中小企业集群共生融资机制及创新研究
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摘要
虽然中小企业集群是中小企业为了提升自身竞争力的一种非自觉性的选择,但作为现代产业组织形式中一次重大的结构性变革,其无论在成长性和竞争性上都展现出了独特的内在经济规律和旺盛的生命力。正是因为中小企业集群这种介于市场松散结构和企业科层紧密结构之间的组织形态变革,导致集群内中小企业在生产经营各个环节的经营行为和运行机制都发生了变化,融资行为也无可避免地随着中小企业集群的形成和成长发生相应的改变。集群内的中小企业由于分工深化或者地理接近的特性,在与外部资金提供者的重复动态博弈过程中,能够有效克服单个中小企业面临的信息不对称、融资成本高和内部监督机制不足等问题,形成了一类根植于产业集群内部的中小企业融资机制,而且这种中小企业集群融资的本质就是融资模式的创新。
按照演化经济学的观点,产业集群是一个有机且具有生命力的产业群落,本身就是体现出形成和演化的过程。本文引入演化经济学中的共生概念作为研究中小企业集群融资机制的基本工具,立足于共生理论的三要素结构——集群环境、共生单元和共生关系,分析集群融资机制的产生、运行和演进。在共生关系的耦合机制原理的分析基础上,以产业集群的“资源依赖观”为理论支撑,重点从金融资源、自然文化资源和政策资源角度分别研究集群共生环境对中小企业融资机制的影响；引入“信誉链”概念,分析在信誉链融资机制下,共生关系中的中小企业克服“古典信贷配给模式”、“霍奇曼风险模型”和“W-S信贷配给模型”所提出的融资障碍的机制；运用金融契约关系模型,从收益总量角度对比分析了集群外企业与集群内企业进行外源融资时的系统总收益状况,得出集群内企业的系统总收益高于集群外企业融资总收益。并总结了寄生、偏利共生、非对称互惠共生以及对称互惠共生模式下的融资机制契约特征及各自的优缺点。通过共生融资模式的对比分析,发现通过担保机构的引入、政府的介入、金融中介机构的参与等使共生关系边界不断扩大,能够降低系统信用风险,并从信用风险分摊角度分析产业集群内共生融资机制的演进过程,完整构成了产业集群内共生融资机制的整体分析框架,并提出一个关键命题：在信任和控制完善的基础上,可以通过对集群共生边界的扩大来解决中小企业融资难困境。
为验证集群共生融资边界的扩大与中小企业融资机制相关性的理论命题,本文还通过对集群中小企业融资状况的调查,对共生环境与中小企业融资行为的相关性、集群内中小企业融资优势以及集群内中小企业融资行为演进机制这三个问题的实证研究予以了经验证明。实证结果显示,集群共生环境对于产业集群中小企业融资行为的影响很显著,体现较强的“环境约束”效应,因此在进行中小企业集群融资创新模式设计时,外部环境优化政策建议是必须研究的重要部分；集群内外中小企业融资行为差异的对比研究,发现与集群外中小企业相比,共生机制赋予集群内中小企业更高的融资可得性和效率性,但也存在一定的进化约束；共生关系的进化也同样引导集群中小企业融资行为的变迁,从融资组织、融资秩序、共生融资边界、社会资本功能和政府功能五个方面分析了共生融资行为的演进规律,为中小企业集群融资模式创新和产品创新提供了科学的论据。
中小企业集群融资创新动力源自于环境约束、自身约束,因此适用于金融创新的“约束诱导”理论,总结出中小企业集群融资创新的一般规律和双螺旋演进路径,并结合我国集群融资创新的实践状况,从缓解环境约束角度,提出包括改善融资环境和优化融资制度的多项建议；从集群企业自身内源约束角度,提出构建集群两级信用评价体系；以金融创新的“约束诱导”理论为基础,提出了集群融资创新概念模型的模块化设计理念。将集群融资创新模型通过模块化设计组合,构建具有极强可适用性、可进化性和易扩展性的中小企业集群融资创新的“防火墙”模型。依靠变动可变模块的组合和模块内主体的组合可以“生产”不同的中小企业集群融资产品。然后运用实例验证“防火墙”模型的适用性,在模块组合改变的基础上,“生产”出中小企业集群融资创新产品——集群集合委托贷款,从利益分配和风险分摊两个角度分析该产品在中小企业集群融资中具有较强可行性,根据共生理论范畴内的收益分配机制和风险分摊机制分析来看,中小企业集群集合委托贷款产品是一种稳定的金融契约关系。
Industrial clusters as a kind of spontaneous structure innovation have proved their economic disciplines and vitality. The structure innovation leads to the huge changes in generally flexible division of labor, professional to produce and competitive mechanism, including internal enterprises'financing behaviors. Because of the nearer location and thorough division industrial clusters lay advantages on internal enterprises to conquer many financing obstacles.
