中小企业融资困境及化解思路探究
摘要
中小企业已经成为我国经济运行中不可缺少的重要组成部分,为国民经济的发展做出了巨大贡献。但事实上,我国中小企业所获得的融资资金支持与其在国民经济和社会发展中的地位和作用极不相称。融资困难等问题已成为严重阻碍和制约我国中小企业生存和长足发展的“瓶颈”。
论文首先回顾了国内外学者对中小企业融资问题的研究,在界定中小企业划分标准的基础上进一步研究中小企业成长的阶段性特征及相应的融资特征和融资渠道。论文通过交易费用理论、信息不对称理论、信贷配给理论、博弈论理论对中小企业融资困难产生的原因作出理论分析,再对中国中小企业发展状况和融资状况进行了经济分析,得出了我国中小企业存在严重的融资难问题的结论。
接着论文通过对比发达国家美、日中小企业方面的管理方法,扶持政策及法律法规,以及融资模式和融资工具、担保方法,为探讨我国中小企业制定法律法规和经济政策等方面奠定了基础,提供了有效的借鉴和有益的启示,并就中小企业融资困难和美日两国融资模式、担保经验启示,探讨了中小企业融资的对策。
最后文章从中小企业自身、金融机构、政府政策等方面提出了改善我国中小企业融资境况的思路和建议。企业自身需提高素质,加强信用建设,加强管理和治理能力建设,扩大外源融资；金融机构需改善对其服务,完善对其信贷政策,扩充对其的服务机构,丰富对其的金融产品供给,建立创新信贷风险控制机制；政府应加大对中小企业的风险投资及政策支持力度,完善担保机制建设,为中小企业创造有利的融资环境。
The small and medium-sized enterprises have been an indispensable part of and a great contributor to the national economy. But the financing support they got does not match their vital roles in the economy. Financing difficulties have become the biggest obstacle which limits SMEs' growth, and even dangers their survival.
Firstly, the thesis reviews the global researches on the problems SMEs encounter in financing. Specifically, it defines what SMEs are, analyzes their characteristics and financing difficulties in different phases and offers solutions accordingly. The thesis then arrives to the conclusion that SMEs are quite difficult to get financing support from both theoretic and economic views. Transaction Cost Theory, Asymmetric Information Theory, Credit Rationing Theory and Game Theory offer theoretical support while study on current status of domestic SMEs offers economic support.
By discussing management methods adopted by American and Japanese SMEs, their supporting policies, laws & regulations, financing modes, instruments and insurance methods, the thesis founds itself in the forming of domestic legal structure and economic policies. Besides, the thesis offers suggestions on tackling the financing difficulties domestic SMEs face at the inspiration of American and Japanese modes.
Finally, the thesis proposes several suggestions on how to improve SMEs' financing situations from the perspectives of SME themselves, financial institutions and the government. To be in details, SMEs need to improve company qualities, upgrade credit ratings, strengthen managing abilities and expand financing sources. Financial institutions should improve services as well, and fulfill credit policies on SMEs, develop more branches and products, and establish innovative credit risk control mechanisms. Government should increase investments in SMEs and constitute more favorable policies against them. Moreover, the government should improve the insurance mechanisms, and create a favorable external financing environment for SMEs.
论文首先回顾了国内外学者对中小企业融资问题的研究,在界定中小企业划分标准的基础上进一步研究中小企业成长的阶段性特征及相应的融资特征和融资渠道。论文通过交易费用理论、信息不对称理论、信贷配给理论、博弈论理论对中小企业融资困难产生的原因作出理论分析,再对中国中小企业发展状况和融资状况进行了经济分析,得出了我国中小企业存在严重的融资难问题的结论。
接着论文通过对比发达国家美、日中小企业方面的管理方法,扶持政策及法律法规,以及融资模式和融资工具、担保方法,为探讨我国中小企业制定法律法规和经济政策等方面奠定了基础,提供了有效的借鉴和有益的启示,并就中小企业融资困难和美日两国融资模式、担保经验启示,探讨了中小企业融资的对策。
最后文章从中小企业自身、金融机构、政府政策等方面提出了改善我国中小企业融资境况的思路和建议。企业自身需提高素质,加强信用建设,加强管理和治理能力建设,扩大外源融资；金融机构需改善对其服务,完善对其信贷政策,扩充对其的服务机构,丰富对其的金融产品供给,建立创新信贷风险控制机制；政府应加大对中小企业的风险投资及政策支持力度,完善担保机制建设,为中小企业创造有利的融资环境。
The small and medium-sized enterprises have been an indispensable part of and a great contributor to the national economy. But the financing support they got does not match their vital roles in the economy. Financing difficulties have become the biggest obstacle which limits SMEs' growth, and even dangers their survival.
