【作者】 姜风旭；

【导师】 邢天才；

【作者基本信息】 东北财经大学 ， 金融学， 2011， 博士

【摘要】 无论是发达国家还是发展中国家,小企业在国民经济中的地位和作用越来越重要,成为促进经济增长、科技创新、创造就业、促进经济转型的重要力量,引起全球范围内政府、学术和产业界的广泛关注、探讨和研究。尽管我国一直高度重视小企业融资的问题,国家有关部门也采取了一系列的措施办法,然而,这些方案往往没有触及深层次原因,治标不治本,融资难的问题一直未能得到有效解决,而且在宏观政策收紧的时候有加剧的趋势。本文在整合国内外文献的基础上,建立了逻辑清晰的关于小企业融资难成因和对策的系统分析框架,充分体现了理论和研究方法的创新性,同时进一步完善和补充这一研究领域。根据研究的需要,本文综合运用各种有效的经济分析方法,比如比较分析方法、经济理论模型分析方法等。在具体研究过程中,采用理论分析与实证分析相结合的方法。在实证分析中,则注重定性分析与定量分析相结合,描述性统计与计量分析相结合的方法,力求分析的全面性和深入性。本文共设七章：第1章绪论。论述了本文的选题背景及研究意义、研究方法,归纳总结了国内外相关理论文献,提出本文的创新点及进一步的研究方向。第2章小企业融资方式及供求动态博弈分析。首先,分析了小企业主要的融资方式及融资次序,对不同发展阶段和不同行业小企业的融资特点进行研究；其次,对微型企业融资的特殊性梳理分析；再次,对小企业资金供给渠道进行划分,比较不同渠道的交易费用和资金的可得性；最后,运用博弈理论对商业银行和小企业的信贷行为进行理论分析,在完全资本市场和非完全资本市场两种条件下透析小企业资金供求错配的原因。第3章我国小企业融资状况及制约因素分析。首先对小企业融资政策环境及融资总体情况进行分析,其次,运用因素分析法分别从小企业自身、金融体系的角度阐述小企业融资的制约因素,最后对大连市小企业融资状况进行调查和实证研究以佐证上述判断。第4章小企业融资支持体系的国别和地区比较与借鉴。以美国、日本、我国台湾地区等国家和地区为代表,对小企业融资市场体系和政策扶持体系的特点进行比较分析。首先分析了美国小企业融资市场体系和政策扶持体系的特点；其次分析了日本小企业融资市场体系和政策扶持体系的特点；再次其他国家和地区小企业融资市场体系和政策扶持体系的特点；最后是借鉴与启示。第5章我国金融机构对小企业支持的案例分析——以大连市为例。本章以五家政策性银行、国有商业银行、股份制银行、区域性银行和小型城市商业银行为例,分析了各家银行支持小型企业融资的举措和办法,通过对五家银行的分析评述,说明各家银行在支持小企业融资上的特点,丰富了小企业融资支持的研究内容。第6章多渠道完善小企业融资支持体系。首先提出改善小企业融资制度环境的建议,其次在分析完善小企业间接融资体系的基础上,进一步提出构建我国小企业直接融资体系的建议,通过规范和引导民间融资,发挥融资担保机构作用,以及推动适合小企业的融资方式和融资工具的发展等方式改进小企业融资支持体系,有效缓解小企业融资难的状况。第7章结论。归纳了全文的主要研究结论,并对微型企业研究结论进行总结。通过分析研究,本文可能取得以下三点创新：一是提出引导和规范民间融资,对接小企业融资需求的建议。通过分析和比较,本文认为缓解目前我国小微企业融资难的办法是在增加正规渠道融资的情况下,适度放开民间融资,更好的满足小企业,特别是微型企业的融资需求。同时看到,随着我国私有制经济的发展和资本积累的增加,大量民间资金迫切需要寻找运用渠道,因此,小微企业融资的“活水”来源于民间资金,将小微企业资金需求与民间资金投资需求对接,不仅是必要的而且是可行的。二是提出了破解我国小企业融资困境的系统性、渐进性方案和措施,并取得多处理论创新,如本文提出：从长远看,大中型银行的小企业信贷专营机构应该逐步转变为独立的地方性小企业法人银行；我国的小企业信用担保体系应由政府担保机构为主体的政策型向商业担保和互助担保为主、政策性担保为辅的市场型转变。三是在整合国内外有关研究文献的基础上,建立了我国小企业融资困境成因的系统分析框架,对小企业信贷进行分层次研究,并取得多处理论创新。如在第一层次的研究中,分析小企业特征、信息和法治环境对单一“商业性”银行信贷行为的影响；在第二层次的研究中,引入金融管理体制、银行业结构等制度变量,放松商业银行“商业性”和市场结构“竞争性”的假设,分析金融管理体制、银行业结构等制度变量约束下的小企业信贷行为。本文的不足之处主要在于对小企业融资现状、成因和对策的实证分析尚不充分,有的观点和结论需要数据支撑。在今后的研究中,需要加强数据收集和整理,使分析结论更加可靠。更多还原

