非洲中小企業(yè)融資約束因素研究
發(fā)布時(shí)間：2020-12-21 21:44
本文的研究目的是分析和評(píng)估非洲國(guó)家中小企業(yè)的融資政策與環(huán)境,深入探討非洲中小企業(yè)從正式銀行系統(tǒng)取得信貸的約束因素與主要障礙,確定非洲中小企業(yè)比較容易獲得的貸款類型；區(qū)分不同規(guī)模的企業(yè)在融資障礙上的差異；評(píng)估有關(guān)融資約束的決定因素；定量評(píng)價(jià)中小企業(yè)面臨的融資障礙程度；在借鑒中國(guó)中小企業(yè)融資經(jīng)驗(yàn)基礎(chǔ)上,提出如何進(jìn)一步改善非洲中小企業(yè)融資環(huán)境、增強(qiáng)非洲中小企業(yè)的融資效率和效果的有關(guān)政策建議。無(wú)論是發(fā)達(dá)國(guó)家還是發(fā)展中國(guó)家,中小企業(yè)(SMEs)對(duì)于經(jīng)濟(jì)增長(zhǎng)的促進(jìn)作用的重要性已被學(xué)者和政策制定者廣泛接受。中小企業(yè)的融資方式因?qū)?guó)民經(jīng)濟(jì)產(chǎn)生直接的影響而具有十分重要的研究意義。融資手段的組合代表著一個(gè)企業(yè)的財(cái)務(wù)結(jié)構(gòu)。在完全市場(chǎng)中,企業(yè)內(nèi)源性融資和外源性融資融資沒(méi)有差異,他們能夠完美地替換。但在不完全市場(chǎng)中,企業(yè)財(cái)務(wù)結(jié)構(gòu)變得異常重要。一種最佳的資本結(jié)構(gòu)是內(nèi)部融資和外部融資的組合,它可優(yōu)化公司的價(jià)值。因此,怎樣融資或從哪里去融資的問(wèn)題就成為了一個(gè)關(guān)鍵性的決策。中小企業(yè)可以選擇運(yùn)用股權(quán)融資、負(fù)債融資或者同時(shí)選擇這兩種融資方式來(lái)為其業(yè)務(wù)的開(kāi)展籌集資金,并通過(guò)內(nèi)部和外部資金的組合形成最佳資本結(jié)構(gòu)從而優(yōu)化公司價(jià)值...
【文章來(lái)源】：中南大學(xué)湖南省 211工程院校 985工程院校 教育部直屬院校
【文章頁(yè)數(shù)】：229 頁(yè)
【學(xué)位級(jí)別】：博士
【文章目錄】：
ABSTRACT
摘要
DEDICATION
TABLE OF CONTENTS
LIST OF TABLES
LIST OF FIGURES
CHAPTER ONE:INTRODUCTION
1.1 Background
1.2 Statements of the problem and research questions
1.3 Objective of the study
1.4.The methodological framework
1.4.1 Scope of the study
1.4.2 Justification of the study
1.4.3 Investigation techniques
1.4.4 Topic of interest
1.4.5 Limitations of the study
1.5 Structure of work
1.6 Conclusion
CHAPTER TWO:LITERATURE REVIEW
2.1 Introduction
2.2 Capital structure theories
2.2.1 The tax-based theories
2.2.2 The agency cost theories
2.2.3 The Asymmetric information and signaling theories
2.3 The trade-off theory
2.4 Earlier studies on the trade-off theory
2.5 The pecking order theory
2.6 Earlier studies on the pecking order theory
2.7 Empirical studies on capital structure
2.8 Theoretical studies on Small and Medium Enterprises financing
2.9 Empirical studies on Small and Medium Enterprises financing
2.10 Literature review on financing constraints
2.11 Relevance of the literature to Africa
2.11.1 Start-up capital in some African countries
2.11.2 Formal and informal financial market
2.11.3 Financing constraints in Africa
2.12 Conclusion
CHAPTER THREE:RESEARCH ON RELATIONSHIP BETWEEN AFRICANBUSINESS ENVIRONMENT AND SMEs
3.1 An overview of Africa
3.2 African Business Environment
3.2.1 Introduction
3.2.2 Infrastructure:Power and Transport
3.2.3 The Regulatory Environment
3.2.4 Access to finance
3.3 SME in Afica
3.3.1 The Importance of SMEs
3.3.2 Defining SME
3.3.3 General features of the SME sector in Africa
3.3.4 Describing the SME sector in Africa
3.4 Informal micro-enterprises in Africa
3.4.1 The three Schools of Thought on the Informal Sector
3.4.2 Trends in the African informal sector
3.4.3 Characteristics of informal employment
3.4.4 Characteristics of enterprises in the informal sector
3.4.5 Gender dimensions of the African informal sector
3.5 SME alliances,clustering and networking
3.5.1 Alliances
3.5.2 Clustering
3.5.3 Networking
3.5.4 Successful Linkages in Africa
3.6 Conclusion
CHAPTER FOUR:SOURCES OF SMEs FINANCING IN AFRICA
4.1 The financing cycles of SME finance in Africa
4.2 Micro-finance for micro-enterprises
4.2.1 The micro-finance evolution
4.2.2 The general principle of micro-finance
4.2.3 The micro-finance intermediaries
4.2.4 Outreach of micro-finance in Africa
4.2.5 Regulation of micro-finance institutions
4.2.6 Savings
4.3 Financing for small and medium enterprises（SMEs）
4.3.1 SMEs and the formal financial sector
4.3.2 The formal finance intermediaries
4.3.3 Credit guarantee schemes
4.4 New developments in private enterprise financing in Africa
