ЗНАЧЕНИЕ КРЕДИТНЫХ ОРГАНИЗАЦИЙ И ПРАВОВОЙ БАЗЫ ДЛЯ РАЗВИТИЯ МАЛЫХ И СРЕДНИХ ПРЕДПРИЯТИЙ В РОССИИ
Аневски Д.1, Темельковска А.Е.2
1 ORCID 0000-0002-2068-6332, кандидат экономических наук, 2 ORCID 0000-0003-1048-0848, кандидат юридических наук, доцент юридического факультета Кичево, Университет Св. Климента Охридского, Македония
ЗНАЧЕНИЕ КРЕДИТНЫХ ОРГАНИЗАЦИЙ И ПРАВОВОЙ БАЗЫ ДЛЯ РАЗВИТИЯ МАЛЫХ И СРЕДНИХ ПРЕДПРИЯТИЙ В РОССИИ
Растущее значение микро-, малых и средних предприятий в экономике европейских и азиатских стран стимулирует правительства к созданию справедливых рыночных условий, удобного банковского регулирования и коррекции правовой базы для поддержания роста этих групп предприятий.
В России относительно большое количество кредитных организаций, однако они оказывают весьма скромное содействие микро-, малым и средним предприятиям. Частично это обуславливается непрозрачностью финансовой отчетности, отсутствием залога или неблагоприятными условиями, связанными с кредитным риском из-за юридических препятствий.
В статье рассматривается структура микро-, малых и средних предприятий, а также их вклад в экономику России. Кроме того, значительное внимание уделяется кредитным организациям, их роли в обеспечении необходимыми финансовыми ресурсами, а также рекомендациям по преодолению существующих проблем.
Ключевые слова: малые и средние предприятия, малый и средний бизнес, банк, кредитные учреждения, правовая база.
Anevski D.1, Temelkovska A.E.2
1 ORCID 0000-0002-2068-6332, PhD in Economics
2 ORCID 0000-0003-1048-0848, PhD in Law, Assistant Professor Faculty of Law Kichevo, University St. Clement of Ohrid, Macedonia
CREDIT INSTITUTUTIONS AND LEGAL FRAMEWORK IMPORTANT FOR DEVELOPMENT OF SMALL AND MEDIUM SIZED ENTERPRISES IN RUSSIA
The continuously growing role of micro, small and medium-sized enterprises in the economies of the European and Asian countries pushes the Governments to establish fair market conditions, ease the banking regulation for these groups of enterprises and adjust the legal framework in order to support their growth.
In Russia the number of credit institutions is relatively large in numbers, but the support toward the micro, small and medium-sized enterprises is below the expectations, partly because the nontransparent finance statements, lack of collateral or adversity to credit risk due the legal obstacles.
The paper examines the structure of micro, small and medium-sized enterprises and their contribution to Russia economy. Also a significant focus is given to the credit institutions, their role in providing the necessary finance and recommendations how to overcome the problems.
Keywords: Small and medium size enterprises, SME`s, Bank, Credit institutions, Legal framework.
Small and medium sized enterprises in Russia are recognized as very significant for the economy, knowing that the plan is do double their participation till 2030. In order to continue and analyze their structure it is important to define the criteria of micro, small and medium sized enterprises based on Russia Government Decree of 13July 2015 № 702 :
Table 1 — SME Criteria
||< 15 employees
||< 120 mln. RUR
||16 — 100 employees
||< 800 mln. RUR
||101 — 250 employees
||< 2 bln. RUR
Source: Russia Government Decree of 13July 2015 № 702
Analyzing the legal acts, it is known that he thresholds of sales revenues for each SME category had been changed several times, so in contrast the previous Government Decree of February 9, 2013 N 101 the sales revenue criteria had been doubled. Doing so, the Government directly changed the structure increasing the micro enterprises.
The following table shows the structure of SME`s, and it is clear that individual entrepreneurs and micro enterprises have 94.5% share in total SME`s, employing 55.9%. Small enterprises although have only 5.2% share, are significant for the employment.
Table 2 — SME structure in Russia as of January 2015
|Share in SME sector, %
|Employment, thousand people
|Sales revenues, bln.roubles
Source: Small and medium entrepreneurship in Russia, 2015, Rosstat — Moscow, 2015, 96 p.
The formation of market relations in the Russian economy, its sustainable economic growth is largely linked to the development of SMEs. But, the SMEs are not the main driving forces of Russian economic growth, as they have proved to be in the other transition economies in Central and Eastern Europe. In Russia, in contrast to other transition countries, SMEs have not been growing as fast as larger businesses. Although SME`s represent 80% of total enterprises in Russia, which is below the EU average, they account only for 25% of total employment. The experience of highly developed countries shows that it plays a crucial role in the economic and social life. It accounts for 50-70% of the gross domestic product (GDP), while the share of small firms reaches up to 80-90% of the total number of commercial organizations. The current participation of SME`s in GDP contribution in Russia is 20%, and the participation in fixed assets investment is not more than 6%.
Previously we analyzed the structure of SME`s, their significance for Russia`s economy and their role for employment. It is very important for the SME`s to have access to finance in order to continue their growth and share in the economy. Besides the significant role of SME`s for the economy, still their finance is less developed than in other countries, knowing that the number of banks is relatively high compared to other countries. Following table shows the number of credit institutions in Russia from 1999 to 2016 .
