金融危机下中小企业的融资决策

【关键词】中小企业；融资；决策

中小企业在国民经济中占据着十分重要的地位。随着我国社会主义市场经济的快速发展，中小企业在保证国民经济持续健康发展、推动技术创新、增加就业机会和维护社会稳定等各个方面发挥着越来越重要的作用。据统计，中小企业创造的最终产品和服务的价值约占国内生产总值的85%，上缴税收占75%左右，商品出口额已占全部商品出口额的75%以上，吸纳就业人数估计占城镇就业岗位的80%。但是，在当前金融危机形势下，我国中小企业的融资问题，已经成为制约广大中小企业生存和发展的主要瓶颈。

一、金融危机对我国中小企业融资的影响

2008 年3 月，美国第五大投资银行贝尔斯登因次级抵押贷款无法支持债券而轰然倒下，由此拉开了局部金融风暴的序幕。同年9 月，美国宣布接管房地美和房利美，由次贷危机引发的金融风暴逐步升级为金融海啸，随即这股金融海啸以旋风般的迅速卷及美国第四大投资银行雷曼兄弟。仅仅用了一周时间，雷曼兄弟宣布破产保护申请，美林公司被美国银行收购，美国国际集团（AIG）被美国接管。随着三大投行的倒闭，金融风暴已经演变为金融动荡，整个美国华尔街一片哀鸿遍地。9月底，高盛和摩根士丹利被迫转型为银行控股公司。全球金融业最著名的华尔街上的五大投行全部倒下，这场百年不遇的金融动荡进而波及全球，并向美元危机和全球金融危机发起冲击。自次贷危机引发金融风暴以来，金融危机已经严重冲击了全球经济，使得世界经济增长放缓。对我国经济而言，曾作为“三驾马车”之一的出口首当其冲受到冲击，直接影响到了我国的外向型企业，出口增速回落，贸易顺差下降，进而导致我国经济增长明显放缓，2008 年我国GDP 增长已经回落至9%。大量的中小企业为了生存和持续发展的需要，渴望疏通融资渠道，解决困局。如何做好融资决策，选择融资方式，成为中小企业的当务之急。

二、中小企业融资难的主要表现

目前，我国中小企业融资难主要体现在以下几个方面：第一，融资方式比较单一，缺乏直接的市场融资渠道，据统计，目前全国中小企业有85%存在资金不足的情况，需要进行再融资。从筹资方式上看，有70%的企业资金来源于银行，20%通过民间资本等自筹形式取得，7%通过内源性筹资，只有3%的企业通过直接融资。从银行贷款投放量总量上来看，银行对中小企业的投放量不到总量的10%。中小企业强大的资金需求与十分有限的资金供给之间的矛盾非常突出。

第二，借贷期限和方式、数量的局限性。目前中小企业贷款的一个突出问题是银行贷款期限结构不能满足中小企业对资金的需求。在现行的银行信贷授权授信制度下，地市级和区县级基层银行机构授权很小，大部分没有固定资产贷款投放权，而只有小规模的流动资金贷款权限。通常情况下，银行借贷期限较短且数量普遍不多，主要是用于解决临时性的流动资金，而对固定资产贷款控制十分严格，难以开展项目开发和扩大再生产。贷款方式上，主要以抵押和担保为主，只有极少数企业才能享受信用贷款。

第三，现在整个社会包括许多商业银行信贷观念还跟不上目前发展形势，对中小企业缺乏必要的了解和足够的重视，普遍认为将资金投向中小企业风险高、成本高、工作量大且收效不大。

三、金融危机下中小企业融资难的成因分析

长期以来，我国中小企业的融资一直高度依赖于自有资金或内源性融资。根据权威金融机构的数据显示，在中美两国中小企业的融资结构中，中国的自有资金占比60%，而美国只有30%；中国的银行贷款占比仅为20%，而美国为42%。近年来，中国中小企业快速发展，所占国内生产总值的比例大幅提高，而中小企业的信贷比例却基本维持在5%左右，一直没有明显改观。与大型企业相比，中小企业的银行信贷额度非常低。当前中小企业融资的现实情况就已经表明，国内银行业的中小企业金融服务解决不了中小企业扩张时期的资金需求，也无力在危机时期实施救援以帮助他们摆脱财务困境。

分析中小企业融资难或金融服务不足，主要原因：一是由于在国内金融部门中，相对于传统的面向大企业与国内统一市场的金融服务与相比，在面向中小企业与国内区域市场的金融服务与方面，存在着致命的“短板效应”。过去在经济繁荣时期，一些问题因在大金融浪潮的掩盖下没有显露出来。

但是，在当前的经济金融环境中，短板的存在及其经济利害关系已经格外清晰；二是当前我国的融资服务链还不完善，融资体系尚不健全。在当前金融服务中，大型或全国性商业银行占据主导地位，所制定与执行的金融服务标准是全国统一的。在这类机构的硬尺度下，与个性化较强的中小企业在金融服务需求方面通常存在诸多抵触，其中的甄别成本也非常高昂，从而在中小企业或区域金融服务方面缺乏经济激励。三是我国的中小企业本身也存在许多不足和先天的缺陷，由于大多中小企业处于创业阶段，它的弱、小及其管理不规范等特点难于达到融资要求。

