非洲中小企业融资约束因素研究
发布时间：2020-12-21 21:44
本文的研究目的是分析和评估非洲国家中小企业的融资政策与环境,深入探讨非洲中小企业从正式银行系统取得信贷的约束因素与主要障碍,确定非洲中小企业比较容易获得的贷款类型；区分不同规模的企业在融资障碍上的差异；评估有关融资约束的决定因素；定量评价中小企业面临的融资障碍程度；在借鉴中国中小企业融资经验基础上,提出如何进一步改善非洲中小企业融资环境、增强非洲中小企业的融资效率和效果的有关政策建议。无论是发达国家还是发展中国家,中小企业(SMEs)对于经济增长的促进作用的重要性已被学者和政策制定者广泛接受。中小企业的融资方式因对国民经济产生直接的影响而具有十分重要的研究意义。融资手段的组合代表着一个企业的财务结构。在完全市场中,企业内源性融资和外源性融资融资没有差异,他们能够完美地替换。但在不完全市场中,企业财务结构变得异常重要。一种最佳的资本结构是内部融资和外部融资的组合,它可优化公司的价值。因此,怎样融资或从哪里去融资的问题就成为了一个关键性的决策。中小企业可以选择运用股权融资、负债融资或者同时选择这两种融资方式来为其业务的开展筹集资金,并通过内部和外部资金的组合形成最佳资本结构从而优化公司价值...
【文章来源】：中南大学湖南省 211工程院校 985工程院校 教育部直属院校
【文章页数】：229 页
【学位级别】：博士
【文章目录】：
ABSTRACT
摘要
DEDICATION
TABLE OF CONTENTS
LIST OF TABLES
LIST OF FIGURES
CHAPTER ONE:INTRODUCTION
1.1 Background
1.2 Statements of the problem and research questions
1.3 Objective of the study
1.4.The methodological framework
1.4.1 Scope of the study
1.4.2 Justification of the study
1.4.3 Investigation techniques
1.4.4 Topic of interest
1.4.5 Limitations of the study
1.5 Structure of work
1.6 Conclusion
CHAPTER TWO:LITERATURE REVIEW
2.1 Introduction
2.2 Capital structure theories
2.2.1 The tax-based theories
2.2.2 The agency cost theories
2.2.3 The Asymmetric information and signaling theories
2.3 The trade-off theory
2.4 Earlier studies on the trade-off theory
2.5 The pecking order theory
2.6 Earlier studies on the pecking order theory
2.7 Empirical studies on capital structure
2.8 Theoretical studies on Small and Medium Enterprises financing
2.9 Empirical studies on Small and Medium Enterprises financing
2.10 Literature review on financing constraints
2.11 Relevance of the literature to Africa
2.11.1 Start-up capital in some African countries
2.11.2 Formal and informal financial market
2.11.3 Financing constraints in Africa
2.12 Conclusion
CHAPTER THREE:RESEARCH ON RELATIONSHIP BETWEEN AFRICANBUSINESS ENVIRONMENT AND SMEs
3.1 An overview of Africa
3.2 African Business Environment
3.2.1 Introduction
3.2.2 Infrastructure:Power and Transport
3.2.3 The Regulatory Environment
3.2.4 Access to finance
3.3 SME in Afica
3.3.1 The Importance of SMEs
3.3.2 Defining SME
3.3.3 General features of the SME sector in Africa
3.3.4 Describing the SME sector in Africa
3.4 Informal micro-enterprises in Africa
3.4.1 The three Schools of Thought on the Informal Sector
3.4.2 Trends in the African informal sector
3.4.3 Characteristics of informal employment
3.4.4 Characteristics of enterprises in the informal sector
3.4.5 Gender dimensions of the African informal sector
3.5 SME alliances,clustering and networking
3.5.1 Alliances
3.5.2 Clustering
3.5.3 Networking
3.5.4 Successful Linkages in Africa
3.6 Conclusion
CHAPTER FOUR:SOURCES OF SMEs FINANCING IN AFRICA
4.1 The financing cycles of SME finance in Africa
4.2 Micro-finance for micro-enterprises
4.2.1 The micro-finance evolution
4.2.2 The general principle of micro-finance
4.2.3 The micro-finance intermediaries
4.2.4 Outreach of micro-finance in Africa
4.2.5 Regulation of micro-finance institutions
4.2.6 Savings
4.3 Financing for small and medium enterprises（SMEs）
4.3.1 SMEs and the formal financial sector
4.3.2 The formal finance intermediaries
4.3.3 Credit guarantee schemes
4.4 New developments in private enterprise financing in Africa
4.4.1 Leasing and renting
4.4.2 Venture capital
4.4.3 The African capital market and stock exchanges
4.5 Financial services and business development services（BDS）
4.5.1 Limits of financial services in Africa
4.5.2 Other non-financial services
