A Perspective Of The Absence Of Small And Medium-Sized Enterprises' Credit Financing

Has three decades of reform and opening to the outside world, small and medium-sized enterprises may also have made marked progress, growing in China, and becoming the main force in socialist market economy. To some extent, it is the main force as a domestic public employment and to maintain social stability. As of the end of 2007 so far registered more than 10 million of China's enterprises, small and medium-sized share of 99.3 percent, in the domestic contribution to GDP ratio reached 55.6 percent, the country's industrial added value accounted for 74.7 percent, 58.9percent of community sales accounted , 46.2 percent revenue share, 62.3 percent of total exports proportion, urban employment accounted for about 75 percent。However, with the international financial crisis in 2008 impacting and influencing on China's economic, among the first to be affected and most affected SMEs. In November last year, the national small and medium-sized industrial enterprises above designated size of about 64,000 losses, loss reached 18 percent; the National semi-production production small and medium-sized industrial enterprises account for 7.5% of the total number of households. Subordinated Debt crisis in the United States caused by the global financial crisis, is deeply affecting the small and medium-sized enterprises of coastal areas in China. A large number of small and medium-sized enterprises have been closed down in the second half of 2008 nearly 30 million workers were unemployed, while one of the main reasons for this issue is the financing difficulties of small and medium-sized enterprises , leading to these SMEs do not have enough cash flow through the severe winter .The problem of financing small and medium-sized enterprises has aroused widespread concern in society, this article from the issue of financing small and medium-sized start-depth analysis of financing small and medium-sized status and characteristics of the supply of funds, lack of credit drawn is the source of financing. The solution for SMEs missing credit is to establish its own credit rating index system.The means of financing for enterprises include endogenous and exogenous financing this two ways. Judging from the status of SMEs Financing, the financing structure and financing channels for the serious imbalance in the ratio of the source of financing is much higher than the proportion of foreign financing, from a preferred source of financing in the liquid liabilities, equity financing and bond financing, direct financing of channels blocked, long-term financing difficulties; Analysis from the supply of funds, external financing channels for small and medium-sized relative single, external source of financing to focus on bank loans; High threshold of the capital market, most SMEs have no direct financing; endogenous financing small and medium-sized poor. SME financing, the impact of internal and external factors, including the national system of external factors and the reasons for the banks, internal factors are the reasons for their small and medium-sized . Financing difficulties of SMEs lies in the substance of the "lack of credit", the concrete manifestation of lack of credit financing, lack of commercial credit, financial credit is low, small and medium-sized-out rates, high default rates, low credit effectiveness.To sum up, financing small and medium-sized, small and medium-sized real difficult in the "lack of credit", the credit rating companies to determine the factors that, in addition to the enterprise's own credit, but also include small and medium-sized credit rating system. Therefore, improving the credit situation of SMEs, on the one hand, SMEs rely on their own efforts, through the strengthening of their own quality, to improve enterprise management level, and foster the sense of competition, to speed up the technological upgrading of enterprises and products to update and improve the market competitiveness of enterprises, the concept of establishing good credit, established in the community kept faith and carried out a good image of performance, such as to improve the credit rating of enterprises. On the other hand, the ratings of the need for a set of scientific methods, the ability of small and medium enterprises and the credit status of credit to make a fair and rational evaluation, to avoid underestimating the credit rating of SMEs, increased the financing difficulties of SMEs.In this paper, from the perspective of credit rating, commercial banks in the current credit rating system based on the characteristics of small and medium-sized, small and medium enterprises for the establishment of a credit rating index system of credit for small and medium-sized to make a comprehensive and objective evaluation, to address the issue of financing of SMEs. Rating system is not applicable to a large extent not complete the financing of small and medium-sized obstacles caused some, led directly to the financing difficulties of SMEs. Therefore, to solve the problem of financing small and medium-sized, small and medium enterprises in addition to their own efforts, it is also necessary to set up a dedicated SME credit rating index system, objective and true reflection of the credit rating of SMEs. Targets small and medium-sized credit rating indicators should include quantitative indicators and qualitative indicators to reflect the real situation of small and medium-sized credit; factors should include not only financial, but also should include non-financial factors, non-financial factors and the financial factor analysis confirmed each other, complement each other, qualitative indicators and quantitative indicators for the business combination of credit rating based on the provision of adequate and necessary.GEM will soon be launched in May this year.the paper from the credit rating to the point of view, from the SME board of listed companies selected in line with the Growth Enterprise Market of the small and medium-sized listed companies, apply to small and medium enterprises to set up a credit rating system of credit to small and medium-sized comprehensive, objective assessment of credit rating from the point of view to solve the problem of financing small and medium enterprises, as well as the upcoming GEM listed company's credit rating system to provide a meaningful reference.Therefore, select the end of January 31, 2008 in the small and medium-sized plates of 237 listed companies in line with the characteristics of the GEM Listing for 111 small and medium-sized data from 2007 samples, extensive use of financial indicators and non-financial indicators Construction of small and medium-sized credit rating index system.Empirical research in this article from the statistical theory, empirical research methods used are factor analysis and cluster analysis.In this paper, factor analysis used principal component analysis, its main aim is to identify the cause of several sub-focus on the most common factor information, which is the common factor in several of the principal component factor analysis. Then use the clustering method of Q hierarchical clustering to determine the appropriate credit rating. First of all, through factor analysis, excluding the financial indicators of the impact of inter-related, not only to ensure that the common factor extraction after the independence of variables, but also to the extent possible, without losing the original data;Then, based on the principal component extraction and the corresponding principal component weights, the establishment of an integrated enterprise credit risk factor score function, and China's small and medium-sized sort of credit scoring analysis, on the basis of cluster analysis using the system of sample enterprises cluster analysis carried out in order to obtain samples of corporate credit risk rating;Finally, small and medium-sized to sort the situation of the sub-factor to test the effectiveness of cluster analysis.In this paper, selected indicators of credit rating system of the seven aspects of 17 indicators, both indicators of financial factors also include indicators of non-financial factors. Corporate solvency selected indicators of liquidity ratio, cash ratio and the rate of assets and liabilities; Operation of the indicators reflect the ability to have total asset turnover ratio, asset turnover and accounts receivable flows turnover; The indicators reflect the profitability of sales margin, net interest margin and net assets assets rate of return;Physical indicators of the ability to obtain cash in cash and current liabilities ratio, the recovery rate of total assets in cash than the amount of sales;Capacity development indicators reflect the growth of profitable growth and total asset turnover ratio total; Factors reflect the scale of the total assets of the indicators and sales revenue; also industry indicators, etc.Empirical results show that the establishment of index system of credit ratings and rating model is feasible.