我国中小企业发展之金融支持研究

【作者】 贾卓鹏；

【导师】 张静琦；

【作者基本信息】 西南财经大学 ， 金融学， 2004， 硕士

【摘要】 研究背景：中小企业在整个国民经济中的地位日益显著，其在扩大就业、活跃市场、社会稳定和国民经济结构布局等方面起着难以替代的作用。世界许多国家都制定了鼓励和扶持中小企业发展的法律、法规和政策。在我国，随着市场经济体制改革的逐步深入，中小企业在保证国民经济持续、稳定、健康发展和维护社会稳定方面发挥着越来越大的作用。中小企业凭借其灵活的经营方式、低廉的组织成本、便捷的转移进退等优势，在整个国民经济中呈现出蓬勃发展的良好态势。我国中小企业在迅速发展的同时又面临着诸多困难。资金不足，人才缺乏，管理水平低，政策环境不公平，社会服务体系不健全等问题造成中小企业的经营极为困难，而在这些问题中尤以融资难的现象最为明显。因而，如何解决我国中小企业的融资困境，为中小企业提供资金支持是中小企业取得长足进步的关键。研究思路：基于对这一现实问题的关注，构成了本论文选题的基础。本文按照提出问题、分析问题、解决问题的逻辑思路，首先简要阐述了我国中小企业在推动经济增长、创造就业机会、促进我国市场经济体制建立等方面的积极作用。随后分析了制约我国中小企业发展的各种因素，尤其是融资难的问题。通过对我国中小企业现实融资结构和融资方式选择的分析，解释了造成中小企业融资困境的内外部因素。立足我国国情，借鉴国外对中小企业金融支持的经验，提出解决我国中小企业融资困境的现实选择。加强对中小企业的金融支持是一项系统工程，需要企业、金融机构和政府三方面共同采取措施，从主观、客观两方面逐步改变制约中小企业融资的不利因素，即需要从中小企业融资的内部环境改善、中小企业的金融服务体系健全以及中小企业的外部发展环境建设等方面着手，才能真正缓解中小企业融资难的现况。文体结构及主要内容、观点：文章共四章： <WP=4>第一章：中小企业概述。本章第一部分首先对我国中小企业的界定标准进行了说明，指出我国中小企业是企业规模形态的概念，其就业人数、年销售额有一定量的规定，涵盖一切所有制形式和各种经营形式，这对于我们制定适当的扶持政策以及为金融部门提供有效信息是很重要的。第二部分简要阐述了我国中小企业对促进国民经济发展的重要作用。第三部分介绍了我国中小企业在快速发展的同时所遭受的制约因素，指出融资难是制约中小企业发展的首要因素。第二章：我国中小企业融资困境分析。企业的长足发展离不开资金的支持，融资是企业发展过程中所必须要解决和面临的问题。本章第一部分分析了中小企业的融资方式，从形成的方式与渠道来考察企业的融资行为，即可以分为内源融资和外源融资两种形态。第二部分在融资次序理论的基础上，结合相关数据，分析我国中小企业的融资结构和融资渠道，可以看出，我国中小企业的融资结构仍是以间接融资为主，即银行信贷为主。第三部分从缺乏金融支持的宏观环境以及目前我国商业银行的经营方式和中小企业的自身微观因素两大方面分析了我国中小企业融资难的原因。从宏观来看，缺乏对中小企业的政策支持、专门的管理机构、专门支持中小企业的金融机构和中小企业信贷支持的辅助体系；从微观上来看，主要是商业银行信贷权上收、信贷管理方式和信贷品种 、市场定位不清以及中小企业自身因素的原因。本章第四部分则从信息经济学和产权经济学的角度对我国中小企业融资难的现象做出了进一步的解释。认为：（1）信息的不对称导致了利率的选择效应和激励效应，而只有当利率的正向选择效应高于逆向选择效应时，银行的收益才会随利率的提高而增加。（2）借贷资金产权的不完全使贷款人为规避风险、保证预期收益而通过信贷配给将资金贷给一部分资信良好的借款人，或只满足借款人的部分借款。第三章：中小企业获得金融支持的国际比较。本章简要介绍美国、意大利、德国、日本等国支持中小企业发展的做法，借鉴其经验，提出对我国发展中小企业金融支持的启示。第四章：发展我国中小企业金融支持的思路。在第三章借鉴国外政府支持中小企业发展的经验，提出我国的改革措施。认为对中小企<WP=5>业的金融支持是一项系统工程，需要企业、金融机构和政府三方面共同采取措施。首先中小企业应该转换经营机制，规范自身经营行为，强化资金管理，建立自己的财务制度，更要树立良好的信用观念。第二部分着重简述了如何完善中小企业的金融服务体系。（1）促进国有商业银行的产权结构改革，调整商业银行信贷资源结构，改革商业银行内部授权授信管理制度，加强对中小企业的信贷管理。（2）促进中小金融机构的发展，中小金融机构与中小企业的天然联系决定了中小金融机构有其存在与发展的广阔空间。（3）提倡发展民营银行并非将其定位于仅仅为中小企业融资服务，而是为促进金融同业竞争，提高金融效率，因为民营银行并不能从根本上解决中小企业的融资问题。（4）规范民间金融的发展。既然民间金融与中小企业发展存在长期互动性，那么政府利用民间金融推进区域工业化进程就有其合理性和可行性。第三部分提出政府在支持中小企业发展中应采取的一些政策建议。其一是要制定对中小企业的优惠政策，包?更多还原

