本文選題：民營企業(yè)　切入點(diǎn)：融資困境　出處：《首都經(jīng)濟(jì)貿(mào)易大學(xué)》2014年博士論文　論文類型：學(xué)位論文

【摘要】：改革開放以來，隨著黨中央對市場經(jīng)濟(jì)認(rèn)識的深入，對民營企業(yè)重視程度也不斷提高。尤其是黨的十五大以來，非國有經(jīng)濟(jì)成分成為我國經(jīng)濟(jì)的重要組成部分，而民營企業(yè)正式成為非國有經(jīng)濟(jì)的主要力量；黨的十八大更提出要“毫不動搖鼓勵、支持、引導(dǎo)非公有制經(jīng)濟(jì)發(fā)展，加快發(fā)展民營金融機(jī)構(gòu)”。當(dāng)下，，“克強(qiáng)經(jīng)濟(jì)學(xué)”的提出，雖然短期內(nèi)會造成民營企業(yè)發(fā)展的一些陣痛，但為民營企業(yè)長期發(fā)展指明了方向。目前，民營企業(yè)不僅已經(jīng)成為國民經(jīng)濟(jì)的重要組成部分以及最為活躍的經(jīng)濟(jì)增長點(diǎn)，而且涉及三農(nóng)問題、就業(yè)、社會穩(wěn)定等社會政治問題都離不開民營企業(yè)的穩(wěn)定和發(fā)展。但是，民營企業(yè)的融資環(huán)境卻與其現(xiàn)階段的地位與作用極不相稱，民營企業(yè)融資難題已成為阻礙其發(fā)展的最大“瓶頸”。而依據(jù)制度經(jīng)濟(jì)學(xué)的相關(guān)理論，促進(jìn)經(jīng)濟(jì)的增長與發(fā)展是制度存在的根本目的。一般來說，通過增加或者創(chuàng)新有效的制度可使市場上的交易成本降低，從而達(dá)到“帕累托改進(jìn)”。從理論上講，造成民營企業(yè)融資困境的根本原因在于民企內(nèi)部控制和外部融資市場制度的供需不平衡。具體而言，我國當(dāng)前的經(jīng)濟(jì)金融體制，尤其是作為企業(yè)主要渠道的商業(yè)銀行信貸體制對于國有企業(yè)、民營企業(yè)存在制度安排上的不合理，這是造成民營企業(yè)融資困境的主要原因。上述問題納入不同經(jīng)濟(jì)周期階段則有更大的研究價(jià)值。一方面，民營企業(yè)相對缺少國家戰(zhàn)略發(fā)展指導(dǎo)，經(jīng)濟(jì)上行時盲目擴(kuò)張，缺少經(jīng)濟(jì)下行時的準(zhǔn)備，成為國家治理通貨膨脹的受害者和犧牲品；經(jīng)濟(jì)危機(jī)中，容易出現(xiàn)信用危機(jī)，難以從金融機(jī)構(gòu)融資。另一方面，作為中國最主要的資金提供者——商業(yè)銀行，尤其是國有商業(yè)銀行，出于安全性及交易費(fèi)用等方面的考慮，必然對民營企業(yè)實(shí)行嚴(yán)格的審批貸款政策。此外，近年來連續(xù)經(jīng)歷國際經(jīng)濟(jì)危機(jī)的沖擊、民營企業(yè)先天的不足、央行貸款額度的限制、內(nèi)部審核機(jī)制的約束都導(dǎo)致了商業(yè)銀行對于民營企業(yè)融資容易形成順經(jīng)濟(jì)周期信貸政策，難以滿足民營企業(yè)發(fā)展需求。 本文利用制度經(jīng)濟(jì)學(xué)理論，通過考察我國民營企業(yè)現(xiàn)有融資體系的狀況，并結(jié)合經(jīng)濟(jì)周期中民營企業(yè)融資困境及商業(yè)銀行信貸政策，探討了我國民營企業(yè)融資中出現(xiàn)的諸多供給不均衡問題，最后提出要從制度上解決問題，建立起一個適合我國民營企業(yè)發(fā)展的、符合我國國情的民營企業(yè)融資體系，并著重討論商業(yè)銀行在這個體系中的作用，同時建議政府需要采取的措施。 本文的主要研究內(nèi)容可以分為以下幾部分：（1）闡述了本文選題的背景及意義，并重點(diǎn)梳理了目前諸多國內(nèi)外學(xué)者對我國民營企業(yè)（或中小企業(yè)）融資難的癥結(jié)及融資渠道選擇等方面做的定性及定量研究；（2）對我國民營企業(yè)性質(zhì)進(jìn)行界定，分析其歷史發(fā)展情況，并通過相關(guān)數(shù)據(jù)分析說明在我國經(jīng)濟(jì)、就業(yè)、社會穩(wěn)定等方面的重要性，尤其是在經(jīng)濟(jì)周期不同時期上述指標(biāo)的變化；（3）詳細(xì)闡述了西方關(guān)于企業(yè)融資結(jié)構(gòu)的相關(guān)理論；（4）對我國民營企業(yè)融資方式及渠道的歷史現(xiàn)狀進(jìn)行全面的總結(jié)，具體、全面的分析民營企業(yè)發(fā)展中存在的主要困難和問題，并總結(jié)民營企業(yè)融資困境的具體原因；（5）介紹了改革開放以來我國經(jīng)濟(jì)周期的劃分及特點(diǎn)，利用相關(guān)指標(biāo)數(shù)據(jù)就經(jīng)濟(jì)周期與民營企業(yè)融資之間的關(guān)系作了相關(guān)性分析與檢驗(yàn)，并總結(jié)出經(jīng)濟(jì)周期中我國民營企業(yè)銀行信貸融資的具體特征；（6）對總體中的個體進(jìn)行分析，以我國房地產(chǎn)民營企業(yè)為代表，總結(jié)房地產(chǎn)經(jīng)濟(jì)周期中民營企業(yè)融資特別是商業(yè)銀行的信貸支持等相關(guān)問題；（7）介紹不同發(fā)達(dá)國家支持民營企業(yè)融資的方式與經(jīng)驗(yàn)，并對發(fā)達(dá)國家及地區(qū)民營企業(yè)融資和經(jīng)濟(jì)周期關(guān)系作實(shí)證檢驗(yàn)，在此基礎(chǔ)上以美國為例分析經(jīng)濟(jì)周期中發(fā)達(dá)國家金融支持民營企業(yè)的政策效果及啟示；（8）利用制度經(jīng)濟(jì)學(xué)理論提出解決民營企業(yè)在經(jīng)濟(jì)周期中融資問題的對策以及商業(yè)銀行金融支持的相關(guān)建議。
[Abstract]:Since the reform and opening up, with the Party Central Committee on the deepening of the market economy, the importance of private enterprises is also increasing. Especially since the 15th Party Congress, the non state-owned economy has become an important component part of China's economy, while the private enterprises became the main force of non state-owned economy; the eighteen Party's proposed "no more unswervingly encourage, support and guide non-public economic development, accelerate the development of private financial institutions." now, "the Keqiang economics", although some of the pain will result in the development of private enterprises in the short term, but for private enterprises long-term development direction. At present, the private enterprise has not only become an important part of the national economy and the most active economic growth point, but also involves the issues of agriculture, employment, social stability, social and political problems cannot do without the stability and development of private enterprises. However, the people Does not match the status and role of private enterprises