我国中小企业高融资成本的结构性成因及对策研究

发布时间：2018-02-22 09:44

本文关键词： 中小企业融资成本影响因素应对策略　出处：《华东师范大学》2015年硕士论文　论文类型：学位论文

【摘要】：中小企业在我国的经济发展中占据着重要的地位,其不仅在数量上达到全国企业总数的99%以上,而且在促进经济增长、解决劳动力就业等方面,也发挥着不容忽视的作用。然而,中小企业在经营发展的过程中面临着非常多的问题,尤其是居高不下的融资成本问题一直以来都没有得到有效的解决,成为制约中小企业发展的重要障碍,同时也对国民经济的发展产生不良影响。本文采用理论分析与经验研究、定性分析与定量研究相结合的研究方法,首先对企业融资成本的相关理论进行了回顾,以期望从中获得解决我国中小企业融资问题的启示。然后从融资渠道、融资成本入手,对我国当前中小企业的融资现状进行了分析,探讨造成当前中小企业高融资成本的结构性原因,并在此基础上,从经济体制、金融体系以及中小企业自身等方面提出降低我国中小企业高融资成本的对策和建议。通过本文的研究发现,在外源融资中,我国中小企业主要通过直接融资和间接融资获得企业发展所需资金,当前我国众多的中小企业50%以上的资金来源于自有资金,然后是银行信贷、民间借贷,股权融资只是占了很小的一部分。因此,在信息不对称的情况下,我国中小企业主要是按照内源融资、银行贷款、民间借贷、股权融资、债券融资的次序进行融资的。我国中小企业需支付的融资成本种类繁多,主要可分为显性成本和隐性成本。在显性成本中,直接融资和间接融资均包含两方面的成本,即资金获得时的成本,如承销费用、保荐费用、抵押费用、评估费用等,以及资金使用时的成本,如现金股利、债券利息、贷款利息等。隐性成本主要包括代理成本、财务危机成本、“人情费”等其他隐性成本。本文通过对融资成本的研究发现,直接融资成本一般要高于间接融资成本,资金使用时的成本要高于资金获得时的成本,且与大型企业相比,中小企业的融资成本金额更高,种类更复杂。具体来看,在股权融资成本中,付现成本很低,普遍低于1%,而留存收益成本比较高,平均水平在15%左右；在股票的发行费用中,承销费用占据着非常大的比重,其次是保荐费用,二者占整个融资费用的比重达到了将近90%。债权融资成本相对较低,为4.5%左右,其中银行贷款中,抵押贷款的融资成本最高,为10%左右,信用贷款的成本最低,为7%左右。针对中小企业高融资成本的原因,本文认为可以从宏观和微观两方面进行考虑。宏观方面原因主要是当前经济转型的大环境下所产生的挤出效应以及政府预算软约束的存在,同时金融市场的门槛限制以及金融机构的所有制歧视也限制了中小企业的融资渠道,提高了其融资成本。微观方面原因主要是由于中小企业自身素质低,即资产规模小、经营风险大、成长性高,而企业治理问题中的股权集中、信息披露质量差,也是导致中小企业融资成本高的原因,同时财务方面也存在很大问题,表现为财务风险大、盈利能力低等。通过对我国中小企业高融资成本原因的分析,本文认为可以通过深化经济体制改革,建立与中小企业相适应的金融体系,以及提高中小企业核心竞争力等方面来降低我国中小企业的融资成本。
[Abstract]:Small and medium-sized enterprises occupy an important position in the economic development of our country, which not only in the number of total number of enterprises reached more than 99%, and in promoting economic growth, employment and other aspects, but also play a role can not be ignored. However, the small and medium-sized enterprises are facing a lot of problems in the management development process especially, the high cost of financing problems have not been solved effectively, become an important obstacle for the development of small and medium-sized enterprises, but also have adverse effects on the development of the national economy. This paper uses theoretical analysis and empirical research methods, combining qualitative analysis and quantitative analysis, firstly the related theories of enterprise financing cost reviews, solve the financing problem of SMEs inspiration from which to expect. Then from the financing channel, the financing cost of our current in Analyzes the financing status of small enterprises, to explore the causes of the current structural reasons for the high cost of financing of small and medium-sized enterprises, and on this basis, from the economic system, financial system and small and medium-sized enterprises and other aspects of reducing the high cost of financing of small and medium-sized enterprises in China's countermeasures and suggestions. This study found that, in external financing, I small and medium-sized enterprises mainly through direct and indirect financing to get the capital for development and the large number of SMEs in China more than 50% of the funds from its own funds, then the bank credit and private lending, equity financing accounts for only a very small part. Therefore, in the case of asymmetric information, China's small and medium-sized the enterprise is mainly in accordance with the endogenous financing, bank loans, private lending, equity financing, bond financing order of financing. The financing cost types of small and medium-sized enterprises of our country need to pay various, Can be divided into explicit and implicit costs. The dominant cost, direct and indirect financing includes two aspects of the cost, namely the cost of obtaining funds, such as underwriting fees, sponsorship fees, mortgage fees, assessment fees, and the cost of the use of funds, such as cash dividends, bond interest, loan interest. The hidden costs including agency cost, financial crisis cost, human cost and other hidden costs. Based on the research of the financing cost, direct financing costs are generally higher than the cost of indirect financing, the use of funds when the cost is higher than the cost of obtaining funds, compared with large enterprises, small amount of financing cost the higher, more complex. Specifically, in the cost of equity financing, cash cost is very low, generally less than 1%, while the cost of retained earnings is relatively high, the average is about 15% in stock; Issuance costs, underwriting fees occupies a very large proportion, followed by sponsorship fees, the two accounted for the entire financing costs in the proportion of nearly 90%. of the debt financing cost is relatively low, about 4.5%, including bank loans, mortgage financing cost is the highest, about 10%, the lowest cost for credit. About 7%. The reasons for the high cost of financing of small and medium-sized enterprises, we think we can consider from the macro and micro two aspects. The main reason is the current macro economic transformation of the environment caused by the crowding out effect and the government budget constraint exists at the same time, the ownership discrimination of financial markets and financial institutions but also the threshold limit limit the financing channel of small and medium-sized enterprises, improve their financing costs. The micro reason is mainly because of the small and medium-sized enterprise own quality is low, the small size of assets, operating risks, growth High, but the problems in corporate governance of ownership concentration, the poor quality of information disclosure, but also cause high cost of SME financing, and financial aspects there is a big problem, for financial risk, low profitability. Through the analysis of the high cost of financing of small and medium-sized enterprises of our country the reasons, this paper considers that the deepening of economic system the reform, establish and adapt to the small and medium-sized enterprise financial system, and improve the core competitiveness of small and medium-sized enterprises to reduce the cost of financing of small and medium-sized enterprises in China.

【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F276.3;F832.4

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