry between the parties in the transaction distribution, information superiority will have a party for that party information disadvantage cause harm. Regardless of how SMEs caused by asymmetric information and moral hazard problem is more serious than large enterprises. Because relatively large enterprises, SMEs, not only small, but start time is not long enough, and the lack of a credit history record, its financial condition and future prospects are difficult to make judgments, and information disclosure mechanism is not perfect, the financial system is also not up to standard. Commercial banks and the lack of effective information among SMEs, resulting in SME financing difficulties.

(Two) the lack of collateral and guarantees

SMEs in their relatively small size, they are mostly indirect financing faces the problem of insufficient collateral. Although the "Property Law" to define the scope of the collateral has been extended to accounts receivable and intellectual resources such part of the property, but the major banks and enterprises to accept collateral security is still biased in favor of land and real estate are also able to successfully sell and value relatively stable security. The lack of collateral and guarantees for loans led to the SMEs in the face more challenges.

(Three) the presence affect interest rates and Fees

For high-risk borrowers, should be charged a higher interest rate, thereby preventing the occurrence of the risk, which is the risk of financial institutions to prevent the financing of conventional path. Compared with larger enterprises, SMEs have a relatively low proportion of fixed assets only, and insufficient collateral, its internal financial systems are often inadequate perfect, can not pass credit checks this off. If the majority of loans to SMEs, they have some of the funds received as a risk compensation, however, there may be adverse outcome of sexual selection, which is caused by high interest rates low risk, income is not high, but good prospects for the development of SMEs tend to being squeezed out of high-risk SME financing market.

(Four) market system flawed

China's current stage of the capital markets and the development of the bond market is not perfect, for the company's stock market has a very strict limit conditions. The size of listed companies also set a relatively high barriers to entry, such harsh conditions listed in the invisible to the vast majority of SMEs in exclusion from the outside, leading to small and medium enterprises can not get support from the capital markets.

Fourth, to solve the financing problem of SMEs after the financial crisis Suggestions

(A) formulate and improve relevant laws and regulations of SME financing

China was in 2003 adopted the "SME Promotion Law," the Ministry of SME development issues specific laws, marking China in promoting the development of SMEs has embarked on a standardized and legal track, and all the standardization management, we must also necessary rules for protection. Today, the government in promoting SME development a top priority is to focus placed on the regulatory and institutional construction, security and policy coordination through institutional and other measures to prevent bottlenecks in the financing of SMEs to create a better environmental conditions. We must pay close attention to improve the SME laws and regulations, to enable SMEs to gradually legalize the management of the track. In such laws and regulations which shall include the establishment of financial institutions how SMEs and SME financing measures and other requirements under the law to create a good financing environment for SMEs financing truly law.

 

    (Two) through the company's own perfect ability to raise financing

How to implement a fundamental solution to the problem of financing SMEs, it must strengthen its own management, improve its ability to resist risks. To do this, you must do the following three things: The first is to regulate the governance structure of SMEs, so establish a sound internal management system, management system specification and operation is regulated, to make it easier for SMEs to win its operation and management of financial institutions level, the recognition of sustainable development to successfully obtain loan financing. The second is to establish and improve the financial management system. By regulating the financial system, thus contributing to strengthen the company's financial management, and enhance the authenticity of financial information and financial management, satisfaction, and enhance the ability of financing for SMEs. Finally, to establish the concept of credit for SMEs. SMEs should be done in good faith, and continuously improve their credit standards, financial information, so as to prevent malicious evasion bank debt and interest owed behavior, in order to establish a harmonious relationship between banks, the financing of enterprises to create favorable conditions.