基于企业生命周期的我国企业融资体系研究

发布时间：2018-05-28 16:10

本文选题：融资体系 + 企业生命周期　；参考：《天津财经大学》2013年硕士论文

【摘要】：众所周知,一国经济的持续发展有赖于实体经济的健康协调发展。金融作为经济的核心,对实体经济的发展起着至关重要的作用。近30年的金融改革,使得我国金融体系日趋完善,银行总体实力不断增强,多层次资本市场体系基本建立。但是,做为金融体系重要组成部分的我国企业融资体系当前却存在着一个突出的问题,即以间接融资为主的金融体系难以满足大量尚处于成长阶段、实力较弱的中小型企业的融资需求。企业在不同的生命周期中,对资金的需求方式迥异。本文在全面分析企业生命周期不同阶段融资特点的基础上,从理论和实证的角度探讨了我国企业融资体系存在的问题,进而提出完善我国企业融资体系的对策建议。本文共分为五部分。第一部分为导论,首先介绍了本文研究的目的和意义,然后对国内外研究成果进行综述,接着简要介绍了本文的研究思路和方法,最后提出本文可能的创新点。第二部分在将企业划分为初创期、成长期、成熟期和衰退期四个发展阶段的基础上,首先对生命周期各阶段企业的特点进行概述,以此为基础总结出各阶段企业合理的融资方式。第三部分是在第二部分的基础上,针对性地研究各阶段企业融资体系的现状及存在的问题。第四部分为实证分析,分别从创业板、上海证券交易所及三板退市企业中选择一定数量的具有代表性的企业为样本,研究成长期、成熟期和衰退期企业的融资状况。第五部分是针对前文揭示的我国企业融资体系存在的问题,从宏观和微观两个维度提出完善我国企业融资体系的对策建议。
[Abstract]:As we all know, the sustainable development of a country's economy depends on the healthy and coordinated development of the real economy. As the core of economy, finance plays a vital role in the development of real economy. After 30 years of financial reform, China's financial system has become more and more perfect, the overall strength of banks has been strengthened, and the multi-level capital market system has been basically established. However, as an important part of the financial system, there is a prominent problem in the financing system of our country, that is, it is difficult to satisfy a large number of financial systems with indirect financing in the growing stage. The financing needs of the weaker small and medium enterprises. Enterprises in different life cycles, the demand for capital is very different. Based on the comprehensive analysis of the characteristics of financing in different stages of the enterprise life cycle, this paper probes into the problems existing in the financing system of Chinese enterprises from the perspective of theory and demonstration, and puts forward some countermeasures and suggestions for perfecting the financing system of enterprises in China. This paper is divided into five parts. The first part is the introduction, which first introduces the purpose and significance of this study, then summarizes the domestic and foreign research results, then briefly introduces the research ideas and methods of this paper, and finally puts forward the possible innovation points of this paper. In the second part, on the basis of dividing the enterprise into four development stages: the initial period, the growth period, the mature period and the decline period, the characteristics of the enterprises in each stage of the life cycle are summarized. On the basis of this, it summarizes the reasonable financing methods of the enterprises in each stage. On the basis of the second part, the third part studies the current situation and existing problems of enterprise financing system in different stages. The fourth part is empirical analysis, from the gem, Shanghai Stock Exchange and the third board delisting enterprises as a sample of a certain number of representative enterprises to study the growth, maturity and recession of the financing situation of enterprises. The fifth part is to put forward the countermeasures and suggestions to perfect the financing system of Chinese enterprises from the macro and micro dimensions in view of the problems in the financing system of our country.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.4;F275

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