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论文编号：	9290
作者编号：	2120152491
上传时间：	2017/6/19 18:31:51
中文题目：	风险投资、市场化进程与中小民营企业信贷约束 ——基于中小企业板上市公司的实证研究
英文题目：	Venture Capital, Marketization and Credit Constraints：Evidence from Listed Company in SME Board
指导老师：	李莉
中文关键字：	风险投资；中小民营企业；信贷约束；市场化进程
英文关键字：	Venture Capital; Small and medium-sized private enterprises; credit constraint; Marketization
中文摘要：	改革开放以来，民营经济取得了快速发展，民营企业已经成为拉动整个国民经济快速稳定增长的主导引擎。在我国民营企业中，中小型企业占据了很大的比重。由于中小民营企业存在规模小、可抵押资产比重低、公司治理制度不健全等弱点，使其获得资本市场的青睐。尤其在我国以国有商业银行为主导、高度集中的金融体制下，中小民营企业始终面临着严重的信贷约束问题。近年来，风险投资机构在我国快速发展，它不仅可以直接为中小民营企业提供资本，还可以降低企业与外部投资者之间的信息不对称水平，吸引外部投资者向企业提供信贷资金。此外，风险投资还可以通过参与董事会等方式积极参与公司治理，改善公司治理状况，并为企业提供财务咨询等其他增值服务。 基于以上背景，本文对风险投资进入中小民营企业之后，如何影响企业的信贷约束进行研究。本文认为风险投资可以通过信息效应、认证效应和治理效应等不同的路径缓解中小民营企业的信贷约束。并且，本文认为在我国各地区市场化进程存在显著差异的环境下，风险投资对信贷约束的影响也会有所不同。在对相关理论和文献进行回顾的基础上，本文选择2010年至2015年在我国中小企业板上市的民营公司作为研究样本，对上述问题进行了实证检验。 研究结果表明，风险投资可以在一定程度上缓解中小民营企业所面临的信贷约束。同时，在金融发展快、法制化水平高、政府干预程度高的环境下，风险投资对信贷约束的缓解作用有所弱化；在金融发展落后、法制化水平较低、政府干预程度低的环境下，风险投资缓解信贷约束的作用更加显著。
英文摘要：	Since the reform and opening up, private enterprises have made tremendous development, has become the driving force of the rapid and stable growth of the whole national economy. In all the private enterprises, small and medium enterprises occupy a large proportion. Because of the weaknesses such as small mold, low proportion of mortgage assets, imperfect corporate governance system that the most small and medium-sized private enterprises have，it is difficult for them to capital market's favor. Especially in China's highly centralized state-owned bank-dominated financial system，private enterprises, especially small and medium-sized private enterprises are facing serious credit constraint. In recent years, with the continuous improvement of China's capital market, venture capital institutions have got rapid development. Venture capital institutions can not only provide capital for small and medium-sized private enterprises, but also reduce the level of asymmetric information between enterprises and external investors and attract external investors to provide funds to enterprises. Besides, venture capital can participate actively in corporate governance, so as to improve corporate governance and provide financial advisory services and other value-added services. Based on the above background, this paper studies on how the venture capital affects the credit constraints of the small and medium-sized private enterprises. This paper argues that venture capital can alleviate credit constraints of small and medium-sized private enterprises through different paths, such as information effect, certification effect and governance effect. In addition, this paper considers that because of the significant differences in the process of marketization in different regions of China, the impact of venture capital on credit constraints will be different. On the basis of reviewing relevant theories and literatures, we chose the private companies listed on the SME board in China from 2010 to 2015 as the research sample and made an empirical test on the above problems. The results show that venture capital can alleviate the credit constraints faced by small and medium-sized private enterprises to a certain extent. At the same time, we find the effect of venture capital on credit constraints is weaker in the environment with high level of financial development, legalization and administrative intervention.
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