【作者】 尹丹莉；

【导师】 高正平；

【作者基本信息】 天津财经大学 ， 金融学， 2009， 博士

【摘要】 中小企业融资问题是一个世界性难题,也是一个长久性课题。改革开放30年来,中小企业已经成为我国经济发展中的一支重要力量,占全国企业总量的99.8%的中小企业,在繁荣经济、促进增长、扩大就业、推动创新等方面发挥着越来越重要的作用,但融资难一直是困扰我国中小企业发展的最大障碍。尽管政府采取了一系列金融措施改善中小企业的融资环境,但融资难问题并未得到很好的解决。现有的融资环境与企业的希望仍有较大差距,中小企业信贷满足率仍待提高。尤其自2008年下半年以来的全球金融危机给实体经济发展带来的危害不断加深的背景下,中小企业融资难问题比以往更加突出,融资面临前所未有的困难。当前我国处于市场经济体制初步建立和投融资体制改革的关键时期,仅依靠某一种融资方式或融资机制安排来解决我国中小企业融资困境是非常困难的。我国中小企业融资约束的现实以及中小企业自身发展的特殊性,需要我们研究解决问题的新的突破口。一方面从促进就业,促进经济增长来说,中小企业具有公共品的特征,因此财政介入中小企业融资是必不可少的,符合逻辑的。中小企业既是公共财政的重要财源,也是政府履行职能、实施管理和服务的重要对象;另一方面,中小企业的发展与壮大,给高端客户资源不足的商业银行乃至证券中介机构提供了“天然”的潜在优质服务对象。更重要的是,从财政资源的有限性和其存在的“四两拨千斤”等“客观导向性”来说,只有充分利用财政资金,发挥财政与金融内在特征与优势,构建财政与金融有效对接的中小企业融资方式,才是解决当前我国中小企业融资难问题的根本之所在。论文采用定量分析与定性分析、比较分析与历史分析、宏观分析与微观分析、规范分析与实证分析相结合的方法,以中小企业融资困境、财政与金融、政府与市场的内在联系为主线,沿着理论综述--中小企业融资困境—财政介入中小企业融资的必要性和现实可行性--财政与金融有效对接的中小企业融资方式的思路展开论述。论文主要从三个层面进行了研究,第一个层面,对目前我国中小企业融资困境的现状进行了分析,进而深入剖析了形成中小企业融资困境的深层次原因。第二个层面,采用比较分析和历史分析的方法,借鉴国外发达国家中小企业融资模式,指出政府财政资金在中小企业融资中的重要作用。对财政介入中小企业融资的必要性和现实可行性进行了详细论证。第三个层面对财政金融有效对接的中小企业融资方式的内涵和着力点进行了界定,同时指出财政融资与金融融资有着自身对应的目标主体与存在发展的空间,两者只能是相互促进、相互补充与有效衔接,并不可能完全替代。同时提出中小企业的发展需要政府的培育。对构建财政金融有效对接的中小企业融资方式提出政策建议。更多还原

【Abstract】 The financing problem of SMEs is a world-wide problem,but also a long-term issues.With 30 years of reform and opening up,small and medium enterprises has become an important force of China’s economic development.Accounting 99.8 percent of total enterprises of small and medium enterprises is playing an increasingly important role,in the prosperity of the economy in the expanding employment and the promoting innovation,but the financing difficulties have been the greatest obstacle to the development of SMEs in our country.Although the Government has adopted a series of financial measures to improve the financing environment for SMEs,but the issue of financing has not been resolved.The current financing environment and the hope of enterprises are still a wide gap,the rate of credit to the small and medium-sized is yet to be improved.In particular,since the second half of 2008,the global financial crisis had the harmful effects to the economic development entities,the development of SMEs are facing an unprecedented challenge,the issue of financing of small and medium-sized enterprises is more prominently than ever before,facing an unprecedented financial difficulties.China’s market economy system is in the initial establishment and the reform of investment and financing systems is in the critical period,only to rely on a certain kind of the financing arrangements or financing mechanisms to address the plight of China’s SME financing is very difficult.Because of china’s SME financing constraints and the reality of the specificity of small and medium-sized self-development,we need to look into the problems of the new breakthrough to ease the plight of SME financing.On the one hand,from the promotion of employment and economic growth,the SMEs have the characteristics of public goods。Financial support to the SMEs is essential and logic.SMEs are important sources of public finance and the important objects to carry out Government’s functions. On the other hand,the development and growth of small and medium enterprises provide“natural”and potential service objects to the commercial banks and the securities intermediary which are lack of high-end customers.More importantly,because the financial resources are limited and have the nature of objective-oriented ,such as“skillfully deflected the question”only to make full use of financial resources,to play with the advantage and the inherent characteristics of fiscal and monetary and the construction of effective fiscal and monetary docking mode of financing of small and medium-sized in China is the key to solve the problem.The paper uses the methods which are the quantitative analysis and the qualitative analysis,the comparative analysis and the historical analysis,the macroscopic analysis and the microscopic analysis,and takes the small and medium-sized enterprise financing difficult position,fiscal and monetary,the government and the market’s inner link as the master line,along theory summary--Small and medium-sized enterprise financing difficult position-- the necessity and realistic feasibility of financial involvement in SME Financing -- the SME Financing model of Fiscal and monetary effective means of for docking to launche the elaboration.The paper mainly has conducted the research from three levels.The first stratification plane has carried on the analysis to the present of our country’s present situation SME financing plight .then analyzed the deep level reason thoroughly which has formed the small and medium-sized enterprise financing difficult position.The second stratification plane used the comparative analysis and the historical analysis method to analyze foreign financing models for SMEs in developed countries, pointing out that the Government’s financial capital in small and medium-sized the important role of financing.Then carried out a detailed feasibility demonstration for the necessity and realistic feasibility of involvement in financing small and medium-sized financial. The third stratification plane has defined the content and focus of effective fiscal and financial means of financing small and medium-sized docking ,at the same time pointed out that the financial financing and financial funding has its own corresponding with the existence of the main objectives of the development of space,only two are mutually reinforcing,effectively complement each other and would not be possible to completely replace.At the same time,the development needs of small and medium-sized government development.To build effective fiscal and financial means of financing small and medium-sized docking puts forward policy recommendations.更多还原