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论文编号：	6675
作者编号：	2220130018
上传时间：	2014/12/3 17:48:12
中文题目：	我国中小企业融资结构性问题及对策研究
英文题目：	Study on the financing of small and medium sized enterprises and Countermeasures Chinese structural problems
指导老师：	张玉利
中文关键字：	中小企业；融资；信息不对称；商业银行；政策法规
英文关键字：	Small and medium-sized enterprises; Financing; Information asymmetry; Commercial banks; policies and regulations
中文摘要：	自改革开放以来，我国经济得到了长足的发展，越来越多的企业尤其是国企，渐渐被中小企业取代，其在就业等方面发挥着举足轻重的作用，并对税收等方面做出了积极贡献。但大部分中小企业在发展中均面临着融资难的问题，所以，研究中小企业融资问题具有极强的理论和现实意义。 本文由以下五部分组成：第一部分是绪论，主要介绍研究方法、研究背景以及研究过程中用到的工具手段。第二部分是文献综述，概括阐述一般资本结构理论、信贷分配理论。第三部分研究分析了当前我国中小企业面临的融资问题，对国内外中小企业融资方式进行比较分析，解释中小企业概念以及融资结构概念，并且提出“中小企业融资方式取决于企业本身特点”的观点，其原因在于：①企业资金缺口大，往往要在短时间内多次贷款，并且有较高的金融风险；②企业固有资产较少，很难进行担保抵押；③融资渠道单一，基本都是采取借贷方式，直接融资困难；④企业在融资过程中难以承受高额成本；⑤由于企业和投资者存在信息不对称现象，企业很难筹集资金；⑥过于依赖民间资本，很多中小企业仍然采用内源融资方式。笔者认为，我国中小企业融资困难很大程度上是由于企业和银行之间信息不对称，银行不了解企业发展状况，所以不愿意为企业提供贷款。第四部分主要研究分析当前世界上一些发达国家地区的融资结构特点，结合美国、日本两国实际案例，综合运用定量分析法和定性分析法，总结归纳美国、日本两个国家中小企业的融资特点，并且联系我国中小企业融资情况。第五部分是完善我国中小企业融资渠道的对策建议和结论。在定量分析我国中小企业融资结构的基础上，提出以下观点：中小企业生存发展离不开金融机构信贷支持，尤其是银行的资金支持，但由于银行和企业之间存在信息不对称问题，缺乏有效沟通协调，大大增加了银行信贷风险，所以中小企业很难从银行那里获得贷款。
英文摘要：	Since the Reform and Opening up, China's economy has achieved rapid development, more and more enterprises, especially state-owned enterprises, are gradually replaced by the small and medium-sized enterprises, which play an important role in many aspects as employment and tax contribution. However, the majority of small and medium-sized enterprises is facing financing difficulties in the development, which shows the research on small and medium-sized enterprises’ financing issues entitled strong theoretical and practical significance. This main body consists of the following five parts:1. Introduction. It mainly introduces the research methods, backgrounds and the tools and means used in this of research.2. Literature review. It summarized the general capital structure theory and the theory of credit allocation. The third part analyzes the current financing issues of small and medium-sized enterprises in China, conducts a comparative analysis of domestic and foreign small and medium-sized enterprises in financing channels, explains the concepts of small/medium-sized enterprises and the financing structure concept, and puts forward the point of view that small and medium-sized enterprise financing channel depends on the enterprises’ own characteristics, and the reasons for this include: (1) enterprises’ funding demands exposure is huge, which tends to apply multiple loans in short time with high financial risk; (2) enterprises’ fixed assets are not enough for guarantee mortgage;(3) the financing channel is limited with the only form of borrowing and unable to achieve direct financing; (4) enterprises cannot afford the high costs; (5) the information asymmetry between companies and investors causes enterprises hard to raise funds; (6) private capital is the main source of financing and many small and medium-sized enterprises still adopts endogenous financing. The author thinks that, the financing difficulties of small and medium-sized enterprise are largely due to the information asymmetry between enterprises and banks. Banks are unable to understand the status of the enterprises and reluctant to provide funds for the enterprises. The fourth part mainly analyzes current financing structure characteristic of some developed countries and regions, combining with the practical cases of the United States and Japan, using integrated quantitative and qualitative analysis, summarized small and medium-sized enterprises’ financing characteristics of the US and Japan, and seeks similarities of the situation in China. The fifth part is solutions and suggestions for perfecting small and medium-sized enterprises’ financing channels in China. Conclusion. On the basis of quantitative analysis on Chinese small and medium-sized enterprises’ financing structure, the author puts forward the following opinions: credit supports of the financial institutions especially banks are vital to the survival and development of small and medium-sized enterprises. However, the problem of information asymmetry and lack of effective communication and coordination between banks and enterprises, greatly increase the bank credit risks so that small and medium-sized enterprises are difficult to get financed from banks.
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