中国小微企业融资问题研究

发布时间：2018-03-06 08:10

本文选题：小微企业　切入点：风险　出处：《吉林大学》2013年博士论文　论文类型：学位论文

【摘要】：小微企业在我国经济社会中具有特殊的重要地位，对增加就业、活跃市场、改善民生、促进经济结构调整发挥着不可替代的作用。现在全国舆论都在呼吁解决小微企业融资难的问题。论文深入分析小微企业融资障碍的成因和解决方式。小微企业通常人员数量不多，资产规模比较小，其经营场所和设备等固定资产主要是以租赁或租构方式获得，固定资产所占总资产比重较低，因此其难以通过银行等正规渠道获得信贷和其他的财政支持。小微企业的核心竞争力往往表现为知识产权和品牌价值等无形资产，可用于抵押的固定资产相对较少。大多数小微企业处于竞争程度较高的行业，因而易受市场环境、国家政策以及经济周期波动影响，抵御风险能力较弱。解决小微企业融资难必须解决好政府扶持与市场原则之间的关系，统筹兼顾小微企业的社会功能和经济功能。目前很多人主张把小微企业融资难与社会稳定、扩大就业相联系，过分强调其社会功能而忽略其经济功能，解决方案是财政出资或银行低利贷款，要么是增加财政专项补助基金，要么是税收给予优惠，再就是强调银行提供低利率贷款。但实践证明，依靠财政出资满足大多数小微企业融资需求是脱离现实的；毕竟财政资金有限，而且其他方面财政刚性支出很多，税收优惠的幅度也有限。商业银行对小微企业的贷款面临高交易成本和高风险，依靠低利率在亏损条件下提供贷款是不可持续的。这样分析并不是否定政府扶持的作用，实际上论文第9章从配套角度也提出有关建议。但这不是解决小微企业融资的根本思路，政府扶持只能是有限的和辅助性的，解决小微企业融资难的根本思路是市场原则。银行在实际操作中，针对小微企业的贷款方式基本是抵押贷款或担保贷款。一些小微企业由于缺乏有效资产作为抵押，，即使具有增长潜力，也无法得到银行贷款。大部分小微企业对贷款的金额、时间、利率的关切度比较而言讲，利率是不太敏感，他们最需要的是及时、方便地获得资金。商业银行应当针对小微企业的具体情况进行定性，根据性质确定融资方式和渠道。由于小微企业内部组织结构的简单化，企业家的个人魅力在维系小微企业管理稳定中发挥着更为关键的作用。企业家一方面利用个人的才能敏锐地发现并创造市场，并积极应对市场的不确定性，另一方面凭借个人的能力和品质建立起一种分等级的人际关系结构，这是小微企业灵活变通、管理和生产成本低等一切优点的“起源”。论文在第7章深入分析关系型融资，这对小微企业特别重要。小微企业关系型融资的关键在于银行与企业的长期合作中收集的“软信息”，而“软信息”由于不易观察、证实和传输，相比可观察、证实和传输的“硬信息”传递成本过高，因此关系型贷款的决策权需要下放给掌握“软信息”的信贷员或基层经理。软信息的生产一个是来源于企业经营中非财务信息和非标准化信息，是对经营者信用度，借款人和主要股东的品行以及还款能力等进行分析。急需贷款的小微企业经营者可以按照这些标准努力，不断提高企业获贷能力。此外还可以从小微企业所在的行业关联和行业协会进行分析。第5章探讨了从供应链融资解决小微企业融资难的问题。供应链融资模式跳出了单个企业的传统局限，站在产业供应链的全局和高度，提供满足小微企业的金融产品。第六章则是分析商业银行依托行业协会对小微企业融资问题。商业银行是解决小微企业融资难的主导力量，但必须还要结合其他融资渠道。论文第3章内源融资和外源融资中存在的问题进行逐一分析，限于篇幅，对民间融资等方式以研究不多。第4章研究的是小微企业借助资本市场融资问题。通过创业板较低的准入门槛，可以使科技型小微企业能够有机会进入到资本市场进行融资。论文的第8章分析了小微企业贷款利率定价问题的重要性，并给出了一个贷款利率定价模型。第9章则从提高自身能力，融资体系的构建、差异化政策以及打造优良的融资环境四方面对缓解小微企业融资困境提出一些可操作性的政策建议。
[Abstract]:Small and micro businesses play an important role in our economy and society, to increase employment, active market, improve people's livelihood, promote the adjustment of economic structure plays an irreplaceable role. Now the national media are urged to solve the financing problem of Small and micro businesses. This paper analyses and solutions of Small and micro businesses financing obstacles the number of staff. Small and micro businesses are usually not much, asset size is relatively small, the business premises and equipment and other fixed assets is the main way to get the rent or lease of fixed assets, the proportion of total assets is relatively low, so it is difficult to pass through banks and other formal channels of access to credit and other financial support. The core competitiveness of small micro enterprises are often manifested as intellectual property and brand value of intangible assets, can be used for fixed asset mortgage is relatively small. Most Small and micro businesses in the highly competitive industry, because of easy Under the influence of market environment, national policy and the fluctuation of economic cycle, the ability to resist risk is weak.
To solve the financing difficulties of Small and micro businesses must solve the relationship between government and market principle, integrated Small and micro businesses of social function and economic function. At present, many people claim that the social stability and difficult to Small and micro businesses financing, expanding employment linked, emphasizing its social function while ignoring its economic function, the solution is finance investment banks or low interest loans, or increase the special subsidy fund, or tax concessions, then stressed banks provide low interest loans. But practice shows that rely on financial investment to meet the most Small and micro businesses financing demand is unrealistic; after all, limited financial capital, and other aspects of fiscal expenditure rigidity many preferential tax the rate is limited. The Commercial Bank of Small and micro businesses loans face high transaction cost and high risk, rely on low interest rates at a loss under the condition of providing loans is not Sustainable. This analysis is not to deny the role of government support, in fact the ninth chapter from the supporting angle also put forward relevant suggestions. But this is not the fundamental idea to solve small and micro enterprise financing, government support is only limited and auxiliary, the fundamental ideas to solve the financing difficulties of Small and micro businesses is the market principle.
