【作者】 周运兰；

【导师】 蔡根女；

【作者基本信息】 华中农业大学 ， 农村中小企业管理， 2008， 博士

【摘要】 中小企业在我国国民经济中正扮演着越来越重要的角色,并逐步形成一个新的经济增长点。但其所获得的资金与它们对国民经济发展所作的贡献相比,极不对称,占金融资源的比重不足20%。我国中小企业同世界其他国家一样,普遍存在着权益资本融资缺口和债务融资缺口,不论股权性融资还是债权性融资都面临着较大困难,企业创新特别是企业新产品的研制、开发更是难以推动,融资始终是中小企业成长与发展的瓶颈。近些年来,尽管中央和地方各级政府先后出台了一些扶持政策,但仍未得到根本性解决。在这种背景下,建立和完善面向中小企业的融资体系,已势在必行。一方面,中小企业经营规模较小,经营不确定性较大,获取债务融资的成本较高;另一方面,中小企业的高成长性和市场竞争的激烈性等,极需资金扶持,尤其科技型中小企业在创业成长期,更要求以股权融资方式支持企业的增长机会,解决投资不足问题。实践证明,股权融资对保证和满足中小企业的成长性、创新性的资金需求,乃是一种较优的融资方式;且进行后续的股权再融资即增资和配股等对上市中小企业的发展、壮大,作用也非同寻常。能否依据中小企业不同发展阶段的资金需求特点,筹集到适合中小企业创新和发展的股权资金,即企业外部股权融资需求的满足程度,也成为中小企业发展的一大制约因素。基于上述判断,首先本文以企业融资理论为指导,紧密结合我国中小企业发展实际,全面分析中小企业融资需求的阶段性特点、资金供给的来源、资金供求缺口现状,及中小企业融资方面存在的问题。其次,在此基础上,利用中小企业及中小企业上市公司的统计数据,从理论和实践的结合上,系统阐述了天使资本融资、风险资本融资、公开上市融资等在中小企业股权融资中的优势地位、行为方式及影响作用,并进行了案例剖析和中小企业上市公司资本结构与股权融资影响因素的实证分析。然后,本文又依据外部股权再融资理论,分析探讨了我国股权再融资的特性、现状、问题及其原因,并对中小企业上市公司股权再融资发行方式、经营业绩进行实证分析。最后,提出若干解决的思路和对策。本文研究的主要内容,概括如下:1、我国中小企业资金需求的阶段性特征,以及这些特征所反射出来的资金供给的方式类型。分析了中小企业特别是科技型中小企业不同发展阶段的资金需求,包括创业阶段、早期成长阶段、加速成长阶段、稳定成长阶段、成熟阶段等资金需求的不同特征,以及对资金供给的不同要求。2、我国中小企业资金供给渠道和方式,其中股权融资能为特定成长周期的中小企业提供必要的资金保障。首先,分别阐述了我国中小企业的内部积累、商业信用、银行信贷、发行债券、政府财政金融支持和股权融资等渠道的资金供给特点和现状。然后,通过个案分析和统计分析,揭示了中小企业资会供求缺口问题。最后对股权融资与中小企业成长周期关系进行了重点分析,结果显示,股权融资能为特定成长周期的中小企业提供必要的资金保障。3、我国中小企业股权融资与股权再融资的来源与形式。中小企业的整个股权融资,包括天使资本融资、风险资本融资、初次公开上市股权融资以及其后续的股权再融资等,表现为一个资金供给的接力过程。本文分别阐述了上述股权融资形式的内涵与特征,分析各自在中小企业融资中的优势地位、融资行为及影响作用,并结合实际进行了案例佐证。4、中小企业上市公司资本结构与股权融资影响因素、股权再融资发行方式与经营业绩实证。首先对中小企业上市公司资本结构与股权融资影响因素实证分析了,并对后续有股权再融资的部分样本企业进行了进一步分析。其次分析探讨了我国中小企业上市公司股权再融资包括增发新股和配股两种发行方式的特性、现状、问题及其原因,并对中小企业上市公司股权再融资经营业绩进行了理论和实证研究,其中将股权再融资的公司区分为中小企业和大企业上市公司,对股权再融资后业绩变化进行对比分析。研究表明我国中小企业股权融资跟企业的规模、成长性、盈利性、资产担保价值等存在较大关系,上市后能在近期内进行股权再融资中小企业,都是一些成长性很高、盈利能力很强的中小企业;而且我国大部分中小企业不管上市与否,在我国证券市场对外部股权融资与再融资的约束与监管下,由成长性特点所决定的对外部股权性融资的特别需求,虽然得到了一定的体现,但并没有在实际中得到满足,即我国但发展中小企业外部股权融资的潜力仍很大。另一方面,尽管中小企业上市公司股权再融资后存在经营业绩下降、效率不高等问题,但我国支持中小上市公司进行股权再融资仍然利大于弊。5、提出改善中小企业股权融资与股权再融资的思路对策。在上述研究基础上,并比较借鉴国际上中小企业股权融资与股权再融资的成功经验,提出了稳妥发展便于我国中小企业股权融资与再融资的天使资本、风险资本市场以及多层次资本市场、适当调整现有股票市场的再融资政策、不断完善中小企业治理结构等相关对策建议。更多还原

