Research On Credit Guarantee Problems In Small And Micro Enterprisesrsquo; Credit Financing
Development of small and micro enterprises plays an important role in solving problems of employment and promoting economic development. However, in development process of small and micro enterprises, there are still many problems. First of all, financing difficulty stands in the breach. Since small and micro enterprises have small scales and insufficient funds, they cannot provide corresponding credit guarantee when financing is needed, which makes them fail to raise funds needed by production and operation. How to provide effective credit guarantee for small and micro enterprises, help them raise funds and enable them to develop successfully is a responsibility of the whole society. This thesis mainly studies credit guarantee problems appearing in small and micro enterprisesrsquo; financing and tries to find out solutions in order that these enterprises can develop better. When banks define small and micro enterprises, their standards are a little different. Enterprises whose loans from banks are less than RMB 5 million are called small enterprises and the ones whose loans are less than RMB 1 million are called micro enterprises. Micro enterprises and small enterprises are called small and micro enterprises jointly.
In China, the number of small and medium-sized enterprises is large. Most of them belong to small and micro enterprises.
Different credit guarantee institutions have different impacts on small and micro enterprises. At present, most guarantee institutions in China are policy institutions and the guarantee they provide for small and micro enterprises does not aim at profits.
Disadvantages of Chinese small and micro enterprisesrsquo; financing
(I) Insufficient support of banks
Currently, business funds of Chinese small and micro enterprises mainly derive form self-raised funds and private lending. Only less than 10% of financing is obtained via bank loan. At present, Chinese banksrsquo; support for small and micro enterprises is not powerful enough but fails to satisfy small and micro enterprisesrsquo; demands in the aspect of funds. Nowadays, Chinese banks and credit institutions have many disadvantages in the aspect of operation. Therefore, they cannot provide enough support for small and micro enterprises. Such a situation not only limits development of small and micro enterprises but also affects development of the whole social economy to some extent.
(II) High financing cost
Financing cost of small and micro enterprises mainly involves four items, i.e., interest, guarantee fee, mortgage evaluation and interest of risk cash deposit. Generally speaking, when banks give debit and credit, they will up-regulate small and micro enterprisesrsquo; interests to some extent, which makes financing cost of small and micro enterprises is larger than medium-sized or large enterprises. This increases these enterprisesrsquo; burden to some extent. As a result, when small and micro enterprises raise the same funds, they need pay more cost. In addition to interests, guarantee fee, evaluation fee and cash deposit also add burden to small and micro enterprises.
After the foregoing cost has been deducted, the funds that small and micro enterprises can borrow and raise is only 80% of nominal funds.
(III) System solidification
Debit and credit of small and micro enterprise can satisfy clientsrsquo; demands for small and urgent financing. However, Chinese financing institutions neither pay much attention to small and micro enterprisesrsquo; financing demands at present nor develop service with pertinence, which makes threshold for small and micro enterprisesrsquo; financing be improved.
(IV) Incomplete legal system
As credit guarantee is an emerging industry, legislation about credit guarantee is not sound. At present, China does not have systematic laws to restrict activities of credit guarantee institutions. Meanwhile, China has not established special supervision departments to manage supervise such institutionsrsquo; activities, which makes operation activities of guarantee institutions be not standard enough. As a result, abnormal competition also happens frequently.
(V) Lacking mechanism for gurantee risk diversification
In accordance with international practice, guarantee institutions will not give full-amount guarantee to debt. This action aims at avoiding risks and protects creditorsrsquo; interests. However, Chinese guarantee institutions do not establish approaches to spread risks, while risks are usually undertaken by guarantee institutions alone. In doing so, guarantee institutionsrsquo; operation risks will be increased.
This has close relationship with our national conditions. Since China does not have strict requirements for risk diversification and some guarantee institutions do not have sufficient ability to obtain banksrsquo; trust simultaneously, positions of guarantee institutions and banks are non-equipotent under such a situation. When banks transfer risks that they should undertake to guarantee institutions, the latter can only accept such an unequal cooperative relationship.
(VI) Compensation mechanism is not established
For policy guarantee institutions, their financing is not obtained by operating activities but supplied by government allocations at all levels. Because of financial constraint, allocation cannot satisfy demands of guarantee institutions in daily operation. Just because of problems in the aspect of funds, guarantee institutions cannot completely satisfy all enterprisesrsquo; demands when they provide gurantee. Since these guarantee institutions do not have profitability, funds cannot be compensated reasonably, which makes them have much difficulty in continuous operation.
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