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北美作业代写:Financing difficulties for smes

2018-07-12 来源: 51due教员组 类别: Essay范文

下面为大家整理一篇优秀的essay代写范文- Financing difficulties for smes,供大家参考学习,这篇论文讨论了中小企业融资的困难。按照传统的经营理念和管理模式,在中小企业融资方面,商业银行进行了严格的限制。银行对中小企业的监督成本过高,风险控制能力较弱。由于信息不对称导致的逆向选择与道德风险,商业银行对中小企业贷款审查的单位成本很高,中小企业融资项目的质量难以得到保证。

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Credit rationing refers to the exclusion of some borrowers from the credit market due to excessive demand for loans. Credit rationing is usually two situations may occur: part of the applicant can obtain the corresponding loan, the other section was refused, for rejected the applicant, in the case of willing to pay higher interest, often cannot get a loan, the supply of credit is less than the demand for credit; The creditor cannot meet all the loan amount requirements of the borrower, and the amount of loan application can only be partially met. Stiglitz and Weiss proposed the s-w model for credit rationing theory. They believe that the main reason for the difficulty of enterprise financing is information asymmetry. They believe that the emergence of information asymmetry in the process of enterprise financing will inevitably lead to adverse selection and moral hazard. Adverse selection occurs before a business deals with its creditors, which may whitewash or falsify information in order to obtain funds. Creditors may not be able to grasp the financial situation and operating results of the enterprise, and it is difficult to evaluate the enterprise according to the information provided by the enterprise. Finally, it may lead to better run enterprises unwilling to bear high financing costs and exit the credit market. Moral hazard is the deal happens, enterprises obtain funds for loans may change after, not to use money, according to an agreement with creditors not in accordance with the loan contract to choose investment projects, but the loans to riskier, higher-yielding projects. It is difficult for creditors to effectively supervise the operation and management activities of enterprises, which leads to excessive supervision costs.

Laper and Graham revealed three stages of bank credit rationing: screening, evaluation, and rationing. In the screening stage, the bank manager will preliminarily screen the information of qualified enterprises, including the credit status of enterprises and the demand for loans. The staff handling the loan carries out a detailed comprehensive risk analysis of the enterprise applying for the loan in the evaluation stage, including the detailed credit records of the enterprise and the types of collateral. Companies that did not meet the loan requirements were excluded from the credit market, so credit rationing was created. Finally, in the rationing stage, the bank determines the final loan plan according to its own interests, and provides the amount and interest rate of enterprise loans. Okurut argues that the basic conditions of borrowers, the characteristics of businesses and the types of loans they lend influence whether Banks will create credit rationing. The borrower's profile includes basic information such as age, gender, education background, credit history, etc. The characteristics of an enterprise include years of operation and the value of the mortgaged property. The types of loans include the demand for the amount of loans, the length of the loans and the interest rate. Ghost thinks the value of the collateral is an important factor affecting credit rationing. If the borrower is unable to repay the loan within a specified period of time, the collateral will allow the bank to avoid losses. Hall and Weinstein, however, found the value of corporate collateral hard to measure. Berger introduces the concept of relational financing, that is, in the long-term interaction, the soft information other than the information that the creditor can collect. This soft information is obtained through long-term interaction with the borrower. At the same time, there may be no public private information. James thinks that the close relationship between enterprises and Banks can be regarded as an important aspect of the feasibility of obtaining credit. So-called credit availability, usually is refers to the enterprise in the information opaque or financial crisis, rely on relationship lending, the probability of obtaining credit can increase, at the same time signal its good prospect. Berger and Udell believe that by means of relational financing, creditors can communicate with enterprises, shareholders and local communities to obtain information and use it as a basis for granting credit to creditors. At the same time, it can reduce the financing cost and help enterprises to lower interest rate or increase the feasibility of getting loans when they get loans.

