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Paper代写:Financing of the real economy

2017-11-08 | 来源:51due教员组 | 类别:Paper代写范文

下面为大家整理一篇优秀的paper代写范文- Financing of the real economy,供大家参考学习,这篇论文讨论了实体经济的融资。实体经济作为国民经济发展的基础力量,对于促进经济增长、扩大就业、增加税收方面发挥着重要作用。但是,长期以来,融资不畅一直是制约实体经济发展的一个主要瓶颈问题,虽然近几年该问题受到社会的广泛关注后有所缓解,但融资形势依然不容乐观。

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As the basic strength of national economic development, real economy plays an important role in promoting economic growth, enlarging employment, increasing tax revenue and realizing the great rejuvenation of the Chinese nation. However, for a long time, financing has been a major bottleneck in the development of real economy, although the problem has been alleviated after extensive attention in recent years, but the financing situation is still not optimistic. To this end, the article from the importance of the real economy, development status and financing difficulties of three of performance, around the entity enterprises themselves, the government, financial intermediaries and other subjects, in-depth analysis of the causes of financing difficulties and put forward the corresponding countermeasures.

As the cornerstone of economic development, body economy is an important thrust of economic progress, even in the rapid development of virtual economy and financial industry today, the real economy still plays a pivotal role in the economic development of a country. However, the difficulty of financing has been a major bottleneck restricting the development of the real economy, especially since the financial crisis, the downward pressure on the economy, the plight of SMEs "financing difficult" increasingly prominent. On the one hand, our country's broad currency M2 amounted to 116 trillion yuan, beat the United States, more than Japan, is the world's largest money supply countries; On the other hand, many enterprises suffer from financial hunger, especially the shortage of entity enterprises. On the one hand, the state vigorously advocated the development of industry, including "activating stock" and "with good increment", and a series of policy policies, on the other hand, enterprise financing difficult, financing your difficult problem for a long time not resolved. A few years ago, the outbreak of the SME capital chain in Zhejiang province caused by the "failure Tide" and "Runaway Tide" is the vivid portrayal of the problem, the 2016 "money shortage" phenomenon, but also the real economy faced with the plight of the actual performance. Why the entity enterprises often lack of water, how to use the source of financial supply industry, such as a series of practical problems before us, we need to resolve. It is necessary for enterprises to solve the financing dilemma of SMEs.

In recent years, China's credit and social financing increased rapidly, the amount of money put in excess of the economic total of 200%, the number of small and medium-sized enterprises in the annual increase, the number of 4 more than 3 million households, the contribution rate of GDP is also increasing, as a driving the economic development of China's carriage. However, the real economy is frequently confronted with the difficulties of financing and capital. Survey shows that at present, China's own capital accounted for more than 80% of the operating capital of SMEs have 30%, one-third of enterprises in the production and operation of the capital gap of 10 yuan to 50 yuan; In addition, due to the high borrowing problems, 70% of the SME profit margins fell, 36% Small and medium-sized enterprises are more clearly expected to decline in the future gross margin, and with the macro-control of the credit policy tightening, many small and medium-sized Enterprises said that the bank's time to borrow money has encountered greater resistance.

In order to understand the present situation of the financing of entity enterprises in China, this paper sums up the total financing of different years and calculates the unit financing interest ratio, as shown in table 1 of the next page. However, due to the limitations of data statistics, in the year, we selected the relatively complete data of the 2012―2014 year three; in the enterprise type, we selected large state-owned enterprises, the scale of industrial enterprises, private enterprises three categories. Through table 1, we can see that large-scale state-owned enterprises have more financing than private enterprises, but the interest ratio of unit debt is smaller than that of private enterprises, and the distribution of credit resources is unbalanced.

Comprehensive analysis, we can see that the real economic financing is facing three major problems, the first is financing difficult, the second is financing expensive, the third is slow financing.