【Abstract】 Small enterprises play more and more important role in the, economy for both developed and developing countries. Small enterprises serve as an important force in promoting economic growth, technological innovation, job creation, and economic restructuring, which causes global and widespread concern from government, academic and industrial field. China has always attached great importance to small business financing, and national authorities have taken a series of measures and methods to deal with it. However, these programs often do not reach the deeper reason, and only exist as temporary solution. The issue of small business financing has not been effectively addressed, and in time of tightening of macroeconomic policies the issue becomes more serious.Based on the integration of literature, this paper establishes a logic systematic analyzing framework on the causes of small business financing and countermeasures, which fully reflects innovative theories and research methods while further improves and supplements this research. This paper comprehensive uses various effective methods of economic analysis, such as comparative analysis, theoretical models of economic analysis methods according to research. In specific study, theoretical analysis and empirical analysis are used in a combination. In the empirical analysis, the paper focus on the combination of qualitative analysis and the combination of descriptive statistics and econometric analysis method, which seeks to analyze the issue with great comprehensiveness and depth.This paper composes seven chapters:Chapter 1 is Introduction. This chapter discusses the background, significance of study topics, and research methods, summarizes the theory of literature at home and abroad, and comes up with the innovation of this paper and further research.Chapter 2 is small business financing and supply and demand dynamic game analysis. First, the chapter analyses modes of small business financing and financing major order, the different stages of development and different characteristics of small business financing in various industry; Secondly, the chapter analyses special nature of micro business financing; thirdly, the chapter analyses the money supply channel for small businesses, and compare different sources of transaction costs and funding availability; Finally, the chapter uses game theory to analyze credit behavior of commercial banks and small business theoretically and analyze mismatch reasons of capital supply and demand under both perfect capital markets and non-perfect capital markets conditions.Chapter 3 is China’s small business financing conditions and constraints analysis. First, the chapter analyses the policy environment for small business financing and of the analysis of the overall situation of financing. Secondly, factor analysis is used to analyze the small business financing constraints from small businesses perspective and the financial system’s perspective. Third, the chapter investigates the financing situation of small enterprises in Dalian and does relevant empirical research in order to support the result above.Chapter 4 is the comparison of small business financing support system between different countries and regions of the country and regional comparison. This chapter chooses the United States, Japan, Taiwan, China and other countries and regions as typical market and compares characteristics of financing system and policy support system for small business. First, the chapter analyses the U.S. small business financing market system and policy support system; Second, the chapter analyses the Japanese financial market system and small business policy support system features; third, the chapter analyses financing market system and policy support system in other countries and regions. The last part is the comparison and policy implications.Chapter 5 is case studies of Dalian City’s financial institutions supporting small business. This chapter selects five typical banks as example, i.e. policy banks, state-owned commercial banks, joint-stock banks, regional banks and small city commercial banks. This chapter analyses initiatives and measures how each bank supports small business. Through the analysis of the five banks reviewed, the paper indicates the characteristics of each bank in supporting small business financing, which enriches the research content.Chapter 6 puts forwards multi-channel supporting system for small business financing. First, the chapter proposes to improve the institutional environment of small business financing. Second, on the analysis of completing indirect financing system for small business, the paper further proposes to build our system of direct financing for small business through regulating and guiding private financing, boosting the roles of guarantee institutions, and promoting financing tools for small business development and improving the support system for small business financing to alleviate the situation effectively.Chapter 7 is conclusions. The chapter summarizes the main findings of the full text, and makes conclusions of the study on micro-enterprises specifically.Through analysis, this paper may obtain the following three innovations:First, let private funds meet financing plight of small enterprises while guide and regulate it. Through analysis and comparison, the paper has proposed that one way to solve China’s small and micro enterprises financing plight is to increase the formal channels of financing and to liberalize private financing moderately, so as to better meet the small cnterprises, especially micro-enterprise financing needs. It is noticed that large amount of private funds seek for investment channels urgently as China’s economic development and private ownership of capital accumulation increases. In this trend, small and micro enterprise financing could be solved by private funds as a sort of "flowing water". It is not only necessary but also feasible to make the interaction between the need of small and micro-enterprise financing and the demand of private funds investment channels.Second, the paper proposes progressive programs and measures for the plight of small business financing in China systemically, and made many new theories. For example, the paper proposed that in the long term, small business credit franchisees of medium-sized bank should be gradually transformed into an independent local small business corporate bank, and that China’s credit guarantee system for small businesses should reform from government guarantee oriented to commercial-based, and mutual -based security, supplemented by policy guarantee.Third, on the integration of domestic and foreign literature, this paper establishes systematic analysis framework for causes of the plight of China’s small business financing, researches on small business credit in multiple level, and made many theoretical innovation. For example, in the first level of study, the paper analysis small business features and how information and legal environment affects a single "commercial" bank credit behavior. In the second level of study, the paper introduces financial management system, banking system structure as variables, relaxed the hypothesis of commercial banks’’commercialese’ and market structure’s "competitiveness", and analyses small business credit behavior under the constraint of financial management systems, banking systems and other systems.The inadequacies of this paper is that the analysis on small business financing situation, causes and countermeasures of the empirical analysis is not sufficient, and that some arguments and conclusions requires further support data. In future’s research, the paper needs to strengthen data collection and collation, which will make analysis of the conclusions more reliable.更多还原