本文選題：小微企業(yè)　切入點：風(fēng)險　出處：《吉林大學(xué)》2013年博士論文　論文類型：學(xué)位論文

【摘要】：小微企業(yè)在我國經(jīng)濟社會中具有特殊的重要地位，對增加就業(yè)、活躍市場、改善民生、促進經(jīng)濟結(jié)構(gòu)調(diào)整發(fā)揮著不可替代的作用�，F(xiàn)在全國輿論都在呼吁解決小微企業(yè)融資難的問題。論文深入分析小微企業(yè)融資障礙的成因和解決方式。小微企業(yè)通常人員數(shù)量不多，資產(chǎn)規(guī)模比較小，其經(jīng)營場所和設(shè)備等固定資產(chǎn)主要是以租賃或租構(gòu)方式獲得，固定資產(chǎn)所占總資產(chǎn)比重較低，因此其難以通過銀行等正規(guī)渠道獲得信貸和其他的財政支持。小微企業(yè)的核心競爭力往往表現(xiàn)為知識產(chǎn)權(quán)和品牌價值等無形資產(chǎn)，可用于抵押的固定資產(chǎn)相對較少。大多數(shù)小微企業(yè)處于競爭程度較高的行業(yè)，因而易受市場環(huán)境、國家政策以及經(jīng)濟周期波動影響，抵御風(fēng)險能力較弱。 解決小微企業(yè)融資難必須解決好政府扶持與市場原則之間的關(guān)系，統(tǒng)籌兼顧小微企業(yè)的社會功能和經(jīng)濟功能。目前很多人主張把小微企業(yè)融資難與社會穩(wěn)定、擴大就業(yè)相聯(lián)系，過分強調(diào)其社會功能而忽略其經(jīng)濟功能，解決方案是財政出資或銀行低利貸款，要么是增加財政專項補助基金，要么是稅收給予優(yōu)惠，再就是強調(diào)銀行提供低利率貸款。但實踐證明，依靠財政出資滿足大多數(shù)小微企業(yè)融資需求是脫離現(xiàn)實的；畢竟財政資金有限，而且其他方面財政剛性支出很多，稅收優(yōu)惠的幅度也有限。商業(yè)銀行對小微企業(yè)的貸款面臨高交易成本和高風(fēng)險，依靠低利率在虧損條件下提供貸款是不可持續(xù)的。這樣分析并不是否定政府扶持的作用，實際上論文第9章從配套角度也提出有關(guān)建議。但這不是解決小微企業(yè)融資的根本思路，政府扶持只能是有限的和輔助性的，解決小微企業(yè)融資難的根本思路是市場原則。 銀行在實際操作中，針對小微企業(yè)的貸款方式基本是抵押貸款或擔(dān)保貸款。一些小微企業(yè)由于缺乏有效資產(chǎn)作為抵押，，即使具有增長潛力，也無法得到銀行貸款。大部分小微企業(yè)對貸款的金額、時間、利率的關(guān)切度比較而言講，利率是不太敏感，他們最需要的是及時、方便地獲得資金。商業(yè)銀行應(yīng)當(dāng)針對小微企業(yè)的具體情況進行定性，根據(jù)性質(zhì)確定融資方式和渠道。 由于小微企業(yè)內(nèi)部組織結(jié)構(gòu)的簡單化，企業(yè)家的個人魅力在維系小微企業(yè)管理穩(wěn)定中發(fā)揮著更為關(guān)鍵的作用。企業(yè)家一方面利用個人的才能敏銳地發(fā)現(xiàn)并創(chuàng)造市場，并積極應(yīng)對市場的不確定性，另一方面憑借個人的能力和品質(zhì)建立起一種分等級的人際關(guān)系結(jié)構(gòu)，這是小微企業(yè)靈活變通、管理和生產(chǎn)成本低等一切優(yōu)點的“起源”。 論文在第7章深入分析關(guān)系型融資，這對小微企業(yè)特別重要。小微企業(yè)關(guān)系型融資的關(guān)鍵在于銀行與企業(yè)的長期合作中收集的“軟信息”，而“軟信息”由于不易觀察、證實和傳輸，相比可觀察、證實和傳輸?shù)摹坝残畔ⅰ眰鬟f成本過高，因此關(guān)系型貸款的決策權(quán)需要下放給掌握“軟信息”的信貸員或基層經(jīng)理。軟信息的生產(chǎn)一個是來源于企業(yè)經(jīng)營中非財務(wù)信息和非標(biāo)準(zhǔn)化信息，是對經(jīng)營者信用度，借款人和主要股東的品行以及還款能力等進行分析。急需貸款的小微企業(yè)經(jīng)營者可以按照這些標(biāo)準(zhǔn)努力，不斷提高企業(yè)獲貸能力。 此外還可以從小微企業(yè)所在的行業(yè)關(guān)聯(lián)和行業(yè)協(xié)會進行分析。第5章探討了從供應(yīng)鏈融資解決小微企業(yè)融資難的問題。供應(yīng)鏈融資模式跳出了單個企業(yè)的傳統(tǒng)局限，站在產(chǎn)業(yè)供應(yīng)鏈的全局和高度，提供滿足小微企業(yè)的金融產(chǎn)品。第六章則是分析商業(yè)銀行依托行業(yè)協(xié)會對小微企業(yè)融資問題。 商業(yè)銀行是解決小微企業(yè)融資難的主導(dǎo)力量，但必須還要結(jié)合其他融資渠道。論文第3章內(nèi)源融資和外源融資中存在的問題進行逐一分析，限于篇幅，對民間融資等方式以研究不多。第4章研究的是小微企業(yè)借助資本市場融資問題。通過創(chuàng)業(yè)板較低的準(zhǔn)入門檻，可以使科技型小微企業(yè)能夠有機會進入到資本市場進行融資。論文的第8章分析了小微企業(yè)貸款利率定價問題的重要性，并給出了一個貸款利率定價模型。第9章則從提高自身能力，融資體系的構(gòu)建、差異化政策以及打造優(yōu)良的融資環(huán)境四方面對緩解小微企業(yè)融資困境提出一些可操作性的政策建議。
[Abstract]:Small and micro businesses play an important role in our economy and society, to increase employment, active market, improve people's livelihood, promote the adjustment of economic structure plays an irreplaceable role. Now the national media are urged to solve the financing problem of Small and micro businesses. This paper analyses and solutions of Small and micro businesses financing obstacles the number of staff. Small and micro businesses are usually not much, asset size is relatively small, the business premises and equipment and other fixed assets is the main way to get the rent or lease of fixed assets, the proportion of total assets is relatively low, so it is difficult to pass through banks and other formal channels of access to credit and other financial support. The core competitiveness of small micro enterprises are often manifested as intellectual property and brand value of intangible assets, can be used for fixed asset mortgage is relatively small. Most Small and micro businesses in the highly competitive industry, because of easy Under the influence of market environment, national policy and the fluctuation of economic cycle, the ability to resist risk is weak.
To solve the financing difficulties of Small and micro businesses must solve the relationship between government and market principle, integrated Small and micro businesses of social function and economic function. At present, many people claim that the social stability and difficult to Small and micro businesses financing, expanding employment linked, emphasizing its social function while ignoring its economic function, the solution is finance investment banks or low interest loans, or increase the special subsidy fund, or tax concessions, then stressed banks provide low interest loans. But practice shows that rely on financial investment to meet the most Small and micro businesses financing demand is unrealistic; after all, limited financial capital, and other aspects of fiscal expenditure rigidity many preferential tax the rate is limited. The Commercial Bank of Small and micro businesses loans face high transaction cost and high risk, rely on low interest rates at a loss under the condition of providing loans is not Sustainable. This analysis is not to deny the role of government support, in fact the ninth chapter from the supporting angle also put forward relevant suggestions. But this is not the fundamental idea to solve small and micro enterprise financing, government support is only limited and auxiliary, the fundamental ideas to solve the financing difficulties of Small and micro businesses is the market principle.