Some small and medium-sized enterprises lack a reasonable corporate governance structure and a simple organizational structure. Many decisions are made by the boss alone. Small and medium-sized enterprise operators of cultural level is low, the lack of advanced management method, enterprise internal management system is not perfect, the family management characteristics, this determines the business owner can laissez faire, lack can guarantee superior departments and industry organizations. On the one hand, operators pay too much attention to profits in the operation process and operate in a less standard way. First of all, enterprises provide financial statement is not complete, does not provide a lot of small and medium enterprises, cash flow and report on possible, even if the audited financial statements, can also fabricate false financial statements, and for financial institutions to cheat. Second, smes may have tax evasion. For some small and medium-sized enterprises, their operating cash flows in and out of personal accounts, and the real cash flow of enterprises is difficult to be reflected by the bank's statement. In addition, Banks can't query from borrowing official credit reporting system of small and medium-sized enterprises information hidden private lending, and to a certain extent, is difficult to accurately grasp the real small and medium-sized enterprise's financial position and operating results. In addition, the phenomena of imperfect financial system and untruthful statements are common in small and medium-sized enterprises. In order to meet the needs of their own, companies often need to do a few different set of financial statements, reported to authorities, the tax authorities, Banks, respectively, in this case, the bank customer manager is hard to discern. The assets of small and medium-sized enterprises are basically current assets, which are relatively complex and easy to defraud bank loans by fraudulent accounting and other means. On the other hand, small and medium-sized enterprises and Banks contact close enough, it is difficult to establish long-term contact with Banks, Banks can't "soft information" for small and medium-sized enterprise, lead to further intensify the information asymmetry problem.

In our country, the result of the development of small and medium-sized enterprises time is shorter, the relatively small size their assets, fixed assets is falling behind, cashability is weak, and to a certain extent, led to a serious shortage of to apply for a loan of the mortgaged property. In the process of applying for bank loan, the bank needs the enterprise to provide the corresponding tangible assets for mortgage. Small and medium-sized enterprises have weak liquidity of assets and less accumulation of fixed assets. Due to the size limitation, it is difficult for small and medium-sized enterprises to provide corresponding factory buildings and equipment for guarantee. Most small and medium-sized enterprises are labor-intensive industries, with fierce industrial competition, high labor cost and low capital utilization rate. It is difficult for Banks to supervise the financial status of enterprises, which further increases the operating cost and financial cost of enterprises. In addition, small and medium-sized enterprise life period is short, operation state is not stable, have the characteristics of short-term gains and risk appetite, lack of long-term business plan and long-term planning, difficult to establish a long-term credit relationship between enterprise and bank. 2.3 commercial Banks lack business models suitable for financing smes

The strong financial strength of commercial Banks can provide more diversified financial support for smes. However, in accordance with the traditional business philosophy and management model, commercial Banks have imposed strict restrictions on smes' financing. In daily business process, especially the relatively small size of the commercial bank, commercial bank often consider only their own management costs, income and capital security, and in the organization to carry out the loan business, mainly for state-owned enterprises or other large companies to lend. At present, some large Banks to small and medium-sized enterprise loan intention is weak, they think: small and medium-sized enterprise loan is mainly used for the purpose of liquidity, under normal circumstances, this part of the loan amount is small, number of loans are frequent, and fund management cost is higher; At the same time, smes lack corresponding dispersal and transfer tools in terms of loan risk. In this case, when lending to small and medium-sized enterprises, financial institutions tend to have more concerns in order to ensure the security of funds. At present, transaction loan technology is widely used in China's commercial Banks. Transaction loans are mainly divided into three types: financial statement loans, asset guarantee loans and credit rating technology. They collect "hard information" about a business, such as its financial statements and the value of its mortgage assets. However, compared with large enterprises, smes have obvious disadvantages in "hard information". In terms of risk and return, commercial Banks are more inclined to provide capital to larger enterprises. Then, the credit rating of commercial Banks on smes focuses on the previous financial data, which makes it difficult to judge the credit status of enterprises. Most commercial Banks use the same process for lending to smes as for larger enterprises. In terms of credit evaluation system, a lot of domestic commercial Banks did not specifically for small and medium-sized enterprise credit evaluation system, and small and medium-sized enterprise risk assessment personnel lack of comparison, in this case, for small and medium-sized enterprise credit risk is difficult to make an accurate evaluation of their own do not have the corresponding ability, to evaluate the future of the small and medium-sized enterprise solvency. Commercial Banks have high requirements on collateral, and the types of collateral are relatively simple. Small and medium-sized enterprises are at the initial stage of development, and Banks can accept limited mortgages, which are often difficult to meet the requirements of Banks for mortgage free. At present, there is a lack of appropriate guarantee intermediaries in China, and the establishment of guarantee system is not perfect enough. In addition, the supervision cost of Banks to smes is too high and the risk control ability is weak. Due to the adverse selection and moral hazard caused by information asymmetry, the unit cost of commercial Banks' loan review for smes is very high, and the quality of financing projects for smes is difficult to be guaranteed.