Table 3 — Credit institutions in Russia
|Number of credit institutions registered by Bank of Russia
Source: Federal state statistic service, Russian Federation
The table shows that credit institution are declining continuously in past two decades, and still their number is relatively very high. Russia has large number of credit institutions, but the number doesn’t mean that they all are oriented toward the SME sector. It is estimated that not more than 20% of total credit lines are intended for SME`s. Acknowledging that the bank number in Russia is relatively high, still the SME`s are facing difficulties to provide affordable loans, with low interest rates, longer payment periods and less collateral requirements. The average loan rates for SME in RUR are 12-19%, which is due the higher risk compared to retail and corporate sector. Currently, the market of SME lending is short with affordable loans. Lack of interest of banks in the development of credit relations with SME`s does not contribute to the creation of specialized loan products to optimize and reduce the cost of lending process and maintenance of SME`s activity. The SME success is based on the right choice of the type and form of a loan, taking into account the aim to attract additional funds. The objectives of lending to SME`s are the investment, production activities or commercial mortgage. There is insufficient accumulation of information on SME`s, as well as specialized scoring methodology for assessing the creditworthiness risk, standardization and automation of credit process. The lack of credit finance is the most important obstacle to increasing local sales, and it also appeared as the most important constraint with respect to increasing exports.
Regional banks in Russia are small and offer small amount of loans for SMEs. Some banks are not regional but have credit lines usually in small amounts, placing limitations like Sberbank for 120.000 USD for start-ups, with short repayment periods up to 3 years. Another problem is the maturity of deposits, which largely are to one year or less, forcing banks to provide short term loans, not preferable for investment projects. On the other hand, banks that have own capital to lend to SME`s, they are reluctant to do so because of lack of security. So, the SME`s have to overcome the bank aversion toward the risk of their financing.
There are several reasons  why banks from Russia may be reluctant for financing small enterprises. First reason is the traditional view to the sector as a very risky. It seems easier to finance larger enterprise, making fewer costs for the administrative process, for larger amount of credit. First reason derives from the second — collateral request. Small enterprises have difficulties to provide collateral that will satisfy the proportion for credit of 2:1. High collateral criteria come from the legal risk. The process is slow for enforcement of the collateral. Significant problem are the judicial processes and the possibility for quick debt pay. Also Russian banks accept mortgages like houses, buildings, equipment etc., but the collateral like inventories; guarantees of people are not so favorable. The next reason, and very important is that the banks in Russia were not designed for the small enterprise sector. The employees lack of expertise; they need training and proper technology. Regulations play important role for credit expansion, especially when it comes to implementing the international Basel requirements. The regulation demands higher credit risk reservation up to 50% of the given credit to small enterprises who are considered as I high risk and lack of liquid collateral.
For Russia, a great role in the introduction for SME`s financing had the European Bank for Reconstruction and Development, which gave the necessary know-how technology and targeted credit lines. The future for the SME financing will be brighter if the state itself facilitates the process as following, lend money via state funds with lower interest rate, longer payment period, create guarantee funds, create several state banks specialized for various SME support, gives tax incentives for SME sectors and other activities. Maybe the most positive aspect is that there is a great perspective for the sector, having the fact that not more than 15% of the total credits are used by the SME`s.
Список литературы / References
- Order No. 702 — Ministry of Economic: Russian Federation — September 30 2015. [Electronic resource] URL: http://www.wipo.int/wipolex/en/text.jsp? file_id=415515 (accessed: 06.02.2017).
- Russian Economic Report — Part III — The World Bank, Russia Office — 2002 P.13 [Electronic resource] URL: http://documents.worldbank.org/curated/en/ 924621468295837662/pdf/355950rev0ENGL141eng1oct291101final.pdf (accessed: 05.02.2017).
- Ketting J. SMEs in the EU and Russia: Developments and Obstacles / J. Ketting // The Lighthouse Group – 2006 — P. 3.
- Federal State Statistics Service of Russia: Labour and Employment in Russia — Statistical book 2015 — Moscow: Rosstat — 2015 — P.274.
- Li M. Research the credit risk evaluation and preventive measures of supply chain finance under the SME perspective / Li M., Zhoe Y. // International Conference on Management and Engineering – 2014 – P. 197-203.
- Federal State Statistics Service of Russia: Credit institutions in Russia [Electronic resource] URL:http://www.gks.ru/wps/wcm/connect/rosstat_main/ rosstat/en/figures/finances (accessed: 05.02.2017).
- European Investment Bank: Small and Medium Entrepreneurship in Russia [Electronic resource] — 7 November 2013- P. 16-19. – URL: http://www.eib.org/attachments/efs/econ_study_small_and_medium_
entrepreneurship_in_russia_en.pdf (accessed: 07.02.2017).
- Savchinaa O. V. SME Lending in the Conditions of Economic Instability: Peculiarities and Development Prospects / O. V. Savchinaa, A. L. Bobkovb, K. U. Ezenkinac, I. A. Kalashnikova // International Journal of Environmental & Science Education ) — 2017 — Vol. 11(18) — P. 11622.
- Pashchenko E. V. Lending to small businesses / E. V. Pashchenko — Moscow: Finance and Statistics, 2016 – P. 192.
- Pissarides F. Objectives and Constraints of Entrepreneurs: Evidence from Small and Medium Size Enterprises in Russia and Bulgaria / F. Pissarides, M. Singer, J. Svejnar // Journal of Economic Literature Working Paper Number – No. 34 — P. 28.
- Gotz R. Long-Term and Medium-Term Problems and Perspectives of the Russian Economy / R. Gotz // German Institute for International and Security Affairs Working paper — FG 2005/05 – 2005 — P. 17.
- Xavier B. Problems of SME Financing in Russia / B. Xavier // Russian-European Centre for Economic Policy (RECEP) – 2005 – P. 10-15.