(A): Private entrepreneurs financing difficulties
Although the funds of small and medium-sized banks have shrunk in an all-round way, the threshold of state-owned banks has increased, and the loan rejection rate of small and medium-sized enterprises has exceeded 56%, the author still believes that the financing development environment of small and medium-sized enterprises has not deteriorated. Since the implementation of the "SME Growth Project", public finance has always been biased towards supporting the development of SMEs. Each department of the Ministry of Science and Technology, the Ministry of Commerce, the National Development and Reform Commission and the Ministry of Agriculture has a sum of money dedicated to supporting the development of SMEs. Nine measures, including policies and regulations system and socialized service system, have been implemented. Weihai Municipal Government promotes the establishment of high-tech investment companies, formulates scientific industrial clusters and industrial chain development, and promotes the competitiveness of small and medium-sized enterprises. The author thinks that the owners of small and medium-sized enterprises have made great contributions to enterprise development and economic growth with their tenacious spirit of struggle.
After more than 20 years of sustained and rapid growth, China has become the most potential market in the world. China has a stable political situation, good social order and abundant and cheap labor. Now China has gradually changed from "grasping the big and letting the small go" to "helping the small and letting the small go". These policies give SMEs a golden opportunity to develop by leaps and bounds. Due to the monopoly of the financial market, the shortage of bank funds and the pressure of rising interest rates, interest rates have risen after marketization. But the financial system is not the main reason for the difficulty in financing. Modern financial system includes modern financial organization system, modern financial market system and modern financial supervision system. "When an open modern financial market system is established, interest rates will generally fall more and rise less" (Song Guoqing's shanghai securities news 2002-5- 17). In the process of scale expansion of small and medium-sized enterprises, the expansion of scale makes it difficult for their own funds to meet the capital needs of enterprises, which leads to an upward trend in the demand for bank credit and private lending. Judging from the average level of the G7 countries, "the proportion of internal financing is as high as 55.7l%, and the proportion of external financing is 44.29%; In external financing, equity financing from financial markets only accounts for 65,438+00.86% of the total financing (Tang of hengfeng bank Changdao Sub-branch, Analysis of Financing Problems of Small and Medium-sized Technology Enterprises). In China, "more than 50%-60% of the development funds of small and medium-sized enterprises rely on internal financing, while the bank loans for external financing are about 20%, and the equity financing is rarely less than 1%" (Yang Xiaoling, a researcher at China Enterprise Financing Outsourcing Strategy Rongqin International China Research Institute), which shows that it is equity financing that needs to be increased for the operators of small and medium-sized enterprises in China to conform to the capital structure theory. Before improving the quality of small and medium-sized enterprises, lowering interest rates and relaxing loan policies will lead to terrible results.
(B): Private entrepreneurs and corporate governance structure
Private entrepreneurs in China mainly adopt the equity governance and family management of family enterprises, with low management cost and high trust. The corporate governance structure should adapt to the development stage of the enterprise, and completely manage the equity of the family business in the initial stage of enterprise development. The enterprise system determines the decision-making mode of the enterprise. The decision-making mode of family business is an unscientific paternalistic decision-making. With the development of enterprises, enterprises mainly build a modern enterprise system with standardized corporate system as the organizational form, and then establish a scientific decision-making model. Because business owners are worried about the dilution of control rights and unreasonable financing structure, it has a series of negative effects on corporate governance structure, which hinders the establishment of modern enterprise system and the improvement of corporate governance structure. Modern enterprise theory has three important branches, namely transaction cost theory, principal-agent theory and team theory. Modern enterprise theory has moved towards stakeholder theory, while private entrepreneurs still stay on the idea of shareholder orientation because of their own quality. This idea is manifested in the unreasonable financing structure, that is, the unreasonable shareholding structure. Ownership structure is the most important factor affecting the effectiveness of corporate governance mechanism, and different ownership structures will bring different internal supervision efficiency.
(c): private entrepreneurs and corporate culture
Corporate culture plays a particularly important role in promoting the core competitiveness of enterprises, and the advantage of people in the core competitiveness of enterprises comes from corporate culture. Institutional economics pays attention to the influence of enterprise internal governance structure on enterprise efficiency, but it cannot explain the existence of different enterprise competitiveness under the same governance structure. Corporate culture is the core competitiveness of enterprises. In the development of small and medium-sized enterprises, there is also a corporate culture. Enterprises use some experience and intuition to guide and restrain employees, instill their own experience and methods into employees, make them integrate into the management behavior of enterprises, and consciously and voluntarily abide by the formed restraint and incentive mechanism. The quality of enterprise culture determines that the core competitiveness of small and medium-sized enterprises is not strong, and the culture of small and medium-sized enterprises is paternalistic decision-making culture, cronyism culture and casual culture. This culture is also determined by the quality of private entrepreneurs. Because there is no reasonable corporate culture, some small and medium-sized enterprises in China ignore corporate credit in financing and foreign trade for immediate interests. Private entrepreneurs and industrial clusters
Marshall, a famous British economist, first noticed industrial clusters, and then Michael? 6? 1 porter pushed the theory of industrial cluster to a new peak. "Industrial cluster is a geographical phenomenon in the process of industrial development and evolution, that is, enterprises and institutions that are interrelated in a certain field (complementary competition) are concentrated in a certain area, forming a complete upstream, middle and downstream structure (from raw material supply to sales channels and even end users), and the peripheral supporting industrial system is sound. Industrial clusters have played an important role in regional economy and industrial development, and also provided support for the healthy development of small and medium-sized enterprises in China. Industrial clusters have opened up financing channels for small and medium-sized enterprises, optimized social services, enhanced government support, provided human resources, promoted technological innovation and supported market development. Cluster is composed of a large number of small and medium-sized enterprises. From the international experience of small and medium-sized enterprises, they cooperate with leading enterprises and implement vertical or horizontal division of labor according to the theoretical requirements of industrial clusters, which plays an important role in regional economy.