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论文编号：	900
作者编号：	2120071985
上传时间：	2009/5/23 14:25:03
中文题目：	中小企业隐性契约与融资结构关系
英文题目：	research on the relationship b
指导老师：	黄福广
中文关键字：	隐性契约 中小企业 融资结构 净<
英文关键字：	implicit contract capital st
中文摘要：	我国中小企业的迅速发展已经使得其成为国民经济中的重要力量，中小企业存活率较低，发展难的状况越来越成为社会普遍关心的话题。目前大多数相关研究认为，中小企业融资难是限制中小企业发展的瓶颈，而中小企业自身素质以及不平等的外部融资环境可能是其融资难的主要原因。然而，从隐性契约角度进行分析发现，中小企业在企业集中度方面的选择影响着隐性负债率的变化，隐性负债率将对企业融资产生重大影响。 隐性契约是二十世纪七十年代兴起的一个理论，它首先用于解释劳动力市场的非自愿失业和工资刚性现象。早期的企业理论都认识到企业作为契约集合体的特性，但是这种契约主要是指显性契约。伴随着隐性契约在劳动力市场研究领域的运用，同时在关系契约思想的发展背景下，企业理论关于契约集合休的认识逐渐从显性契约拓展到由显性契约和隐性契约组成的综合体，而以企业理论为理论基础的企业财务研究也跟随着发生了这一变化。本研究沿着Cornell和Shapiro(1987)提出的有关净组织资本的思想，认为隐性契约这样的一份长期保险合同的存在扩展了企业资产和负债的概念，给企业带来隐性负债和隐性资本，从而使得企业面对着有别于资产负债率外的另一个负债率——隐性负债率。 中小企业的主体特征决定了隐性负债率的变化。中小企业的主体特征是企业管理层投资决策所产生的结果，这些结果将体现在企业集中度上。中小企业本身高度的信息不对称再加上较低的企业集中度将使得企业隐性契约处于不确定状态，隐性负债率波动幅度可能较大。而随着企业专业化程度提高，企业集中度的上升必然利于维护隐性契约的稳定，推动中小企业隐性负债率稳中有升，一定程度上约束了企业显性负债的增长。 隐性负债率对显性负债率的影响以及中小企业主体结构对隐性负债率的影响使我们认识到，中小企业如果需要提高自己的负债融资能力，就必然要慎重地对待自己的经营策略。本研究在规范分析的基础上提炼出相关集中度指标，对中小企业板上市公司财务数据进行整理，通过实证分析验证企业主体结构相关特征对融资结构的影响，从而也为企业投融资决策提供了具有一定可行性的建议。同时，本研究也为隐性契约的相关研究提供了一些思路和方法。
英文摘要：	During the course of economic crisis in Southeast Asia, the economic system which composed mainly by SMEs such as Taiwan has showed the special endurance against the sudden financing strike, and from then on, the experts of economy began paying attention to the functions of SMEs in the social economy. Also, the rapid development of Chinese’ small and medium-sized enterprises (SMEs) have made them to play an important role in the national economy. But the lower survival rate of SMEs has taken so many problems to our society. How to resolve this problem is becoming the more important mission of our nation’s politicians and enterprisers. Many studies have suggested that the problem of the SMEs’ financing is the key. Shortcomings of SMEs and inequality of financing environment are the main reason for the difficulty in SMEs’ financing. However, from the perspective of implicit contract, we found that SMEs’ difficulty in financing may not be real, it depends on the real corporate debt ratio, and this ratio may be higher than the book debt ratio. SMEs face higher financial risk so that they can not bear more debt. Implicit contract theory came up in seventies of the twentieth century. It is used to explain the labor market of involuntary unemployment and wage rigidity phenomenon at first. Since Coase (1937) put forward the classical theory of the firm "which decides borders of firm", the early corporate theory recognized that the enterprise is a collection of contracts. But these contracts are defined as explicit contracts. With implicit contracts used in the labor market, the corporate theory about a collection of explicit contracts has expanded gradually from the explicit to the explicit and implicit contracts combination. So the research of corporate finance followed the change. In our study, we followed the idea which was proposed by Cornell, Shapiro (1987) in their research. That was the Net Organizational Capital (NOC), which was different from the traditional research on the implicit contract in which implicit contracts were regarded as a long-term insurance contracts. From NOC, we concluded that there the existence of implicit liabilities and implicit capital in SMEs was real. So the real debt ratio of SMEs would be higher than book debt ratio. SMEs’ real debt ratio depends on their state of implicit contract. If we want to know the relationship between SMEs’ financing and implicit contracts, we should know not only the development and the definition of implicit contract, but also the reason why implicit contract exists. After that, we would know the real debt ratios of SMEs compared to the contract theory of financial structure. The result would give a good explanation of the low ratio of debt in SMEs although all the research before proposed to finance more debt. However, although we know that SMEs bear higher financial risk, we should take effective measures to face it. In our study, we gave some advice on SMEs’ financing based on our empirical research to the relevance between the enterprise’s capital structure (debt-to-total-assets ration) and the influence factors. Those data were all form listed enterprises and some of those factors from the theory analysis.
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