Banks in the actual operation, the Small and micro businesses loans are mortgage loans or loan guarantees. Some Small and micro businesses due to the lack of effective assets as collateral, even with growth potential, can not get bank loans. Most Small and micro businesses to the loan amount, time, interest rate concerns comparatively speaking, interest rate is not too sensitive, they need to be timely, convenient access to funds. Commercial banks shall conduct qualitative according to the specific conditions of Small and micro businesses, according to determine the nature of the financing methods and channels.
Due to simple Small and micro businesses internal organizational structure, the entrepreneur's personal charm in the maintenance of Small and micro businesses management play a key role. The use of individual entrepreneurs on the one hand to keen to discover and create market, and actively respond to the uncertainty of the market, on the other hand, by virtue of the ability of individuals and establish quality a hierarchical structure of interpersonal relationship, this is Small and micro businesses flexible management, and low production costs, all the advantages of the "origin".
The seventh chapter analyzes the relationship financing, the Small and micro businesses are particularly important. Small and micro businesses relationship financing is the key to the bank and the enterprise long-term cooperation in the collection of "soft information", and "soft information" because is not easy to observe, confirmed and transmission, compared to observation, confirmed and transmission "hard information transfer costs are too high, so the relationship lending decisions need to be delegated to the master" soft information "loan officer or grassroots manager. The production of soft information is derived from a business in the non financial information and non standardized information, the business credit analysis of the borrower, and major shareholders conduct and repayment ability. Small and micro businesses need loans to operators according to these standards, and constantly improve the enterprise credit capacity.
In addition to small and micro enterprises in the industry association and Industry Association were analyzed. The fifth chapter discusses the Small and micro businesses solve the financing problem from the supply chain financing. The mode of supply chain financing out of the traditional limitations of single enterprise, industry stand in the global supply chain and high, and meet the Small and micro businesses financial products. The sixth chapter is the analysis of commercial banks on the Trade Association for the Small and micro businesses financing problems.
The commercial bank is the dominant force to solve financing difficulties Small and micro businesses, but must also be combined with other financing channels. The third chapter of internal financing and external financing problems in the analysis, because of the limited space, on the way to study the folk financing. The fourth chapter is the study of Small and micro businesses with the financing problem of the capital market. The gem low barriers to entry, the science and technology Small and micro businesses to have the opportunity to enter the capital market for financing. The eighth chapter analyzes the importance of the loan interest rate pricing Small and micro businesses, and gives a loan interest rate pricing model. From the ninth chapter to improve their ability of financing system construction. The difference of policy and create excellent financing environment in the face of the Quartet to ease the financing difficulties of Small and micro businesses to put forward some feasible policy recommendations.

【学位授予单位】：吉林大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F275;F276.3

【引证文献】