Financing methods of private enterprises. bank loan
Bank lending is a way of financing for Wenzhou private enterprises, but it is not the main way. Under the traditional financial system, it is difficult for Wenzhou private enterprises to obtain loan support from legal financial institutions. According to the data of 1998, the output value of Wenzhou's state-owned departments is less than 6% of the total output value, but loans account for about 80% of the total loans of corporate institutions. At the same time, the non-state sector, which accounts for more than 90% of the output value, has received very little financing, which has never exceeded 7% according to statistics. The entire official financial system, including urban credit cooperatives and rural credit cooperatives, has a loan ratio of 1990 to private enterprises and self-employed. 3.87% in 199 1, 5. 1% in 1994, 5.49% in 1995 and 6.87% in 1998. Many private enterprises, especially small-scale private enterprises, find it difficult to get bank loans, which may be similar to other parts of the country. At the same time, although the interest rate of bank loans is low, many private enterprises don't like bank loans, but because of the complicated procedures, cumbersome procedures and long processing cycle, they would rather pay higher interest and adopt other ways to finance, not only requiring mortgages, but sometimes treating people as gifts.
In today's Wenzhou, generally large-scale and well-known enterprises will choose bank loans, while the proportion of bank loans for thousands of small private enterprises is very low. According to the survey by Guo Bin and Liu Manlu (Private Finance and the Development of Small and Medium-sized Enterprises: An Empirical Analysis of Wenzhou, Economic Research,No. 10, 2002), the proportion of small-sized enterprises (with annual sales below 65.438+0 million yuan) borrowing from banks in Wenzhou is 654.38+065.438+0.5%. Generally speaking, bank loans do not occupy a very important position in the financing mode of Wenzhou private enterprises, both in scope and quantity.
Second, private lending.
Private lending is the main way for Wenzhou private enterprises to obtain financing. Almost all private enterprises have had the experience of private lending. Today, many well-known private enterprises rely on private lending at the beginning of their development, and today they will still rely on private lending to make up for the shortage of liquidity.
Private lending has simple procedures and strong timeliness, which is very suitable for meeting the needs of temporary working capital in the operation process of private enterprises, so it is very popular among private enterprises in Wenzhou. There was such an example, which is very telling: 1989, for some reason, overseas enterprises stopped supplying a product called? High voltage ceramic electronics? Do hundreds of lighter enterprises in Wenzhou have this lighter device? Cooking without rice? Production paralysis. A Hong Kong businessman known by a private boss in Wenzhou feels nostalgic and is willing to provide him with 500,000 electronic originals exclusively, but only in cash. At that time, the private boss managed to raise only 600,000 yuan, which was far from the required 6.5438+0.4 million. In desperation, he came to the Wuyangcheng Hotel where Wenzhou people were doing business in Guangzhou, and said to everyone they met: You lend me 50,000 yuan, and I will pay you back 60,000 yuan a week? In this way, 1.4 million yuan in cash was strangely raised in one day, which saved all lighter enterprises in Wenzhou. Private lending like this happens almost every day in Wenzhou. So what is the overall level of private lending in Wenzhou now? The People's Bank of Wenzhou conducted an investigation on this in June 5438+ 10, 2003, and announced the results to the public. In this survey, 30 townships with active private lending were selected as monitoring points, and 300 samples were selected. In order to ensure that the monitoring samples are generally representative, the selected towns cover economically developed, general and underdeveloped areas; The monitoring objects are divided into three categories: enterprises, self-employed individuals and individuals. With the help of this survey, Wenzhou People's Bank found that the private lending relationship is mainly personal lending, which is mainly used for production and operation, and the lending period is mostly 6- 12 months; Among all kinds of loans, the average interest rate of residents' consumption is the highest, and the average interest rate of business-to-individual loans is the lowest; From a regional perspective, interest rates vary greatly in different regions, and the degree of economic development is inversely proportional to interest rates. 5438+ 10 * * The investigation in June involved 328 private loans with an amount of 56.66 million yuan and the highest interest rate of 20? What's the lowest interest rate? . This basically reflects the basic situation of private lending in Wenzhou. Later, this survey was done many times. Except for a slight decline in the scale of private lending during SARS, the rest of the time remained at this level. In addition, according to the investigation of Wenzhou related institutions, about 83% of farmers have engaged in private lending activities, of which 36.3% are used to set up factories, 2 1.2% are engaged in commerce, 18.2% are engaged in aquaculture, and 7.6% are engaged in real estate and others. In the questionnaire survey of 190 private enterprises, there are 176 enterprises that lend privately, accounting for 92.6%. From the capital structure of private enterprises, bank loans account for 20%, self-owned funds account for 40%, and private lending accounts for 40%. This shows that private lending in Wenzhou is still very active today and has become an important financing channel for private enterprises.