4.4.1 Leasing and renting
4.4.2 Venture capital
4.4.3 The African capital market and stock exchanges
4.5 Financial services and business development services（BDS）
4.5.1 Limits of financial services in Africa
4.5.2 Other non-financial services
4.6 Problems for SME finance in Africa
4.6.1 Micro-finance side
4.6.2 SME finance side
4.6.3 Non-financial assistance side
4.7 Conclusion
CHAPTER FIVE:ENLIGHTENMENT TO AFRICA SME FROM CHINA
5.1 Chinese Financial sectors and firms' financing
5.2 The Chinese private sector
5.3 Formal financing for SMEs
5.3.1 Credit guarantee schemes
5.3.2 Credit rating agencies
5.3.3 Banks' special measures for supporting SMEs
5.3.4 SME board in Shenzhen Stock Exchange
5.4 SME financing by informal finance
5.4.1 China informal financial markets
5.4.2 Informal finance's role for SMEs
5.5 The Demand for Financial Services
5.5.1 The Demand of Microfinance
5.5.2 The Demand of Micro credit
5.5.3 The Countermeasures to Strengthen Financing Services
5.6 Financing constraints and obstacles to SMEs access to Finance
5.7 Chinese investment in Africa
5.8 conclusion
CHAPTER SIX:FINANCING CONSTRAINTS IN SMALL AND MEDIUMENTERPRISES IN AFRICA
6.1 Introduction
6.2 Data and Summary Statistics
6.3 Modeling credit constraints
6.4 The econometric model
6.5 The results
6.6 Conclusions
6.7 Data Appendix
CHAPTER SEVEN:IMPROVING SME ACCESS TO FINANCE IN AFRICA
7.1 Improving the business environment
7.1.1 The information environment
7.1.2 Legal, judicial and bankruptcy environment
7.1.3 Tax, administrative and regulatory environment
7.2 Formal Finance Requirements
7.2.1 SME capacity
7.2.2 Financial instruments to mitigate the risk
7.3 The Financing Institutions
7.3.1 Micro-finance institutions
7.3.2 The formal banking sector
7.3.3 Integrated system for financing SMEs
7.4 Money from outside the Financial Sector
7.4.1 Subcontracting and linkages
7.4.2 Clustering
7.5 Lessons for Africa from Chinese experiences
7.6 Conclusion
CHAPTER EIGHT:CONCLUSIONS,IMPLICATIONS AND RECOMMENDATIONS,AND FUTURE RESEARCH
8.1 Conclusions
8.2 Implications and recommendations
8.3 Future research
REFERENCES
ACKNOWLEDGEMENTS
致謝
【參考文獻(xiàn)】：
期刊論文
[1]中國(guó)中小企業(yè)的融資困難及其結(jié)構(gòu)特征(英文)[J]. 王延中. China & World Economy. 2004(02)
本文編號(hào)：2930556
【文章來(lái)源】：中南大學(xué)湖南省 211工程院校 985工程院校 教育部直屬院校
【文章頁(yè)數(shù)】：229 頁(yè)
【學(xué)位級(jí)別】：博士
【文章目錄】：
ABSTRACT
摘要
DEDICATION
TABLE OF CONTENTS
LIST OF TABLES
LIST OF FIGURES
CHAPTER ONE:INTRODUCTION
1.1 Background
1.2 Statements of the problem and research questions
1.3 Objective of the study
1.4.The methodological framework
1.4.1 Scope of the study
1.4.2 Justification of the study
1.4.3 Investigation techniques
1.4.4 Topic of interest
1.4.5 Limitations of the study
1.5 Structure of work
1.6 Conclusion
CHAPTER TWO:LITERATURE REVIEW
2.1 Introduction
2.2 Capital structure theories
2.2.1 The tax-based theories
2.2.2 The agency cost theories
2.2.3 The Asymmetric information and signaling theories
2.3 The trade-off theory
2.4 Earlier studies on the trade-off theory
2.5 The pecking order theory
2.6 Earlier studies on the pecking order theory
2.7 Empirical studies on capital structure
2.8 Theoretical studies on Small and Medium Enterprises financing
2.9 Empirical studies on Small and Medium Enterprises financing
2.10 Literature review on financing constraints
2.11 Relevance of the literature to Africa
2.11.1 Start-up capital in some African countries
2.11.2 Formal and informal financial market
2.11.3 Financing constraints in Africa
2.12 Conclusion
CHAPTER THREE:RESEARCH ON RELATIONSHIP BETWEEN AFRICANBUSINESS ENVIRONMENT AND SMEs
3.1 An overview of Africa