Firstly, the thesis reviews the global researches on the problems SMEs encounter in financing. Specifically, it defines what SMEs are, analyzes their characteristics and financing difficulties in different phases and offers solutions accordingly. The thesis then arrives to the conclusion that SMEs are quite difficult to get financing support from both theoretic and economic views. Transaction Cost Theory, Asymmetric Information Theory, Credit Rationing Theory and Game Theory offer theoretical support while study on current status of domestic SMEs offers economic support.
By discussing management methods adopted by American and Japanese SMEs, their supporting policies, laws & regulations, financing modes, instruments and insurance methods, the thesis founds itself in the forming of domestic legal structure and economic policies. Besides, the thesis offers suggestions on tackling the financing difficulties domestic SMEs face at the inspiration of American and Japanese modes.
Finally, the thesis proposes several suggestions on how to improve SMEs' financing situations from the perspectives of SME themselves, financial institutions and the government. To be in details, SMEs need to improve company qualities, upgrade credit ratings, strengthen managing abilities and expand financing sources. Financial institutions should improve services as well, and fulfill credit policies on SMEs, develop more branches and products, and establish innovative credit risk control mechanisms. Government should increase investments in SMEs and constitute more favorable policies against them. Moreover, the government should improve the insurance mechanisms, and create a favorable external financing environment for SMEs.
引文
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[32]默里·L·韦登鲍姆.全球市场中的企业与政府[M].上海：上海三联书店,2002
[33]斯韦托扎尔·平乔维奇.产权经济学-一种关于比较体制的理论[M].北京：中译本经济科学出版社,1998
[34]史忠良等.小企业发展研究[M].北京：经济管理出版社,2001
[35]沈坤荣,张成.中国企业的外源融资与企业成长-以上市公司为案例的研究[J].管理世界,2003(7)：120-143.
[36]盛立军等.中小民营企业私募融资[M].北京：机械工业出版社,2004
[37唐志祥.中小企业融资困境分析及对策建议[J].安徽电气工程职业技术学院学报,2004,9(3)：96-98
[38]田银华,宁康康.企业金融成长周期理论看中小企业融资方式的选择[J].大庆师范学院学报,2007,27(6),44-48
[39]拓维文化.中小企业现代融资手段分析[M].北京：中国纺织出版社,2001
[40]王艳君.我国中小企业融资问题探析[J].中国外资,2009,(04)
[41]王性玉、张征争.中小企业融资困境的博弈论研究[J],管理世界,2005,(4)
[42]王宏新.民营企业基于不同成长阶段的融资战略选择[J].科学技术与工程,2006,(15期)
[43]王铁军.中国中小企业。融资28种模式[M].北京：中国金融出版社,2004
[44]王宪全.试论商业银行贷款过程中的信息不对称问题[J].金融论坛,2003,(3)：50-54
[45]徐良平.中小企业融资问题的一般研究民营及中小企业发展——中国博士后经济与管理前沿论坛论文汇编[M].北京：经济科学出版社,2002
[46]颜俊.我国中小企业融资对策问题研究[D].中国优秀硕士学位论文全文数据库,2007：
[47]易国庆.中小企业政府管理与政策支持体系研究[M].北京：企业管理出版社2001
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[53]张利胜等.中小企业信用担保[M].上海：上海财经大学出版社,2001
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[2]Brewer, E. and H. Genay. Funding small businesses through the SBIC program. Federal Reserve Bank of Chicago Economic Perspectives,1994,18:22-34
[3]Brewer, E.,H. Genay, W.E. Jackson and P. R. Worthington. The security issue decision:Evidence from small business investment companies[A]. Federal Reserve Bank of Chicago working paper,1997.
[4]Fluck, Z., D. Holtz-Eakin, and H.S.Rosen. Where does the money come from?The financing of small entrepreneurial enterprises[A].New York University working paper,1997.
[5]Modigliani F. and Miller M H. The cost of capital, corporation finance and the theory of investment[J]. American Economic Review,1958, (48):120-163.
[6]Myers, S., Majluf, N.. Corporate financing and investment decisions when firms have information that investors do not have[J]. Journal of Financial Economics,1984, (13):187-221.