At present, the private lending activities of Wenzhou private enterprises are mainly one-to-one. The fund lender meets directly with the lending enterprise and signs an agreement. There is generally no lending intermediary, that is, the banker. Even if there are, most of them are voluntary introductions, and few of them charge agency fees, let alone professional agencies. A few years ago, there were professional silverbacks. For example, 1984 There was a private bank in Qianku Town, Cangnan, which closed down five years later. In Wenzhou, many people have saved a lot of money, and the bank's interest rate is too low. They are generally willing to lend to private enterprises, and private enterprises have great demand for funds, and a large number of private loans occur at any time. The question is, in that case, why not develop professional intermediaries? According to the investigation, we think it may be caused by the following reasons: first, policy; Secondly, Wenzhou's private lending is mostly carried out between relatives and friends and acquaintances (loans between relatives and friends also need to pay interest normally), and the distance between borrowers and borrowers is mostly within 5 kilometers. The loan relationship between strangers is extremely rare, which also makes the intermediary less important; Thirdly, professional intermediaries have to bear a lot of risks, so we know a case in which an intermediary failed to pay off debts for creditors in 10 because of the manpower problems of creditors.
Third,? Attend the meeting?
Wenzhou? Attend the meeting? It has a long history, and many concrete forms have appeared in the process of development. ? Attend the meeting? The specific way is: a sponsor (meeting leader) invites several relatives and friends to attend (participants are called meeting feet), and according to the principle of voluntariness, it is agreed to hold a meeting once a month, once a quarter or once a year, and each person pays the same or different amount of meeting money (meeting money) and gives it to one person in turn to help each other. The president will receive the first payment, and then decide the payment order of the participants in the meeting by dice, lottery and bidding. After the first payment at the meeting, a banquet should be prepared to invite the congregation. This is called drinking for a while. When it's your turn to collect money at the second meeting, you should also set up a banquet, and so on. How much money should be paid for each meeting is based on needs and may be agreed in advance. According to the payment time limit, it can be divided into small meetings, small meetings once a month or several months, and Wenzhou annual meeting. Attend the meeting? Mainly small meetings.
Wenzhou? Attend the meeting? Probably experienced three stages of development. The first stage is purely the nature of people's mutual assistance. There are two forms: round meeting and shaking meeting. Round meeting refers to taking turns to collect money in advance, and shaking meeting refers to deciding the order of collecting money by rolling dice. What is the specific name of the meeting at this stage? Moon red? A small number of meetings, also known as? What happened afterwards? )、? Parents will? A patchwork meeting to raise parents' funeral expenses. Do it. (there is no interest, so it is called a dry meeting). The second stage is the transition from simple mutual assistance to new loans with mutual assistance and interest. In addition to the round meeting and shaking meeting, the form has increased. Where is Yu? (also called? Human feelings? It is a form of mutual assistance and equality and low interest. Bidding meeting? (by bidding with interest, and by charging the membership fee to the highest bidder); The third stage with interest? Attend the meeting? Stage, become a form of enterprise to raise funds. In addition to the original form, there are many new forms, such as? Stair meeting? 、? Eight years? 、? Bao Hui? Wait a minute. These new forms of the third stage are relatively complicated. Generally speaking, in the case of the same membership fee every time, those who collect membership fees early will receive less membership fees, while those who collect membership fees late will receive more. Or in the case of a certain membership fee, the membership fee paid after the first collection will continue to increase, which actually takes into account the value of time and is equivalent to paying interest.