同时，宏观风险加剧形势下银行更加“惜贷”。当前，银行贷款仍然是中小企业融资的主渠道。据中国人民银行的一份调查显示，中国中小企业融资大部分来自银行贷款。但由于金融危机造成整个宏观经济环境发生了明显变化，对于中小企业的不利影响除了境内外的需求下降之外，最终都主要表现为供给层面上的资金成本与生产成本的增加，以及可贷资金的减少，再加上央行的信贷规模控制，中小企业的融资渠道被大幅收窄。随着中小企业经营风险与信用风险水平的大幅度上升，信贷配给现象将更加严重，可贷资金可能发生绝对性的削减。

四、要创新融资方式，构建有效的、多层次的融资体系当前，提出“建立多层次资本市场体系，完善资本市场结构，丰富资本市场产品”的主张，这是推动我国资本市场改革开放和稳定发展的一项重大举措。建立多层次资本市场可以有效、更大程度地满足多元化市场主体特别是广大中小企业对资本的需求，有利于推动各类资本流动和重组，为建立归属清晰、权责明确、保护严格、流转顺畅的现代产权制度创造条件；有利于通过多元化的渠道促进储蓄并向投资转化，降低金融系统性风险，减少因投资引发的宏观经济波动。中小型企业融资问题主要表现在融资渠道狭窄方面，因此在解决中小企业融资困难的时候，要着眼于整个资本市场，努力构建有效的、多层次的融资体系，努力改善中小企业的融资环境，通过金

融制度创新和金融工具创新，为中小企业开拓融资渠道，以筹措更多的资金，促进我国中小企业更好的发展。

【 abstract 】 in the current financial crisis situation, the financing problem of small and medium-sized enterprises in our country, has become the main bottleneck restricting the survival and development of small and medium-sized enterprises. Firstly expounds the influence of the financial crisis on our country, on the basis of discusses the main performance of the financing difficulties of small and medium-sized enterprises, analyzes the causes, finally proposed to innovative financing way, build effective and multi-level financing system.

【 key words 】 small and medium-sized enterprises; Financing; Decision making

Small and medium-sized enterprises in the national economy occupies a very important position. With the rapid development of our country socialist market economy, small and medium-sized enterprises in ensuring the sustainable and healthy development of the national economy, promoting technological innovation, increase employment opportunities and maintaining social stability and so on various aspects plays a more and more important role. According to statistics, the value of the small and medium enterprises to create the final product and service accounts for about 85% of gross domestic product, pays taxes accounted for about 75%, merchandise exports have accounted for more than 75% of the total merchandise exports and absorb employment estimates 80% of employment in urban. But, in the current financial crisis situation, the financing problem of small and medium-sized enterprises in our country, has become the main bottleneck restricting the survival and development of small and medium-sized enterprises. A, the influence of the financial crisis on China's small and medium-sized enterprise financing In March 2008, the nation's fifth largest investment bank bear stearns fall due to subprime mortgage cannot support bond, thus opened the prelude of local financial storm. Announced in September the same year, the U.S. government took over Freddie MAC and fannie mae, the financial storm triggered by the subprime crisis escalated as the financial tsunami, then the financial tsunami with whirlwind volume rapidly and the fourth-largest U.S. investment bank lehman brothers. Only in a week, lehman brothers declared bankruptcy protection, merrill lynch acquired by bank of America, American international group (AIG) by the U.S. government to take over. With the collapse of the three major investment Banks, financial storm has evolved into the financial turmoil, the Wall Street a slice of all the earth. At the end of September, Goldman sachs and Morgan Stanley, were forced to become a bank holding company. Global finance and one of the most famous Wall Street's five big investment Banks all down, and the worst of the financial turmoil and then spread all over the world, and to the us dollar and the global financial crisis. Since the subprime crisis triggered the financial storm, the financial crisis has serious impact on the global economy, making the world economic slowdown. For our country's economy, as one of the \"troika\" export first hit, directly affected our country's export-oriented enterprises, export growth fell back, the trade surplus dropped, leading to the slowdown in economic growth in China, China's GDP growth has dropped to 9% in 2008. A large number of small and medium-sized enterprises to survive and sustainable development needs, eager to dredge the financing channels, to solve the dilemma. How to make financing decisions, choose the financing way, become the priority of small and medium-sized enterprises.

Second, the main performance of the financing difficulties of small and medium-sized enterprises

At present, our country small and medium-sized enterprise financing difficulties mainly embodied in the following aspects: first, the financing way is single, the lack of direct market financing channels, according to statistics, at present there are 85% of the national small and medium-sized enterprises exist shortage of funds, have to be refinanced. Look from the financing way, money from the bank, 70% of the enterprises is 20% by self-raised forms such as folk capital, 7% by endogenous financing, only 3% of the enterprise through direct financing. Loans from the bank on the total quantity, bank for small and medium-sized enterprise quantity was less than 10% of the total. Limited capital requirements of small and medium-sized enterprise strong and the contradiction between the supply of funds is very outstanding.