4.6 Problems for SME finance in Africa
4.6.1 Micro-finance side
4.6.2 SME finance side
4.6.3 Non-financial assistance side
4.7 Conclusion
CHAPTER FIVE:ENLIGHTENMENT TO AFRICA SME FROM CHINA
5.1 Chinese Financial sectors and firms' financing
5.2 The Chinese private sector
5.3 Formal financing for SMEs
5.3.1 Credit guarantee schemes
5.3.2 Credit rating agencies
5.3.3 Banks' special measures for supporting SMEs
5.3.4 SME board in Shenzhen Stock Exchange
5.4 SME financing by informal finance
5.4.1 China informal financial markets
5.4.2 Informal finance's role for SMEs
5.5 The Demand for Financial Services
5.5.1 The Demand of Microfinance
5.5.2 The Demand of Micro credit
5.5.3 The Countermeasures to Strengthen Financing Services
5.6 Financing constraints and obstacles to SMEs access to Finance
5.7 Chinese investment in Africa
5.8 conclusion
CHAPTER SIX:FINANCING CONSTRAINTS IN SMALL AND MEDIUMENTERPRISES IN AFRICA
6.1 Introduction
6.2 Data and Summary Statistics
6.3 Modeling credit constraints
6.4 The econometric model
6.5 The results
6.6 Conclusions
6.7 Data Appendix
CHAPTER SEVEN:IMPROVING SME ACCESS TO FINANCE IN AFRICA
7.1 Improving the business environment
7.1.1 The information environment
7.1.2 Legal, judicial and bankruptcy environment
7.1.3 Tax, administrative and regulatory environment
7.2 Formal Finance Requirements
7.2.1 SME capacity
7.2.2 Financial instruments to mitigate the risk
7.3 The Financing Institutions
7.3.1 Micro-finance institutions
7.3.2 The formal banking sector
7.3.3 Integrated system for financing SMEs
7.4 Money from outside the Financial Sector
7.4.1 Subcontracting and linkages
7.4.2 Clustering
7.5 Lessons for Africa from Chinese experiences
7.6 Conclusion
CHAPTER EIGHT:CONCLUSIONS,IMPLICATIONS AND RECOMMENDATIONS,AND FUTURE RESEARCH
8.1 Conclusions
8.2 Implications and recommendations
8.3 Future research
REFERENCES
ACKNOWLEDGEMENTS
致谢
【参考文献】：
期刊论文
[1]中国中小企业的融资困难及其结构特征(英文)[J]. 王延中. China & World Economy. 2004(02)
本文编号：2930556
【文章来源】：中南大学湖南省 211工程院校 985工程院校 教育部直属院校
【文章页数】：229 页
【学位级别】：博士
【文章目录】：
ABSTRACT
摘要
DEDICATION
TABLE OF CONTENTS
LIST OF TABLES
LIST OF FIGURES
CHAPTER ONE:INTRODUCTION
1.1 Background
1.2 Statements of the problem and research questions
1.3 Objective of the study
1.4.The methodological framework
1.4.1 Scope of the study
1.4.2 Justification of the study
1.4.3 Investigation techniques
1.4.4 Topic of interest
1.4.5 Limitations of the study
1.5 Structure of work
1.6 Conclusion
CHAPTER TWO:LITERATURE REVIEW
2.1 Introduction
2.2 Capital structure theories
2.2.1 The tax-based theories
2.2.2 The agency cost theories
2.2.3 The Asymmetric information and signaling theories
2.3 The trade-off theory
2.4 Earlier studies on the trade-off theory
2.5 The pecking order theory
2.6 Earlier studies on the pecking order theory
2.7 Empirical studies on capital structure
2.8 Theoretical studies on Small and Medium Enterprises financing
2.9 Empirical studies on Small and Medium Enterprises financing
2.10 Literature review on financing constraints
2.11 Relevance of the literature to Africa
2.11.1 Start-up capital in some African countries
2.11.2 Formal and informal financial market
2.11.3 Financing constraints in Africa
2.12 Conclusion
CHAPTER THREE:RESEARCH ON RELATIONSHIP BETWEEN AFRICANBUSINESS ENVIRONMENT AND SMEs
3.1 An overview of Africa
3.2 African Business Environment
3.2.1 Introduction
3.2.2 Infrastructure:Power and Transport
3.2.3 The Regulatory Environment
3.2.4 Access to finance