And then this? Attend the meeting? Does the deformity develop into? Lift it? At this time, it is no longer for the purpose of mutual assistance, but has become a fund-raising fraud method with high interest rate and high return as bait, and finally reached a crazy level, such as 1985 winter solstice 1986 spring in Yueqing County. Lift it? Under the temptation of high interest rates, within a few months, a large number of them quickly spread to Wenzhou, Yuhuan, Wenling, Qingtian and other counties, and even Xinjiang, Shandong and Jiangsu. According to statistics, the number of households in Yueqing County accounts for 23% of the total number of households in the county. Wenzhou involved? Taiwan Province Association? The number of participants in this activity reached 200,000, and the number of households in 13 reached 70%. Taiwan Province Association? The payment amount is165438+85 million. This kind of fraud? Taiwan Province Association? Can't develop for a long time, and will eventually lead to? Will it? A large number of creditors and debtors went bankrupt, many people went bankrupt and many vicious casualties occurred. Lift it? More than 50 people died abnormally such as murder and suicide, which caused great damage to Wenzhou's economic development. This kind? Lift it? 1986 was banned by the government in March.
Wenzhou people? Attend the meeting? It should be said that it played a positive role in the development of private enterprises and became a means of financing for private enterprises at that time. However, with the development, this financing method is no longer used by private enterprises. At present, there are various forms of private financing in Wenzhou. Attend the meeting? It still exists, but it has basically returned to its original basic function and has become a means for people to help each other. There are no companies involved in this yet? Attend the meeting? The function of enterprise financing has been lost.
Fourth, commodity financing means.
In the process of economic development, Wenzhou people give full play to their intelligence and creatively invent many special financing means, among which Cangnan ginseng market is one.
Wenzhou is located in the south of the Yangtze River and does not produce ginseng, but the national ginseng market is in Wenzhou. Ginseng here is even cheaper than Changbai Mountain, where it comes from. For example, Changbai Mountain, 2000 yuan 1 kg, as long as 1.900. Moreover, the ginseng here is genuine Changbai Mountain ginseng, and there are no fakes. Wenzhou people bought it from Changbai Mountain for 2000 yuan. Then, why do smart Wenzhou people do such a loss-making business? At the beginning, Wenzhou people always bought a large number of ginseng in Changbai Mountain, and ordered more than 10 tons as soon as they opened their mouths, and delivered them in one hand, thus gaining the trust of the northeast people. When the relationship is mature, it will no longer be a cash transaction, but a deposit of 20-30% will be paid first, and the goods will be settled immediately after being sold. You often don't have to pay a deposit in the future. Get the goods first, and then settle the account after purchasing next year. Northeasters think that the goods piled up in their hands may not be sold out in a year, while Wenzhou people buy them at one time, which is not only high in price, but also trustworthy and guaranteed in payment, that is to say, they don't have to spend money to sell them to Wenzhou people, so they are happy to sell them to Wenzhou people. The question is, how can Wenzhou people make money by buying ginseng at a high price and selling ginseng at a low price?
Wenzhou Cangnan is the hometown of printing, and private enterprises that print trademarks and signs abound. When they undertake business, they often don't ask the other party to pay in advance, but pay on delivery after printing, which requires a lot of liquidity, while Wenzhou people pay attention to speeding up capital turnover in business, and often a sum of money needs to be turned over five or six times a year or even more than 10. Ginseng imported from the northeast is cheaper than that from the northeast, so merchants at home and abroad leave the northeast and go to Wenzhou, thus forming a large-scale ginseng market in Wenzhou. Goods imported by Wenzhou people often turn into a lot of cash when they are sold out. Wenzhou people put the money into commercial operation again and made considerable profits through several rounds. Therefore, from the perspective of purchasing and selling ginseng, Wenzhou people lost money, but they not only earned back the loss of purchasing and selling ginseng from the capital turnover, but also earned more profits. In fact, this is an inter-provincial capital lending activity, with ginseng as a high-value commodity for financing.
Verb (abbreviation of verb) bill financing
Wenzhou people also have a financing method, that is, bill discount, which spontaneously formed a private discount market. In the process of doing business, Wenzhou people often receive some promissory notes that can't be cashed immediately, which will occupy funds, but it is very troublesome to go to the bank for normal discount, so someone started this business. They first buy the promissory note of the enterprise at a price lower than the face value, and then cash it after maturity to earn the difference between them. The enterprise gets cash, although it loses a little interest, but it can earn it back in the process of capital turnover, so it is beneficial to both sides.
