我国中小企业融资方式问题研究

【作者】 张雪凤；

【导师】 孙学敏；

【作者基本信息】 郑州大学 ， 国民经济学， 2004， 硕士

【摘要】 随着我国市场经济的深化和经济体制改革的深入，中小企业在我国国民经济中占了半壁江山，已经成为推动我国经济社会发展的支柱力量。我国中小企业数量众多，经济成分多元化，非国有经济占主体，产业分布广泛，创新研发能力有待提高，生存和发展环境需进一步改善。中小企业发展中遇到资金短缺、创新能力不足、人力资本缺乏、管理不规范等很多问题，而融资困难已成为制约其生存和发展的“瓶颈”。虽然目前在发达地区和大中城市资金充裕，短期资金融通难度有所降低，但是长期权益性资本严重缺乏，县及以下地域资金匮乏。融资方式本质上是一种制度安排，在市场经济条件下，企业融资方式的选择不仅受制于企业自身条件，还要受一国经济环境和金融体制的约束。目前我国中小企业融资方式非常有限，企业发展资金主要依靠自筹，外源性融资过分依靠银行贷款。 中小企业融资困难是世界性难题，发达国家为解决中小企业的融资问题，采取了多种适合中小企业融资特点的融资方式，政府的金融支持手段和金融支持政策针对性强且比较有效。政府为中小企业融资提供了平台，扩展了广阔的融资空间，在中小企业融资过程中发挥着至关重要的纽带作用。他不但通过直接或间接的融资优惠政策支持中小企业，又通过担保或监督的形式为中小企业提供融资支持。 目前我国中小企业发展资金中自筹资金占较大比例，通过资本市场融资基本处于空白，外部融资过分依靠银行贷款，所获贷款远远不能满足发展需要。融资困难的原因主要来自企业、金融机构和政府三个方面。中小企业经营风险高、盈利能力差、固定资产少，信誉度低造成的融资能力低下是内在原因，中小企业与银行之间的信息不对称、融资保障体系不完善和国内金融业自身的整合与贷款紧缩是主要原因，政府主导下的金融环境和金融体制是更深层的原因。 解决中小企业的融资问题是一个庞大的系统工程，此工程的核心部分在于中小企业自身融资能力的增强，基础部分在于政府的积极且恰当的干预和支持。中小企业在国民经济中的特殊地位和存在的弱点，需要由政府出面进行适度干预和支持。间接融资方面，建立健全中小银行体系，完善我国的信用担保体系和融资保障体系，设立中小企业发展基金和创业基金；直接融资方面，应当建立以创业板市场为主导、覆盖风险投资市场、三板市场、公司债券市场的多层次的中小企业直接融资体系；政府方面，加大政府的资金支持力度，营造中小企业发展的良好环境，鼓励金融创新，为中小企业融资创造新的金融产品等等。更多还原

【Abstract】 With the deepening of marketing economy and reform in China, small-and-medium-size enterprises have accounted for half of the total economy. Unfortunately, they are facing many difficulties nowadays, such as shortage of capital, scant innovation, lack of human resources and nonstandard manganese so on and so forth, financing problems, in particular, has become a "bottle neck", which severely hinders the economy. Essentially, financing ways are systematically arranged, especially under marketing economy, the financing modes will not only be confined with the enterprise itself, but be bounded on economically financial circumstance and financial system of a country.Financing difficulties of small-and-medium-size enterprises is a worldly problem. In order to solve this problem, developed countries adopted many financing methods that suit the size of the enterprises, which include the modes, and policies of government financial support. In western countries government plays a key role in the financing process of these enterprises.In China, there are three main factors that effect the financing problem of small-and-medium-size enterprises, namely, enterprises themselves, financing organization and Government of which high managing risks, poor profitability and shortage of fixed assets are the interior reason, more important is that the information between bank and enterprises is not on the basis of reciprocity and the loans are cut down, the financial circles in China are being integrated. The financial circumstances and systems led by the government are the deeper reasons.To solve this question is a colossal systematic project, the focus of it lies in the enterprises’ financing capability, and while the Government’s support and appropriate intrusion is the fundamental part. As for the indirect financing, build perfect banking system, improve the credit vouching system and finance secured system, set up developing funds and funds of starting an enterprise; as for direct investment, we should build up the multilevel direct financing system which is based on starting enterprise market including venture investment market, firm bond market. As for government, theyshould enhance the strength of capital support and construct a favorable environment for small-and-medium-size enterprises, encourage financial innovation and supply the new financial products for small-and-medium-size enterprises.更多还原