中小企业新型融资方式比较研究

发布时间：2018-04-25 15:03

本文选题：中小企业 + 融资方式　；参考：《安徽大学》2014年硕士论文

【摘要】：中小企业被誉为国民经济的“脊梁”,对于正处于经济转型、产业结构调整时期的中国来说,充分发挥中小企业吸收就业、调整产业结构和推动科技创新的作用尤为重要。然而受中小企业自身实力不足等因素影响,融资难一直是制约中小企业发展的瓶颈。相比于中小企业为国民经济发展所做的巨大贡献,中小企业在融资方面却没有得到相应的回报。多年来,国内学者为破解中小企业的融资难题进行了大量研究,并将中小企业融资难的主要原因归结为中小企业自身实力弱、银行贷款存在偏好以及担保机制不健全。笔者对来安县调研数据的分析结果也支持了以往学者对中小企业融资难原因的研究结论。但考虑到当前中小企业主要通过间接融资渠道筹集资金,融资难的主要表现是外部资金支持无法满足中小企业的资金需求,因而笔者将现阶段导致我国中小企业融资难的核心原因归结为“信息收集难、成本控制难、风险防范难”。在传统融资方式下,受中小企业自身实力的影响,内源融资不足,间接融资难以获得；受资本市场不完善的影响,中小企业直接融资渠道门槛过高。因而传统融资方式无法满足中小企业融资的需要,也无法解决“信息收集难、成本控制难、风险防范难”的问题。在这种情况下,对新型融资方式的研究显得尤为必要。本文选取我国近年来出现的主要新型融资方式进行分析和比较,通过详细的分析后发现各融资方式在解决中小企业融资难方面都具有自身的优势,但也有特定的适用范围。相比而言,互联网融资、供应链融资与选择权贷款三种新型融资方式对解决现阶段制约我国中小企业融资的障碍具有一定的优势。其中,互联网融资凭借大数据优势和云计算能力降低了借款者与贷款者之间的信息不对称,同时降低了单笔贷款的成本；供应链融资使商业银行依靠产业链条中的核心企业以及物流公司更加全面的掌握与中小企业相关的经营信息,降低了贷款风险；选择权贷款则通过“银行+PE”的模式使商业银行突破了禁止混业经营的限制,让商业银行有机会分享中小企业上市后的溢价收益,实现了商业银行贷款风险与贷款收益之间的匹配。相对于传统融资方式,新型融资方式在解决中小企业融资难问题上具有明显的比较优势,所以在实际中推广新型融资方式是很有价值的。但目前我国存在一些限制新型融资方式发展的因素,而这需要政府、金融机构、中小企业之间的协同努力,从而推动我国中小企业新型融资方式的不断发展,使中小企业融资难题得到有效解决。
[Abstract]:Small and medium-sized enterprises are regarded as the backbone of the national economy. For China, which is in the period of economic transformation and industrial structure adjustment, it is particularly important to give full play to the role of small and medium-sized enterprises in absorbing employment, adjusting industrial structure and promoting scientific and technological innovation. However, due to the lack of SMEs' own strength, financing difficulties have been the bottleneck restricting the development of SMEs. Compared with the great contribution made by SMEs to the development of national economy, SMEs have not received a corresponding return on financing. Over the years, domestic scholars have done a lot of research to solve the financing problems of SMEs, and the main reasons of SMEs' financing difficulties are the weakness of SMEs' own strength, the existence of bank loan preference and the imperfect guarantee mechanism. The author's analysis of the data of Lai'an County also supports the previous research conclusions on the causes of SMEs financing difficulties. However, considering that at present small and medium-sized enterprises mainly raise funds through indirect financing channels, the main manifestation of financing difficulties is that external financial support cannot meet the financial needs of small and medium-sized enterprises, Therefore, the author puts forward the core causes of financing difficulties for SMEs in our country at this stage: "difficulty in collecting information, difficulty in cost control and difficulty in preventing risks". Under the traditional mode of financing, due to the influence of SMEs' own strength, the internal financing is insufficient, the indirect financing is difficult to obtain; under the influence of the imperfect capital market, the threshold of direct financing channels for SMEs is too high. Therefore, the traditional financing methods can not meet the needs of SMEs' financing, nor can they solve the problems of "difficult to collect information, difficult to control costs and difficult to prevent risks". In this case, the study of new financing is particularly necessary. This paper analyzes and compares the main new financing methods in China in recent years, and finds that each financing method has its own advantages in solving the financing difficulties of small and medium-sized enterprises, but also has a specific scope of application. In contrast, Internet financing, supply chain financing and option loan are three new financing methods, which have some advantages in solving the obstacles that restrict the financing of small and medium-sized enterprises in China at this stage. Among them, Internet financing with the advantage of big data and cloud computing ability to reduce the information asymmetry between borrowers and borrowers, while reducing the cost of a single loan; Supply chain financing enables commercial banks to rely on the core enterprises and logistics companies in the industrial chain to master more comprehensive management information related to small and medium-sized enterprises and reduce the risk of loans. On the other hand, through the "bank PE" model, option loans have allowed commercial banks to break through the ban on mixed operations and give commercial banks the opportunity to share the premium gains after the listing of small and medium-sized enterprises. The matching between loan risk and loan income of commercial bank is realized. Compared with the traditional financing methods, the new financing methods have obvious comparative advantages in solving the financing difficulties of small and medium-sized enterprises, so it is very valuable to promote the new financing methods in practice. However, there are some factors restricting the development of new financing methods in our country, and this requires the concerted efforts of the government, financial institutions and small and medium-sized enterprises to promote the continuous development of new financing methods for small and medium-sized enterprises in our country. Small and medium-sized enterprises financing problems to be effectively resolved.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.3;F275

【参考文献】