3.2 African Business Environment
3.2.1 Introduction
3.2.2 Infrastructure:Power and Transport
3.2.3 The Regulatory Environment
3.2.4 Access to finance
3.3 SME in Afica
3.3.1 The Importance of SMEs
3.3.2 Defining SME
3.3.3 General features of the SME sector in Africa
3.3.4 Describing the SME sector in Africa
3.4 Informal micro-enterprises in Africa
3.4.1 The three Schools of Thought on the Informal Sector
3.4.2 Trends in the African informal sector
3.4.3 Characteristics of informal employment
3.4.4 Characteristics of enterprises in the informal sector
3.4.5 Gender dimensions of the African informal sector
3.5 SME alliances,clustering and networking
3.5.1 Alliances
3.5.2 Clustering
3.5.3 Networking
3.5.4 Successful Linkages in Africa
3.6 Conclusion
CHAPTER FOUR:SOURCES OF SMEs FINANCING IN AFRICA
4.1 The financing cycles of SME finance in Africa
4.2 Micro-finance for micro-enterprises
4.2.1 The micro-finance evolution
4.2.2 The general principle of micro-finance
4.2.3 The micro-finance intermediaries
4.2.4 Outreach of micro-finance in Africa
4.2.5 Regulation of micro-finance institutions
4.2.6 Savings
4.3 Financing for small and medium enterprises（SMEs）
4.3.1 SMEs and the formal financial sector
4.3.2 The formal finance intermediaries
4.3.3 Credit guarantee schemes
4.4 New developments in private enterprise financing in Africa
4.4.1 Leasing and renting
4.4.2 Venture capital
4.4.3 The African capital market and stock exchanges
4.5 Financial services and business development services（BDS）
4.5.1 Limits of financial services in Africa
4.5.2 Other non-financial services
4.6 Problems for SME finance in Africa
4.6.1 Micro-finance side
4.6.2 SME finance side
4.6.3 Non-financial assistance side
4.7 Conclusion
CHAPTER FIVE:ENLIGHTENMENT TO AFRICA SME FROM CHINA
5.1 Chinese Financial sectors and firms' financing
5.2 The Chinese private sector
5.3 Formal financing for SMEs
5.3.1 Credit guarantee schemes
5.3.2 Credit rating agencies
5.3.3 Banks' special measures for supporting SMEs
5.3.4 SME board in Shenzhen Stock Exchange
5.4 SME financing by informal finance
5.4.1 China informal financial markets
5.4.2 Informal finance's role for SMEs
5.5 The Demand for Financial Services
5.5.1 The Demand of Microfinance
5.5.2 The Demand of Micro credit
5.5.3 The Countermeasures to Strengthen Financing Services
5.6 Financing constraints and obstacles to SMEs access to Finance
5.7 Chinese investment in Africa
5.8 conclusion
CHAPTER SIX:FINANCING CONSTRAINTS IN SMALL AND MEDIUMENTERPRISES IN AFRICA
6.1 Introduction
6.2 Data and Summary Statistics
6.3 Modeling credit constraints
6.4 The econometric model
6.5 The results
6.6 Conclusions
6.7 Data Appendix
CHAPTER SEVEN:IMPROVING SME ACCESS TO FINANCE IN AFRICA
7.1 Improving the business environment
7.1.1 The information environment
7.1.2 Legal, judicial and bankruptcy environment
7.1.3 Tax, administrative and regulatory environment
7.2 Formal Finance Requirements
7.2.1 SME capacity
7.2.2 Financial instruments to mitigate the risk
7.3 The Financing Institutions
7.3.1 Micro-finance institutions
7.3.2 The formal banking sector
7.3.3 Integrated system for financing SMEs
7.4 Money from outside the Financial Sector
7.4.1 Subcontracting and linkages
7.4.2 Clustering
7.5 Lessons for Africa from Chinese experiences
7.6 Conclusion
CHAPTER EIGHT:CONCLUSIONS,IMPLICATIONS AND RECOMMENDATIONS,AND FUTURE RESEARCH
8.1 Conclusions
8.2 Implications and recommendations
8.3 Future research
REFERENCES
ACKNOWLEDGEMENTS
致謝
【參考文獻(xiàn)】：
期刊論文
[1]中國(guó)中小企業(yè)的融資困難及其結(jié)構(gòu)特征(英文)[J]. 王延中. China & World Economy. 2004(02)
本文編號(hào)：2930556
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