3.3 SME in Afica
3.3.1 The Importance of SMEs
3.3.2 Defining SME
3.3.3 General features of the SME sector in Africa
3.3.4 Describing the SME sector in Africa
3.4 Informal micro-enterprises in Africa
3.4.1 The three Schools of Thought on the Informal Sector
3.4.2 Trends in the African informal sector
3.4.3 Characteristics of informal employment
3.4.4 Characteristics of enterprises in the informal sector
3.4.5 Gender dimensions of the African informal sector
3.5 SME alliances,clustering and networking
3.5.1 Alliances
3.5.2 Clustering
3.5.3 Networking
3.5.4 Successful Linkages in Africa
3.6 Conclusion
CHAPTER FOUR:SOURCES OF SMEs FINANCING IN AFRICA
4.1 The financing cycles of SME finance in Africa
4.2 Micro-finance for micro-enterprises
4.2.1 The micro-finance evolution
4.2.2 The general principle of micro-finance
4.2.3 The micro-finance intermediaries
4.2.4 Outreach of micro-finance in Africa
4.2.5 Regulation of micro-finance institutions
4.2.6 Savings
4.3 Financing for small and medium enterprises（SMEs）
4.3.1 SMEs and the formal financial sector
4.3.2 The formal finance intermediaries
4.3.3 Credit guarantee schemes
4.4 New developments in private enterprise financing in Africa
4.4.1 Leasing and renting
4.4.2 Venture capital
4.4.3 The African capital market and stock exchanges
4.5 Financial services and business development services（BDS）
4.5.1 Limits of financial services in Africa
4.5.2 Other non-financial services
4.6 Problems for SME finance in Africa
4.6.1 Micro-finance side
4.6.2 SME finance side
4.6.3 Non-financial assistance side
4.7 Conclusion
CHAPTER FIVE:ENLIGHTENMENT TO AFRICA SME FROM CHINA
5.1 Chinese Financial sectors and firms' financing
5.2 The Chinese private sector
5.3 Formal financing for SMEs
5.3.1 Credit guarantee schemes
5.3.2 Credit rating agencies
5.3.3 Banks' special measures for supporting SMEs
5.3.4 SME board in Shenzhen Stock Exchange
5.4 SME financing by informal finance
5.4.1 China informal financial markets
5.4.2 Informal finance's role for SMEs
5.5 The Demand for Financial Services
5.5.1 The Demand of Microfinance
5.5.2 The Demand of Micro credit
5.5.3 The Countermeasures to Strengthen Financing Services
5.6 Financing constraints and obstacles to SMEs access to Finance
5.7 Chinese investment in Africa
5.8 conclusion
CHAPTER SIX:FINANCING CONSTRAINTS IN SMALL AND MEDIUMENTERPRISES IN AFRICA
6.1 Introduction
6.2 Data and Summary Statistics
6.3 Modeling credit constraints
6.4 The econometric model
6.5 The results
6.6 Conclusions
6.7 Data Appendix
CHAPTER SEVEN:IMPROVING SME ACCESS TO FINANCE IN AFRICA
7.1 Improving the business environment
7.1.1 The information environment
7.1.2 Legal, judicial and bankruptcy environment
7.1.3 Tax, administrative and regulatory environment
7.2 Formal Finance Requirements
7.2.1 SME capacity
7.2.2 Financial instruments to mitigate the risk
7.3 The Financing Institutions
7.3.1 Micro-finance institutions
7.3.2 The formal banking sector
7.3.3 Integrated system for financing SMEs
7.4 Money from outside the Financial Sector
7.4.1 Subcontracting and linkages
7.4.2 Clustering
7.5 Lessons for Africa from Chinese experiences
7.6 Conclusion
CHAPTER EIGHT:CONCLUSIONS,IMPLICATIONS AND RECOMMENDATIONS,AND FUTURE RESEARCH
8.1 Conclusions
8.2 Implications and recommendations
8.3 Future research
REFERENCES
ACKNOWLEDGEMENTS
致谢
【参考文献】：
期刊论文
[1]中国中小企业的融资困难及其结构特征(英文)[J]. 王延中. China & World Economy. 2004(02)
本文编号：2930556
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