發(fā)布時(shí)間：2018-04-25 15:03

  本文選題：中小企業(yè) + 融資方式��； 參考：《安徽大學(xué)》2014年碩士論文

【摘要】：中小企業(yè)被譽(yù)為國(guó)民經(jīng)濟(jì)的“脊梁”,對(duì)于正處于經(jīng)濟(jì)轉(zhuǎn)型、產(chǎn)業(yè)結(jié)構(gòu)調(diào)整時(shí)期的中國(guó)來(lái)說(shuō),充分發(fā)揮中小企業(yè)吸收就業(yè)、調(diào)整產(chǎn)業(yè)結(jié)構(gòu)和推動(dòng)科技創(chuàng)新的作用尤為重要。然而受中小企業(yè)自身實(shí)力不足等因素影響,融資難一直是制約中小企業(yè)發(fā)展的瓶頸。相比于中小企業(yè)為國(guó)民經(jīng)濟(jì)發(fā)展所做的巨大貢獻(xiàn),中小企業(yè)在融資方面卻沒(méi)有得到相應(yīng)的回報(bào)。 多年來(lái),國(guó)內(nèi)學(xué)者為破解中小企業(yè)的融資難題進(jìn)行了大量研究,并將中小企業(yè)融資難的主要原因歸結(jié)為中小企業(yè)自身實(shí)力弱、銀行貸款存在偏好以及擔(dān)保機(jī)制不健全。筆者對(duì)來(lái)安縣調(diào)研數(shù)據(jù)的分析結(jié)果也支持了以往學(xué)者對(duì)中小企業(yè)融資難原因的研究結(jié)論。但考慮到當(dāng)前中小企業(yè)主要通過(guò)間接融資渠道籌集資金,融資難的主要表現(xiàn)是外部資金支持無(wú)法滿足中小企業(yè)的資金需求,因而筆者將現(xiàn)階段導(dǎo)致我國(guó)中小企業(yè)融資難的核心原因歸結(jié)為“信息收集難、成本控制難、風(fēng)險(xiǎn)防范難”。 在傳統(tǒng)融資方式下,受中小企業(yè)自身實(shí)力的影響,內(nèi)源融資不足,間接融資難以獲得；受資本市場(chǎng)不完善的影響,中小企業(yè)直接融資渠道門(mén)檻過(guò)高。因而傳統(tǒng)融資方式無(wú)法滿足中小企業(yè)融資的需要,也無(wú)法解決“信息收集難、成本控制難、風(fēng)險(xiǎn)防范難”的問(wèn)題。在這種情況下,對(duì)新型融資方式的研究顯得尤為必要。 本文選取我國(guó)近年來(lái)出現(xiàn)的主要新型融資方式進(jìn)行分析和比較,通過(guò)詳細(xì)的分析后發(fā)現(xiàn)各融資方式在解決中小企業(yè)融資難方面都具有自身的優(yōu)勢(shì),但也有特定的適用范圍。相比而言,互聯(lián)網(wǎng)融資、供應(yīng)鏈融資與選擇權(quán)貸款三種新型融資方式對(duì)解決現(xiàn)階段制約我國(guó)中小企業(yè)融資的障礙具有一定的優(yōu)勢(shì)。其中,互聯(lián)網(wǎng)融資憑借大數(shù)據(jù)優(yōu)勢(shì)和云計(jì)算能力降低了借款者與貸款者之間的信息不對(duì)稱,同時(shí)降低了單筆貸款的成本；供應(yīng)鏈融資使商業(yè)銀行依靠產(chǎn)業(yè)鏈條中的核心企業(yè)以及物流公司更加全面的掌握與中小企業(yè)相關(guān)的經(jīng)營(yíng)信息,降低了貸款風(fēng)險(xiǎn)；選擇權(quán)貸款則通過(guò)“銀行+PE”的模式使商業(yè)銀行突破了禁止混業(yè)經(jīng)營(yíng)的限制,讓商業(yè)銀行有機(jī)會(huì)分享中小企業(yè)上市后的溢價(jià)收益,實(shí)現(xiàn)了商業(yè)銀行貸款風(fēng)險(xiǎn)與貸款收益之間的匹配。 相對(duì)于傳統(tǒng)融資方式,新型融資方式在解決中小企業(yè)融資難問(wèn)題上具有明顯的比較優(yōu)勢(shì),所以在實(shí)際中推廣新型融資方式是很有價(jià)值的。但目前我國(guó)存在一些限制新型融資方式發(fā)展的因素,而這需要政府、金融機(jī)構(gòu)、中小企業(yè)之間的協(xié)同努力,從而推動(dòng)我國(guó)中小企業(yè)新型融資方式的不斷發(fā)展,使中小企業(yè)融資難題得到有效解決。
[Abstract]:Small and medium-sized enterprises are regarded as the backbone of the national economy. For China, which is in the period of economic transformation and industrial structure adjustment, it is particularly important to give full play to the role of small and medium-sized enterprises in absorbing employment, adjusting industrial structure and promoting scientific and technological innovation. However, due to the lack of SMEs' own strength, financing difficulties have been the bottleneck restricting the development of SMEs. Compared with the great contribution made by SMEs to the development of national economy, SMEs have not received a corresponding return on financing. Over the years, domestic scholars have done a lot of research to solve the financing problems of SMEs, and the main reasons of SMEs' financing difficulties are the weakness of SMEs' own strength, the existence of bank loan preference and the imperfect guarantee mechanism. The author's analysis of the data of Lai'an County also supports the previous research conclusions on the causes of SMEs financing difficulties. However, considering that at present small and medium-sized enterprises mainly raise funds