中小企业集群境内上市融资模式研究

发布时间：2018-01-01 11:37

本文关键词：中小企业集群境内上市融资模式研究　出处：《浙江师范大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国经过30多年的改革开放的发展,在许多地区形成了各式各样的中小企业集群,目前这些集群在促进当地经济的发展和区域经济的发展中越来越显示出它们的重要地位和作用。按照经典的产业集群理论来说,集群内的中小企业比单个游离态的中小企业在融资和专业化的分工合作上具有显著地比较优势,从理论上讲中小企业集群在现实融资中不应该有融资困难问题,但是在现实的经济发展中,我国的中小企业集群仍然存在融资难的问题,中小企业集群依然存在很大的融资缺口,集群转型升级也很困难,但这并不是理论上的错误,而是在现实经济中,缺乏让中小企业集群优势转化为现实优势的有效融资的模式。正是基于以上原因,本文从直接融资的角度积极地探索了一种中小企业集群融资的新模式—集群境内上市融资模式,以集群整体到我国境内的资本市场来进行直接融资,以缓解集群融资困难的问题,把集群融资的理论优势转化为现实融资的能力。中小企业集群境内上市融资模式是以集群内部的资本市场和集群外部的资本市场为基础,以集群内部成立一个集群财务公司为平台,这个平台是一个内生于中小企业集群的网络化金融组织,它属于一个正规化的的非银行性金融机构,为集群内各个中小企业提供筹集资金、集中交易、监督管理、咨询、中介、担保等各种综合性服务。这种新模式是依靠集群财务公司这个网络化的金融组织作为集群内各个中小企业的利益代表和担保者,联合集群内外的丰富的资源,将中小企业集群理论上的融资优势转化成为现实的集群融资优势,从而进一步缓中小企业集群融资难的问题,本文初步构建和探索了中小企业集群境内上市融资这一新模式。本文第一章是对中小企业集群融资文献和中小企业上市融资文献进行了综述分析,然后提出所研究的思路方法,第二章阐述了中小企业集群特性和集群融资的基础理论,并重点阐述了集群融资存在的优势,第三章在首先介绍了了我国中小企业集群发展及融资的现状,接着分析了中小企业集群融资难的问题所在,认为克解中小企业集群融资难的一种新的方式就是中小企业集群境内上市融资；第四章比较了这种新的集群融资模式与其他中小企业集群融资模式的异同,并揭示出它的比较优势所在；随后在第五章把集群融资和中小企业上市融资结合起来,设计出中小企业集群境内上市融资这一新模式,以试图解决中小企业集群融资的困难；然后详细分析了中小企业集群境内上市融资模式的涵义、框架和运行机制,；然后在第六章针对这种模式的应用性进行了分析,揭示了它所带来的效用以及存在的风险问题；最后在第七章里针对它的不足之处提出自己的政策建议。本文的研究结论是：中小企业集群境内上市融资模式是对集群融资模式的丰富和发展；集群财务公司是中小企业集群境内上市融资模式中的关键性组织；中小企业集群境内上市融资是适合中小企业集群融资的新模式,因为它所融得的资本金比其他融资模式多,并且是长期的,具有稳定性,另外这种新模式还能降低集群融资成本,促进集群内专业化分工合作,使集群向规范化发展,提高集群的知名度,用来缓解中小企业集群融资难的问题。本文最后,分别从集群内中小企业、集群财务公司、政府、资本市场以及中介机构这五个层面提出了对中小企业集群境内上市融资模式的政策建议。
[Abstract]:China's development over the past 30 years of reform and opening up, in many areas formed a cluster of small and medium-sized enterprises of every kind of these clusters, in promoting the development of local economy and regional economy more and more important position and role of them. According to the classical theory of industrial cluster, the cluster of small and medium-sized enterprises than single the free state of small and medium-sized enterprises in financing and specialized division of labor has significant comparative advantage, according to the theory of the cluster of small and medium enterprises in the real financing should not have financing problems, but in the reality of the economic development, the cluster of small and medium-sized enterprises in our country still have the problem of financing, the cluster of small and medium enterprises still exist a large financing gap, it is very difficult to upgrade the cluster, but this is not a theoretical error, but in the real economy, let the lack of advantages of SME clusters into The real advantage of effective financing mode. It is based on the above reasons, this article from the perspective of direct financing and actively explore a new mode of financing of SME Cluster - cluster listed financing model to the whole cluster to our country's capital market for direct financing, to ease the financing difficulties of cluster problem. The theoretical advantage of cluster financing into the practical ability of financing.
The cluster of small and medium-sized enterprises listed financing model is based on the cluster internal capital market and external capital market cluster based on cluster cluster to set up a finance company as platform, this platform is a network of financial organizations within the cluster of small and medium sized enterprises, financial institutions and non bank it belongs to a formal for each cluster, small and medium-sized enterprises to provide financing, centralized trading, supervision and management, consulting, intermediary, and guarantee all kinds of services. This new model is to rely on the network cluster financial company financial organization as a cluster of small and medium-sized enterprises each represents the interests and security, combined with abundant resources inside and outside the cluster. The small and medium-sized enterprise cluster theory on financing advantage into cluster financing advantage of reality, so as to further slow the cluster of small and medium enterprises financing problem, the first step to construct and The new model of financing for small and medium-sized enterprises in the domestic market is explored.
The first chapter of this paper is on the cluster of small and medium enterprises financing of small and medium-sized enterprises listed financing literature and literature review analysis, then put forward the research method, the second chapter describes the characteristics of the cluster of small and medium-sized enterprises and the cluster financing theory, and focuses on the existing cluster financing advantage, in the third chapter, firstly introduces the development and the current situation of financing of SME clusters in China, and then analyzes the SME cluster financing problem, that solution grams of a new way of SME cluster financing is in the cluster of small and medium enterprises listing and financing; the fourth chapter compares the similarities and differences between this new financing model of SME cluster cluster and other financing mode, and reveals the comparative advantage of it; then in the fifth chapter, combining the listing and financing of cluster financing and small and medium-sized enterprises, design a domestic small and medium-sized enterprises clusters This is a new mode of financing, to solve SME cluster financing difficulties; then a detailed analysis of the cluster of small and medium-sized enterprises listed financing pattern connotation, framework and operation mechanism; then, in the sixth chapter according to the application of this model are analyzed, revealing it brings utility and risk problems; finally put forward policy suggestions in the seventh chapter, aiming at its shortcomings.
The conclusion of this paper is that the cluster of small and medium-sized enterprises listed financing mode is the enrichment and development of the financing mode of cluster; cluster financial company is the key organization of the cluster of small and medium-sized enterprises listed financing mode; cluster of small and medium sized enterprises listed financing is suitable for small and medium-sized enterprises new mode of industry cluster financing, because it has raised capital Kim than other modes of financing, and is a long-term, with stability, the new model can also reduce the cluster financing costs, promote cluster specialization division of labor, make the cluster to standardize the development, improve the visibility of the cluster, the cluster of small and medium enterprises to alleviate the financing problem. Finally, from the SME cluster cluster, government, finance companies, capital markets and intermediaries in the five aspects of the cluster of small and medium-sized enterprises listed financing mode of policy recommendations.

【学位授予单位】：浙江师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F276.3

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