新常态下新疆小微企业融资模式创新研究

发布时间：2018-08-12 18:06

【摘要】：新常态下小微企业在推动城镇就业、稳定社会、创新科学技术、促进经济增长等方面发挥着重要作用,但融资问题一直是制约新疆小微企业发展的首要问题,其中信息不对称现象、缺乏抵押担保现象又是造成这一难题的关键性因素。能否解决融资难题,满足新疆小微企业的融资需求是关系企业长远发展的重要命题。针对上述情况,本文首先分析了传统融资模式存在的问题。其次,进行理论分析,为了找出真正影响小微企业融资问题的因素,本文通过进行模型分析得出两个结论。一是当低风险小微企业的抵押约束非紧时,贷款机构可通过不同的贷款合约区分不同小微企业的风险类型。二是当小微企业因为规模有限不能提供充足的抵押物时,贷款机构则不能区分不同小微企业的风险类型。如果低风险的小微企业缺乏抵押物,贷款机构就不能通过贷款合约自动区分小微企业风险类型,造成逆向选择和道德风险,使得低风险企业逐渐退出而高风险贷款企业充斥信贷市场。高风险企业经营风险大易违约,大大降低了小微企业的平均还款率,并形成一种“恶性循环”的局面,导致小微企业贷款愈发困难。结合新疆小微企业规模小、抵押品不足的情况,低风险企业无法将其从高风险企业区别开来,从而受到信贷约束。因此,小微企业融资困难的原因一方面来自借贷双方信息不对称,另一方面来自小微企业抵押品不足。新的融资模式如果能解决上述两个问题之一,新疆小微企业融资难题就能得到很大程度缓解。再次,提出适合新疆小微企业融资的新型融资模式。新型融资模式将以自治区的实际情况为基础,通过新疆小微企业园,依托新疆小微企业信息平台,从创办基金视角出发,由自治区政府设立引导基金从而吸引疆内资本成立母基金,并由债权基金授信、产权投资基金兜底,在小微企业平台上,构造一条高效的小微企业融资链,实现融资风险的分散与弱化,从而解决新疆小微企业发展过程中的融资问题。最后,为了保证新型融资模式的顺利运行,提出了相应的政策建议。本文不仅为新疆小微企业融资模式创新提供一定的理论基础,还提出较为可行的融资模式,具有一定的理论与实际意义。
[Abstract]:In the new normal, small and micro enterprises play an important role in promoting urban employment, stabilizing society, innovating science and technology, promoting economic growth, etc. However, the financing problem has always been the primary problem restricting the development of small and micro enterprises in Xinjiang. The information asymmetry and the lack of mortgage guarantee are the key factors. Whether we can solve the financing problem and meet the financing needs of Xinjiang small and micro enterprises is an important proposition related to the long-term development of enterprises. In view of the above situation, this paper first analyzes the problems existing in the traditional financing mode. Secondly, in order to find out the factors that affect the financing problem of small and micro enterprises, this paper draws two conclusions by model analysis. First, when the mortgage constraints of low-risk microenterprises are not tight, the loan institutions can distinguish the risk types of different small and micro enterprises by different loan contracts. Second, when small and micro enterprises can not provide sufficient collateral because of their limited scale, loan institutions cannot distinguish between different risk types of small and micro enterprises. If low-risk microenterprises lack collateral, lending institutions cannot automatically distinguish between types of risk in small and micro enterprises through loan contracts, resulting in adverse selection and moral hazard. So that low-risk enterprises gradually withdraw and high-risk loan enterprises flooded the credit market. The risk of high risk enterprises is easy to default, which greatly reduces the average repayment rate of small and micro enterprises, and forms a "vicious circle", which makes it more difficult for small and micro enterprises to borrow money. Combined with the situation of small and small enterprises in Xinjiang with insufficient collateral, low risk enterprises can not distinguish them from high risk enterprises and are therefore subject to credit constraints. Therefore, the financing difficulties of microenterprises are due to the asymmetric information between the borrowers and the lenders on the one hand, and the lack of collateral to the small and micro enterprises on the other. If the new financing model can solve one of these two problems, the financing problem of Xinjiang small and micro enterprises can be greatly alleviated. Thirdly, a new financing model suitable for Xinjiang small and micro enterprises is put forward. The new financing model will be based on the actual situation of the autonomous region, through the Xinjiang small and micro enterprise park, relying on the Xinjiang small and micro enterprise information platform, from the perspective of founding funds. The autonomous region government set up the guiding fund to attract the capital in Xinjiang to set up the parent fund, and the creditor's rights fund and the property right investment fund established a high-efficient financing chain of the small and micro enterprise on the platform of the small and micro enterprise. In order to solve the financing problem in the development of small and micro enterprises in Xinjiang, the financing risk is dispersed and weakened. Finally, in order to ensure the smooth operation of the new financing model, the corresponding policy recommendations are put forward. This paper not only provides a theoretical basis for the innovation of financing mode of Xinjiang small and micro enterprises, but also puts forward a more feasible financing model, which has certain theoretical and practical significance.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F276.3;F275

【相似文献】