我国中小企业信贷融资约束因素及作用机制研究

发布时间：2018-03-17 20:11

本文选题：中小企业　切入点：信贷约束　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：中小企业作为国民经济重要组成部分,在中国经济发展中起到了十分重要的作用。但因为受到我国市场经济体制不完善及中小企业规模小、经营风险大、信用等级低等因素影响,中小企业一直受到融资难的困扰。根据调查,中小企业融资方式中,直接融资仅占到2%,其外部融资方式主要依赖商业银行间接融资,自我积累与民间借贷等融资方式。而银行信贷融资作为中小企业外部融资的最重要的渠道,无疑成为解决中小企业融资难的突破口。相关职能部门已经开始寻找各种解决中小企业信贷能力不足的方法和措施。因此找到中小企业信贷融资约束因素对政府融资政策的制定和中小企业融资能力的提高具有重要的理论和实践意义。国内学者对于中小企业信贷融资能力不足的原因有着不同角度的研究,许多理论成果已经有了共识。但是综合各种中小企业信贷约束因素的实证研究却较为缺乏。为弥补现有研究中出现的不足,本文用实证的方法对中小企业信贷融资约束因子进行分析,并进行其作用机制研究。实证研究表明,中小企业信贷融资能力除了受到其资产规模小,经营风险相对较大等共有特征因素的影响,也受外部宏观环境以及各个中小企业特有因素的影响。通过整理中小板上市公司数据,发现中小企业信贷融资受到所处行业及地区的影响。其中固定资产投入高的行业,较易获得银行贷款。金融市场越发达,银行间竞争越激烈的地区,中小企业可选择的融资方式越多,信贷融资比例反而没有一些欠金融市场发达地区高。通过用回归分析方法对中小板上市公司数据分析,发现相对于其他制约因素,中小企业信贷融资能力更加容易受到货币供应量和资产负债比的影响。通过对实证结果的分析得出,利用银企长期合作关系产生软信息的关系型借贷关系并没有在中小企业信贷融资中得到普及。中小企业依然依赖以固定资产为抵押担保的贷款进行融资。因此要提升中小企业信贷能力,必须政府、银行以及中小企业三方共同努力。本文内容主要分三部分,第一部分是第一章和第二章,主要进行了选题原因的阐述、文献的整理综述及相关概念的定义。第二部分是第三章到第四章,主要进行了融资约束的影响因子的分析及构建模型进行实证分析,并进一步深入探讨其背后的成因与机制。第三部分,本文的基本结论与针对结论的对策建议。
[Abstract]:Small and medium-sized enterprises is an important part of the national economy, in China economic development plays a very important role. But because of China's market economic system is not perfect and the small and medium-sized enterprises in small scale, high management risk, affect the credit rating of small and medium-sized enterprises have been affected by other factors, financing difficult problems. According to the survey, the financing way of small and medium sized in the enterprise, direct financing accounted for only 2% of its external financing, mainly rely on indirect financing of commercial banks, self accumulation and private lending and other financing and bank credit financing is the most important external financing channels of small and medium-sized enterprises, will undoubtedly become a breakthrough in solving the financing difficulty of small and medium-sized enterprises. The relevant departments have already started looking for a variety of solutions and the measures of credit ability of small and medium enterprises lack. Therefore the credit financing of small and medium-sized enterprises to find the factors for government finance policy formulation and the small and medium sized enterprises The improvement of financing capacity has important theoretical and practical significance.
The reason of domestic scholars credit for small and medium-sized enterprises financing difficulties have different perspectives, many theoretical results have a consensus. But an empirical study on various SME credit constraints are scarce. In order to make up for the lack of existing research, this paper use the empirical method of SMEs credit financing constraint factor analysis and Research on its mechanism. The empirical study shows that the credit financing capacity of small and medium enterprises in addition to the small size of assets, business risk is relatively large and there are characteristic factors, but also affected by the external macro environment of small and medium-sized enterprises and various specific factors. Through the data of the listed companies in small and medium plate finishing, found that small and medium-sized enterprises credit financing by the impact of industry and region. The fixed assets investment in industries with high, is easy to obtain bank loans. Financial markets more than The more intense competition between banks, the area, the number of small and medium-sized enterprises can choose the mode of financing, credit financing ratio instead of some of the less developed financial market area. By means of the SME board listed companies data analysis using regression analysis, found that compared with other factors, credit financing capacity of small and medium enterprises more vulnerable to the impact of money supply and asset debt ratio. Through the empirical analysis of the results obtained by the bank, long-term cooperative relations have soft information relationship lending relationship and have not gained popularity in the credit financing of small and medium-sized enterprises. Small and medium enterprises still rely on fixed assets as collateral for loans financing. So to enhance the ability of small and medium-sized enterprises to credit, government, bank small and medium enterprises as well as the joint efforts of the three parties.
This paper consists of three parts, the first part is the first chapter and the second chapter, the main topic of literature review, definitions of collation and related concepts. The second part is the third chapter to the fourth chapter, mainly analyzes the influencing factors of financing constraints and constructs the model for empirical analysis, and further to explore the causes and mechanism behind it. The third part, the basic conclusion of this paper is the conclusion and suggestions.

【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F276.3;F832.4

【参考文献】