【作者】 顾瑞兰；

【导师】 李良智；

【作者基本信息】 江西财经大学 ， 企业管理， 2004， 硕士

【摘要】 改革开放以来，我国中小企业迅速崛起，目前己成为经济建设的一支决定性增长力量。与此同时，中小企业的发展却面临诸多不利因素，其中，融资难问题显得尤为突出。由于融资渠道狭窄，使得主要依赖内源融资产生、成长，后因规模扩张急需外部资金支持的中小企业陷入严重的经营困境。在西方发达国家，中小企业融资难常常表现为一种单纯的经济运行现象，而我国中小企业不但面临上述问题，还遇到由于经济体制改革滞后所带来的制约因素和缺乏基本的金融原则所产生的不利影响。所以，我国中小企业的融资问题更加复杂。 加入WTO后，我国中小企业在获得发展契机的同时，也面临更多的挑战。解决中小企业融资难问题，已成为我国经济发展的重大议题。因此，客观分析我国中小企业融资的现状与问题，深入探讨问题的成因，并提出有效的解决办法，不仅关系到中小企业的发展前途，而且对我国渐进式改革的平稳推进具有重要意义。 在我国现有的金融环境下，银行依然是中小企业外源融资的主要途径，因而本文以中小企业的银行信贷融资为研究范围。在这一范围内，采用制度经济学的分析方法，以交易费用作为分析问题的基本工具，剖析了中小企业银行融资的各种费用构成，并从经济和体制两方面探究我国中小企业银行融资困难的形成原因，尝试从降低成本的角度提出解决措施。 本文的大体结构及内容如下： 第一章，我国中小企业的融资现状。首先从要素禀赋结构角度阐述发展中小企业的重要意义，接着从直接融资和间接融资两方面分析我国中小企业的融资状况，发现银企关系的不协调是目前我国中小企业融资困难的关键所在。其中，成本问题是银企关系失调的根本，解决中小企业的融资问题很大程度上在于能否降低中小企业的融资费用和银行的放贷成本。 第二章，中小企业银行融资困难的交易费用分析。由于交易成本是当前中小企业信贷融资困难的经济性根源，本章试图从交易费用这一理论高度做进一步的探讨。首先，对交易费用理论的基本概念、基本前提假设及其核心进行了简要概述。企业和银行作为具有不同经济利益的市场主体，两者的融资交易同样存在费用。中小企业与银行之间最终的资金供求均衡量是由银行的供给意愿和中小企业的需求意愿共同决定的，而交易费用的存在导致银企之间均衡资金的减少。 第三章，中小企业银行融资困难的制度成本分析。我国经济体制正处于转轨时期，许多制度环境安排是不完善的，正是这些不合理的制度安排加剧了中小企业的融资困难。本章从制度构成的三个基本要素对此逐一进行分析。从正式约束来看，一些不利的正式约束的存在(如利率管制、融资体制的国有经济导向)和有利的正式约束的欠缺(如信用担保机构、中小金融机构)共同影响着中小企业的融资;从非正式约束来看，商业银行对中小企业的歧视影响了银行的授信;从实施机制来看，相关法律政策的欠缺使中小企业的融资问题得不到切实解决。 第四章，降低中小企业银行融资成本的措施。综合前面的分析，本章从六个方面提出应对措施:第一，积极推进利率市场化改革。当前“一刀切”的利率管制不利于中小企业的进一步发展，也不符合市场经济的收益风险对称原则。因此，为了提高资金的使用效益，使各类企业能以平等的条件得到资金，在金融深化过程中必须实现利率的市场化，由市场来决定资金价格高低。第二，大力加强社会信用制度建设。完善的信用体系不仅降低了银行防范逆向选择风险和道德风险的费用，也降低了企业融资的成本，同时，信用体系特有的惩罚系统能加大违约成本，从而大大减少违约现象。第三，完善中小企业信用担保体系。建立中小企业信用担保体系是降低银企交易成本的重要工具。我国中小企业信用担保体系的建立和完善主要需从两个层面加以落实:一是中小企业的信用评级制度，二是中小企业的信用担保。第四，逐步发展中小金融机构。其合理性在于:决定金融服务业发展的根本因素是信息以及建立在信息基础上的信用，而中小金融机构最能充分利用地方的信息存量，克服信息不对称和信息不完全而导致的交易成本较高这一金融服务业的障碍。第五，深化国有商业银行改革。中小企业的崛起为商业银行带来了巨大市场，而商业银行的战略调整也将为中小企业提供进一步发展壮大所需的资金。第六，提高中小企业自身的融资资质。一个企业能否争取到银行的信贷支持，关键还在于企业自身，只有当企业具有较高的盈利水平，才能具有较强的偿债能力。中小企业融资条件和环境的切实改善，归根结底还在于中小企业自身的努力。更多还原

