【作者】 晏文胜；

【导师】 谢科范；

【作者基本信息】 武汉理工大学 ， 管理科学与工程， 2004， 博士

【摘要】 本文以企业融资理论、企业成长周期理论与自组织理论以及创业企业融资的相关理论为基础，针对我国创业企业融资的实践，借鉴美国与世界其他主要发达国家创业融资的经验，研究了创业融资的运行机理，提出了促进创业融资的对策。 本文首先对国内外与企业融资相关的研究现状进行了综述，详细地回顾了企业融资理论的发展历程，探析了“人性不耐-投资机会”与融资／资本结构理论，阐述了创业企业成长的相关理论，如企业成长理论、企业生命周期模型、企业自组织理论；同时还论述了创业企业融资的相关理论，如金融成长周期理论、创业融资市场的“双缺口”理论和信贷配给理论。紧接着剖析了创业、创业企业、融资等概念，对融资结构、融资成本与融资风险进行了较为全面的分析。在此基础上，对创业融资这一概念进行了界定，并分析了创业融资的特征、创业融资的来源。最后提出了创业融资效率与创业融资能力等概念，以及对如何提高创业融资效率和创业融资能力进行了分析。论文分析了影响创业企业融资行为的基本因素、创业融资的内在与外在动机及融资偏好，对影响融资行为的各种融资方式进行了全面的比较，提出了融资成本的计算方法。论证了创业融资与企业治理结构的相互关联和影响问题，并对创业企业融资能力的培育与评价提出了构想。从创业企业的角度，诠释了创业融资风险的概念、主要类型，分析了创业融资风险的特征和影响融资风险的因素，提出了融资风险的识别与度量方法，着重分析了创业企业融资风险的特点与成因及融资风险的控制方法。在对创业融资模式分析的基础上，分析了创业企业成长过程中各个阶段的风险与融资需求特征，以及我国创业企业的融资结构，并与美国创业融资结构进行了对比。 中国创业企业融资存在诸多问题，如创业企业融资渠道狭窄，融资的网络、资源受到局限；创业企业信息的拥有量少，成长的不确定性高；创业企业对技术、生产、市场方面的信息、知识掌握不足，在竞争中处于信息不对称状态中的不利位置，其融资方式和决策受到更多的约束；创业融资过程中缺乏最优的融资决策策略。我国在创业管理尤其是在创业融资研究与推广应用方面力度不够，创业企业的融资缺乏理论参照和方法论指导；创业企业风险与日俱增，导致创业融资的风险随之加大，创业企业的风险管理亟待提高。企业生命周期日益缩短，技术竞争、市场竞争的日益国际化，创业企业面临的是日益复杂多变武汉理工大学博士学位论文的生存环境，创业企业具有较高的技术风险、生产风险和市场风险;同时，创业企业在创业阶段综合实力弱，风险承受能力有限。在此融资现状分析的基础上，对创业企业融资的内生、外生障碍进行了详细的剖析，对创业融资中存在的障碍从供给与需求矛盾、投资者与创业者的角度进行了经济学分析。强调了创业融资中金融创新的必要性，融资主体进行自主创新的重要性和建立创业融资体系的长期性和艰巨性，分析了关系融资、创业投资、创业板市场的建立对解决拓展我国创业企业融资渠道的意义，并着重提到融资制度创新对扩大创业企业融资渠道的现实推动作用，融资制度创新的包括建立信用担保体系、企业信用评估体系等的建立的重要性。从两个方面阐述了扩大创业融资的路径及推进对策，一是提出了创业融资中的内部对策，包括基于自组织理论的自我发展、创业企业融资能力与融资效率的提升、信用的提高与信息的透明化以及创业企业家素质的提高:二是引导创业融资行为的外部对策，包括拓宽融资渠道、发展创业投资事业、培育创业融资环境，建立和完善中小企业信用担保体系、加强中小企业信用体系建设和信用管理。 最后对全文进行了总结性的阐述，归纳了主要的创新点，并在本研究的基础上，对后续研究进行了展望。关键词:创业融资，融资结构，融资风险，融资成本论文类型:理论研究更多还原

【Abstract】 The dissertation is based on the traditional theories of business financing and business growth cycle as well as some related theories with started-up business financing. It aims at the practice of the Chinese started-up business financing. And through learning from sonce start-up financing experience of U. S. A. and other developed countries in the world, the author has made a research on operation mechanism of start-up financing and puts forwards some ways to promote it.The dissertation first sums up the present state of research on business financing of home and abroad, and recalls the developing history of business financing theories. From ’Impatience of Human Character- Opportunity of Investment’ theory and financing/capital structure theory (including early and modern capital structure theories), the dissertation explains the theories related with the growth of the started-up, i.e. business growth theory, business growth cycle theory, and theory of self-management of business. Meanwhile, it also give a detailed explanation on the theories related with the financing of the start-up business, i.e. financing growth cycle theory, theory of ’two-gaps’ in start-up financing market and credit distribution theory. Then it also puts forwards some concepts, such as start-up, started-up business, financing, and makes a thorough analysis on financing, including financing structure, financing cost and financing risk. On the basis of the above study, the dissertation gives a definition to a new concept-start-up financing, further analyzing the characteristics and resources of start-up financing. Following the above, some other concepts, i.e. the efficiency of start-up financing, the capability of start-up financing are also introduced. And it continues to discuss how to improve the efficiency and capability of start-up financing. What’s more, it thoroughly analyzes the basic elements which influence the activities of business financing, the external and internal motivations of business financing, and the preference of financing. It also compares all the modes of financing and states on the formula of financing cost. The problem how start-up financing and business management structure relate with and influence each other is discussed in the dissertation. The author further gives an ides about the development and testing of the started-up businesses’ financing capability. Finally it explains the concept of financing risk and its types from the view of started-up business, analyzing the features of start-up financing risk and some elements which influence it. And it tells the readers the ways to distinguish financing risk and the measurement of financing risk. It focuses on features of start-up financing risk and its causes as well as the ways to control financing risk. Through analyzing the modes of business financing, it elaborates the risks at every stage of businesses’ development and its corresponding features of financing needs. Compared with financing structure of USA business, the one of our country has been analyzed.It have been found that there are lots of problems in Chinese start-up financing: the limited channels to financing, the limited nets and resources for financing; the insufficient information gained by started-up businesses, the uncertainty of theirdevelopment, the shortage of information and knowledge for them, all which put the started-up businesses at a disadvantage and make them restrained at financing modes and financing decision-making. Furthermore the best financing strategies have still not formed during the course of start-up financing. Nowadays, the research and application of start-up management, esp. start-up financing hasn’t been well taken up in China, which causes that there are not the consultation of theory and guidance of methodology about start-up financing. The increasing risks of the started-up businesses lead to the increasing risks of start-up financing. So it is necessary to strengthen the management of the started-up businesses’ risks. On the other hand, the shorten更多还原