through indirect financing channels, the main manifestation of financing difficulties is that external financial support cannot meet the financial needs of small and medium-sized enterprises, Therefore, the author puts forward the core causes of financing difficulties for SMEs in our country at this stage: "difficulty in collecting information, difficulty in cost control and difficulty in preventing risks". Under the traditional mode of financing, due to the influence of SMEs' own strength, the internal financing is insufficient, the indirect financing is difficult to obtain; under the influence of the imperfect capital market, the threshold of direct financing channels for SMEs is too high. Therefore, the traditional financing methods can not meet the needs of SMEs' financing, nor can they solve the problems of "difficult to collect information, difficult to control costs and difficult to prevent risks". In this case, the study of new financing is particularly necessary. This paper analyzes and compares the main new financing methods in China in recent years, and finds that each financing method has its own advantages in solving the financing difficulties of small and medium-sized enterprises, but also has a specific scope of application. In contrast, Internet financing, supply chain financing and option loan are three new financing methods, which have some advantages in solving the obstacles that restrict the financing of small and medium-sized enterprises in China at this stage. Among them, Internet financing with the advantage of big data and cloud computing ability to reduce the information asymmetry between borrowers and borrowers, while reducing the cost of a single loan; Supply chain financing enables commercial banks to rely on the core enterprises and logistics companies in the industrial chain to master more comprehensive management information related to small and medium-sized enterprises and reduce the risk of loans. On the other hand, through the "bank PE" model, option loans have allowed commercial banks to break through the ban on mixed operations and give commercial banks the opportunity to share the premium gains after the listing of small and medium-sized enterprises. The matching between loan risk and loan income of commercial bank is realized. Compared with the traditional financing methods, the new financing methods have obvious comparative advantages in solving the financing difficulties of small and medium-sized enterprises, so it is very valuable to promote the new financing methods in practice. However, there are some factors restricting the development of new financing methods in our country, and this requires the concerted efforts of the government, financial institutions and small and medium-sized enterprises to promote the continuous development of new financing methods for small and medium-sized enterprises in our country. Small and medium-sized enterprises financing problems to be effectively resolved.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F276.3;F275

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