[7]Sahlman, W. A. The stucture and governance of venture-capital organizations[J]. Journal of Financial Economics,1990, (27):473-521.
[6]Myers Stewart C. The Capital Structure Puzzle[J]. Journal of Finance,1984,39:575-592.
[8]Titman and Sheridan, The effect of capital structure on a firm's liquidation decision[J]. Journal of Financial Economics,1984(13):137-151.
[9]新华网.温家宝敦促银行尽快落实中小企业贷款政策[EB].http://finanCe.ifeng.Com/news/hgjj/20090228/409497.shtml,2009-02-28.
[10]白钦先等.各国中小企业政策性金融体系比较[M].北京：中国金融出版社,2001
[11]卜洪运,李海玉等.中小企业融资困难的经济学分析[J].商业研究,2006,(343)
[12]陈德铭等.中小企业竞争力研究[M].南京：南京大学出版社,2003
[13]陈跃雪.中小企业缺乏金融支持的困境分析[J].金融理论与实践,2003,(2)
[14]曹晋生.企业发展中的银行融资[M].北京：经济管理出版社,2002
[15]董水平.我国中小企业融资瓶颈问题探研[J].金融与财经,2005增刊
[16]方晓霞.中国企业融资：制度变迁与行为分析[M].北京：北京大学出版社,1999
[17]裴平.中国上市公司股权融资研究[M].南京：南京大学出版社,2000
[18]葛建新.中国高技术产业融资[M].北京：中国计划出版社,2002
[19]郭树华.企业融资结构理论研究[M].北京：中国社会科学出版社,1999
[20]黄少安,张岗.中国上市公司股权融资偏好分析[J].经济研究,2001,(11期)
[21]何振一.中小企业财税与信贷[M].北京：中国人民大学出版社,1999
[22]黄丽琴.我国中小企业融资难问题分析与对策研究[D].中国优秀硕十学位论文全文数据库,2007
[23]林汉川.中国中小企业发展机制研究[M].北京：商务印书馆出版社,2003
[24]林汉川等.中小企业的发展与创新[M].上海：上海财经大学出版社,2001
[25]李扬等.中小企业融资与银行[M].上海：上海财经大学出版社,2001
[26]刘曼红.中国中小企业融资问题研究[M].北京：中国人民大学出版社,2003
[27]罗国勋.二十一世纪：中国中小企业的发展[M].北京：社会科学文献出版社,1999
[28]林毅夫等.中国的奇迹：发展战略与经济改革[M].上海：上海三联书店,1994
[29]林毅夫,李永军.中小金融机构发展与中小企业融资[J].经济研究,2001,(1)
[30]李玉潭.日美欧中小企业理论与政策[M].吉林：吉林大学出版社,1992
[31]美国小企业研究中心联合会主编.中小企业的困境与对策[M].北京：中华工商联合出社,1999
[32]默里·L·韦登鲍姆.全球市场中的企业与政府[M].上海：上海三联书店,2002
[33]斯韦托扎尔·平乔维奇.产权经济学-一种关于比较体制的理论[M].北京：中译本经济科学出版社,1998
[34]史忠良等.小企业发展研究[M].北京：经济管理出版社,2001
[35]沈坤荣,张成.中国企业的外源融资与企业成长-以上市公司为案例的研究[J].管理世界,2003(7)：120-143.
[36]盛立军等.中小民营企业私募融资[M].北京：机械工业出版社,2004
[37唐志祥.中小企业融资困境分析及对策建议[J].安徽电气工程职业技术学院学报,2004,9(3)：96-98
[38]田银华,宁康康.企业金融成长周期理论看中小企业融资方式的选择[J].大庆师范学院学报,2007,27(6),44-48
[39]拓维文化.中小企业现代融资手段分析[M].北京：中国纺织出版社,2001
[40]王艳君.我国中小企业融资问题探析[J].中国外资,2009,(04)
[41]王性玉、张征争.中小企业融资困境的博弈论研究[J],管理世界,2005,(4)
[42]王宏新.民营企业基于不同成长阶段的融资战略选择[J].科学技术与工程,2006,(15期)
[43]王铁军.中国中小企业。融资28种模式[M].北京：中国金融出版社,2004
[44]王宪全.试论商业银行贷款过程中的信息不对称问题[J].金融论坛,2003,(3)：50-54
[45]徐良平.中小企业融资问题的一般研究民营及中小企业发展——中国博士后经济与管理前沿论坛论文汇编[M].北京：经济科学出版社,2002
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