Research On The Strategy Of Financing Cost Reduction For Small And Micro Enterprises In China

China's small and micro enterprises are an important pillar of the development of the national economy.More than 60%of the country's GDP and more than 50%of the tax revenue are contributed by small and micro enterprises.Small and micro enterprises are attracting unemployed labor,promoting patent innovation,and stabilizing social relations.Played an irreplaceable role.However,as the downward pressure on the economy gradually increases,the unstable factors in the market expectation continue to increase,and the financial risk preference continues to decline,China's economic development has begun to enter a new era of low-speed growth and structural adjustment.In this context,it is difficult for small and micro enterprises to obtain funds.Although the current policy environment for small and micro enterprise financing is improving and the scale of financing continues to expand,the high financing costs make it difficult for small and micro enterprises to obtain funds that match their existing status in the national economy.At present,small and micro enterprises are subject to the high capital cost of lending by financial institutions.On the other hand,they bear a lot of financing costs and hidden costs,which further aggravate the survival pressure of small and micro enterprises and worsen the survival of small and micro enterprises.Environment,so it is particulary necessary and realistic to explore strategies to reduce the financing costs of small and micro enterprises in China.At present,the high financing cost of small and micro enterprises in China is not only restricted by internal factors,but also boosted by external factors.Due to the lack of high-quality collateral,the imperfect financial system and the weak anti-risk ability,small and micro enterprises cannot meet the access standard of the credit market,so they can only cover the risk of financial institutions' loan at a high financing cost.At the same time,high capital market threshold,asymmetric bank-enterprise information,long financing chain,increased guarantee pressure,chaotic charging standards,heavy tax burden and other factors become external constraints to reduce the financing cost of small and micro enterprises in China.Facing the current predicament,it is urgent to take effective measures to break through the constraints of internal and external factors and accelerate the pace of reducing the financing cost of small and micro enterprises in China.In contrast,small and micro enterprises have been growing abroad for hundreds of years and have formed a relatively mature financing system to ensure that small and micro enterprises can obtain the required funds at a lower financing cost,including the United States and Germany's measures to reduce the financing costs of small and micro enterprises are the most typical.The United States has formed a relatively complete legal guarantee system for small and micro enterprises.At the same time,it has set up a government management department that specializes in small and micro enterprises.It builds a multi-level credit guarantee system based on the financing needs of small and micro enterprises,making full use of its diversified market financing structure.The German government is committed to creating a good financing environment for small and micro enterprises,creating a banking-based financial service system.setting up an information integration platform oriented to production,learning and research,and has a comprehensive credit guarantee system with a full range of Financial and taxation supporting policies,These successful experiences are undoubtedly worth learning and learning from in the process of exploring the financing cost of small and micro enterprises.Based on the above,taking the cost borne in the financing process of small and micro enterprises as the clue,and breaking through the internal and external constraints of small and micro enterprises financing as the thread,this paper proposes strategies to reduce the financing cost of small and micro enterprises in China from the following five aspects,so as to achieve the goal of promoting the healthy development of small and micro enterprises in China.First,strengthen the financing strength of small and micro enterprises,improve the financial management system of small and micro enterprises,and constantly improve the credit market financing reputation of small and micro enterprises;Second,optimize the external environment for financing of small and micro enterprises,vigorously promote the construction of inclusive financial system,build an information docking and cooperation platform,constantly improve the financing guarantee mechanism of small and micro enterprises,and release the potential of credit investigation system in the market;Third,reduce the capital cost in the financing process of small and micro enterprises,explore new ideas of equity-based crowdfunding in the financing of small and micro enterprises,actively lay out "blockchain+ supply chain" finance,and open "green channel" for financing of small and micro enterprises;Fourth,we should strengthen the incentive role of structural tax cuts for small and micro businesses,appropriately use a mix of short-term and long-term incentives,appropriately raise the tax threshold for small and micro businesses,and enhance the diversity of preferential tax policies.Fifth,increase the reduction of small and micro enterprises,constantly reduce the intermediate cost of small and micro enterprises financing,effectively control the hidden cost of small and micro enterprises financing.