At present, the credit guarantee institutions of small and medium-sized enterprises in China are generally funded by the government and set up in a small scale. The nature of these guarantee institutions is unclear, there are no fixed evaluation criteria, and the assessment level is limited. In addition, in the credit system, China is still dominated by state-owned commercial Banks, and there are relatively few policy Banks specialized in serving small and medium-sized enterprises. Small and medium-sized Banks have such advantages as information advantage and low transaction cost advantage in supporting the financing of small and medium-sized enterprises. But in support of small and medium-sized enterprises and small and medium-sized Banks also encountered greater difficulties, such as: deposit, loan ratio, capital supplement, risk control and efficiency gains, these difficulties hindered the further and small and medium-sized Banks to provide financial support for small and medium-sized enterprises, have even threaten the survival of small and medium-sized Banks. In terms of both quantity and size, these Banks cannot meet the capital needs of smes, which makes it more difficult for smes to raise funds.

In such aspects as laws and regulations, the government needs to legislate for small and medium-sized enterprise credit information, according to local actual situation, formulate and perfect the small and medium-sized enterprise credit information legal norms, in the collection, preservation, evaluation, consulting and other aspects of small and medium-sized enterprise credit information, credit reporting agencies to provide legal basis for the society.

"Compared with the average full loan growth, banking financial institutions to small micro enterprise loan growth, to meet the requirements of small financial institutions, to continue to lower the deposit reserve rate." In order to achieve this goal, it is recommended that the banking regulatory bureau establish a special statistical system, and downgrade the rating of Banks whose small-business loans fail to reach the required release schedule.

For unreasonable charges, the government needs to clean up and correct them to further reduce the cost of enterprise financing. In addition to syndicated loans, commercial Banks are prohibited from charging commitment fees and capital management fees for loans to small and medium-sized enterprises. Strict control over the collection of financial advisory fees and consulting fees by commercial Banks from small and medium-sized enterprises. For example, an anonymous reporting centre or similar body could be set up for commercial Banks to charge unreasonable fees to small and medium-sized enterprises and reward and punish them according to the verification results.

There are two main modes of credit investigation system in developed countries: one is dominated by government and central bank, and the other is dependent on market economy rules and operating mechanism. For example, the government can establish a public enterprise credit agency model of micro, small and medium enterprises financial product information database, crack between commercial Banks and small and medium-sized enterprises of information asymmetry problem.

In the process of design of small and medium-sized enterprise credit evaluation system, the bank on the one hand need to asset-liability ratio, asset turnover and return on net assets considering the financial analysis indicators, on the other hand, need to enterprise's development ability, growth, innovative and honest business behavior are fully considered, at the same time need to social economy, the industry development of the enterprise condition considering companies such as external operating environment, etc. Finally, the establishment and improvement of enterprise credit inquiry system, with the help of enterprise credit data retrieval platform, can further query, exchange and share enterprise credit information.

On the one hand, support for commercial bank in the small and medium-sized enterprises and the issuance of financial bonds, government entities at all levels shall provide corresponding support, such as publicity, promote and guarantee, and even can promise capital contribution subscribed some financial bonds. Part, on the other hand, vigorously promote the success of the commercial bank credit support for small and medium-sized enterprise model, such as zhejiang tyrone commercial Banks according to the small and medium-sized enterprises of water meter, electricity meter and other non-traditional financial information to evaluate and monitor for small and medium-sized enterprises credit risk and the minsheng bank microfinance successful experience and the advanced practice.

At present, many small and medium-sized Banks aim to become large and strong, and become large commercial Banks. They also tend to lend to large and medium-sized enterprises. Therefore, from the perspective of strategic awareness of the bank for small and medium-sized enterprises and small and medium-sized Banks the important significance and value, need to take a certain way makes the small and medium-sized bank policymakers positioned itself clear service for small and medium-sized enterprises of bank.

Due consideration should be given to the special situation of small and medium-sized Banks. The policy should be "loosened up" appropriately, the support for small and medium-sized Banks should be strengthened, and the policy should be refined and differentiated.

In daily business process, small and medium-sized Banks need to rely on their own strength to get rid of the current predicament, among them, to speed up the pace of transition transformation is the key, by providing differentiated services, in the field of selective to consolidate and strengthen the competitive advantage.

We will enrich the financial products of smes and create differentiated financial brands. This is the key for small and medium-sized Banks to achieve sustainable development and win initiative and expand market share in fierce competition with large Banks. We will persist in developing professional competitive advantages and brand effects in the service of small and medium-sized enterprises, and meet their financing needs of "small, fast and smart".

Government agencies and departments and so on the CBRC and the CSRC and its dispatched institutions shall provide in support in the process of the development of small and medium-sized enterprises and small and medium-sized Banks to provide financing facilities, to encourage small and medium-sized Banks to issue bonds and for small and medium-sized Banks listed on the gem to provide counseling and convenience.

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