【Abstract】 The Small-medium enterprise (SME) is acting more and more important role in our country national economy, and gradually forms a new economical point of growth. But the fund they obtain occupies is less than 20% proportion of the financial resources, and is extremely asymmetrical compare to the contribution which they make to the national economy development. Our country’s SME is like to other countries’, generally existing capital financing gap and debt financing gap, both equity financing and debt financing are facing great difficulty, and enterprise’s innovation especially enterprise’s new product researching, producing and developing is difficult to impel, so financing is bottleneck throughout SME’s growth and development. In recent years, although the central government and local governments at all levels have formulated some support policy successively, the problem still has not been solved fundamentally. On this background, it is already very essential to establish and perfect a financing system which oriented to SME.On the one hand, SME’s operating scale is comparable smaller, operating uncertainty is greater, gaining debt financing cost is higher; On the other hand, SME’s characteristics of high growth and intense market competition and so on, needs fund support extremely. Especially the science and technology SME during in the imbark growth period, even more requests equity financing to support enterprise’s growth opportunity and to solve investment insufficient problem. The practice proved that, equity financing is an optimal financing way to guarantee and satisfy SME’s fund demand for characteristics of growth and innovating; Moreover, carrying on the following seasoned equity offering namely right offering and public offering also has unusual function to the listed SME’s developing and strengthening. Whether can raise equity capital which suits SME’s innovating and developing according to the fund demand characteristics of different development phase, namely that enterprise’s exterior equity financing demand satisfied degree, also becomes a great restriction factor of the SME development.Based on the above judgment, at first, this paper takes enterprise’s financing theory as instruction, linking to our country SME’s development reality closely, comprehensively analyzes the SME financing demand phase characteristics, fund supplies source, fund supply and demand gap’s present situation, and problem existing in SME’s financing aspect. Next, on this foundation, using SME and small listed company’s statistical data, combining the theory with practice, expounds systematically angel capital financing, venture capital financing, public offering financing and so on in SME’s equity financing superiority status, behavior way and influence function, and have carried on case analysis and empirical analysis on the impacting factors of SME listed company’s capital structure and equity financing. Then, this paper according to the exterior seasoned equity offering theory, has analyzed and discussed our country seasoned equity offering’s characteristics, present situation, existing problem and its reasons, and made empirical analyzed on issuing method and operating performance of SME’s seasoned equity offering. Finally, proposes certain solution thinking and countermeasures.Main researching content of this paper, summarizes as follows:Part I The fund demand phase characteristics of our country SME, as well as fund supply way type reflected by these characteristics. The paper has analyzed different development phase’s fund demand of SME especially the science and technology SME, which including in imbark stage, early growth stage, accelerated growth stage, stable growth stage, mature stage and so on. Different development phase has different fund demand characteristics, as well as request different fund supplies.Part II Our country SME’s fund supply channel and way, among which equity financing can provide essential fund guarantee for the specific growth cycle of SME. At first, expounds respectively the characteristics and present situation of our country SME’s fund supply channel, which including internal accumulation, commercial credit, bank credit loan, bonds issuing, government finance supporting and so on. Then, through case analysis and statistical analysis, has revealed the financing gap between the SME’s fund supply and demand. Finally, focus on analyzing the relationship between equity financing and SME’s growth cycle, as a result, it demonstrated that equity financing can provide essential fund guarantee for the specific growth cycle of SME.Part III The source and form of our country SME’s equity offering and seasoned equity offering. A series of equity financing of SME, including angel capital financing, venture capital financing, initial public offerings and its following seasoned equity offering financing and so on, acting as a fund supplying relay process. The paper expounds the above equity financing form’s connotation and characteristics separately, analyzes their superiority status, financing behavior and impact function respectively in SME’s financing, then has testified them unifying with the practice case evidence.Part IV Empirical analyses of the SME listed company’s capital structure and equity financing impacting factors, seasoned equity offering’s issuing method, and seasoned equity offering’s operating performance. At first, this paper has empirically analyzed impacting factors of the SME listed company’s capital structure and equity financing, and has done further analyses on some sample enterprise which have carried on the following seasoned equity offering. Next, has analyzed and discussed characteristics, present situation, existing problems and reasons of our country SME listed company’s seasoned equity offering’s two kinds of issue method including rights offering and public offering. Then has made theory and empirical research on SME listed company’s seasoned equity offering’s operating performance, in which having differentiated companies into SME and big enterprise listed company, carried on comparison analysis of their operating performance changing after they having seasoned equity offering. The research indicates that our country’s SME’s equity financing existences great relevance with enterprise’s scale, growth, profitability, asset mortgage value and so on. The SME which can carry on seasoned equity offering in the near future after initial public offering, nearly all have high growth and strong profitability. Moreover, most of our country’s SMEs no matter having gone to be listed on the market or not, the special demand for external equity financing which is decided by the high growth characteristic, although obtained certain manifesting, still have not be satisfied in reality under the restraint, supervising and managing on the external equity financing by our country’s security market; Namely that our country still has great potentiality for developing exterior equity financing of SME. On the other hand, although SME listed company has existed problem of operating performance dropping, lower efficiency and so on, the advantage still greatly exceed shortcomings of our country supporting small listed company to carry on seasoned equity offering.Part V Puts forward some thinking and countermeasures which improve equity financing and seasoned equity offering of SME. based on the above research foundation, comparing and modeling the success experience of international SME’s equity financing and seasoned equity offering , proposes some relevant countermeasures and suggestions such as: Appropriately develop angel capital, venture capital market as well as multi-level capital market which is convenient for our country’s SME’s equity financing and seasoned equity offering; Suitably adjust the government policy of SME’s equity financing and seasoned equity offering; gradually perfect SME’s government structure and so on.更多还原