美国小企业融资体系研究
发布时间：2018-09-14 14:13
【摘要】：中小企业融资体系建设的目标是促使金融资源得到有效的配置,实现社会总体利益的最大化。中小企业在世界各国普遍遭遇融资困难的窘境,其根本原因在于融资信息不对称问题和交易成本高问题,需要自发性的市场调节加以克服;中小企业是各国创造就业机会、推进技术革新、稳定国民经济基础的重要力量,任何一个国家都不容忽视中小企业的生存与发展,所以,当市场调节不能继续向中小企业增加资金配置时,无法实现社会总体利益的最大化,这是一个市场失灵问题,需要政府进行强制性的政策干预加以治理。因此,中小企业融资体系建设要克服信息不对称、交易成本高与市场失灵等三个问题,才能最终解决中小企业融资难问题、实现社会总体利益的最大化。美国小企业(small business,相当于中国语言习惯的“中小企业”概念)融资体系依托于世界上最发达的资本市场和美国政府富有成效的干预机制,在小企业复兴的过程中充分发挥出市场调节和政策干预的双重作用,较好地满足了美国小企业,特别是高科技、高成长型小企业的融资需求。由此,美国发展形成了一个能够较好解决小企业融资难问题的融资体系范式。本研究试图从美国小企业融资体系建设经验中挖掘对中国中小企业融资体系建设的有益启示,以期有效缓解中国中小企业融资难问题。本文按照融资权益的性质划分中小企业的融资渠道,并在此基础上构架中小企业融资体系,将中小企业融资体系划分为债务性融资体系与权益性融资体系。首先,在分析中小企业融资难成因的基础上,进一步分析债务性融资渠道与权益性融资渠道克服中小企业融资难问题的基本途径;然后,运用实证分析方法,分别从美国小企业债务性融资体系与权益性融资体系入手,根据克服融资信息不对称、交易成本高、市场失灵等三方面问题的基本途径,采用趋势分析法、对比分析法、结构分析法等研究方法,分析美国小企业融资体系下不同融资方式或者政策干预手段的运行机制与融资效果,重点研究其在克服三方面问题所进行的创新、改进与调节;最后,基于美国小企业融资体系的研究结果,结合中国中小企业融资体系建设的现实情况,分别从中国中小企业、中小企业投资人、政府等三个方面提炼美国经验对中国中小企业融资体系建设的一系列启示。这些启示主要包括:对中国中小企业的启示,一是要努力占据并保持融资竞争优势,恪守诚信;二是要主动配合中小企业投资人收集其融资决策所需的信息;三是积极争取政府对中小企业的融资政策扶持。在此基础上,中国高科技中小企业还要努力保持企业的创新活力,要充分利用现有融资平台与中介服务平台提高信息传递效率,要遵循资本市场的内在运行规则与规律,在竞争中争取额外的资本市场融资机会。对中国中小企业投资人的启示,一是要以提高关系型融资机制的运行效率为核心,采用积极的手段克服信息不对称与交易成本高问题;二是要转变对中小企业的投资观念,摆正长期性的投资战略目标;三是要提高自身专业质素与投资管理能力,减少决策失误,降低融资机制运营成本;四是要确保投资行为符合中小企业融资市场的运行规律,适时加强投资风险管理,提高信息收集与传递效率。对中国政府的启示,一是在政策干预机制方面,中国政府要进一步健全中小企业援助与支持的法律法规体系,要全面构建中小企业政府管理机构建制,要根据市场失灵程度有针对性地规划中小企业融资政策干预机制;二是在中小企业融资体系既定制度安排方面,中国政府应该构建激励关系型借贷的中小型商业银行模式;应该适度培育面向高成长型中小企业的高收益债券市场;应该引导民间资本建设专业化的天使资本融资市场;应该支持风险投资机构发展市场化的风险资本融资市场;应该逐步建设多渠道、多层级的股权交易市场。
[Abstract]:The goal of SMEs'financing system construction is to promote the effective allocation of financial resources and maximize the overall interests of society. Small enterprises are an important force for all countries to create employment opportunities, promote technological innovation and stabilize the foundation of national economy. No country can ignore the survival and development of small and medium-sized enterprises. Therefore, when market regulation can not continue to increase the allocation of funds to small and medium-sized enterprises, it is impossible to maximize the overall interests of society, which is a market failure. Therefore, the construction of SME financing system should overcome three problems, such as information asymmetry, high transaction costs and market failure, in order to solve the financing difficulties of SMEs and maximize the overall interests of society. The financing system relies on the most developed capital market in the world and the fruitful intervention mechanism of the US government. It gives full play to the dual role of market regulation and policy intervention in the process of the revival of small businesses, and satisfies the needs of American small businesses, especially high-tech and high-growth small businesses. Therefore, the United States has developed a financing system paradigm that can better solve the financing difficulties of small enterprises. This study attempts to dig out the beneficial enlightenment for the construction of the financing system of small and medium-sized enterprises in China from the experience of the construction of the financing system of small and medium-sized enterprises in the United States, with a view to effectively alleviating the financing difficulties of small and medium-sized enterprises in China. The nature of financing rights and interests divides the financing channels of SMEs. On this basis, the financing system of SMEs is constructed. The financing system of SMEs is divided into debt financing system and equity financing system. Then, using the method of empirical analysis, starting with the debt financing system and equity financing system of small and medium-sized enterprises in the United States, according to the basic ways to overcome the three problems of asymmetric financing information, high transaction costs and market failure, this paper adopts the trend analysis method, comparative analysis method, and concludes. By using the method of structural analysis, this paper analyzes the operation mechanism and financing effect of different financing modes or policy interventions under the financing system of small enterprises in the United States, focusing on the innovation, improvement and adjustment to overcome the three problems. Finally, based on the research results of the financing system of small enterprises in the United States, this paper combines with the financing of small and medium enterprises in China. The practical situation of the system construction, respectively, from three aspects of China's SMEs, SME investors, the government to extract a series of enlightenments for China's SME financing system construction. We should actively cooperate with small and medium-sized enterprises investors to collect the information they need for financing decisions. Third, we should actively strive for government support for small and medium-sized enterprises in financing policies. The enlightenment to investors of small and medium-sized enterprises in China is to improve the operational efficiency of the relational financing mechanism and adopt positive means to overcome the problems of information asymmetry and high transaction costs. The second is to transform the small and medium-sized enterprises into enterprises. The third is to improve their professional quality and investment management ability, reduce decision-making errors, and reduce the operating costs of the financing mechanism; the fourth is to ensure that investment behavior in line with the operation of the small and medium-sized enterprise financing market, timely strengthen investment risk management, and improve the efficiency of information collection and transmission. The enlightenment to the Chinese government is as follows: firstly, in terms of policy intervention mechanism, the Chinese government should further improve the legal and regulatory system of assistance and support for SMEs, construct the government management institution of SMEs in an all-round way, plan the financing policy intervention mechanism for SMEs according to the degree of market failure; secondly, finance SMEs. As for the institutional arrangement of the capital system, the Chinese government should construct an incentive-based lending model for small and medium-sized commercial banks; cultivate a moderate high-yield bond market for high-growth SMEs; guide private capital to build a specialized angel capital financing market; and support venture capital institutions to develop a market-oriented market. Venture capital financing market, we should gradually build multi-channel, multi-level stock trading market.