This dissertation introduced the concept of symbiotic as the cluster financing mechanism analysis tool, took the view of Evolutionary Economics, defined the industrial clusters as individual organisms, which is a social symbiotic system composed by similar enterprises, supportive organizations and committees gathering together as a sort of biological population. Four respects of advantage of industrial cluster financing are external economy, scale economy and compensating for market failure, which make small-medium enterprises have privileges in financing. The above result has been proved in organizational ecology science. Furthermore, symbiotic theory takes the point that any symbiotic system including three elements, which are symbiotic environment, symbiotic units and symbiotic model. This dissertation analyzes the relationship between cluster symbiotic environment and the changes of enterprises financing behaviors based on the resource dependence view by principle of coupling mechanism; Meanwhile, the concept of credit chain is put forward to explain the symbiotic enterprises how to solve those financing problems set up by classical model of credit rationing, Hochman Risk Model and W-S credit rationing model. Four symbiotic models have been comparatively analyzed, including parasitic, commensalism, asymmetrical mutualism and symmetrical mutualism. By comparing these four symbiotic models'financing contractive relationship we find out that the expanding boundary of symbiotic relationship by the attending of the credit cooperative organizations, government and financial institutions as a "trust" and "control" increases the system utility and decentralizes systematic credit risk. An opinion has been put forward that the expanding boundary of symbiotic relationship is the innovation mechanism of industrial clusters'financing innovation.
In order to verify the above theoretical assumption, the dissertation testified it through an empirical study on the three survey of financing situation of SMEs in cluster of the relevance between SMEs'financing behavior and symbiotic environment and the revolution of SMEs' financing behavior in industrial clusters. The empirical results showed that symbiotic environment and SME's nature were the constrains incentives of financial innovation. As a result, we must consider about the optimistic policies of economic environments, regular environments, social culture environments and natural resources environments before we designing the industrial cluster financing innovative model.
As the diversity of the symbiotic double helix financing innovative model, this dissertation put forward a modularization model of industrial clustering financing innovation. First of all, we operated a dual-evaluating system of industrial cluster credit ration by DEA based AHP method. Then the dissertation discussed the previous theoretical framework from three dimensions to establish the measure scale, adopted comparison analysis methods and the structural equation model to empirical research for the theoretical assumption.
This dissertation presented multi-participation in the financing of SME cluster "firework" innovation model framework and discussed the specific model of operation form the view of modularization. By the "firework" innovation model, the dissertation "produced" a set of innovative public entrusted loan financing contracts and operation mechanism under the less developed domestic capital market background according to the characteristics and advantages of the trusted loan and testified the innovative SMEs'clustering financing product, which turned out to be a stable and feasible financial contract.
按照演化经济学的观点,产业集群是一个有机且具有生命力的产业群落,本身就是体现出形成和演化的过程。本文引入演化经济学中的共生概念作为研究中小企业集群融资机制的基本工具,立足于共生理论的三要素结构——集群环境、共生单元和共生关系,分析集群融资机制的产生、运行和演进。在共生关系的耦合机制原理的分析基础上,以产业集群的“资源依赖观”为理论支撑,重点从金融资源、自然文化资源和政策资源角度分别研究集群共生环境对中小企业融资机制的影响；引入“信誉链”概念,分析在信誉链融资机制下,共生关系中的中小企业克服“古典信贷配给模式”、“霍奇曼风险模型”和“W-S信贷配给模型”所提出的融资障碍的机制；运用金融契约关系模型,从收益总量角度对比分析了集群外企业与集群内企业进行外源融资时的系统总收益状况,得出集群内企业的系统总收益高于集群外企业融资总收益。并总结了寄生、偏利共生、非对称互惠共生以及对称互惠共生模式下的融资机制契约特征及各自的优缺点。通过共生融资模式的对比分析,发现通过担保机构的引入、政府的介入、金融中介机构的参与等使共生关系边界不断扩大,能够降低系统信用风险,并从信用风险分摊角度分析产业集群内共生融资机制的演进过程,完整构成了产业集群内共生融资机制的整体分析框架,并提出一个关键命题：在信任和控制完善的基础上,可以通过对集群共生边界的扩大来解决中小企业融资难困境。
为验证集群共生融资边界的扩大与中小企业融资机制相关性的理论命题,本文还通过对集群中小企业融资状况的调查,对共生环境与中小企业融资行为的相关性、集群内中小企业融资优势以及集群内中小企业融资行为演进机制这三个问题的实证研究予以了经验证明。实证结果显示,集群共生环境对于产业集群中小企业融资行为的影响很显著,体现较强的“环境约束”效应,因此在进行中小企业集群融资创新模式设计时,外部环境优化政策建议是必须研究的重要部分；集群内外中小企业融资行为差异的对比研究,发现与集群外中小企业相比,共生机制赋予集群内中小企业更高的融资可得性和效率性,但也存在一定的进化约束；共生关系的进化也同样引导集群中小企业融资行为的变迁,从融资组织、融资秩序、共生融资边界、社会资本功能和政府功能五个方面分析了共生融资行为的演进规律,为中小企业集群融资模式创新和产品创新提供了科学的论据。
