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论文编号：	4763
作者编号：	2120102679
上传时间：	2012/12/11 14:21:24
中文题目：	天津市科技型中小企业直接融资渠道研究
英文题目：	Research on the direct channels of small and medium-sized enterprises of science and technology of Tianjin
指导老师：	张玉利
中文关键字：	科技型中小企业 融资体系 融资渠道
英文关键字：	small and medium-sized enterprise financing system financing channel
中文摘要：	改革开放三十余年来，我国中小企业的发展可谓发展迅猛，不论是关系民计民生的重要领域还是各高端研发领域中小企业都发挥着举足轻重的作用，拒不完全统计，我国国内食品加工制造、印刷行业以及日用百货、五金制造、塑料用具制品、金属器皿制品等等将近百分之八十的产品均是由中小企业设计制造产生的，由此可以看出中小企业与居民生活可谓是休戚相关。科技型中小企业是科技与资本相结合的产物，这样的结合主要体现在两方面：资金的取得以及资金的使用。这两个问题始终贯穿在中小企业发展的整个过程之中，然而在企业发展的不同阶段，两种问题的表现方式亦有所不同，当然相应的解决方案也就不同。本论文首先提出了研究背景意义及方法，进而，论文探讨了科技型中小企业在各不同时期的融资特征，首先是初创时期，这一阶段的主要症结是投资来源问题，为了使创业者与投资者的结合最为有效，按照股权合约或者债券合约的设计，使得双方能够同一目标降低道德风险。进而加大对研发项目的资金投入，使得创新能够有效发挥。其次是成长阶段的科技型中小企业的融资特征分析，这一阶段的问题比较明显的表现为投资过度的特点。此时私募股权基金对企业的关注度会大大提升，尤其在天津市滨海高新成为新三板试点之后，私募股权基金会一些成长度好，有前景的企业过分关注，甚至过度投资，寄希望能够实现上市进而实现资本增值，此时应着力于合理规划企业未来发展计划，避免盲目将上市作为企业最终目的。最后一个阶段是企业的成熟发展阶段，这一阶段的企业已基本走向成熟资本市场，资金已不再是困扰其发展的主要因素，对企业的重点关注应该是企业上市前辅导及规范化管理等方面，此时应借助专业的第三方机构，为企业诊断把脉，将具备发展潜力的优质企业推向资本市场，并在此基础之上规范企业管理，帮助企业取得更大的发展。综上特拟定本论文其中包括：科技型中小企业融资体系背景研究、天津市科技型中小企业融资现状分析、天津市科技型中小企业直接融资渠道分析、天津市科技型中小企业直接融资途径提升等四个主课题。该研究通过总结天津市近年来金融创新工作经验，以规划指导未来工作，探讨如何建立全新体系拓宽科技型中小企业直接融资渠道。本论文注重理论与实践结合，从科技型中小企业自身不足、现行金融体系的弊端及融资体制约束三个方面洋细分析科技型中小企业融资难的深层次原因；通过借鉴发达国家经验，针对中国及天津当前的融资环境，提出完善科技型中小企业金融支持的对策和建议，为天津市相关部门下一步建立针对科技型中小企业的融资支持体系奠定基础。
英文摘要：	Reforming and opening thirty years, our country small and medium-sized enterprise development is swift and violent development, whether the relationship between people's livelihood and important field or the field of high-end research and development of medium and small businesses play a decisive role, refused to incomplete statistics, China's domestic food processing and manufacturing, printing industry and daily necessities, plastic products, appliances, hardware manufacturing metal containers products, nearly eighty percent of the products are from the small and medium-sized enterprises to design and manufacture of generation, we can see that the small and medium-sized enterprise and dweller life is be bound together in a common cause. Small and medium sized enterprises of science and technology and capital is the product of the combination, this combination is mainly embodied in two aspects: funding and the use of funds. The two problems in the development of small and medium-sized enterprises throughout the entire process, but in the different stages of development of enterprises, two kinds of problems forms are also differently, of course, the corresponding solutions are also different. This paper firstly puts forward the background significance and method, and then, the paper discusses the small and medium-sized enterprises in different stages of financing characteristics, first is the startup period, this stage the main sticking point is the source of investment, in order to make the entrepreneurs and investors with the most effective, in accordance with the equity contracts or bond contract design, makes both sides to the same target to reduce moral hazard. And then to increase R & D project investment, make innovation can effectively play. The second is the growth stage of the small and medium sized enterprises financing characteristic analysis, this phase of the problem more obvious manifestations of excessive investment characteristics. The private equity fund to the enterprises 's attention will be greatly enhanced, especially in the city of Tianjin binhai high tech-area, private equity fund growth degree is good, promising enterprise to pay too much attention to, and even excessive investment, hope to achieve the market so as to realize capital appreciation, at this time should focus on reasonable planning of enterprises in the future development plan, to avoid the blind will be listed as the ultimate purpose of enterprise. The last stage is the mature stage of development, the enterprise of this one phase has been basically mature capital market, capital is no longer plagued its main factors for the development of enterprises, the focus should be listed companies before coaching and standardized management, this should be with the help of a professional third party agencies, for the enterprise diagnosis of pulse, will have potential for development of high-quality enterprises to the capital market, and on this basis to standardize the management of enterprises, help enterprises to achieve greater development. In a special preparation of this paper includes: small and medium-sized enterprise financing system background research, Tianjin city science and technology small and medium-sized enterprise financing present situation analysis, Tianjin city science and technology small and medium-sized enterprise direct financing channel analysis, Tianjin city science and technology small and medium-sized enterprise direct financing ways to enhance the four main topics. The research summary of Tianjin city in recent years through financial innovation experience, to plan and guide future work, discusses how to establish new system to broaden direct financing channels for small and medium sized enterprises. This paper focus on the combination of theory and practice, from the small and medium-sized enterprises own insufficiency, the current financial system malpractice and financing system tie three respects of foreign fine analysis of small and medium sized enterprises financing difficult deep-seated reasons; by learning from the experience of developed countries, in China and Tianjin current financing environment, put forward to perfect small and medium-sized enterprise financial support countermeasures and suggestions, for Tianjin city departments next to set up the science and technology small and medium-sized enterprise financing support system lays a foundation.
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