【摘要】：作為我國金融體系的重要補(bǔ)充部分,民間融資在解決中小微型企業(yè)資金需求方面發(fā)揮著不可或缺的中堅(jiān)力量,對(duì)優(yōu)化社會(huì)融資結(jié)構(gòu)、提高資金使用效率和促進(jìn)地方經(jīng)濟(jì)發(fā)展等方面均有顯著的推進(jìn)作用。然而,由于監(jiān)管及引導(dǎo)措施的缺位,順應(yīng)供需雙方利益訴求自發(fā)生成的民間融資活動(dòng)呈現(xiàn)出隱蔽性、自發(fā)性、隨意性等特點(diǎn),經(jīng)常與非法集資、金融詐騙等犯罪案件粘連。當(dāng)前發(fā)生在浙江、鄂爾多斯等地的民間融資亂象,充分揭示其高風(fēng)險(xiǎn)、涉及面廣、容易引發(fā)群體事件的弊端,資金鏈斷裂后容易引發(fā)社會(huì)動(dòng)蕩及金融巨震。如何引導(dǎo)民間融資發(fā)展提高運(yùn)作效能已然成為社會(huì)各方關(guān)注的焦點(diǎn),也是學(xué)術(shù)界和實(shí)務(wù)界亟待解決的重要課題。本文在此背景下,以博弈論、制度經(jīng)濟(jì)學(xué)等相關(guān)理論為基礎(chǔ),分析民間融資市場內(nèi)在運(yùn)作機(jī)理及影響參與方行為決策的關(guān)鍵因素所在,探尋政府引導(dǎo)民間融資的切入點(diǎn),并構(gòu)建結(jié)構(gòu)方程模型進(jìn)行驗(yàn)證,進(jìn)而設(shè)計(jì)出一套解決民間融資問題的有效方案。論文的主要工作如下:首先論文深入剖析了政府建立民間融資引導(dǎo)機(jī)制的理論和現(xiàn)實(shí)依據(jù),指出民間融資活動(dòng)日益升溫是由我國金融抑制政策、正規(guī)金融機(jī)構(gòu)信貸配給和需求方主觀選擇三方面共同作用而形成,其存在和發(fā)展是必然且不可逆轉(zhuǎn)的。另外,民間融資帶來的經(jīng)濟(jì)效益也驅(qū)使政府對(duì)其進(jìn)行引導(dǎo)、疏通。其次,論文對(duì)國內(nèi)規(guī)范民間融資具體做法進(jìn)行描述和評(píng)價(jià),指出其創(chuàng)新及不足之處,并通過建立博弈模型研究參與各方行為路徑,根據(jù)民間融資市場內(nèi)在運(yùn)作機(jī)理找出引導(dǎo)模式搭建的切入點(diǎn)。第三,本文以中小微型企業(yè)相對(duì)集中、民間融資廣泛活躍的珠三角地區(qū)作為研究對(duì)象,通過向中山市24個(gè)鎮(zhèn)區(qū)發(fā)放問卷調(diào)查的形式進(jìn)行數(shù)據(jù)收集工作,構(gòu)建結(jié)構(gòu)方程模型檢驗(yàn)政府的政策支持、法律保障及信息平臺(tái)建設(shè)對(duì)民間融資市場的支持效應(yīng)。最后,在借鑒相關(guān)實(shí)踐經(jīng)驗(yàn)基礎(chǔ)上,根據(jù)中山市專業(yè)鎮(zhèn)產(chǎn)業(yè)集聚特點(diǎn),提出構(gòu)建一種以政府引導(dǎo)、市場化運(yùn)作的新型民間融資引導(dǎo)機(jī)制。目前此提議得到了廣東省金融辦的大力支持,已經(jīng)在中山市的小欖和古鎮(zhèn)率先試點(diǎn)進(jìn)行運(yùn)作,對(duì)全國范圍內(nèi)解決民間融資問題及緩解中小微型企業(yè)資金壓力均有一定借鑒意義。
[Abstract]:As an important supplementary part of our financial system, private financing plays an indispensable role in solving the financial needs of small and medium-sized enterprises, and plays an important role in optimizing the social financing structure. Improving the efficiency of the use of funds and promoting local economic development and other aspects have a significant role in promoting. However, due to the absence of supervision and guidance measures, the voluntary private financing activities, which comply with the interests of both sides of supply and demand, show the characteristics of concealment, spontaneity and arbitrariness, and are often associated with criminal cases such as illegal fund-raising, financial fraud and so on. The disorder of folk financing in Zhejiang Ordos and other places at present fully reveals its high risk wide range and easily leads to the malpractice of group events. The breakage of the fund chain can easily lead to social unrest and financial giant earthquake. How to guide the development of private financing to improve the operational efficiency has become the focus of attention of all parties in society, but also an important topic to be solved urgently in academia and practice. Under this background, based on the relevant theories such as game theory and institutional economics, this paper analyzes the internal operating mechanism of the private financing market and the key factors that affect the decision making of the participants' behavior, and explores the breakthrough point for the government to guide the folk financing. A structural equation model is constructed to verify the problem, and a set of effective scheme to solve the problem of private financing is designed. The main work of the paper is as follows: firstly, the paper deeply analyzes the theoretical and practical basis of the government to establish the private financing guidance mechanism, and points out that the increasing increase of private financing activities is the policy of financial suppression in our country. The existence and development of credit rationing of formal financial institutions and subjective choice of the demand side are inevitable and irreversible. In addition, the economic benefits of private financing also drive the government to guide and dredge. Secondly, the paper describes and evaluates the specific practices of regulating folk financing in China, points out its innovation and shortcomings, and studies the behavior path of the parties involved by establishing a game model. According to the internal operating mechanism of private financing market to find out the breakthrough point of guiding model. Third, this paper takes the Pearl River Delta region, which is relatively concentrated in small and medium-sized enterprises and widely active in private financing, as the research object, and carries on the data collection work by issuing questionnaires to 24 townships in Zhongshan City. Construct the structural equation model to test the support effect of government policy, legal guarantee and information platform on private financing market. Finally, on the basis of relevant practical experience and according to the characteristics of industrial agglomeration in Zhongshan City, a new type of folk financing guidance mechanism guided by government and market-oriented operation is put forward. At present, this proposal has been strongly supported by the Guangdong Provincial Financial Office, and it has taken the lead in the pilot operation in Xiaolan and Guzhen in Zhongshan City, which can be used as a reference for solving the problem of private financing and alleviating the pressure on the capital of small and medium-sized microenterprises in the whole country.
【學(xué)位授予單位】：電子科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.4

【參考文獻(xiàn)】

相關(guān)期刊論文 前1條

1 劉建;朱曉林;沈瑋;;農(nóng)村資金互助社運(yùn)作模式初探——以吉林省六家農(nóng)村資金互助社為例[J];農(nóng)村經(jīng)濟(jì)與科技;2009年01期

相關(guān)博士學(xué)位論文 前1條

1 隋振Ze;中國風(fēng)險(xiǎn)投資市場發(fā)展中的政府作用研究[D];遼寧大學(xué);2012年

，

本文編號(hào)：2219470