完善我国中小企业融资体系的路径研究

【作者】 李宜昭；

【导师】 曹玉书；

【作者基本信息】 中国社会科学院研究生院 ， 国民经济学， 2010， 博士

【摘要】 本文主要结合我国中小企业的现状和中小企业融资体系的现状,借鉴国外的成功经验,研究完善我国中小企业融资体系的路径选择问题。探讨在完善我国中小企业融资体系中社会支持体系、间接融资体系、直接融资体系的优先顺序选择和重要性排列,并提出在上述三个体系的建设中各自需要优先考虑的问题。为阐述我国中小企业的特点,本文首先回顾了中小企业的发展历程和现状。接着简要回顾企业融资理论的发展和中小企业融资理论的研究现状,以及发达国家解决中小企业融资难题的成功经验。在梳理我国金融体系改革历程的基础上,简述我国中小企业融资的现状。在分析我国中小企业特点和融资现状之后,本文以符合中小企业融资规律和我国实际的融资优序理论和企业金融成长周期理论为指导,提出了完善我国中小企业融资体系路径选择的总体思路,即发展内源融资体系优先于外源融资体系,债权融资体系优先于股权融资体系。在随后的三章,按照优先性和重要性的顺序分别探讨完善我国中小企业融资社会支持体系、间接融资体系和直接融资体系的路径选择并提出了一些思路和政策建议。主要包括:以完善税制、间接财政支持和政策性银行体系为主体,以提高中小企业内源融资能力、调整中小企业结构、提高中小企业竞争力和增加就业为目的的社会支持体系构建;以贷款审批机制安排为手段,发挥我国大型商业银行分支机构众多的优势,拓展大银行中小企业贷款业务和以农村信用合作社股份制改造为重点发展中小商业银行的间接融资体系构建;以规范和完善场外非上市公司股权交易市场为重点的直接融资体系构建。最后,总结了本文的主要观点和研究的欠缺并提出下一步研究的方向。更多还原

【Abstract】 According to the conditions of SMEs and SME financing system in China, and the advanced experiences of foreign countries, this paper try to study the perfection of the SME financing system path selection. And to study in perfecting the SME financing system how to arrange the priority and importance among social supporting system, indirect financing system and direct financing system. And proposed which need to be developed first in the construction of each system.To explain the characteristics of SMEs in China, this paper reviews the history of SMEs and its status today. Then a brief review of the development of financing theory and the theory of SME financing is given in the paper, and including the successful experiences to solve the SME financing problems in developed countries.After reviewing the reform process of financial system, the paper briefly explained the status of SME financing in China.On the base of the analysis in the characteristics and the financing situation of SMEs, and under the guidance of Pecking Order Theory and the Financial Growth Cycle Theory which proved to be in accordance with the situation in China, the paper proposed a general idea of path chosing during the construcing of SME financing system.In the following three chapters, according to the order of priority and importance, we discussed the path of perfecting the social support system, indirect financing system and direct financing system respectively, and put forward some innovative ideas and policy recommendations as well. They include: to improve the tax system, indirect fiscal support and policy-oriented banks as the main way, and to enhance the self-accumulating capacity of SMEs, to adjust industry structure of SMEs, to improve the competitiveness and the employment of SMEs as the main purpose for the social support system construction; by improving the loan approval mechanisms to take advantage of the numerous branches of large commercial banks, and by reconstructing rural credit cooperatives into joint-stock commercial banks to develop small and medium banks for indirect financing system construction; to standardize and improve OTC markets as the main way for direct financing system construction.Finally, we summarized the main points of the paper and the lack of research, then proposed future research directions.更多还原