【作者】 李娜；

【导师】 卞祥平；

【作者基本信息】 武汉大学 ， 经济法， 2004， 硕士

【摘要】 中小企业是国民经济的重要组成部分，具有大企业所无法替代的作用。但是这样一个在中国经济中举足轻重的庞大企业群，在其发展壮大的过程中，却始终难以突破诸多瓶颈，融资困难就是其中最为突出的一个问题，本文即选择了这一问题加以研究，以期为解决中小企业融资困难提供一些思路。 本文首先界定了中小企业的概念，以人数、销售额、资产总额等指标作为中小企业的划分标准，并述及了中小企业的重要地位。接着分析了中小企业融资困难的各种外在表现和原因：直接融资方面，中小企业自身信用低下，给中小企业贷款往往与银行和非银行金融机构的赢利性目的相悖，而导致中小企业无法获得贷款；间接融资方面，无论是主板上市还是发行债券，法律规定的过高的条件都严重限制了中小企业获得资金的能力，同时，风险投资没有通畅的退出渠道也极大的影响了中小企业资金的筹集。为此本文有针对性的从完善直接融资方式、间接融资方式和提高中小企业自身信用等方面提出了解决该问题的方法。具体说来，间接融资方面，主张发展多种形式的中小金融机构，如建立政府非赢利性金融机构——政策性金融体系，建立民营金融机构——民营中小银行或其他贷款性金融机构，采取融资租赁方式等。直接融资方面，主张建立创业板市场，通过创业板上市，不仅中小企业可以通过发行股票筹资，还可以为风险投资提供一个良好的循环环境，获得风险资本。另外，ABS作为一种金融创新制度也可以成为中小企业融资的一条有效的途径。除此之外，中小企业自身信用制度建设也是其融资的一个非常重要的问题，它对于解决中小企业融资问题有着根源性的意义，本文主张建立有效的中小企业信用评价体系、健全中小企业信用担保体系、提高中小企业自身的信用意识、完善相关中介机构的行为。值得关注的是，2003年1月1日起施行的《中华人民共和国中小企业促进法》更是从多个角度为中小企业的融资问题提供了法律上的支持和指引。解决中小企业融资困难问题是一个复杂的系统工程，同时也是一个世界性的问题，本文在立足于国情的同时也借鉴了各国的先进经验。更多还原

【Abstract】 Small and medium-sized enterprise (SME) is an important part of national economy and it takes large proportion in terms of Gross National Product, saleroom and employ. The SME can’t be substituted for sizeable enterprises in the national economy and the development of society. Every government has a common cognition that it is necessary to develop SME forcefully, however, even if SME hold the balance in the national economy of China, it has many obstacles in its expanding. Financing obstacle is the most prominent problem of them. In this article, financing obstacle is discussed in order to give some suggests for it.Firstly, the definition of SME is defined, taking the number of employee, saleroom and corporate assets as the definable standard; moreover, the important of SME is expatiated. Then, all kinds of outer represents and the causes of the financing obstacle are analyzed. To say in detail, that is: loading to SME, which has poor credit, is opposite to the productiveness of banks and other financial institutions, so SME has many difficulties to have loan from direct financing. In the aspect of indirect financing, laws make very stern qualifications for SME not only in coming into the mainboard market but also in floating debenture. These lead SME can’t attain fund expediently. At the same time, venture capital has no open withdrawal, which influences SME raise money too. Finally, some possible resolvent are offered to solve this problem pertinently. E.g., in the aspect of indirect financing, expand all-kinds small and medium-sized financial institution , such as, set up policy-bank, which is non-productiveness, set up civilian financial institution, and financing-leasehold etc. In the aspect of direct financing, establish second-board market, in this market, not only SME can issue stock but also venture investment can take a good environment to circulate well and get venture capitals. In addition, ABS, which is an innovative financial system, is another effective approach. Constructing credit system of SME isvery crucial because it has primary signification for SME’s financing, such as setting up efficacious system of credit-appraisal, consummating system of credit-assurance, enhancing SME’s credit consciousness, improving the behavior of related agencies and managing them regularly. Furthermore, SME’s promotion statute of the republic of china is put in force in 1, January,2003. It offers jural supports and directions for the financing of SME in many ways. Of course , SME’s financing obstacle is a complicated systems engineering, is a cosmopolitan problem, so the author tries to take other countries’ methods as reference in this article. At one time, we should draw the advantaged experience based on the situation of our country.更多还原