重庆市微型企业融资决策研究

发布时间：2018-03-28 04:37

本文选题：微型企业　切入点：融资决策　出处：《重庆师范大学》2012年硕士论文

【摘要】：微型企业作为最具经济活力的经济个体，对世界各国的经济和社会发展都具有重大的贡献和不可替代的作用。我国微型企业对我国的经济发展也做出了不可磨灭的贡献，2005年，微型企业对GDP的贡献率高达60％以上，为社会提供了约75％左右的就业机会，并且创造了近50％的财政税收和出口收入。然而，我国微型企业的作用与其在金融环境中的地位并不成正比。据“2005年中国民营企业经营者问卷跟踪调查”的结果显示：有75%的企业经营者认为：企业发展中遇到的主要障碍是“融资困难”，中西部地区企业经营者认同这一观点的比重则更是高达80%。2011年底全国工商联对17省市中小企业的调查显示，受访企业中的90%以上都无法获得银行贷款，且这些微型企业的生存状况普遍不容乐观，盈利压力仍旧相对较大。近些年，政府加大了改善中小微型企业的生存环境，，从多个渠道改善了中小微型企业的融资环境。尽管如此，微型企业由于其自身抵御风险能力较差等先天“缺陷”，致使微型企业融资成本居高不下，难以融得资本。这成为影响微型企业发展的主要瓶颈。本文运用最优控制理论相关知识，构建了微型企业融资决策模型，通过分析影响微型企业融资的相关因素，探讨了微型企业融资决策过程影响的因素，为政府制定扶持微型企业发展的相关政策提供参考。为研究便利将微型企业的融资渠道归结成为民间融资和银行等金融机构融资两个渠道，针对不同融资渠道的融资成本和企业可以选取的融资决策，探讨了微型企业在不同情形下的最优融资决策。通过对重庆市微型企业发展状况的调查，从企业整体、行业、地域三个维度实证分析了重庆市微型企业融资决策过程中的影响因素，结果表明：重庆微型企业融资决策受融资隐性成本、金融机构利率、民间融资利息成本和民间融资佣金费用等因素的影响最大；同时，不同行业、不同区域下的微型企业在融资决策过程中受到上述因素的影响程度存在差异。最后，结合重庆微型企业发展需要，提出了进一步改善融资环境和提升融资效率等对策和建议。
[Abstract]:As the most economically dynamic economic entity, microenterprises play an important and irreplaceable role in the economic and social development of all countries in the world. China's microenterprises have also made an indelible contribution to the economic development of our country. Microenterprises contribute more than 60 percent of GDP, providing about 75 percent of jobs to society, and generating nearly 50 percent of fiscal, tax and export revenues. The role of microenterprises in China is not directly proportional to their position in the financial environment. According to the results of the Survey of managers of Private Enterprises in China in 2005, 75% of the business operators think that: enterprises encountered in the development of the. The main obstacle is "financing difficulties," and the proportion of business operators in the central and western regions who agree with this view is as high as 80.At the end of 2011, the All-China Federation of Industry and Commerce conducted a survey of SMEs in 17 provinces and cities, showing that. More than 90 percent of the companies surveyed were unable to obtain bank loans, and the survival conditions of these microenterprises are generally not optimistic, and the pressure on profitability is still relatively high. In recent years, the government has stepped up efforts to improve the living environment of small and medium-sized microenterprises. The financing environment for small and medium-sized enterprises has been improved through multiple channels. However, because of their inherent "shortcomings" such as their poor ability to withstand risks, microenterprises' financing costs remain high. Capital is difficult to finance. This has become a major bottleneck affecting the development of micro-enterprises. In this paper, using the knowledge of optimal control theory, the financing decision model of microenterprises is constructed, and the factors influencing the financing process of microenterprises are discussed by analyzing the relevant factors that affect the financing of microenterprises. To provide a reference for the government to formulate relevant policies to support the development of microenterprises, and to facilitate the study of reducing the financing channels of microenterprises to two channels: private financing and financing by financial institutions such as banks. According to the financing cost of different financing channels and the financing decision that enterprises can choose, this paper discusses the optimal financing decision of microenterprises under different circumstances. This paper empirically analyzes the influencing factors in the financing decision-making process of Chongqing microenterprises from three dimensions of region. The results show that the financing decision of Chongqing microenterprises is influenced by the hidden cost of financing and the interest rate of financial institutions. The factors such as private financing interest cost and private financing commission cost have the greatest influence. At the same time, microenterprises in different industries and different regions are affected by the above factors in the process of financing decision. Finally, According to the needs of the development of Chongqing microenterprises, this paper puts forward some countermeasures and suggestions for further improving the financing environment and improving the financing efficiency.
【学位授予单位】：重庆师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.3;F832.4;F224

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