经济周期中我国民营企业融资问题研究

发布时间：2018-03-18 06:04

  本文选题：民营企业　切入点：融资困境　出处：《首都经济贸易大学》2014年博士论文　论文类型：学位论文

【摘要】：改革开放以来，随着党中央对市场经济认识的深入，对民营企业重视程度也不断提高。尤其是党的十五大以来，非国有经济成分成为我国经济的重要组成部分，而民营企业正式成为非国有经济的主要力量；党的十八大更提出要“毫不动摇鼓励、支持、引导非公有制经济发展，加快发展民营金融机构”。当下，，“克强经济学”的提出，虽然短期内会造成民营企业发展的一些阵痛，但为民营企业长期发展指明了方向。目前，民营企业不仅已经成为国民经济的重要组成部分以及最为活跃的经济增长点，而且涉及三农问题、就业、社会稳定等社会政治问题都离不开民营企业的稳定和发展。但是，民营企业的融资环境却与其现阶段的地位与作用极不相称，民营企业融资难题已成为阻碍其发展的最大“瓶颈”。而依据制度经济学的相关理论，促进经济的增长与发展是制度存在的根本目的。一般来说，通过增加或者创新有效的制度可使市场上的交易成本降低，从而达到“帕累托改进”。从理论上讲，造成民营企业融资困境的根本原因在于民企内部控制和外部融资市场制度的供需不平衡。具体而言，我国当前的经济金融体制，尤其是作为企业主要渠道的商业银行信贷体制对于国有企业、民营企业存在制度安排上的不合理，这是造成民营企业融资困境的主要原因。上述问题纳入不同经济周期阶段则有更大的研究价值。一方面，民营企业相对缺少国家战略发展指导，经济上行时盲目扩张，缺少经济下行时的准备，成为国家治理通货膨胀的受害者和牺牲品；经济危机中，容易出现信用危机，难以从金融机构融资。另一方面，作为中国最主要的资金提供者——商业银行，尤其是国有商业银行，出于安全性及交易费用等方面的考虑，必然对民营企业实行严格的审批贷款政策。此外，近年来连续经历国际经济危机的冲击、民营企业先天的不足、央行贷款额度的限制、内部审核机制的约束都导致了商业银行对于民营企业融资容易形成顺经济周期信贷政策，难以满足民营企业发展需求。 本文利用制度经济学理论，通过考察我国民营企业现有融资体系的状况，并结合经济周期中民营企业融资困境及商业银行信贷政策，探讨了我国民营企业融资中出现的诸多供给不均衡问题，最后提出要从制度上解决问题，建立起一个适合我国民营企业发展的、符合我国国情的民营企业融资体系，并着重讨论商业银行在这个体系中的作用，同时建议政府需要采取的措施。 本文的主要研究内容可以分为以下几部分：（1）阐述了本文选题的背景及意义，并重点梳理了目前诸多国内外学者对我国民营企业（或中小企业）融资难的症结及融资渠道选择等方面做的定性及定量研究；（2）对我国民营企业性质进行界定，分析其历史发展情况，并通过相关数据分析说明在我国经济、就业、社会稳定等方面的重要性，尤其是在经济周期不同时期上述指标的变化；（3）详细阐述了西方关于企业融资结构的相关理论；（4）对我国民营企业融资方式及渠道的历史现状进行全面的总结，具体、全面的分析民营企业发展中存在的主要困难和问题，并总结民营企业融资困境的具体原因；（5）介绍了改革开放以来我国经济周期的划分及特点，利用相关指标数据就经济周期与民营企业融资之间的关系作了相关性分析与检验，并总结出经济周期中我国民营企业银行信贷融资的具体特征；（6）对总体中的个体进行分析，以我国房地产民营企业为代表，总结房地产经济周期中民营企业融资特别是商业银行的信贷支持等相关问题；（7）介绍不同发达国家支持民营企业融资的方式与经验，并对发达国家及地区民营企业融资和经济周期关系作实证检验，在此基础上以美国为例分析经济周期中发达国家金融支持民营企业的政策效果及启示；（8）利用制度经济学理论提出解决民营企业在经济周期中融资问题的对策以及商业银行金融支持的相关建议。
[Abstract]:Since the reform and opening up, with the Party Central Committee on the deepening of the market economy, the importance of private enterprises is also increasing. Especially since the 15th Party Congress, the non state-owned economy has become an important component part of China's economy, while the private enterprises became the main force of non state-owned economy; the eighteen Party's proposed "no more unswervingly encourage, support and guide non-public economic development, accelerate the development of private financial institutions." now, "the Keqiang economics", although some of the pain will result in the development of private enterprises in the short term, but for private enterprises long-term development direction. At present, the private enterprise has not only become an important part of the national economy and the most active economic growth point, but also involves the issues of agriculture, employment, social stability, social and political problems cannot do without the stability and development of private enterprises. However, the people Does not match the status and role of private enterprises financing environment has its present stage, the financing problems of private enterprises has become the biggest "bottleneck" to hinder its development. According to the theory of institutional economics, promote economic growth and development is the fundamental purpose of the system's existence. In general, through reducing the transaction cost on the market the system can effectively increase or innovation, so as to achieve the "Pareto improvement". Theoretically, due to the financing difficulties of private enterprises and private enterprises the basic reason lies in the internal control and external financing market system is not balanced. In particular, China's current economic and financial system, especially as the main channel of the enterprise credit system for the state-owned enterprises, private enterprises are the institutional arrangements are not reasonable, this is the main reason causing the financing difficulties of private enterprises. These problems included with the The economic cycle stage has more research value. On the one hand, the relative lack of national strategy to guide the development of private enterprises, the economy when the blind expansion, the lack of economic downturn to become the victim of national governance inflation; economic crisis, credit crisis prone, difficult financing from financial institutions. On the other hand Chinese, as the main providers of funds of commercial banks, especially state-owned commercial banks, for security and transaction costs and other considerations, must implement loan approval policy strictly for private enterprises. In addition, in recent years through the impact of the international financial crisis, private enterprises lack of innate, central bank loan amount limit the internal audit mechanism, the constraints have led to commercial banks for the financing of private enterprises is easy to form a cyclical credit policy, it is difficult to meet the development of private enterprises Demand.
In this paper, using the theory of institutional economics, through the investigation of the existing financing system of private enterprises in China, and combined with the financing difficulties of private enterprises in the economic cycle and commercial bank credit policy, explores the supply of China's private enterprises financing problem of unbalanced, and finally put forward to solve the problem from the system, establish a suitable development the private enterprises in our country, the financing system of private enterprises in line with China's national conditions, and discuss the role of commercial banks in the system, at the same time that the government needs to take measures.
The main contents of this paper can be divided into the following parts: (1) describes the background and significance of the topic, and focus on the many domestic and foreign scholars on China's private enterprises (or SMEs) of qualitative and quantitative research of financing stage and the financing channels etc.; (2) to the definition of private enterprises in our country, analyzing its historical development, and employment in the economy of our country, through data analysis, the importance of social stability, especially changes in the economic cycle in different periods of the index; (3) describes the western theories about enterprise financing structure; (4) a comprehensive summary of the history, status quo of private enterprises financing in China and the specific channel, a comprehensive analysis of the development of the private enterprises in the main difficulties and problems, and summarizes the specific original private enterprises financing difficulties 鍥狅紱(5)浠嬬粛浜嗘敼闈╁紑鏀句互鏉ユ垜鍥界粡娴庡懆鏈熺殑鍒掑垎鍙婄壒鐐

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