Second, borrowing period and way, the number of limitations. At a prominent problems of small and medium-sized enterprise loan is a bank loan term structure can't meet the needs of small and medium-sized enterprises for capital. Under the current credit bank credit authorization system, municipal and district banking organizations at the grass-roots level authorization is very small, most of no fixed assets loans on the right, but only a small working capital loans. Normally, bank lending period is shorter and the number of common few, is mainly used to solve temporary liquidity, and control of fixed assets loan is very strict, it is difficult to carry out project development and expanding reproduction. On loan, mainly composed of mortgage and guarantee, only a handful of enterprise can enjoy credit.

Third, now the society as a whole, including many ideas also can't keep up with the current development situation of commercial bank credit, for small and medium-sized enterprises lack the necessary understanding and enough attention, is generally believed that the high risk, high cost of money at small and medium enterprises, large workload and ineffective.

Third, analysis of the causes of financing difficulties of small and medium-sized enterprises under the financial crisis

Long-term since, our country small and medium-sized enterprise financing has been highly dependent on its own funds or endogenous financing. According to the authority of financial institutions, according to data in the small and medium-sized enterprise financing structure in China and the United States, China's own reserves accounted for 60%, while only 30% in the United States; China's bank loans accounted for only 20%, and 42% in the United States. Rapid development in recent years, China's small and medium-sized enterprises, improve the proportion of gross domestic product, as a proportion of small and medium-sized enterprise credit is maintained at about 5%, has no obvious change. Compared with large enterprises, small and medium-sized enterprises of bank credit is very low. From the actual situation of the current small and medium-sized enterprise financing has showed that the small and medium-sized enterprise financial services of domestic Banks cannot solve the capital requirements of small and medium-sized enterprise expansion, is weak in times of crisis rescue to help them get rid of financial difficulties.

Analysis of small and medium-sized enterprise financing difficulties or lack of financial services, the main reasons:www.hendht.net www.hgmse.net www.dgeali0.com one is because of the financial sector in the country, relative to the traditional financial services for the large enterprises and domestic unified market, compared with policy in financial services for the small and medium-sized enterprises and domestic regional market and policy, there is a deadly \"short board effect\". Some problems during the boom years in the past, because in the big tide of financial did not appear under the cover.

However, in the current economic and financial environment, the existence of the board and its economic interests have more clear; The second is the current our country finance service chain is not perfect, financing system is not sound. In the current financial service system, large or dominant national commercial bank, the formulation and implementation of financial services is the national unified standard. Under the hard measure of such institutions, and personalized strong small and medium-sized enterprises in the financial service demand side there are usually many, the screening cost is very high also, or regional financial services to small and medium-sized enterprises lack of economic incentives. Three is our country's small and medium-sized enterprise itself has many deficiencies and birth defects, since most small and medium-sized enterprises in the start-up stage, its characteristics such as weak, small and its management is not standard is difficult to meet the financing requirements.

At the same time, under the macro risk exacerbating the situation more \"lend\" Banks. At present, bank loans are still is the main channel of financing for small and medium-sized enterprises. According to a survey of the people's bank of China, most of China's small and medium-sized enterprise financing from a bank loan. But due to the financial crisis the whole macro economic environment has changed significantly, for the negative impact of the small and medium-sized enterprises (smes) in addition to domestic and overseas demand, ultimately, mainly for the supply level of capital cost and the increase of production cost, and reduced loanable funds, combined with the central bank's credit control, financing channels of small and medium-sized enterprises (smes) was significantly narrowed. As small and medium-sized enterprise management risk and the sharp rise in the level of credit risk, credit rationing phenomenon will be more serious, loanable funds may be absolute cuts.

Four, to innovate financing, build effective and multi-level financing system at present, the central puts forward \"set up multi-level capital market system, improve the capital market structure, abundant capital market productshis is our country capital market reform, opening up and stable development of a major move. Establish a multi-level capital market can be effective, a greater degree to meet diversified market main body, especially the majority of small and medium-sized enterprises of the capital demand, will be conducive to all kinds of capital flows and restructuring, in order to establish clearly established ownership, well-defined power and responsibility, strict protection and smooth flow of modern property rights system create conditions;www.yuandh.com www.fukong.org Benefit through diversified channels to promote and savings to investment, reduce financial systemic risk, reduce investment caused by macroeconomic fluctuations. Small and medium-sized enterprise financing problems mainly displays in the narrow financing channel, thus to solve the financing difficulties of small and medium-sized enterprises, to focus on the entire capital market, efforts to build effective and multi-level financing system, efforts to improve the financing environment of small and medium-sized enterprises, through the financial system innovation and financial tool innovation, explore the financing channels for small and medium-sized enterprises (smes) to raise more capital, promote the development of small and medium-sized enterprises in our country better.