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论文范文 > 经济管理毕业论文 Thesis of Economics and Management

Financing Decisions of SMEs in the Financial Crisis

编辑: 毕业论文 Release time: 2016-08-18 Editor: Graduation thesis

【Abstract】 In the current financial crisis, the financing problems of China's SMEs have become the main bottlenecks that restrict the survival and development of the majority of SMEs. Firstly, it expounds the impact of the financial crisis on our country. Based on this, it explores the main manifestations of financing difficulties for SMEs, analyzes the causes, and finally proposes innovative financing methods to build an effective and multi-level financing system.

[Keywords] SMEs; financing; decision-making

SMEs occupy a very important position in the national economy. With the rapid development of China's socialist market economy, SMEs have played an increasingly important role in ensuring the sustainable and healthy development of the national economy, promoting technological innovation, increasing employment opportunities, and maintaining social stability. According to statistics, the value of the final products and services created by SMEs accounts for about 85% of GDP, and taxes paid account for about 75%. The export value of goods has accounted for more than 75% of the total export value of goods. 80% of jobs. However, in the current financial crisis situation, the financing problems of China's SMEs have become the main bottlenecks that restrict the survival and development of the majority of SMEs.

I. Impact of the financial crisis on China's SME financing

In March 2008, Bear Stearns, the fifth largest investment bank in the United States, collapsed because of the inability of subprime mortgages to support bonds, thus kicking off a partial financial turmoil. In September of the same year, the U.S. government announced the takeover of Fannie Mae and Fannie Mae. The financial turmoil triggered by the subprime mortgage crisis gradually escalated into a financial tsunami. This financial tsunami quickly rolled in a whirlwind and the fourth largest investment bank in the United States, Lehman brothers. In just one week, Lehman Brothers declared bankruptcy protection application, Merrill Lynch was acquired by Bank of America, and American International Group (AIG) was taken over by the US government. With the closure of the three major investment banks, the financial turmoil has evolved into financial turmoil, and the entire Wall Street in the United States is full of sadness. At the end of September, Goldman Sachs and Morgan Stanley were forced to transform into bank holding companies. The five most famous investment banks on Wall Street, the world's most famous financial industry, all collapsed. This unprecedented financial turmoil spread to the whole world and launched an impact on the dollar crisis and the global financial crisis. Since the financial crisis caused by the subprime mortgage crisis, the financial crisis has severely impacted the global economy and slowed down world economic growth. For China's economy, exports that were once one of the "troikas" were hit first, which directly affected China's export-oriented enterprises. Export growth slowed down and the trade surplus declined, which in turn led to a marked slowdown in China's economic growth. In 2008 China's GDP growth has fallen to 9%. In order to survive and sustain development, a large number of SMEs are eager to clear financing channels and solve their difficulties. How to make good financing decisions and choose financing methods has become a top priority for SMEs.

Second, the main manifestation of financing difficulties for SMEs

At present, the financing difficulties of small and medium-sized enterprises in China are mainly reflected in the following aspects: First, the financing method is relatively simple and lacks direct market financing channels. According to statistics, 85% of SMEs across the country are currently underfunded and need to be refinanced. . From the perspective of financing methods, 70% of corporate funds come from banks, 20% are obtained through self-funding such as private capital, 7% are from endogenous financing, and only 3% of companies are through direct financing. From the perspective of the total amount of bank loans, banks' investment in SMEs is less than 10% of the total. The contradiction between the strong funding needs of SMEs and the very limited funding supply is very prominent.

Second, the limitation of borrowing term, method and quantity. At present, a prominent problem of SME loans is that the term structure of bank loans cannot meet the capital needs of SMEs. Under the current bank credit authorization and credit granting system, prefecture-level and district-county-level grassroots banking institutions have very small authorizations, most of which do not have the right to issue fixed asset loans, but only have small-scale working capital loan authorizations. Under normal circumstances, bank loans have short maturities and are generally small in number. They are mainly used to resolve temporary liquidity, and strict control over fixed asset loans is difficult to carry out project development and expansion of reproduction. In terms of loans, mortgages and guarantees are the main methods, and only a few enterprises can enjoy credit loans.

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