【作者】 贾海涛；

【导师】 郑少锋；

【作者基本信息】 西北农林科技大学 ， 农业经济管理， 2011， 博士

【摘要】 中小企业在吸纳就业、发展产业、优化城市服务功能、提高综合竞争力、完善社会主义市场经济体制、拉动经济增长、增加国家财政收入、促进产业结构调整和社会稳定发展等各个方面,都发挥着举足轻重的作用,中小企业已经成为国民经济不可或缺的“组成部分”和支柱力量。但是与中小企业对国民经济发展的贡献率相比,其获得的金融资源却极其有限,导致中小企业融资十分困难,影响其发展壮大。为了替中小企业解决融资难题,理论界和实物界都提出了不少真知灼见,虽然对缓解中小企业融资难的局面有一定的作用,但是难以起到标本兼治的功效。而要真正的解决中小企业融资难的问题,必须搞清楚造成中小企业融资难的根源。我国目前处在由计划经济向市场经济的转型期,此次转型是一场政府主导性的体制改革,中小企业强位弱势的特点决定了政府更要对中小企业融资在各方面进行支持。因此对中小企业融资的政府行为进行深入的研究,找到问题的症结,并在对西方发达国家的中小企业融资经验进行研究、总结的基础上,结合我国的实际情况,从市场失灵的角度寻求解决中小企业融资缺欠的对策,探讨如何进一步完善我国中小企业融资的政府支持体系,具有十分重要的理论意义和使用价值。为实现研究目标,本文综合运用经济学、金融学、财政学与管理学相关理论,主要研究了以下几个方面的内容:首先是在总结相关理论的基础上对融资及政府行为进行了界定,并对政府介入中小企业融资的行为进行了分类,将政府对中小企业融资的行为分为直接介入和间接介入两种方式。同时对政府介入中小企业融资的两个理论依据--公共物品和市场失灵进行了探讨。其次是对政府行为介入中小企业融资的的原因进行了研究。通过博弈模型对政府介入中小企业融资后融资主体各方的行为选择对融资困境破解的影响进行了研究。最后,本文以陕西省十地市中小企业调查问卷的数据为基础,通过构建Logit估计模型和Probit估计模型来分析政府行为对中小企业融资的影响程度,同时从中小企业间接融资体系政府间接介入方式、中小企业直接融资体系政府间接介入方式以及中小企业融资的政府直接介入方式三个方面对政府应如何介入中小企业融资进行了分析和研究。研究发现:首先政府对于中小企业融资的扶持行为可以改善中小企业资本结构,使中小企业在存在税盾、流动性约束、信息不对称等条件下资本结构更趋于合理化,同时中小企业融资结构的变化和融资困境的破解,有利于充分利用社会储蓄,提高资金配置效率,提高社会的总体产出,提高社会的持续发展能力。其次本文从调查问卷中选取了是否得到政府扶持、企业所有制类型、企业经营规模、是否参加评级等七组数据,研究发现中小企业是否得到政府扶持、信用评级如何、经营规模和时间等因素是中小企业申请商业贷款成功与否的重要因素。最后,对于政府的间接介入来说,强化信用担保体系、建立贷款风险分散机制、风险补偿机制、正向激励机制以及政府贷款平台可以大大促进中小企业间接融资体系的建设,而进一步完善民间融资行为、规范债券市场和资本市场则有利于发展中小企业直接融资体系。对于政府的直接介入来说,加强财税支持体系、强化中小企业公共服务平台建设以及进一步完善社会信用体系、组织支持体系、法律支持体系及货币政策体系可以使中小企业的融资环境得到改善。本文的创新之处在于:一是本文以政府行为作为切入点对中小企业融资难的问题进行了研究,对中小企业融资的政府行为进行了界定和分类,探讨了政府介入中小企业融资的原因、主体关系以及现状等方面的内容,提出了政府介入中小企业融资的建议对策,这对于丰富中小企业融资研究的理论和视角有一定的创新价值。二是本文通过建立政府、中小企业的策略函数,构造双方的静态博弈、动态博弈及混合博弈模型,求解各主体最优选择,得出理性经济主体前提下影响政府直接扶持中小企业融资的主要因素,为设计健全可行的制度提供了较为全面的定义。在此基础上,构造了政府设立的中间机构的决策函数,建立政府、中间机构以及中小企业三方的双层委托代理模型,较全面地分析了三方主体的最优选择及左右政府设立中间机构解决中小企业融资难题效果的制度因素,为建立有效的激励制度提供了有价值的参考。三是在研究政府介入中小企业融资的动因时,将中小企业融资纳入资本结构权衡理论模型和索洛经济增长模型,采用比较静态分析法政府扶持行为如何改善中小企业资本结构进行了研究。在分析中小企业问卷调查的基础数据时,通过构建Logit估计模型和Probit估计模型来分析政府行为对中小企业融资的影响程度,并对影响因素的重要程度进行了排序。更多还原