Banks in the actual operation, the Small and micro businesses loans are mortgage loans or loan guarantees. Some Small and micro businesses due to the lack of effective assets as collateral, even with growth potential, can not get bank loans. Most Small and micro businesses to the loan amount, time, interest rate concerns comparatively speaking, interest rate is not too sensitive, they need to be timely, convenient access to funds. Commercial banks shall conduct qualitative according to the specific conditions of Small and micro businesses, according to determine the nature of the financing methods and channels.
Due to simple Small and micro businesses internal organizational structure, the entrepreneur's personal charm in the maintenance of Small and micro businesses management play a key role. The use of individual entrepreneurs on the one hand to keen to discover and create market, and actively respond to the uncertainty of the market, on the other hand, by virtue of the ability of individuals and establish quality a hierarchical structure of interpersonal relationship, this is Small and micro businesses flexible management, and low production costs, all the advantages of the "origin".
The seventh chapter analyzes the relationship financing, the Small and micro businesses are particularly important. Small and micro businesses relationship financing is the key to the bank and the enterprise long-term cooperation in the collection of "soft information", and "soft information" because is not easy to observe, confirmed and transmission, compared to observation, confirmed and transmission "hard information transfer costs are too high, so the relationship lending decisions need to be delegated to the master" soft information "loan officer or grassroots manager. The production of soft information is derived from a business in the non financial information and non standardized information, the business credit analysis of the borrower, and major shareholders conduct and repayment ability. Small and micro businesses need loans to operators according to these standards, and constantly improve the enterprise credit capacity.
In addition to small and micro enterprises in the industry association and Industry Association were analyzed. The fifth chapter discusses the Small and micro businesses solve the financing problem from the supply chain financing. The mode of supply chain financing out of the traditional limitations of single enterprise, industry stand in the global supply chain and high, and meet the Small and micro businesses financial products. The sixth chapter is the analysis of commercial banks on the Trade Association for the Small and micro businesses financing problems.
The commercial bank is the dominant force to solve financing difficulties Small and micro businesses, but must also be combined with other financing channels. The third chapter of internal financing and external financing problems in the analysis, because of the limited space, on the way to study the folk financing. The fourth chapter is the study of Small and micro businesses with the financing problem of the capital market. The gem low barriers to entry, the science and technology Small and micro businesses to have the opportunity to enter the capital market for financing. The eighth chapter analyzes the importance of the loan interest rate pricing Small and micro businesses, and gives a loan interest rate pricing model. From the ninth chapter to improve their ability of financing system construction. The difference of policy and create excellent financing environment in the face of the Quartet to ease the financing difficulties of Small and micro businesses to put forward some feasible policy recommendations.

【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2013
【分類號】：F275;F276.3

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