促进我国中小企业融资的财税政策研究

发布时间：2018-08-05 18:03

【摘要】：中小企业是市场经济中的主要存在形式,目前无论是在发达国家还是发展中国家中都占据着极其重要的地位。中小企业在我国的国民经济中承担着纳税、就业、创新、活跃城乡经济等多重任务,是整个市场经济中的重要组成部分。在最新公布的数据中,2015年我国工商登记中小企业的数量已达到2400万家,这一市场主体提供了全国50%以上的税收和三分之二以上的就业岗位,贡献了超过60%的国内生产总值,为推动国民经济的整体发展和经济体制改革发挥了极大的促进作用。但在中小企业的发展进程中,普遍面临着资金不足、后续投资乏力的情况,融资困境迟迟难以取得突破,已经成为限制我国中小企业正常发展的最大难题。中小企业融资难是世界性难题,其在各个成长阶段面临的巨额资金需求和市场经济难以依靠自身力量提供足够资金的矛盾一直存在,虽然我国政府也在各个层面出台一系列财税政策予以大力支持,包括政府专项资金、财政担保、税收优惠等,但最终效果均不如预期显著。以往专家学者多从金融视角阐述解决融资困境的可能性,本文在一定的借鉴基础上,从财税政策的角度出发对中小企业融资问题开展更深入的分析。首先,详细介绍中小企业及中小企业融资的具体概念,并进一步梳理了财税政策促进中小企业融资的作用机理;同时,为了更为完整的研究财税政策与中小企业融资之间的关系,本文从公共品理论、信息不对称理论和有税MM金融理论三个方面做出了详细分析,以求全面论述财税政策促进中小企业融资的理论基础。其次,从我国中小企业融资困难的具体现状出发,梳理我国目前已经实施的财税政策,并分别对其存在的各种问题做出具体的分析;同时,为了更深入的分析财税政策是如何支持中小企业融资以及最终融资效果,本文从中小企业板和创业板选取140个企业样本,经过数据剔除,对剩余的129家企业进行数值统计,并以此建立多元回归模型,在对其进行异方差检验以及修正后,得出最终结论即财税政策对中小企业融资的整体效果是显著的,但在分行业研究后,发现财税政策对制造业和高科技产业的促进作用最大,对现代服务业的促进作用相对较小。最后,选取美国、日本和德国三个在财税政策促进中小企业融资经验上较为成熟的国家,通过借鉴其各自国内中小企业的发展概况和不同财税政策,为提出缓解我国中小企业融资困境的财税政策做出了贡献,同时提出了如引导民间资本流通等配套措施,从而构建了一套完整有效且适合我国的中小企业融资财税政策体系。
[Abstract]:Small and medium-sized enterprises (SMEs) are the main existing forms in the market economy and occupy an extremely important position in both developed and developing countries. The small and medium-sized enterprises in the national economy of our country undertake many tasks such as tax payment, employment, innovation, active urban and rural economy and so on, which is an important part of the whole market economy. In the latest data released, the number of small and medium-sized enterprises registered for industry and commerce in China reached 24 million in 2015. The main body of the market provides more than 50 percent of the country's taxes and more than 2/3 jobs, contributing more than 60 percent of the gross domestic product. In order to promote the overall development of the national economy and economic system reform has played a great role in promoting. However, in the development process of small and medium-sized enterprises, they are generally faced with the lack of funds, the lack of subsequent investment, and the difficulty of making a breakthrough in the financing predicament, which has become the biggest problem restricting the normal development of small and medium-sized enterprises in our country. The difficulty of financing for small and medium-sized enterprises is a worldwide problem. The contradiction between the huge demand for capital and the difficulty for the market economy to provide sufficient funds on its own has always existed in every stage of its growth. Although our government has also issued a series of fiscal and taxation policies at various levels to support them, including special government funds, financial guarantees, tax concessions, etc., the final effect is not as remarkable as expected. In the past, experts and scholars elaborated the possibility of solving the financing dilemma from the financial angle of view. Based on a certain reference, this paper makes a deeper analysis of the financing problems of SMEs from the perspective of fiscal and taxation policies. First of all, it introduces the specific concepts of SMEs and SME financing in detail, and further combs the mechanism of fiscal policies to promote SME financing; at the same time, In order to study the relationship between finance and taxation policy and financing of small and medium-sized enterprises, this paper makes a detailed analysis from three aspects: public goods theory, information asymmetry theory and tax MM finance theory. In order to comprehensively discuss the fiscal and taxation policies to promote the financing of small and medium-sized theoretical basis. Secondly, starting from the specific situation of financing difficulties of small and medium-sized enterprises in China, combing the fiscal and taxation policies that have been implemented at present in China, and making a specific analysis of their various problems respectively; at the same time, In order to further analyze how fiscal and taxation policies support SME financing and the final financing effect, this paper selects 140 enterprise samples from the SME board and the growth enterprise board, after data elimination, carries on the numerical statistics to the remaining 129 enterprises. Based on this model, the multivariate regression model is established. After the heteroscedasticity test and modification, the final conclusion is that the overall effect of fiscal and taxation policy on SME financing is significant, but after the study of different industries, It is found that fiscal and taxation policies promote the manufacturing industry and high-tech industry the most, but the modern service industry relatively less. Finally, three countries with mature experience in promoting SME financing are selected, which include the United States, Japan and Germany, and by learning from their domestic SMEs' development situation and different fiscal and taxation policies, This paper makes contributions to the financial and taxation policies to alleviate the financing difficulties of small and medium-sized enterprises in China, and puts forward some supporting measures such as guiding the circulation of private capital, so as to construct a set of complete, effective and suitable financial and taxation policy system for small and medium-sized enterprises in our country.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F276.3;F812.0;F275

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