Intransitive verb pawn financing
Wenzhou Pawnshop started in 1988, when Jincheng Pawnshop was the first in Zhejiang Province and the second in China. By the end of 1998, 42 pawn shops had been established in Wenzhou. At that time, the business of pawn shops was very prosperous, and many people often came in and out of pawn shops with gold and silver jewelry, motorcycles, pagers and other pawns. Later, after cleaning up and rectifying, in 2002, Wenzhou 17 pawnshop was allowed to continue to operate. Pawnshops in Wenzhou have been financing channels for private enterprises from the very beginning. When enterprises have a temporary and urgent demand for small funds, they often send some high-value items to pawn to obtain liquidity, which is actually a kind of mortgage loan. At the beginning, pawn became a very important financing method for Wenzhou private enterprises because of its simplicity and quickness. However, with the development of other financing methods, the proportion of pawn financing in Wenzhou private enterprises' financing has decreased obviously, and the collateral of pawn is mainly some high-value commodities such as cars, real estate and jewelry.
Seven, the stock market financing
In the modern economy, listing and issuing stocks is a very important financing method for enterprises. Unfortunately, up to now, no Wenzhou private enterprises have been officially listed in the domestic stock market, which may be related to the fact that Wenzhou private enterprises are mostly family-owned enterprises and rarely carry out modern enterprise system reform, which does not meet the listing conditions. Now this situation has begun to change, and many private enterprises have realized the importance of financing through listing. In July 2004, China Ruili Group was listed on NASDAQ and issued new shares. Shells? 65438+On February 9, 2003, Ruili Group signed a shell purchase agreement with American Keating Bank. Later, among the two American shell resources, Ruili finally chose to acquire EnchantedVilliageZne? Shells? Company, and according to the conditions and requirements of the United States for the main body of shell listing, established a joint venture company with a Hong Kong company through assets acquisition, which is the main body of shell listing. In addition, in July 2004, Huafeng Enterprise Group and Huayi Electric Technology Co., Ltd., two private enterprises in Wenzhou, passed the listing counseling and acceptance, and are expected to be listed on Shenzhen SME board. It can be predicted that more and more private enterprises in Wenzhou will attach importance to listing financing, and more and more private enterprises will strive for listing through the reform of modern enterprise system, and listing will become an important financing channel for private enterprises in Wenzhou.
We summarize seven financing methods of Wenzhou private enterprises here, but in practice, Wenzhou private enterprises are constantly creating new financing forms, and continuous innovation is the source of Wenzhou private enterprises and Wenzhou's economic development.
The key to the operating profit of private enterprises is that taxes affect the profits of enterprises.
China's value-added tax reform can reduce the burden on enterprises in the short term, improve their investment enthusiasm, stimulate investment and expand domestic demand in the long term, which plays an important role in revitalizing the economy and boosting people's confidence. This policy has an impact on enterprise accounting statements and financial indicators. Under the same production and operation conditions, enterprises can reduce the tax payment and debt repayment burden and improve the competitiveness and profit level of the whole industry. There are many preferential policies for business tax, and the tax items cover almost the entire tertiary industry. Each tax item has specific taxable details and tax rate differences. Enterprise financial personnel need to make a detailed analysis of the classification of tax items and notes according to their own business, and effectively divide and account the business activities among different tax items, different tax rates, domestic and foreign services, tax reduction and exemption, which is of great significance to reducing tax burden, reducing unnecessary tax expenditures and improving profits.
As the second largest tax in the current tax system, income tax plays an increasingly important role in the national tax revenue and is an important tool for the state to regulate economic operation and income distribution. Combination of two taxes? What are the new enterprise income tax law and preferential tax policies? Simple tax system, wide tax base, low tax rate and strict collection and management? Under the idea of tax reform, the process of tax legal system is constantly advancing. Understanding the differences between the old and new tax laws and how to link them up is of great significance for promoting the profit growth of enterprises and exploring new methods of tax planning.
Jointly plan and improve the company's profits.
The purpose of business operation is to maximize profits, which is not only the basic guarantee of business development, but also an important indicator of business performance, which determines that enterprises will try their best to reduce costs in order to obtain higher profits. In various tax payment schemes, enterprise tax accounting makes reasonable arrangements for the company's financial activities such as fund-raising, investment, operation and profit distribution, makes reasonable decisions on procurement, production and operation and internal accounting, and makes active tax planning by using national laws and regulations, which not only ensures the enterprise to fulfill its profit and tax obligations, but also increases its own income? Hematopoiety? It can not only reduce the tax burden, but also improve the after-tax profit and realize its sustained and healthy development.
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