【Abstract】 SMEs play an important role in providing more employment oppotunities, promoting the development of industries, improving the comprehensive competitiveness and marketing economy system, promoting the adjustment of industrial structure, keeping the stability and development of society. Therefore SMEs are the most important part in national economy. But comparing to SMEs’contribution to GDP, they get less financial resources, which restrict their development. To solve this problem, many economic scholars and entrepreneurs propose valuable solutions to alleviate the problem to some extent. In order to tackle this problem completely, we need understand its root cause. China is still in the transition from planning economy to marketing economy, the government plays a vital role in this transition process and the government should give financial support to SMEs. Therefore it has both theoretical and practical meaning to research how to improve government financial supporting system to SMEs, by seeking countermeasures from the perspective of market failure based on learning from western countries experiences while taking our country’s actual situation into consideration.To achieve this research goal, this paper comprehensively applies theories such as the Economics, the Finance, the Fiscs and the Management into the research. The main contents include the following three aspects: Firstly, identify financing and government behavior on the basis of summarizing related theories, classify the government intervention in the SME financing as direct and indirect intervention. Meanwhile discuss the relevant theories of Public Goods and Market Failure. Secondly, analyze the reasons of government intervention and the influence of Game Theory on all financing participants’behavior when overcoming financing difficulties. Finally, on the one hand, analyze the degree of influence of government behavior on SMEs financing through establishing Logit Estimate Model and Probit Estimate Model based on data from questionnaires about SMEs in 10 areas within Shanxi Province. On the other hand, discuss how government should intervene SMEs financing from three aspects of indirect intervention in SME indirect financing system, indirect intervention in SME direct financing system, and direct intervention.Analysis shows that first of all, government assistance can improve SME capital structure, and make the structure more reasonable under conditions of tax shield, liquidation restrain and information asymmetry. The changes of SME capital structure may help overcome their financing difficulties, make full use of social saving, make funds allocation more efficiently, increase social gross production and enhance sustainable development. Secondly, the paper finds the most important reasons for SME applying for business loans successfully are government assistance, their creditworthness, the operational scale and history after studying seven pairs of data from questionnaires. Finally, as for government indirect intervention, SME indirect financing system can be established by strengthening credit assurance system, building loan risk minimizing mechanism, risk compensation mechanism, positive stimulation mechanism and government loan platform. As for government direct intervention, SME financing environment can be improved through strengthening fiscal and taxation supporting system, setting SME public service platform and improving social credit system, organization supporting system, law supporting system and monetary policy system.The main innovative ideas of this paper are as follows:Firstly, this paper starts to discuss financing difficulties faced by SME by analyzing government behavior. Then classify government behavior related to SME financing, analyze reasons of government intervention, participant relationship and current situation. Finally put forward the measures government should take to intervene SME financing. All these would enrich the SME financing research.Secondly, This paper provides comprehensive definition on building feasible system through establishing strategy function between government and SMEs, setting models of tectonic both static game, dynamic game and mixed game, getting the best choice for each subject , and providing more complete definition for designing better feasible system, On the above basis, the paper establishes a decision function of institutions set by government and builds an dual agent model involving government, institutions and SMEs to analyze the optimistic choices of the three parties together with the systematic factors which affect the government decisions of setting up institutions to solve SMEs financing difficulties in order to provide valuable reference for establishing an effective encouraging system.Thirdly, when analyzing the reasons of government intervention in SMEs financing, the paper discusses how government support could help with improving SMEs’capital structure by using static analysis methodology and involving SMEs financing into capital structure theory model and economy growth model. When analyzing basic data from questionnaires, the paper discusses the effect of government behavior on SMEs by building Logit Estimation Model and Probit Estimation Model, and put all the influence factors in order according to their importance.更多还原