基于信用担保的中小企业投融资分析

发布时间：2018-06-11 16:06

本文选题：信用担保 + 中小企业　；参考：《湖南大学》2015年硕士论文

【摘要】：中小企业在国民经济的快速增长、创新和繁荣中起到关键的作用,是市场重要组成部分。然而,当中小企业需要资金发展时,融资却受到很大的约束。中小企业难以获得银行的贷款或者面临极端不利的融资条件,从而被迫放弃有价值的项目投资。为了解决中小企业融资难问题,大部分国家采取信用担保来解决这一问题。然而,我国现行担保体系存在“担保契约设计完全依赖经验”的严重缺陷。因此,定量研究信用担保下的中小企业资本结构和实物投资问题具有明显的现实意义。本文考虑了企业通过支付担保公司固定担保费和部分股权而获取银行担保贷款的契约设计,以及基于信用担保的企业资本结构和实物投资问题。本文假设债务企业现金流服从双指数跳过程,显式给出了企业资本和混合担保成本的均衡价格以及混合担保下企业的最优资本结构。结果表明:最优券息随着企业平均增长速度、现金流跳跃变动频率上升单调增加,但随着扩散波动率上升单调递减;在最优资本结构下,担保公司的股权份额关于企业平均增长率、跳跃变动频率的上升单调增加,但是关于扩散波动率呈U型关系;混合担保显著减弱了企业风险转移动机;在给定的混合担保模式下,较高的固定担保费率增加了企业风险转移动机,缓解了债务积压。本文还考虑企业基于混合担保模式筹集投资成本的最优投资和最优融资问题。解析地给出了企业最优的投资时机和债务融资数量。结论表明:混合担保中的年固定担保费比重增加会加快企业投资和降低债务融资数量;项目波动率的上升会延迟投资,但它对债务融资规模、担保公司获得的股权数量具有两种互为相反的影响,最优券息、担保公司获得的股权数量是项目波动率的凹函数。
[Abstract]:Small and medium-sized enterprises play a key role in the rapid growth, innovation and prosperity of the national economy, which is an important part of the market. However, when small and medium-sized enterprises need capital development, financing is subject to great constraints. Small and medium-sized enterprises are forced to abandon valuable project investments because of difficulties in obtaining bank loans or facing extremely unfavourable financing conditions. In order to solve the financing problem of SMEs, most countries adopt credit guarantee to solve this problem. However, the current guarantee system of our country has the serious defect of "relying on experience completely in the design of guarantee contract". Therefore, the quantitative study of SMEs' capital structure and physical investment under credit guarantee has obvious practical significance. This paper considers the contract design of obtaining bank guarantee loan by paying the fixed guarantee fee and some equity of the guarantee company, as well as the capital structure and the physical investment of the enterprise based on the credit guarantee. In this paper, the equilibrium price of the capital and the cost of the mixed guarantee and the optimal capital structure of the firm under the mixed guarantee are given, assuming that the cash flow service of the debt firm jumps from the double exponential process. The results show that with the average growth rate of the firm, the frequency of cash flow jump increases monotonously, but decreases monotonously with the increase of diffusion volatility. The equity share of the guarantee company is related to the average growth rate of the firm, the rise of jump frequency increases monotonously, but the diffusion volatility is U-shaped, and the mixed guarantee significantly weakens the motivation of risk transfer. Under the given mixed guarantee mode, the higher fixed guarantee rate increases the enterprise risk transfer motivation and alleviates the debt overhang. This paper also considers the optimal investment and the optimal financing for the enterprise to raise investment cost based on the mixed guarantee model. The optimal investment opportunity and debt financing amount are analytically given. The conclusion shows that the increase of the proportion of annual fixed guarantee fee in the mixed guarantee will accelerate the investment of enterprises and reduce the amount of debt financing, while the increase of project volatility will delay the investment, but it will affect the scale of debt financing. The amount of equity acquired by the guarantee company has two opposite effects: the optimal coupon and the amount of equity acquired by the guarantee company are the concave function of the volatility of the project.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275;F276.3;F832.4

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