【Abstract】 RESEARCH BACKGROUNDThe position in the whole national economy of small and medium-sized enterprises is becoming remarkable day by day. They play a role difficult to substitute in expanding employment, strengthening social stability and adjusting national economic structure overall arrangement, etc. A lot of countries of the world have made laws, regulations and policy to encourage and support the development of small and medium-sized enterprises. In our country, with the deepening of market economic system reform, small and medium-sized enterprises demonstrate a great vigor in the whole national economy owing to their flexible operation style, cheap organization costs, convenient transformation of organization to advance and retreat. But they still face varieties of difficulties while developing rapidly, which make it extremely difficult for them to develop, especially the problem of funding. Therefore, in order to promote the development of small and medium-sized enterprises, it will be a key to solve the funding problem and offer financing support to them.RESEARCH THOUGHTAccording to the logic sequence of putting forward the problem, analyzing the problem and solving the problem, firstly, the author discussed small and medium-sized enterprises’ positive function of promoting the economic growth, creating employment opportunity, promoting the market economic system of our country to be set up, etc. After that, the author explained the factors that restricted the development of them and the funding structure, especially the difficult problem of financing. On the basis of our country’s conditions, at the same time by <WP=7>referring to the foreign experience in supporting the finance of small and medium-sized enterprises, the realistic choice of solving the financing predicament of small and medium-sized enterprises of our country was put forward. It is a system engineering to strengthen the financial support for small and medium-sized enterprises, need three sides of enterprise, financial institution and government to take measures together, change the unfavorable factor of restricting financing of small and medium-sized enterprises from subjective, and objective respects progressively. Namely the problem needs to be solved from the internal environment of small and medium-sized enterprises financing, setting up of a sound financial service system of small and medium-sized enterprises and external development environmental construction, etc. MAIN CONTENT AND STRUCTUREThis thesis includes four chapters:Chapter One: Summary of small and medium-sized enterprises. In the first part, the standard of small and medium- sized enterprises of our country was defined. Then the author pointed out that the small and medium-sized enterprises of our country mean the form of scope of the enterprise, its employment volume and annual sales amount have regulation of a certain amount and they contain all ownership forms and various kinds of management styles. This is very important for us to make the proper support policy and offer effective information for financial departments.The second part explained briefly the important function of bringing about an advance in national economy of the small and medium- sized enterprises of our country. The third part introduced the restrictive factors suffered in the fast development of small and medium-sized enterprises of our country. Chapter Two: Financing predicament analysis of small and <WP=8>medium-sized enterprises of our country. The tremendous development of enterprises cannot do without the support of the fund. Usually, there are two kinds of funding channel: one is inner financing and the other is outsider financing. On the basis of financing order theory, combining the relevant data, the financing structure of the small and medium-sized enterprises of our country and financing channel was analyzed. We found that the financing structure of the small and medium-sized enterprises of our country is to rely mainly on indirect financing, namely the b更多还原