【学位授予单位】：东北师范大学
【学位级别】：博士
【学位授予年份】：2017
【分类号】：F279.712;F275
，
本文编号：2242940
[Abstract]:The goal of SMEs'financing system construction is to promote the effective allocation of financial resources and maximize the overall interests of society. Small enterprises are an important force for all countries to create employment opportunities, promote technological innovation and stabilize the foundation of national economy. No country can ignore the survival and development of small and medium-sized enterprises. Therefore, when market regulation can not continue to increase the allocation of funds to small and medium-sized enterprises, it is impossible to maximize the overall interests of society, which is a market failure. Therefore, the construction of SME financing system should overcome three problems, such as information asymmetry, high transaction costs and market failure, in order to solve the financing difficulties of SMEs and maximize the overall interests of society. The financing system relies on the most developed capital market in the world and the fruitful intervention mechanism of the US government. It gives full play to the dual role of market regulation and policy intervention in the process of the revival of small businesses, and satisfies the needs of American small businesses, especially high-tech and high-growth small businesses. Therefore, the United States has developed a financing system paradigm that can better solve the financing difficulties of small enterprises. This study attempts to dig out the beneficial enlightenment for the construction of the financing system of small and medium-sized enterprises in China from the experience of the construction of the financing system of small and medium-sized enterprises in the United States, with a view to effectively alleviating the financing difficulties of small and medium-sized enterprises in China. The nature of financing rights and interests divides the financing channels of SMEs. On this basis, the financing system of SMEs is constructed. The financing system of SMEs is divided into debt financing system and equity financing system. Then, using the method of empirical analysis, starting with the debt financing system and equity financing system of small and medium-sized enterprises in the United States, according to the basic ways to overcome the three problems of asymmetric financing information, high transaction costs and market failure, this paper adopts the trend analysis method, comparative analysis method, and concludes. By using the method of structural analysis, this paper analyzes the operation mechanism and financing effect of different financing modes or policy interventions under the financing system of small enterprises in the United States, focusing on the innovation, improvement and adjustment to overcome the three problems. Finally, based on the research results of the financing system of small enterprises in the United States, this paper combines with the financing of small and medium enterprises in China. The practical situation of the system construction, respectively, from three aspects of China's SMEs, SME investors, the government to extract a series of enlightenments for China's SME financing system construction. We should actively cooperate with small and medium-sized enterprises investors to collect the information they need for financing decisions. Third, we should actively strive for government support for small and medium-sized enterprises in financing policies. The enlightenment to investors of small and medium-sized enterprises in China is to improve the operational efficiency of the relational financing mechanism and adopt positive means to overcome the problems of information asymmetry and high transaction costs. The second is to transform the small and medium-sized enterprises into enterprises. The third is to improve their professional quality and investment management ability, reduce decision-making errors, and reduce the operating costs of the financing mechanism; the fourth is to ensure that investment behavior in line with the operation of the small and medium-sized enterprise financing market, timely strengthen investment risk management, and improve the efficiency of information collection and transmission. The enlightenment to the Chinese government is as follows: firstly, in terms of policy intervention mechanism, the Chinese government should further improve the legal and regulatory system of assistance and support for SMEs, construct the government management institution of SMEs in an all-round way, plan the financing policy intervention mechanism for SMEs according to the degree of market failure; secondly, finance SMEs. As for the institutional arrangement of the capital system, the Chinese government should construct an incentive-based lending model for small and medium-sized commercial banks; cultivate a moderate high-yield bond market for high-growth SMEs; guide private capital to build a specialized angel capital financing market; and support venture capital institutions to develop a market-oriented market. Venture capital financing market, we should gradually build multi-channel, multi-level stock trading market.
【学位授予单位】：东北师范大学
【学位级别】：博士
【学位授予年份】：2017
【分类号】：F279.712;F275
，
本文编号：2242940
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