The so-called real economy financing difficulty, mainly refers to the real economy financing channel narrow. The main channels of China's real economy financing are direct financing, indirect financing, self-financing, private loans, government support and so on. For direct financing, China's stock securities trading market is not perfect, as the main board of the Shanghai and Shenzhen Exchange on the entry of enterprises set a very high threshold, the principal service object is to enter into a long-term and late stage, relatively mature, more stable business, only large listed companies can meet their entry conditions, Most enterprises, especially SMEs, are difficult to enter; Although now the Gem board market, its main service in the vast number of into long-term growth of enterprises, can be low threshold entry, but because of its supervision, efficiency issues such as unable to guarantee, currently listed less than 600, gem market strength weak. In the self-financing aspect, most of the entities because of the Enterprise Foundation thin, the primitive capital accumulation is insufficient, the management scale is small, the science and technology strength insufficiency and so on reason, the self-financing difficulty is big. For private borrowing, private borrowing rate is too high, the general enterprise is difficult to bear. In the area of government support, although the State has taken many measures to support the development of the real economy and the small and medium-sized enterprises, the government subsidy is only a drop in the bucket for enterprises needing a large amount of capital development, and with the deepening of the market economy and the reform of the economic system, the government is decentralization and The capital injections from the state will also be diminishing. So in these many paths, only the bank loan in the indirect financing is the main source of the entity enterprise financing, the entity enterprise financing channel too narrow has become the indisputable fact.

The so-called real economy financing expensive, mainly refers to the real economy's financing cost has been stubbornly high. Because of the asymmetric information between the enterprise and the bank, the big business risk of the entity and the pressure of the financial institution's risk control and cost-effectiveness, the cost of the real economy has been high in the external borrowing. From the financing interest rate, the loan rate of small and medium-sized enterprises, banks and other financial institutions generally use the benchmark floating 20%, or even to 30%, in the invisible cost, registration fees, notarization fees, financial advisory fees, asset assessment fees, security fees, etc. is also a huge expenditure. Thus, the financing cost of entity enterprises is generally more than 10%, far exceeding the general gross profit margin of enterprises. For private borrowing, because of its interest rate of up to 20%, and harsh conditions, can only be temporary emergency, not as a long-term. Bond yields have also been high, wind information data show that BBB-class corporate bond yields have been rising rapidly over the past few years, it can be seen that the country's loose monetary policy to reduce the cost of financing the role of limited, financing your problem remains chronic.

The so-called real economy financing is slow, mainly refers to the real economic financing time-consuming and inefficient. Normally, as long as the loan conditions, loan materials ready to complete the enterprise, the approval of liquidity loans only need to 36 days, fixed assets project loans also 2030 days. However, due to the imperfect financial system and even the existence of false accounts, in the assessment and audit, banks often spend a lot of human and material resources to extend their credit audit time, can not meet the real-time enterprise funding needs. Due to the existence of "financing difficult" "financing expensive" "financing slow" three big financing dilemma, China's real economy to obtain a low proportion of loans, increase also moderated. As shown in table 1, the number and cost comparison of corporate finance, the financing of large state-owned enterprises has the national capital, the legal person capital, the personal capital, the foreign capital and so on various channels, and the financing amount is huge, but the medium and small entity Enterprise's financing channel only the legal person capital and the personal investment, the channel is too narrow; in the unit borrowing cost Small and medium-sized entities are much higher than large state-owned enterprises. Because of the narrow financing channel and the poor ability to resist risk, the real enterprises in our country are beset by multiple pressures. In order to solve the financing dilemma of the real economy, we need to find out the reasons that affect the financing of real economy, and put forward a set of effective solutions.

The dilemma of real economy financing is the result of multiple factors. Entity enterprises, especially the small and Medium-sized Enterprise Foundation is weak, the capital accumulation is less, the financial system is not perfect, the low survival rate is the basic reason which restricts the real economy development. The corresponding laws and regulations of the state are not protected enough, the relevant policy measures are not in place, the marketization reform of financial institutions, Low efficiency is also an important factor restricting the development of the real economy. In addition, in terms of financing, there are some problems such as the imperfect service system of intermediary agencies, the excessive circulation of funds, the asymmetric information of the banks and the unreasonable distribution structure of the funds.

From the philosophical point of view, internal factors are the root cause of the development of things. There are many manifestations of the dynamic insufficiency of the real economy in our country, and the lack of endogenous power is the fundamental reason of restricting the sustainable development of our real economy. First, the size of the real economy is small, the risk is big, the science and technology innovation ability is not enough, has the instability, the survival rate low characteristic, causes its in the market competition to be in the weak position, in competes with the big state-owned enterprise and the foreign capital enterprise to be easy to be eliminated out; , some even provide false financial statements or other information, and because of the asymmetric information between banks and enterprises, it is difficult for banks to make judgments on the real financial situation of enterprises, and it is difficult for banks to provide credit support for such enterprises based on the need of risk management and profit. Moreover, Most of the small size of the real economy, the characteristics of the small size of the loan, frequency, demand for urgency, and the general lack of collateral, which makes the bank loan cost increases, the bank's expenditure and income asymmetry, reduce the bank credit enthusiasm.

