What is the research history of working capital management of small and medium sized enterprises at

From the perspective of external factors, the development of our country's financial system itself is flawed, the product and service system for SME financing is not perfect, and the design of financing support for SMEs at the legal and institutional level is not enough. (In developed market economy countries, the degree of attention and participation of ** institutions in the financing of small and medium-sized enterprises is very high, and there are many experiences that we can learn from, and we will do a series of stones from other mountains). In an underdeveloped financial system, the provider of funds is usually the strong side of the supply relationship, and can set the threshold and choose the business according to its own risk appetite.

When facing the financing needs of small and medium-sized enterprises, funding channels are often ridiculed as only doing things that add to the cake and will not do the work of helping the charcoal in the snow.

Although there have been many innovative financing products for small and medium-sized enterprises in recent years, we have seen the following situation in practice: when designing financing products, fund providers usually only focus on risk control and do not pay attention to services; Only thresholds are provided during the corporate financing application process, no assistance is provided. As a result, the financing process of enterprises is always crossing the river by feeling the stones, whether they take traditional institutions or innovative channels, the application fails or even succeeds in financing, and finally the product still feels foggy and incomprehensible to the enterprise.

As a result, most of the financing channels and financing innovations are not known to SMEs.

From the perspective of the problems existing in small and medium-sized enterprises, the self-care structure of enterprise legal persons is not perfect, the lack of long-term planning and goals, short-sighted decision-making, and weak management ability lead to weak anti-risk ability and short life cycle; Many small and medium-sized enterprises have not established a sound financial system, some have set up several sets of accounts, and some have not even established accounting accounts, and the management of funds is relatively chaotic, and the financing is not used and repaid as agreed, which leads to the low credit level of enterprises. As the main body of financing, enterprises have low transparency, many uncertain factors, and information asymmetry inhibits the willingness of capital providers to lend, resulting in difficulties in financing for small and medium-sized enterprises. In order to reduce risks, capital providers increase financing costs, which leads to expensive financing to a certain extent.

Knowing the reasons, let's take a look at the solutions that have been taken by all parties: **In recent years, we have vigorously strengthened the construction of the credit system, stepped up the introduction of policy support for the financing of small and medium-sized enterprises, and developed a multi-level capital market, recognized inclusive finance, and allowed Internet financial innovation to support the financing of small and medium-sized enterprises. Traditional financial institutions have also done a lot of business innovation for SME financing, such as strengthening the issuance of credit loans, and trying various SME collective bonds, collective notes, collective trust products, and so on.

Many small and medium-sized enterprises have realized their own problems and begun to strive to improve their business capabilities, standardize corporate governance structure and financial management, maintain corporate credit, and even study the changes in the macroeconomic situation and the new normal of economic development to do a good job in enterprise development planning.