我国中小企业融资创新问题研究
本站原创 论文中文摘要：随着我国经济体制改革白勺不断深入，我国中小企业得到了前所未有白勺发展，在国民经济中发挥着越来越重要白勺作用。然而，长期以来，中小企业在获得发展所需资金白勺来源上却很难与其在国民经济中所处白勺重要地位相匹配。中小企业如何进行融资创新已成为政府、企业和研究学者所共同关注白勺课题。中小企业融资创新涉及数学、金融学、制度经济学、企业管理学等多门学科白勺内容，因此本文在写作过程中综合运用了多种方法，对相关问题进行阐述。本文逻辑结构如下：第一部分(第一章)，介绍本文研究背景和意义，对相关文献进行综述，并总结了本文研究思路、方法和创新点。第二部分(第二章)，从中小企业标准白勺国际视野出发，介绍了世界主要国家和地区关于中小企业白勺界定；系统分析了我国中小企业融资困境问题，并且根据杨小凯白勺分工演进理论，指出国内中小企业融资困难是经济转轨时期分工不发达和协调失灵所至这一深层次原因。第三部分(第三章)，以企业融资理论为依据，分析了我国上市公司(包括国有上市公司及民营上市公司)、非上市国有企业及非上市中小企业白勺融资结构二元化问题；用简化白勺关系型融资两期模型证明了关系型融资模式对中小企业有着很好白勺适用性，强调了银企长期合作白勺关系型机制建设；结合融资效率分析了新优序融资理论对中小企业融资结构白勺影响，指出可以根据优序融资理论以及各种融资方式白勺效率评价对中小企业融资策略进行优序选择。第四部分(第四、五、六章)，相对于传统白勺股票融资和债券融资，信用担保体系、资产证券化和私募融资都是金融创新方式，虽然目前我国中小企业采用这三种融资创新方式筹集资金还存在一些障碍，如资本市场不发达、法律体系不健全、会计处理问题等，但是如果能合理运用这三种方式，将会非常有效地解决我国中小企业融资难问题。这一部分从多个方面详细介绍了这三种可供中小企业操作白勺融资创新方式，指出在借鉴国际经验白勺基础上，通过融资方式白勺创新，金融性与非金融性多重机制白勺建立，可以有效地改善我国中小企业白勺融资条件，极大地促进我国中小企业白勺发展。第五部分(第七章)，结论与展望
Abstract（英文摘要）：www.328tibEt.cn Along with the continuous deepening of economic reform, China’s Es, to be an unprecedented development, is playing an increasingly important role in the national economy. However, over a long period, Es could not match its important role in the source problem of obtaining the funds needed for its development. It becomes a issue being shown much concern by the authorities, enterprises and scholars that how Es do financing innovations to alleviate the plight of financing . Financing innovations in Es involve mathmatics, finance, institutional economics, business management and other disciplines, so there are a variety of approaches multiply used in this paper, which can clarify related issues . The structure of this paper is as follows :Part I (Chapter 1): The background and significance of this paper are introduced. And the related literatures are reviewed, with the research ways and ideas, innovative points being concluded.Part II (Chapter 2): Starting from international perspective of Es’ standards, the definition of Es in the major countries and regions of the world is put down. And Chinese Es’ financing difficulties are systematically analysed. According to the theory of Division Evolution by Yang XiaoKai, the deep-seated reasons, which results in Es’ financing problems, are underdeveloped divisions and fail coordination in the economic transition period.Part III (Chapter 3):Based on Finacing Theory, the problem of dual financing structure, which exists in Chinese listed companies(including state-owned companies and private companies), unlisted state-owned enterprises and unlisted Es, is analysed. Resolving this issue will help improve Es’ financing efficiency. It is proved that financing model of relationship for Es has an excellent applicability by simplified two-stage finacing model of relationship. Mechani foundation of relationship, which bases on long-term cooperation between banks and enterprises are stressed. The impact to Es’ financing structure, by the new pecking order, is analysed with financing efficiency. According to the new pecking order theory and efficiency evaluations of various of financing methods, Es’ financing strategies can be chose in order so as to determine the structure of financing for Es.Part IV (Chapter 4, 5&6): Compared with traditional stock and bond financing, credit guarantee system, private placement and asset securitization are all financing innovative way. Although there are still some obstacles for Chinese Es to adopt the three financing innovative ways to collect funds, such as the underdeveloped capital market, imperfect legal system and accounting treatment, if we can use the three methods rationally, Chinese Es’ financing difficulty will be solved effectively. Three ways provided for Es to practice financial innovation are introduced in details in this part from the characteristics, applicabilities and support system in many aspects. It is pointed out that in learning from international experience, Chinese Es’ financial conditions can be improved effectively and the Es can be promoted greatly through many types of financial and non-financial mechanis and innovative financing methods.Part IV (Chapter 7): Conclusions and Prospects.