【Abstract】 Since the reform and opening up, Chinese medium and small-size enterprises (MSSEs) grow rapidly and become a decisive increasing power in our economy. However, MSSEs encounter many adverse facts in their growth and inadequate financing is in especially. In the western development countries, MSSEs’ inadequate financing is a homogeneous economic phenomenon. On the contrary, in our country, raising capital of MSSEs is affected not only by economy facts but also by the adverse facts arise from hysteresis of economic restructuring.After joining WTO, our MSSEs get more development opportunities as well as more challenges. Analyzing MSSEs’ inadequate financing and tying to solve it relates to not only the future of MSSEs but also the stabile increasing of national economy.This is why I choose it as my thesis. Under the present circumstances, commercial banks are monopolizing the financing market and they are the major way for MSSEs to get capital. And so bank financing is the study object of this thesis. Within this bound, the author chooses transaction cost as a tool to analyze the transaction between MSSEs and banks.The structure and content on the whole article are as follows:Chapter one analyzes the status and reasons of MSSEs’ inadequate financing in detail. The first part illustrates the important role of MSSEs in our national economy at the angle of the key element national endowment characteristic. However, the capital MSSEs get from commercial banks don’t match their status in the economy and the cost is one of the major facts. Solving MSSEs’ financing problem dependents on to a large extent decreasing the transaction cost between MSSEs and commercial banks.Chapter two analyzes the difficulties of MSSEs’ financing at the angle of transaction cost. Banks and enterprises are both economic entities with independent economic interests and the transactions between them also exists cost. Considering that transaction cost is a primary economic cause of MSSEs’inadequate financing, the author tries to further discuss the problem at a theory level. This study firstly clears the correlated conceptions of transaction cost and then has a general analysis of the transaction cost between MSSEs and commercial banks. Finally the author draws a conclusion that it is transaction cost that causes the decrease in balanced capital.Chapter three analyzes the difficulties of MSSEs’ financing at the angle of institution cost. Firstly, the formal bounds such as control interests, state-owned economy-oriented financial system, shortage of credit mortgage agencies and medium and small-size financial organs influence together MSSEs’ financing. Secondly, many informal bounds also hamper MSSEs from getting credit conveniently, commercial banks’ discrimination for example. Finally, lacking for strong and power enforcement regulations further worsens MSSEs’ financing.Chapter four puts forward six measures for MSSEs’ inadequate financing. The first measure is to push market-oriented reform of credit interests actively to make all kinds of enterprises get credit under equal circumstances. The second measure is to strengthen social credit system to decrease the transaction cost between banks and MSSEs as well as increase the cost of breach. The third measure is to perfect the guarantee system of MSSEs from two aspects. One is credit evaluation system of MSSEs and the other is credit guarantee system of MSSEs. The forth measure is to develop the medium and small-size financial organs because they can make good use of the local information and overcome the asymmetries information between banks and MSSEs. The fifth measure is to deepen the reform of state-owned commercial banks. The sixth measure is to enhance the financial quality of MSSEs because the thorough improvement of financing environment of MSSEs, in the final analysis, conditioned by the development of the MSSEs themselves.更多还原