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中国中小企业融资-巴黎大学留学生论文-法语论文范例、法语论文代写、法语论文范文-SME financing in Chi(4)


followed by insufficient amount of bank loans and too short-term lending as major problems withbank financing. Much fewer firms chose too high interest rates or stringent requirements for creditrating as top reasons for not bank borrowing. While banks tend to lend short-term, the informalmarkets provide long-term financing. The informal sector also accepts receivables as collateral,which may help explain why some larger firms rely exclusively on the informal market forexternal finance.
China International Capital Corporation Limited’s recent research (2006) indicates that
equity and retained earning represent respectively 30% and 26% of capital resources in SMEs.
Among external financing channels, equity market’s entry threshold is high, venture capitalinvestment system isn’t complete, corporate bonds’ issuance entry is difficult, so SMEs can’t raisecapital through capital market effectively. For instance, listing in the stock market in Shenzhen orShanghai is a privilege of a handful of well-established, large and profitable private companies.
Although the establishment of the second board on the Shenzhen market for high-tech SMEs mayease this need somewhat for such companies, for non-high-tech companies financing still remainsa major problem. Moreover, bond financing seems to be even less accessible for private
companies due to stringent criteria including industrial policy guidelines.
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Table 1 – Use of credit by Domestic Private Sector Companies
Size category (Sales volume, million yuan)
0-1 1-3 3-10 10-20 20-50 50+ all
Access to borrowing Per cent of firms
Per cent with no credit 54.2 43.4 39.5 36.1 28.6 42.4 41.1
Per cent with credit 45.8 56.6 60.5 63.9 71.4 57.6 58.9
Per cent of firm with bank finance only 13.8 23.3 28.3 34.8 43.7 36.1 29.3
Per cent with informal finance only 20.2 18.3 15.0 11.6 9.6 7.6 14.0
Per cent with bank and informal 11.8 15.0 17.2 17.5 18.0 13.9 15.6
Firms with any borrowing1 Per cent of equity
Manufacturing 51.8 32.3 36.5 39.9 36.5 28.9 32.5
Services 43.6 40.9 49.9 30.3 63.8 31.1 39.9
All 47.6 36.9 38.8 36.6 43.8 29.5 34.7
Share of informal borrowing in total
borrowing
Per cent of total borrowing
Manufacturing 23.3 24.3 19.5 26.4 9.4 3.9 17.6
Services 44.2 35.1 8.7 12.1 11.6 8.7 21.4
All 35.7 28.2 15.6 20.9 10.3 6.3 10.9
Pre tax rate of return on equity 6.1 10.6 11.5 15.1 16.6 15.5 14.8
Investment relative to (previous
year) equity plus debt minus
investment
11.8 19.8 24.8 29.9 32.0 30.6 29.0
Proportion of firms in each size
group
14.5 18.7 25.3 12.3 12.6 16.7 100.0
Note: Sample size is 2 460 companies.
Source: the Chinese University of Hong Kong, OECD Economic Surveys: China (2005)
With respect to banks, although lending by State Owned Commercial Banks (SOCB) andother banks to non-state enterprises has been growing rapidly, private enterprises still seem tohave less access to credit than State-owned enterprises (SOE). Small and medium sized businesses,which account for more than half of GDP, receive only 16% of total bank loans. Only 30% ofcredits demanded by SMEs with a good quality have been satisfied. (Economic Daily, 14/06/2006)


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