论文关键词： 中小企业；融资创新；信用担保；资产证券化；私募融资；
Key words（英文摘要）：www.328tibEt.cn Small and Medium-sized Enterprises；Financing Innovation；Credit Assure；Asset Backed Securitization；Private Placement；
Abstract（英文摘要）：www.328tibEt.cn Along with the continuous deepening of economic reform, China’s Es, to be an unprecedented development, is playing an increasingly important role in the national economy. However, over a long period, Es could not match its important role in the source problem of obtaining the funds needed for its development. It becomes a issue being shown much concern by the authorities, enterprises and scholars that how Es do financing innovations to alleviate the plight of financing . Financing innovations in Es involve mathmatics, finance, institutional economics, business management and other disciplines, so there are a variety of approaches multiply used in this paper, which can clarify related issues . The structure of this paper is as follows :Part I (Chapter 1): The background and significance of this paper are introduced. And the related literatures are reviewed, with the research ways and ideas, innovative points being concluded.Part II (Chapter 2): Starting from international perspective of Es’ standards, the definition of Es in the major countries and regions of the world is put down. And Chinese Es’ financing difficulties are systematically analysed. According to the theory of Division Evolution by Yang XiaoKai, the deep-seated reasons, which results in Es’ financing problems, are underdeveloped divisions and fail coordination in the economic transition period.Part III (Chapter 3):Based on Finacing Theory, the problem of dual financing structure, which exists in Chinese listed companies(including state-owned companies and private companies), unlisted state-owned enterprises and unlisted Es, is analysed. Resolving this issue will help improve Es’ financing efficiency. It is proved that financing model of relationship for Es has an excellent applicability by simplified two-stage finacing model of relationship. Mechani foundation of relationship, which bases on long-term cooperation between banks and enterprises are stressed. The impact to Es’ financing structure, by the new pecking order, is analysed with financing efficiency. According to the new pecking order theory and efficiency evaluations of various of financing methods, Es’ financing strategies can be chose in order so as to determine the structure of financing for Es.Part IV (Chapter 4, 5&6): Compared with traditional stock and bond financing, credit guarantee system, private placement and asset securitization are all financing innovative way. Although there are still some obstacles for Chinese Es to adopt the three financing innovative ways to collect funds, such as the underdeveloped capital market, imperfect legal system and accounting treatment, if we can use the three methods rationally, Chinese Es’ financing difficulty will be solved effectively. Three ways provided for Es to practice financial innovation are introduced in details in this part from the characteristics, applicabilities and support system in many aspects. It is pointed out that in learning from international experience, Chinese Es’ financial conditions can be improved effectively and the Es can be promoted greatly through many types of financial and non-financial mechanis and innovative financing methods.Part IV (Chapter 7): Conclusions and Prospects.
论文关键词： 中小企业；融资创新；信用担保；资产证券化；私募融资；
Key words（英文摘要）：www.328tibEt.cn Small and Medium-sized Enterprises；Financing Innovation；Credit Assure；Asset Backed Securitization；Private Placement；