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论文编号：	7176
作者编号：	2220132406
上传时间：	2015/5/28 20:43:25
中文题目：	华夏银行中小企业融资问题研究
英文题目：	Research on the financing problem of small and medium-sized enterprises of Huaxia Bank
指导老师：	张玉利
中文关键字：	华夏银行,中小企业,融资
英文关键字：	Huaxia Bank,Small and Medium-sized, Enterprises the Financs
中文摘要：	改革开放特别是党的十五大以来，我国的中小企业发展迅速，在国民经济、国家财政税收以及安置就业人口等方面，其地位与作用日益显著。中小企业是缓解就业压力保持社会稳定的基础力量，大约提供了75%的城镇就业机会。此外，中小企业创业及管理成本低，市场的应变能力强，就业弹性高，具有大企业无可比拟的优势。 然而，中小企业在其发展的过程中仍然面临着种种困难，尤其是融资难问题，已经成为制约我国中小企业发展的最大障碍。近几年，大量中小企业由于融资困难、资金缺乏，许多项目难以实施，企业生存发展遇到严重挑战。 中小企业融资难这一现象多年来一直难以彻底解决。尤其最近几年随着全球经济一体化的深入，中小企业发展遇到了前所未有的机遇，产品及市场进一步拓宽。但由于自身规模小、自有资金少、融资渠道受限等原因，发展后劲明显不足，错失良机。本文从间接融资渠道----银行融资渠道入手，以华夏银行中小客户为研究对象，从创新金融产品为切入点，研究华夏银行中小企业融资问题。 本论文共分五章，第一部分为绪论，主要阐述本研究选题背景、研究意义；研究内容与框架；研究方法，包括文献研究和案例研究。 第二章为理论基础与文献综述，主要介绍我国中小企业标准界定及融资现状，对与本研究相关领域的理论及文献进行回顾，并阐述本研究所运用的理论基础： (一)、融资的概念、分类及内外源融资的优势 本章对融资的概念进行了诠释，将融资分为内源性融资和外源性融资。内源性融资主要内涵是：经营主体持续把自身的已经持有的储蓄，包括各种折旧和留存的盈利，变成投资的一系列的动态的行为。这个过程主要包括了以下两类内容，分别是:不断积累资金，以及同时不断完成资金的沉淀。“内源融资”的资本形成过程有着自己的特点，即：原发性、自主性、低成本性、抗风险性。“内源融资”是中小型公司融资的不能缺少的必要组成部分。 外源性融资指企业获取外部经营者的暂时不使用的现金和储蓄等，并把这些变成自身个体的投资的过程，它对企业的资本形成具有效率高、灵活性、大量性和集中等特性。从外源融资的方式来看，分两种不同的形态，分别是直接和间接融资。而直接融资又分为股权融资和企业债券融资两种方式。间接融资主要指借助银行主体等金融中介机构作为信用的中介桥梁，实现企业融资的一种方法，具间接、短期,可逆、非可转让性等特点，也是目前中小企业融资的主要方式。 在此基础上，对內源和外源性融资优势进行简要概括：（1）、內源融资：自主性较强，融资来源源自自有资金，公司在使用时不受外界限制；融资成本低；不会稀释原有股东的每股收益和控制权；使股东获得税收上的好处。（2）、外源融资：如果采用发行债券的方式进行融资一般不会削弱原有股东的控制权，带来税收上的好处，且可以筹集更多的资金。 （二）、我国中小企业融资现状 主要表现两点：1、新的企业发展环境里中小企业的融资是由内源向外源交替变换的过程；2、从外源融资而言，目前中小企业是以间接融资为主、直接融资为辅的融资现状。 同时通过国内外的融资文献综述，运用信息不对称理论和交易成本理论对上述问题进行阐述。 第三章为当前形势下中小企业融资难点及对策，从中小企业所处的内外部环境出发，阐述当前现状下中小企业融资的困难所在及解决方案。 本文将中小企业的融资难点归纳为三点： 1、自身受规模、管理能力所限，抗风险能力较弱。 2、为中小企业提供专门融资服务的机构不健全,政府扶持中小企业发展的相关配套设施不完善。 3、我国资本市场发育不成熟，体系不完善，中小企业准入门槛过高。 针对难点，提出了具体的解决方案：1、建立科学的现代企业管理模式，规范经营，增强自身实力和社会诚信度；2、强化政府扶持力度，建立专业融资担保机构；3、完善资本市场，打通中小企业融资通道；4、建立多层级金融体系以及新的金融机构服务模式；5、采取多种融资结合，拓宽中小企业的融资渠道 。 第四章为华夏银行对中小企业融资的新举措。主要从五个方面进行阐述：一是股份制商业银行对中小企业融资的政策及相应的金融产品，主要列举了招商银行推出的“千鹰展翼计划”、 中信银行中小企业金融产品、兴业银行推出的“芝麻开花”计划、中小企业成长上市计划； 二是华夏银行针对中型企业融资的新举措，从该行银证投融通和供应链金融两大产品入手，详细阐述了银证投融通的业务操作模式、分析了该模式项下各方当事人利益所得；同时对供应链金融产品进行了细分，从应收账款质押融资、未来提货权融资、货物及货权质押融资三种供应链金融产品入手，分别介绍各自的业务特点、操作模式、对上下游中小企业的融资意义，探讨解决此类客户的融资问题； 三是华夏银行小企业融资问题研究，分别介绍了小企业网络贷、小企业创业贷、小企业年审制贷三种产品，阐述各个产品的特点及操作模式，并分析了产品之间的优势及各自适合的小企业客户群体； 四是从各产品特点出发，分析华夏银行对中小企业融资的风险点及防控措施； 五是针对华夏银行对中小企业融资的特点，从融资形式灵活化、担保方式多样化、合作对象多元化等方面进行分析。 第五章为结论与展望。主要从中小企业融资渠道的多样性和银行等金融体系改革的深入性两方面进行阐述，展望中小企业融资前景更为宽广。
英文摘要：	Since the reform and opening up, especially the 15th, China's Small and Medium Enterprises (SMEs) has been developed rapidly in terms of the national economy, national fiscal revenue and job placement of the population, with its status and role is increasingly significant. SMEs are to ease the employment pressure on the basis of force to maintain social stability, providing about 75 percent of urban employment opportunities. In addition, Small and Medium business and management of low cost, high resilience of the market, the employment elasticity is high, with large enterprises unparalleled advantage. However, SMEs in the course of its development still faces many difficulties, especially the problem of financing, which has become the biggest obstacle to the development of SMEs in China. In recent years, many projects of SMEs, due to the difficulty of financing were not implemented, and its survival and development also faced serious challenges. It has been difficult to solve the phenomenon that SME’s financing for many years. Especially in recent years, the development of SMEs has faced unprecedented opportunities, products and further expand the market.However, because of their small size, lack of own funds, limited financing channels and other reasons, the development potential is obviously insufficient. We will start our research of Huaxia Bank Financing for SMEs from innovative financial products as the starting point. This article is divided into five chapters. The first part is an introduction that mainly elaborates the background, significance; frameworks; research methods including literature research and case studies. The second chapter is the theoretical basis and literature review, which introduces the definition of standard and financing of SMEs in the status quo of this research in related fields theory and literature review. 