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论文编号：	3468
作者编号：	2220070573
上传时间：	2011/6/14 10:07:14
中文题目：	我国科技型中小企业融资问题研究
英文题目：	A Research on Financing Problems of Technology-based Small and Medium Enterprises in China
指导老师：	黄福广教授
中文关键字：	科技型中小企业 融资方式 融资问题 生命周期
英文关键字：	Technology-based SMEs, Financing Mode, Financing Problem, Life Cycle
中文摘要：	摘 要 限制高新技术中小企业生存发展最为紧迫的问题是资金问题，这已经是一个不争的事实。虽然近年来科技型中小企业融资难的问题越来越受到社会各界的关注和重视，但企业融资需求与融资现状不匹配的矛盾还是很突出。本文主张通过企业外部资本市场环境的改善和企业内部自身的努力来缓解科技型中小企业的融资困境，欲达到拓宽融资渠道、提高融资成功率的效果，并且给企业提供了融资方式选择的一般方法，即优先选择代理成本最小的融资方式，同时考虑债务融资和股权融资的组合从而达到资本结构最优。 本文主要运用了代理理论和资本结构理论，采用了理论分析结合案例分析的方法。首先分析了我国科技型中小企业面临的资本市场融资和法律环境等外部环境，结合企业自身信息透明度差、内部人股权集中、投资项目的风险高以及缺乏有效担保资产等特征，展示了我国科技型中小企业的融资需求与融资现状的矛盾并对其进行分析，进而从企业外部资本市场环境的改善和企业自身角度分析了可能的解决途径。其次，结合了科技型中小企业的生命周期，给出最优融资次序的一般规律。最后，通过科技型中小企业融资决策案例分析，对最优融资次序选择的应用做出示范。 本文选择中小企业中的一种特殊类型——“科技型中小企业” 作为单独选项，基于代理问题视角对科技型中小企业的融资方式选择进行研究，拓展了中小企业融资研究领域的深度和广度。 关键词：科技型中小企业 融资方式 融资问题 生命周期
英文摘要：	Abstract It′s a incontestable fact that financing is the most urgent problem of restricting technology-based SMEs development. Despite the recent issues embodied all social sectors concern on this problem, mismatching between financing requirements and financing situation of enterprise is still obvious. This paper suggest that enterprise relieve or eliminate this conflict through optimizing the external financing environment of capital markets and enterprise endeavors to widening financing channels and increase the success rate of financing essentially. Then the paper offer technology-based SMEs in China the general method of financing mode selection and improve the success rate of raising external finance, give preference to the financing mode with the lowest agency cost and obtain the optimization of capital structure through combining debt financing with equity financing. By using agency theory and modern capital structure theory chiefly, the paper mixed by using documentary method and case analysis. In the first place, the paper demonstrates the relationship of interrelated between external financing environment and Chinese science & technology intensive SMEs’ inherent characteristics, and then shows and analyzes the conflicts between financing requirement and financing situation of enterprises in China. Further, searches for the possible ways to alleviate the problems from optimizing the external financing environment and improving the aspects of the enterprise. In the second place, through analyzing on comparing with SMEs’ each main ways of financing in different life cycle, optimum financing order is given. Finally, by further integrating with a case, the paper demonstrates an application of the optimum financing order for a technology-based SMEs. The research subject of this paper is based on a special type of SMEs—technology-based SMEs to research financing modes selection. Through the research based on agency problem perspective, the paper expands the depth and breadth of financing research of SMEs. Key words: Technology-based SMEs, Financing Mode, Financing Problem, Life Cycle
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