本文關鍵詞： 中小企業(yè) 融資成本 影響因素 應對策略　出處：《華東師范大學》2015年碩士論文　論文類型：學位論文

【摘要】：中小企業(yè)在我國的經(jīng)濟發(fā)展中占據(jù)著重要的地位,其不僅在數(shù)量上達到全國企業(yè)總數(shù)的99%以上,而且在促進經(jīng)濟增長、解決勞動力就業(yè)等方面,也發(fā)揮著不容忽視的作用。然而,中小企業(yè)在經(jīng)營發(fā)展的過程中面臨著非常多的問題,尤其是居高不下的融資成本問題一直以來都沒有得到有效的解決,成為制約中小企業(yè)發(fā)展的重要障礙,同時也對國民經(jīng)濟的發(fā)展產(chǎn)生不良影響。本文采用理論分析與經(jīng)驗研究、定性分析與定量研究相結合的研究方法,首先對企業(yè)融資成本的相關理論進行了回顧,以期望從中獲得解決我國中小企業(yè)融資問題的啟示。然后從融資渠道、融資成本入手,對我國當前中小企業(yè)的融資現(xiàn)狀進行了分析,探討造成當前中小企業(yè)高融資成本的結構性原因,并在此基礎上,從經(jīng)濟體制、金融體系以及中小企業(yè)自身等方面提出降低我國中小企業(yè)高融資成本的對策和建議。通過本文的研究發(fā)現(xiàn),在外源融資中,我國中小企業(yè)主要通過直接融資和間接融資獲得企業(yè)發(fā)展所需資金,當前我國眾多的中小企業(yè)50%以上的資金來源于自有資金,然后是銀行信貸、民間借貸,股權融資只是占了很小的一部分。因此,在信息不對稱的情況下,我國中小企業(yè)主要是按照內源融資、銀行貸款、民間借貸、股權融資、債券融資的次序進行融資的。我國中小企業(yè)需支付的融資成本種類繁多,主要可分為顯性成本和隱性成本。在顯性成本中,直接融資和間接融資均包含兩方面的成本,即資金獲得時的成本,如承銷費用、保薦費用、抵押費用、評估費用等,以及資金使用時的成本,如現(xiàn)金股利、債券利息、貸款利息等。隱性成本主要包括代理成本、財務危機成本、“人情費”等其他隱性成本。本文通過對融資成本的研究發(fā)現(xiàn),直接融資成本一般要高于間接融資成本,資金使用時的成本要高于資金獲得時的成本,且與大型企業(yè)相比,中小企業(yè)的融資成本金額更高,種類更復雜。具體來看,在股權融資成本中,付現(xiàn)成本很低,普遍低于1%,而留存收益成本比較高,平均水平在15%左右；在股票的發(fā)行費用中,承銷費用占據(jù)著非常大的比重,其次是保薦費用,二者占整個融資費用的比重達到了將近90%。債權融資成本相對較低,為4.5%左右,其中銀行貸款中,抵押貸款的融資成本最高,為10%左右,信用貸款的成本最低,為7%左右。針對中小企業(yè)高融資成本的原因,本文認為可以從宏觀和微觀兩方面進行考慮。宏觀方面原因主要是當前經(jīng)濟轉型的大環(huán)境下所產(chǎn)生的擠出效應以及政府預算軟約束的存在,同時金融市場的門檻限制以及金融機構的所有制歧視也限制了中小企業(yè)的融資渠道,提高了其融資成本。微觀方面原因主要是由于中小企業(yè)自身素質低,即資產(chǎn)規(guī)模小、經(jīng)營風險大、成長性高,而企業(yè)治理問題中的股權集中、信息披露質量差,也是導致中小企業(yè)融資成本高的原因,同時財務方面也存在很大問題,表現(xiàn)為財務風險大、盈利能力低等。通過對我國中小企業(yè)高融資成本原因的分析,本文認為可以通過深化經(jīng)濟體制改革,建立與中小企業(yè)相適應的金融體系,以及提高中小企業(yè)核心競爭力等方面來降低我國中小企業(yè)的融資成本。
[Abstract]:Small and medium-sized enterprises occupy an important position in the economic development of our country, which not only in the number of total number of enterprises reached more than 99%, and in promoting economic growth, employment and other aspects, but also play a role can not be ignored. However, the small and medium-sized enterprises are facing a lot of problems in the management development process especially, the high cost of financing problems have not been solved effectively, become an important obstacle for the development of small and medium-sized enterprises, but also have adverse effects on the development of the national economy. This paper uses theoretical analysis and empirical research methods, combining qualitative analysis and quantitative analysis, firstly the related theories of enterprise financing cost reviews, solve the financing problem of SMEs inspiration from which to expect. Then from the financing channel, the financing cost of our current in Analyzes the financing status of small enterprises, to explore the causes of the current structural reasons for the high cost of financing of small and medium-sized enterprises, and on this basis, from the economic system, financial system and small and medium-sized enterprises and other aspects of reducing the high cost of financing of small and medium-sized enterprises in China's countermeasures and suggestions. This study found that, in external financing, I small and medium-sized enterprises mainly through direct and indirect financing to get the capital for development and the large number of SMEs in China more than 50% of the funds from its own funds, then the bank credit and private lending, equity financing accounts for only a very small part. Therefore, in the case of asymmetric information, China's small and medium-sized the enterprise is mainly in accordance with the endogenous financing, bank loans, private lending, equity financing, bond financing order of financing. The financing cost types of small and medium-sized enterprises of our country need to pay various, Can be divided into explicit and implicit costs. The dominant cost, direct and indirect financing includes two aspects of the cost, namely the cost of obtaining funds, such as underwriting fees, sponsorship fees, mortgage fees, assessment fees, and the cost of the use of funds, such as cash dividends, bond interest, loan interest. The hidden costs including agency cost, financial crisis cost, human cost and other hidden costs. Based on the research of the financing cost, direct financing costs are generally higher than the cost of indirect financing, the use of funds when the cost is higher than the cost of obtaining funds, compared with large enterprises, small amount of financing cost the higher, more complex. Specifically, in the cost of equity financing, cash cost is very low, generally less than 1%, while the cost of retained earnings is relatively high, the average is about 15% in stock; Issuance costs, underwriting fees occupies a very large proportion, followed by sponsorship fees, the two accounted for the entire financing costs in the proportion of nearly 90%. of the debt financing cost is relatively low, about 4.5%, including bank loans, mortgage financing cost is the highest, about 10%, the lowest cost for credit. About 7%. The reasons for the high cost of financing of small and medium-sized enterprises, we think we can consider from the macro and micro two aspects. The main reason is the current macro economic transformation of the environment caused by the crowding out effect and the government budget constraint exists at the same time, the ownership discrimination of financial markets and financial institutions but also the threshold limit limit the financing channel of small and medium-sized enterprises, improve their financing costs. The micro reason is mainly because of the small and medium-sized enterprise own quality is low, the small size of assets, operating risks, growth High, but the problems in corporate governance of ownership concentration, the poor quality of information disclosure, but also cause high cost of SME financing, and financial aspects there is a big problem, for financial risk, low profitability. Through the analysis of the high cost of financing of small and medium-sized enterprises of our country the reasons, this paper considers that the deepening of economic system the reform, establish and adapt to the small and medium-sized enterprise financial system, and improve the core competitiveness of small and medium-sized enterprises to reduce the cost of financing of small and medium-sized enterprises in China.

【學位授予單位】：華東師范大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F276.3;F832.4

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