Investigation and Analysis on the investment envir

2022-08-24
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Kunming, China (Xinhua News Agency) -- the investment environment survey of 23 cities nationwide organized by the world bank and specifically undertaken by the enterprise survey team of the National Bureau of statistics shows that among the seven cities with "backward" investment environment ranking results, five are in the West

according to the scores, the cities with "leading" urban investment environment in this survey are Hangzhou, Shanghai, Guangzhou, Shenzhen, Chongqing, Jiangmen, Changchun and Wenzhou; The cities with "medium" investment environment are Tianjin, Dalian, Beijing, Zhengzhou, Wuhan, Nanchang, Xi'an and Changsha; The cities with "backward" investment environment are Chengdu, Guiyang, Kunming, Nanning, Harbin, Lanzhou and Benxi

it is understood that this survey includes 3900 enterprises in 23 cities, and uses 10 indicators to measure the investment environment, including infrastructure, barriers to entry and exit of the domestic market, skills and technological endowments, flexibility of the labor market, international integration, private sector participation, informal payment, tax burden, court efficiency, enterprise financing, etc

the survey shows that among enterprises in the same sector, those in cities with leading investment environment have higher labor productivity, which is about 50% higher than the average level, and the return on investment is 15% - 20%; The productivity of enterprises in cities with backward investment environment is about 50% lower than the average level, and the return on investment is close to 10%

although the investment obstacles faced by each city are different, the three biggest investment obstacles in western cities are the entry and exit obstacles of the domestic market, inappropriate skills and technological endowments, and the weakness of international economic integration. In addition, for western cities, poor labor mobility, poor financing channels, heavy tax burden, low private sector participation, and low court efficiency are also important factors that hinder investment. However, the performance of these factors varies in each western city. For example, the participation of the private sector in Guiyang is low, but this problem does not exist in Nanning and Kunming

in this survey, infrastructure and informal payments have not been shown to be important investment barriers in the West. Although Chengdu, Guiyang, Kunming and other cities have the lowest scores for infrastructure, Gao Weiyan, chief private sector development expert of the world bank representative office in China, pointed out that infrastructure is not the "bottleneck" of investment in these regions. In the past 10 years, our government's large-scale investment in infrastructure has eased the pressure on infrastructure to a certain extent

a survey of the investment environment in 23 cities in China organized by the world bank shows that the procedures for new enterprises to register, obtain construction land, business licenses and various licenses in the southwest are complicated and the cost is too high, which hinders enterprises from entering the market smoothly. ① since the reform and opening up, it has hit the enthusiasm of enterprises to invest

according to the report of the world bank, it takes too long, costs too high and the threshold is high to register a new enterprise in China. The survey found that there are 12 procedures that need to be completed to register a limited company in a large coastal city, which takes 41 days, while the registration of a limited company in Singapore only takes 7 procedures, which takes 8 days, and there is no requirement for the minimum registered capital

while it takes longer to register enterprises in western cities, there are also additional "treat and gift" costs paid by entrepreneurs. According to the survey, it takes 46 working days to register a new company in Chengdu, paying 2636 yuan, and 10% of the surveyed enterprises also spend an average of 3767 yuan in additional fees for guests and gifts

the high land price in the western region also reduces the cost competitiveness of investment in the west to a certain extent. According to the survey data, the industrial land in the western region is 2 ~ 3 times that of coastal cities. The minimum cost per square meter of land in Chongqing, Chengdu and Xi'an industrial development zones is 200 ~ 225 yuan, and the maximum cost can reach 420 ~ 450 yuan, while the land price in Suzhou and Dongguan is only 125 ~ 150 yuan per square meter. At the same time, the uncertainty of urban land use rights also affects some long-term investments. In the investigated cases in Sichuan, 10% - 15% of the enterprises' land is allocated, 35% - 60% is allocated, and about 40% of the factories and the surrounding land of the investigated enterprises do not have formal land use rights

many licenses and annual registrations attached to enterprises also impose additional management burden on enterprises and encourage enterprises' rent-seeking behavior. The survey in Sichuan shows that the average waiting time for obtaining a construction permit is 35 days, the longest of which is up to one year. 8% of the respondents had to pay an average of 20793 yuan for guests and gifts in order to obtain a construction license. Before using the plant, enterprises need to obtain safety, fire prevention, sanitation, water use, environmental protection and other licenses. However, only 28% of the surveyed enterprises said that they had applied for these licenses

licenses also raise the issue of "chicken and egg". For example, according to the World Bank report, entrepreneurs in Yunnan, Guizhou and Guizhou must register with the Administration for Industry and Commerce before establishing a food processing plant, and must first obtain a hygiene license approved by the health department. However, without the registration and approval of the Administration for Industry and commerce, business owners cannot invest in building factories, purchasing equipment and employing personnel, and the health bureau must conduct inspection before issuing a health license

the survey data also shows that enterprises have to continue to pay a lot of energy to deal with various regulatory requirements and inspections. In the survey in Sichuan, enterprise managers said that about 14% of the management time is used to deal with government rules and regulations and various administrative requirements, and enterprises with more than 100 employees spend 18% of the management time; In coastal areas and other emerging countries in East Asia or Latin America, enterprises only need to spend 5% of their management time dealing with such activities

