<Dianliang.com> For a long time, the difficulty of SMEs obtaining financing has always been one of the main factors hindering their growth. Solving the problem of financing difficulties for small and medium-sized enterprises is urgent. This article attempts to analyze the root causes of SME financing issues from both micro and macro perspectives and proposes corresponding countermeeasures based on this analysis in conjunction with practical realities.
Small and medium-sized enterprises (SMEs) hold a strategic foundational position in economic and social development, especially in increasing employment opportunities, technological innovation, enlivening the market, and promoting economic growth, playing a huge role. However, for a long time, the financing problems of SMEs have always been a major limiting factor affecting the growth of SMEs and are also a focus of attention for society and the government. Therefore, it is highly necessary to explore financing strategies for SMEs under new circumstances to enhance the competitiveness of our country's SMEs and face domestic and international competition.
### I. Analysis of Causes of SME Financing Difficulties
The reasons for SME financing difficulties are multifaceted, involving both micro-level factors such as enterprises themselves and commercial banks, as well as macro-level factors like financial development levels and national legal policies. Below is a detailed analysis of these factors.
#### A. Micro Cause Analysis
1. **Problems within SMEs**: SMEs themselves have limited scale, lack of funds, low creditworthiness, incomplete corporate planning, high failure rates, and high loan repayment default rates. According to survey statistics from the People's Bank of China: by the end of 2000, among the 62,656 restructured enterprises that opened accounts in five banks (Industrial and Commercial Bank, Agricultural Bank, Bank of China, Construction Bank, and Communications Bank), involving loans and interest totaling 579.2 billion yuan, 32,140 enterprises were identified by financial debt management institutions as having evaded or abandoned financial debts, accounting for 51.29% of restructured enterprises. Among these, there were no shortage of SMEs that had evaded or abandoned financial debts; SME products often exhibit low technical content, poor quality, and lack of after-sales service. In terms of competition, most SMEs adopt price-cutting tactics, and counterfeit and substandard products are mostly associated with SMEs. Many product liability issues are also caused by SMEs. Therefore, the overall level of development within SMEs is not high, which is a major reason why banks are unwilling to lend to SMEs.
2. **Bank Loan Management Issues**: Due to the smaller scale of capital and debt needs of SMEs, the average cost and marginal cost of review and supervision are relatively higher. Financial institutions, in order to avoid adverse selection and information asymmetry, are often reluctant to lend to SMEs. Recently, the state has repeatedly emphasized reducing non-performing assets in banks as a top priority in the reform of state-owned banks. From a trend perspective, the credit responsibility constraints of commercial banks are becoming stricter. For example, the implementation of loan management responsibility systems and primary responsibility systems, implementing collection responsibilities for handling personnel and primary responsible individuals, and strengthening control over the non-performing rate of new loans, all make loan approval processes stricter for SMEs.
3. **Mortgage and Guarantee Intermediary Issues**: Mortgages and guarantees are important tools used by financial institutions to protect their interests when lending to SMEs with information asymmetry and opacity. In China, banks impose strict conditions on collateral. Apart from land and real estate, banks rarely accept other forms of collateral. Additionally, many SMEs that have been restructured from state-owned and township enterprises have assets that are leased or allocated, which cannot be used as collateral or have very low collateral rates. Mortgage loans involve various intermediary fees including appraisal fees, registration fees, notarization fees, insurance fees, and mortgage cancellation fees. Moreover, due to the smaller loan amounts, the proportion of intermediary fees to loan costs is significant, making many SMEs hesitant. Domestic guarantee agencies and insurance companies provide guarantees based on their own credibility, but these agencies are small in scale and have limited guarantee capacity. At the same time, guarantee intermediary fees are high, with some guarantee companies requiring enterprises to deposit 20% of the guarantee amount into their account and charging monthly fees at 0.2% of the guarantee amount, seriously undermining the enthusiasm of SMEs for guaranteed loans.
#### B. Macro Cause Analysis
1. **National Policies for Enterprises**: For a long time, the government has provided special support to large and medium-sized state-owned enterprises in terms of funds, taxation, market development, talent, technology, and information, creating uncertainty in the market competition environment for SMEs and unequal competitive conditions. According to surveys of 500 SMEs in Liaoning Province, only 21.7% of SMEs can obtain loans from banks, and most of them are state-owned SMEs. As a result, SMEs provide benefits to society but find it difficult to secure the necessary funding support, and the supplier side of the financing market cannot give them appropriate returns. The measures SMEs use to solve funding supply can only rely on internal profit accumulation or invest large amounts of capital in the financing market, leading to increased financing costs.
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