中小企业集群融资创新动力源自于环境约束、自身约束,因此适用于金融创新的“约束诱导”理论,总结出中小企业集群融资创新的一般规律和双螺旋演进路径,并结合我国集群融资创新的实践状况,从缓解环境约束角度,提出包括改善融资环境和优化融资制度的多项建议；从集群企业自身内源约束角度,提出构建集群两级信用评价体系；以金融创新的“约束诱导”理论为基础,提出了集群融资创新概念模型的模块化设计理念。将集群融资创新模型通过模块化设计组合,构建具有极强可适用性、可进化性和易扩展性的中小企业集群融资创新的“防火墙”模型。依靠变动可变模块的组合和模块内主体的组合可以“生产”不同的中小企业集群融资产品。然后运用实例验证“防火墙”模型的适用性,在模块组合改变的基础上,“生产”出中小企业集群融资创新产品——集群集合委托贷款,从利益分配和风险分摊两个角度分析该产品在中小企业集群融资中具有较强可行性,根据共生理论范畴内的收益分配机制和风险分摊机制分析来看,中小企业集群集合委托贷款产品是一种稳定的金融契约关系。
Industrial clusters as a kind of spontaneous structure innovation have proved their economic disciplines and vitality. The structure innovation leads to the huge changes in generally flexible division of labor, professional to produce and competitive mechanism, including internal enterprises'financing behaviors. Because of the nearer location and thorough division industrial clusters lay advantages on internal enterprises to conquer many financing obstacles.
This dissertation introduced the concept of symbiotic as the cluster financing mechanism analysis tool, took the view of Evolutionary Economics, defined the industrial clusters as individual organisms, which is a social symbiotic system composed by similar enterprises, supportive organizations and committees gathering together as a sort of biological population. Four respects of advantage of industrial cluster financing are external economy, scale economy and compensating for market failure, which make small-medium enterprises have privileges in financing. The above result has been proved in organizational ecology science. Furthermore, symbiotic theory takes the point that any symbiotic system including three elements, which are symbiotic environment, symbiotic units and symbiotic model. This dissertation analyzes the relationship between cluster symbiotic environment and the changes of enterprises financing behaviors based on the resource dependence view by principle of coupling mechanism; Meanwhile, the concept of credit chain is put forward to explain the symbiotic enterprises how to solve those financing problems set up by classical model of credit rationing, Hochman Risk Model and W-S credit rationing model. Four symbiotic models have been comparatively analyzed, including parasitic, commensalism, asymmetrical mutualism and symmetrical mutualism. By comparing these four symbiotic models'financing contractive relationship we find out that the expanding boundary of symbiotic relationship by the attending of the credit cooperative organizations, government and financial institutions as a "trust" and "control" increases the system utility and decentralizes systematic credit risk. An opinion has been put forward that the expanding boundary of symbiotic relationship is the innovation mechanism of industrial clusters'financing innovation.
In order to verify the above theoretical assumption, the dissertation testified it through an empirical study on the three survey of financing situation of SMEs in cluster of the relevance between SMEs'financing behavior and symbiotic environment and the revolution of SMEs' financing behavior in industrial clusters. The empirical results showed that symbiotic environment and SME's nature were the constrains incentives of financial innovation. As a result, we must consider about the optimistic policies of economic environments, regular environments, social culture environments and natural resources environments before we designing the industrial cluster financing innovative model.
As the diversity of the symbiotic double helix financing innovative model, this dissertation put forward a modularization model of industrial clustering financing innovation. First of all, we operated a dual-evaluating system of industrial cluster credit ration by DEA based AHP method. Then the dissertation discussed the previous theoretical framework from three dimensions to establish the measure scale, adopted comparison analysis methods and the structural equation model to empirical research for the theoretical assumption.
This dissertation presented multi-participation in the financing of SME cluster "firework" innovation model framework and discussed the specific model of operation form the view of modularization. By the "firework" innovation model, the dissertation "produced" a set of innovative public entrusted loan financing contracts and operation mechanism under the less developed domestic capital market background according to the characteristics and advantages of the trusted loan and testified the innovative SMEs'clustering financing product, which turned out to be a stable and feasible financial contract.
引文
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