After the promulgation of the "SME Promotion Law" in 2002, we have formulated a number of policies to support entity enterprises to solve the financing problems, especially since the international financial crisis, the state has increased the strength of supporting entity enterprises financing. In October 2011, the State Council Executive Council study identified nine financial and fiscal policies to support the development of small micro-enterprises, while the "Non-public Economy 36" promulgated, the "Company Law" "Securities law," "Enterprise Income Tax Law" and other laws are also revised and perfected, This series of initiatives marks a gradual improvement in the policies and legal systems that support real economic development. However, the scope of policy and legal protection remains insufficient, on the one hand is the national serious lack of protection of small and medium-sized laws and regulations, on the other hand, even if the introduction of some laws and regulations, but because the implementation of the policy is not in place, the problem of capital mismatch is serious, the government has not fundamentally given small and medium-sized enterprises equal living space, development environment Influenced by various factors, some credit funds into the enterprises with serious overcapacity, these enterprises rely on a steady flow of external capital injections to survive, not to promote economic growth, but seize the precious credit resources, become a big but not down "zombie enterprise", seriously squeezing the survival and development of small and medium-sized enterprises space. Therefore, the implementation of laws and regulations is not in place is also a major constraint on the financing of the real economy a key reason.

The financial industry is closely related to the real economy and mutually promotes symbiosis. Finance to the entity, like water to the land, the foot of the water, then the earth, and then everything to live. The banking industry is always the important pillar to keep our country's economic development, not only in quantity, but also in structure. From the amount of credit, the total amount of corporate finance is increasing year-by-time, but the number of small and medium-sized enterprises to obtain credit lags far behind. From the view of credit structure, the credit structure is unbalanced, and it mainly flows to large state-owned enterprises, strategic emerging industries, consumer finance and other fields. The adjustment of bank credit structure, promote the transformation and upgrading of industrial structure, and the structural imbalance of financial markets also means that in the conduct of credit transactions, banks and other financial institutions will first consider large state-owned enterprises, and less small micro-enterprise, private economy, support the traditional entity economy, especially small and medium-sized enterprises, less funds, The phenomenon of real economy credit resources being squeezed out is more obvious. The imbalance of bank loan structure, which is the reason, is that the marketization reform of the financial system makes the bank become the enterprise with independent operation and ego deficit, which makes the bank's business more and more related to its own interests, and less takes into account the social responsibility and the development of the whole national economy. Under such a chain of interests, banks will invest more money in large state-owned enterprises with good reputation and repayment ability, ignoring the small and medium-sized enterprises in order to avoid moral hazard and default liability.

On the other hand, the bank's "general principles of Commercial Bank loans" under the conditions of the loan is very strict, many small and medium-sized enterprises due to the lack of professional accountants, financial statements are not standardized, not up to the requirements of the loan. Moreover, many entity enterprises have a small amount of loans, high frequency, time and so on, and because of its financial system is not sound, poor transparency, and even the existence of false accounts, which gives the bank's audit and evaluation of the great difficulties, so that the banks spend a lot of human and material resources, increase the cost of loan management. In addition, the bank loans pay attention to collateral, collateral and third-party security, and some entities, especially small and medium-sized enterprises due to low starting, capital, low success rate, and low credit reasons to get loans. All these restrictions make the bank reduce the credit preference for the real economy, which is an important reason for the difficulty of financing the real economy.

The imperfect financial institutions are also one of the reasons restricting the development of the real economy. The high threshold of the Shanghai and Shenzhen market makes most of the entity enterprises impossible; At present, the scale management measures of "scale control, centralized management and grading examination and approval", and because of the high risk characteristics of corporate bonds, make it difficult for entity enterprises to raise funds through issuing bonds. In terms of credit, Most of the funds of state-owned commercial banks have flowed to large state-owned enterprises, the main service objects of rural credit cooperatives are "three agriculture", and the weak power of local commercial banks can not meet the huge capital demand of the real economy, and the financial intermediary institutions are deficient.

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