Small And Medium-sized Enterprise Group Lending Risk Research And Control

Since reform and opening to the outside, medium small and micro-sized enterprises has continued to develop their business in China, the scale grows quickly, and it plays an important role to force our country’s employment, tax revenue and economic growth, also has a huge influence on China’s macroeconomic indicators such as GDP. According to relevant data, the medium small and micro-sized enterprises of our country contributed more than 65% of GDP, contribution to the tax revenue reached more than 50%, in the export trade of our country occupied more than 68% of the proportion, meanwhile had absorbed more than 75% of employment in our country. So the medium small and micro-sized-enterprise is a major force to promote the development of our country economy forward. In addition, in recent China’s economy in the concept of "new normal", to achieve economy continues to grow, medium small and micro-sized enterprises is the main force that cannot be ignored. At present China is trying to from manufacturing to service industry, and a large number of service industry are medium small and micro-sized enterprises, so the medium small and micro-sized enterprises in the future development of the "new normal" economy mode of our country plays an important role in a quality, efficient economic growth.Medium small and micro-sized enterprises financing difficulty, however, has been an enormous problem urgently to be solved in China and even the world. Pecking order theory indicates that in the condition of asymmetric information and transaction costs, the financing order of the enterprises’ common choose is: internal financing, debt financing and equity financing.First of all, the medium small and micro-sized enterprises’ scale is not large, and the lack of its own funds, so it is hard to endogenous finance.Secondly, in terms of debt financing (indirect financing), on the one hand, because the existence of asymmetric market information makes the most of the funding agencies screen out the high credit rating borrowers before the loans. Most finance institutions require companies to provide some information about companies and other detailed information, for example, the financial statements which can show the ability of enterprise management, and the enterprise’s financial situation, and the collateral which can increase the source of repayment, etc. And these conditions are hard to medium small and micro-sized enterprises, because the size of these medium small and micro-sized enterprises are relatively small, the business model specification is not enough, which lead medium small and micro-sized enterprises lack of a more standardized financial statements, coupled with the medium small and micro-sized enterprises lack of their own funds makes their using land in the nature of leasing, and also the fixed assets are not enough, lack of value. The deficiency of their own conditions makes the medium small and micro-sized enterprises kept out of most of the financing institution loan threshold. On the other hand, even if some of the more high quality, the prestige good medium small and micro-sized enterprises to provide a relatively standardized financial statements or provide sufficient value of collateral for bank loans, but compared with other large companies, the financing cost that banks give medium small and micro-sized enterprises is relatively higher. So loan threshold high and higher financing costs these two reasons cause a situation of micro, small and medium enterprises insufficiency of credit.Finally, the common direct financing ways mainly include corporate bond financing, IPO financing and "new three board" listing financing. The two former mainly serve large and medium-size enterprises, and its issuance conditions, IPO condition and the cost of financing for micro, small and medium enterprises is very high, so the micro, small and medium enterprises are difficult to finance directly through the above two ways. While the "new three board" listing’s main service object is in the early growth of high-tech enterprises, and now listed on the "new three board" is nearly 5000 enterprises, and of great momentum. It seems that the "new three board" has become a powerful direct financing channel to small and medium-sized enterprises, but in fact, the enterprise really traded on the "new three board" is less than sixty percent, most of the listed companies with little volume, because the "new three board" at present locate in the OTC Market, mainly financing to institutional investors and existing shareholders through issue or a rights issue way, the money into the quantity is little, but because of the low threshold of the "new three board" listed, the number of companies traded is large, forming a status quo of "pie big filling thin", which makes the micro, small and medium enterprises more difficult to finance in the "new three board".Group lending is proposed by a economics professor of university of Chittagong, Bangladesh Muhammad Yunus. It means more than three household and industrial and commercial enterprises to form a coinsurance group. Team members are jointly and severally liable to each other. Group as a whole group are guaranteed form to apply for a loan from the bank, and then respectively by banks to make loans to team members a loan. It initially achieved great success at the Grameen Bank which Bangladesh Bank and government set up,, not only make the most of the funding objects out of poverty by getting loans, also its repayment rates as high as 98.89%. This model is introduced into the micro, small and medium enterprises loans, which can make the micro, small and medium enterprises to finance institutions to apply for financial support, reduce its provide standardized financial statements and the pressure of the full value of the mortgaged property. Because in essence, the group lending is a kind of credit, so there is no need to provide mortgage financing enterprises, and compared with the ordinary credit requirement for enterprise is lower and only need the team members are jointly and severally liable, reduces the threshold of micro, small and medium enterprises financing.