1. Advantage financing concept, classification and internal and external sources of financing This chapter describes the concept of the financing and the financing is divided into endogenous and exogenous financing. Endogenous financing means: the main business continued to put their savings have been held, including depreciation and retained earnings, into a series of dynamic investment behavior. This process includes the following types of content: Accumulation of funds and Continued funding of precipitation. Its formation has its own characteristics: namely: primary, autonomy, low cost, resistance risk . "Internal financing" is not the lack of an essential part of the financing of small and medium sized companies. Exogenous financing means an enterprise access to external operators’ cash which is not used for the savings, and put them into their own individual investment process. It has high efficiency, flexibility, and a lot of focus ,etc. Exogenous financing is divided into two different forms, namely direct and indirect financing . Direct financing is divided into two equity financing and corporate bond financing.Indirect financing refers to the use of indirect financing banks and other major financial intermediaries,,as credit intermediaries bridges, implement a method of corporate finance. On this basis, we will briefly summarize the advantages of endogenous and exogenous financing . (1) Endogenous financing: autonomy is stronger, financing source derived from its own funds, company when use is not restricted by the outside world. Don't dilute existing shareholders earnings per share and control; Shareholders get tax benefits.(2) Exogenous financing: if adopt the way of issuing bonds to finance generally will not weaken the control of the original shareholders, tax benefits, and can raise more money. 2. SMEs financing present situation in our country It is mainly reflected in two aspects . First, the new enterprise development environment for SMEs financing is a source of alternating source process from inside to out .Second, from external financing, the current indirect financing of SMEs is based, supplemented by direct financing status quo. At the same time domestic and foreign financing through literature review, the use of asymmetric information theory and transaction cost theory set forth above questions . The third chapter introduces the SMEs financing difficulties and countermeasures in the current situation . From internal and external environment in which SMEs paper expounds the current difficulties under the present situation where the financing of and solutions. This article will examine the difficulties SME financing summarized in three points: (1)Because of its size, management capacity constraints,it has weak anti-risk capability (2)Specialized financing services for SMEs in institutions are not perfect, government support for SME development inadequate facilities. (3)China's capital markets immature, imperfect system, small and medium enterprises access threshold is too high.,SMEs access threshold is too high. For difficulty, put forward specific solutions：1、Establish a scientific modern enterprise management mode, standardized operation, enhance its strength and social integrity；2、Strengthen the government's efforts to support the establishment of specialized financing guarantee institutions；3、Improve the capital market, open up the financing channels；4、Build multi-level financial system as well as new service model of financial institutions；5、Take a variety of financing combined, to broaden the financing channels for SMEs. The fourth chapter describes new initiatives that Huaxia Bank Finances for SMEs . It mainly described from five areas : Firstly, the policy of joint-stock commercial bank financing and the corresponding financial products. The main listed China Merchants Bank launched the "Thousand Eagle Zhanyi plan" financial products for SMEs CITIC Bank, Industrial Bank launched the " Sesame flowering" plan, listing the growth of SMEs; Second, Huaxia Bank financing for new initiatives medium-sized enterprises, the bank silver certificates from investment intermediation and supply chain finance two products, a detailed elaborate silver certificate investment intermediation business operating model, analyze the party interests in this mode item income; while supply chain finance products for the subdivision, pledge financing from accounts receivable financing future power delivery, cargo and goods right pledge financing to start the three supply chain finance products, introduced its own business characteristics, mode of operation, financing of SMEs and downstream sense to discuss the financing problem solving such customers; Thirdly, Huaxia Bank study on the issue of small business financing. It introduced loans, loans for small business startups, small business loans examined and so on. At the same time ,it also explain the characteristics of each product and the operating mode and analysis of the advantages between products and their respective suitable small business customer base. Fourthly, starting from the characteristics of the product, we analysis Huaxia Bank Financing for SMEs risk points and Controllable measures . Finally, aiming at its financing characteristics, it analyzed from financing in the form of flexible, diversified way of security, cooperation and other aspects of the object pluralism. The fifth chapter is the conclusion and prospect. It mainly elaborated from deep reform of the financial system both in terms of SME financing diversity and banks, financing outlook broader prospects for SMEs.
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