What Is a Financial Structure?

The financial structure refers to how the entire assets of the enterprise are obtained through financing, that is, the corresponding items of the entire assets of the enterprise, refers to how all the assets and liabilities are structured, and the proportional relationship between them, etc .; is closely related to the financial structure of the enterprise Is the funding structure.

Financial structure

Financial structure refers to borrowed funds and

There are 7.9 million industrial SMEs in China, accounting for 99.7% of the total number of industrial enterprises in the country; of these, 77.7% of SMEs are individual and private enterprises, and 20.1% are collective enterprises. In 1997, the total output value created by small industrial enterprises in China reached 766.4 billion yuan, accounting for

// Fire research experts have concluded that by analyzing the data of state-owned and non-state-owned industrial enterprises above designated size, we can see that the overall characteristics of SMEs are that their financial structure is not sound.

(One)

Influencing factors

Financial structure

Based on the analysis of the reasons for the financing difficulties of the SMEs mentioned above, it is not difficult to find that the main channel of financing for SMEs is to obtain loans from financial institutions. The difficulty is affected by three factors: the relationship between SMEs and financial institutions, the conditions of credit contracts, and the enterprises themselves. condition. Among these three factors, the conditions of the enterprises themselves cannot be improved in a short period of time, and the relationship between SMEs and financial institutions has improved. Many domestic scholars and experts have proposed some improvements based on China's actual situation, such as establishing government-backed services as soon as possible. The credit system of SMEs, the establishment of a system that facilitates SMEs' direct access to the capital market, and so on. However, from the analysis of the reasons for the financing difficulties, the key to starting with the credit contract conditions is to improve the information asymmetry of financial institutions and enterprises within a short period of time, high credit costs, and difficult guarantees. The existing credit contract is a kind of incomplete symmetrical contract. There is a conflict of interest between the borrower and the borrower. Due to incomplete information and asymmetric information, financial institutions cannot identify the advantages and disadvantages of loan companies. In the face of excess demand for funds, if financial institutions simply raise interest rates to avoid risks, most SMEs can only withdraw from the credit market. Therefore, the author proposes to adopt a "risk sharing, benefit sharing" type of credit contract to solve this problem.

"Risk sharing, benefit sharing"

The main ideas of the "shared risk, shared benefit" type credit contract include three aspects:

Financial institutions have reached an agreement with the enterprise while keeping the basic interest rate of the loan unchanged, and can share the operating results of the enterprise in the next few years, and increase the enthusiasm of the financial institution to provide more long-term funds.

Provide active coaching and support in business management to improve the competitiveness of SMEs in the market, for example, financial institutions help enterprises establish reasonable accounting and financial management systems, participate in the evaluation of investment projects, and analyze financial statements.

(3) The method of calculating loan risk based on ratio analysis will be developed into a dynamic quantitative comprehensive credit evaluation technology that integrates multiple technologies, taking into account indicators such as the company's financial structure and future profitability. This kind of "shared risk, shared benefit" type of credit contract, the government can learn from some similar practices abroad, consider first piloting in some provinces and cities' SME credit system, and after gaining relevant experience, then promote it to the whole country.