financing environment has its present stage, the financing problems of private enterprises has become the biggest "bottleneck" to hinder its development. According to the theory of institutional economics, promote economic growth and development is the fundamental purpose of the system's existence. In general, through reducing the transaction cost on the market the system can effectively increase or innovation, so as to achieve the "Pareto improvement". Theoretically, due to the financing difficulties of private enterprises and private enterprises the basic reason lies in the internal control and external financing market system is not balanced. In particular, China's current economic and financial system, especially as the main channel of the enterprise credit system for the state-owned enterprises, private enterprises are the institutional arrangements are not reasonable, this is the main reason causing the financing difficulties of private enterprises. These problems included with the The economic cycle stage has more research value. On the one hand, the relative lack of national strategy to guide the development of private enterprises, the economy when the blind expansion, the lack of economic downturn to become the victim of national governance inflation; economic crisis, credit crisis prone, difficult financing from financial institutions. On the other hand Chinese, as the main providers of funds of commercial banks, especially state-owned commercial banks, for security and transaction costs and other considerations, must implement loan approval policy strictly for private enterprises. In addition, in recent years through the impact of the international financial crisis, private enterprises lack of innate, central bank loan amount limit the internal audit mechanism, the constraints have led to commercial banks for the financing of private enterprises is easy to form a cyclical credit policy, it is difficult to meet the development of private enterprises Demand.
In this paper, using the theory of institutional economics, through the investigation of the existing financing system of private enterprises in China, and combined with the financing difficulties of private enterprises in the economic cycle and commercial bank credit policy, explores the supply of China's private enterprises financing problem of unbalanced, and finally put forward to solve the problem from the system, establish a suitable development the private enterprises in our country, the financing system of private enterprises in line with China's national conditions, and discuss the role of commercial banks in the system, at the same time that the government needs to take measures.
The main contents of this paper can be divided into the following parts: (1) describes the background and significance of the topic, and focus on the many domestic and foreign scholars on China's private enterprises (or SMEs) of qualitative and quantitative research of financing stage and the financing channels etc.; (2) to the definition of private enterprises in our country, analyzing its historical development, and employment in the economy of our country, through data analysis, the importance of social stability, especially changes in the economic cycle in different periods of the index; (3) describes the western theories about enterprise financing structure; (4) a comprehensive summary of the history, status quo of private enterprises financing in China and the specific channel, a comprehensive analysis of the development of the private enterprises in the main difficulties and problems, and summarizes the specific original private enterprises financing difficulties 鍥狅紱(5)浠嬬粛浜嗘敼闈╁紑鏀句互鏉ユ垜鍥界粡嫻庡懆鏈熺殑鍒掑垎鍙?qiáng)鐗圭?

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