in order to reduce the barriers for enterprises to enter the market, the World Bank report proposed that relevant local government departments should jointly approve new enterprises and simplify procedures. International experience shows that government agencies can shorten the registration time of new enterprises to 14 days; The registration fee is reduced to 300 yuan. Gao Weiyan, the chief expert on private sector development of the world bank representative office in China, pointed out that simplifying enterprise registration and licensing procedures through "one-stop service" is usually invalid. In many cases, domestic administrative approval agencies only send their general staff to "one-stop service". These people do not have enough authority and actually have no decision-making power. "One-stop service" has become "another stop", Instead, it can not improve the efficiency of enterprise registration and licensing

the World Bank report also pointed out that the company law promulgated and implemented by China in 1994 has set too many obstacles for the establishment and reorganization of enterprises. For example, the most suitable enterprise form for medium-sized enterprises is limited company. China's company law stipulates that the minimum registered capital of a limited company in the manufacturing industry is 500000 yuan, but many countries have no minimum registered capital requirements for this; Moreover, the current company law of our country has not laid a solid foundation for the merger, merger and reorganization of enterprises, so it is suggested that our country should reform the company law as soon as possible

in addition, the world bank believes that the provisions of the law on the protection of small and medium-sized enterprises prohibiting inappropriate administrative acts should be thoroughly implemented

the statistics of the World Bank show that domestic non-state-owned enterprises dominated by small and medium-sized enterprises. 2. The share of bank loans obtained by non-state-owned enterprises with flame retardant performance is significantly lower than their share of industrial output

according to the 2002 National Statistical Yearbook, the shells of medical equipment in non-state-owned enterprises are increasingly subject to high-frequency corrosion of detergents and disinfectants. Industrial output accounts for 56% of the total value, but their short-term bank loans are only 24% of the total. The World Bank found during its investigation in Sichuan that large enterprises can raise 18% of the required working capital by themselves, while small and medium-sized enterprises can only raise 7% of the required working capital by themselves. The world bank believes that large state-owned enterprises and national infrastructure projects can give priority to bank credit, while non-state-owned enterprises, especially non-state-owned small and medium-sized enterprises, are excluded

according to the analysis of the world bank's survey report, the main factors that hinder the provision of loans to small and medium-sized enterprises are: the bank believes that the risk of providing loans to large state-owned enterprises or public infrastructure projects is smaller than those small and medium-sized enterprises that are usually private; The government believes that it has only the obligation to "(2) check whether the emergency stop switch is screwed up to save" stranded state-owned enterprises, or provide other solutions for state-owned enterprises that cannot repay their debts

because of the relatively large scale of loans for large state-owned enterprises and infrastructure projects, the processing and management costs of loans are lower than those for small and medium-sized enterprises. Banks need to charge sufficient interest on loans to small and medium-sized enterprises in order to pay the pre loan expenses, administrative and administrative expenses, operating expenses, expected default risk expenses plus profits. The upper limit of bank interest rates may make bank loans to small and medium-sized enterprises unprofitable. It is said that small and medium-sized enterprises are much more concerned about the availability of bank credit than about the level of interest rates charged

the world bank also believes that the legal framework for protecting the rights and interests of creditors in China is still weak and uncertain. Some small and medium-sized enterprises disappear after getting the loan, and the court's ruling is usually a dead letter, which cannot be guaranteed to be implemented in place

the financial statements of small and medium-sized enterprises have no credibility. According to the different submission objects, they may have 2-3 financial statements, one for their own use, one for the tax department, and one for the bank

the audit of the financial statements of small and medium-sized enterprises also has no credibility. The content of audit reports is usually the result of bargaining between enterprises and external auditors. There is fierce competition among auditors, who are very eager to retain customers in order to collect fees

for those enterprises that are not bank customers, banks lack access to reliable information about these enterprises. In order to ensure the security of loans, banks like small and medium-sized enterprises to take real estate as loan collateral, and the assets of small and medium-sized enterprises are in most cases the inventory, receivables and intellectual property rights of enterprises. The credit evaluation skills of bank loan officers are not mature enough. They link the evaluation of collateral value with loan issuance, rather than the cash flow of the company with loan issuance. Moreover, bank loan officers are rarely encouraged to provide loans to small and medium-sized enterprises, and they also have to bear the non-performing loans of small and medium-sized enterprises. Therefore, bank loan officers do not have the enthusiasm to provide loans to small and medium-sized enterprises

in addition, the world bank believes that the complex loan approval process also hinders the lending of small and medium-sized enterprises. In order to solve the financing difficulties of small and medium-sized enterprises, the world bank's survey report suggests:

-- abolish the ceiling on bank interest rates

-- strengthen the rights of creditors and reduce the risks of business loans and loans of small and medium-sized enterprises

-- more strict compliance with international accounting and auditing standards

-- make it easier for enterprises, especially small and medium-sized enterprises, to use inventory, accounts receivable, intellectual property and other assets rather than real estate as collateral by using laws and regulations, property registration and other systems to ensure the safety of lending

-- banks take credit registration as part of their normal loan approval process

-- encourage new financial institutions, such as leasing companies

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