本文選題：金融發(fā)展　切入點(diǎn)：中小企業(yè)　出處：《哈爾濱商業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：長(zhǎng)期以來,國(guó)內(nèi)外學(xué)者對(duì)于中小企業(yè)存在融資約束的原因主要從企業(yè)規(guī)模、負(fù)債等自身內(nèi)在特點(diǎn)予以闡釋。隨著金融發(fā)展在社會(huì)經(jīng)濟(jì)發(fā)展中的作用日益凸顯,學(xué)者們?cè)谘芯恐行∑髽I(yè)融資約束動(dòng)態(tài)變化的基礎(chǔ)上,越來越關(guān)注金融發(fā)展這一重要變量,兩者之間的關(guān)系歸納起來有如下兩種觀點(diǎn):一是金融發(fā)展可以減緩中小企業(yè)融資約束;二是金融發(fā)展對(duì)緩解中小企業(yè)融資約束問題作用不顯著。金融發(fā)展作為現(xiàn)代經(jīng)濟(jì)增長(zhǎng)的核心要素,與中小企業(yè)之間存在密切的聯(lián)系。近年來,雖然我國(guó)政府為了有效解決中小企業(yè)融資需求的難題,加大了對(duì)中小企業(yè)的發(fā)展支持力度,融資約束現(xiàn)象已有所改善。但是,金融發(fā)展在減緩中小企業(yè)的融資約束上是否起到良好的效果還需要進(jìn)一步研究。因此,本文的研究可以為中小企業(yè)和金融機(jī)構(gòu)更加科學(xué)地決策提供實(shí)證依據(jù)和數(shù)據(jù)支持,具有一定的理論意義和實(shí)踐意義。為研究我國(guó)中小企業(yè)融資約束問題,首先梳理國(guó)內(nèi)外關(guān)于融資約束的相關(guān)文獻(xiàn),然后對(duì)金融發(fā)展、融資約束等核心概念進(jìn)行界定,接著對(duì)金融發(fā)展以及融資約束有關(guān)的理論進(jìn)行分析,并在理論的指導(dǎo)下對(duì)金融發(fā)展與融資約束的關(guān)系進(jìn)行假定;其次,利用2008到2015年中國(guó)上證與深證中小企業(yè)板塊上市公司數(shù)據(jù)以及金融發(fā)展相關(guān)數(shù)據(jù),選用現(xiàn)金—現(xiàn)金流敏感性模型進(jìn)行實(shí)證分析金融發(fā)展對(duì)中小企業(yè)融資約束的緩解效應(yīng),以期解決中小企業(yè)融資約束問題為我國(guó)中小企業(yè)不斷發(fā)展壯大提供穩(wěn)定的資金支持。在實(shí)證分析的模型中可以看到金融發(fā)展與現(xiàn)金流的交叉變量、金融中介發(fā)展與現(xiàn)金流的交叉變量、金融市場(chǎng)發(fā)展與現(xiàn)金流的交叉變量系數(shù)均為負(fù),為說明金融發(fā)展對(duì)中小企業(yè)的融資約束的作用需結(jié)合顯著水平進(jìn)一步研究。經(jīng)研究得到如下結(jié)論:一是我國(guó)中小企業(yè)普遍受到融資約束的影響,在模型中現(xiàn)金—現(xiàn)金流敏感系數(shù)為正值,并且通過了顯著性檢驗(yàn);二是金融發(fā)展對(duì)緩解融資約束具有顯著作用;三是金融機(jī)構(gòu)的發(fā)展對(duì)中小企業(yè)的融資約束具有顯著緩解作用,而股票市場(chǎng)發(fā)展的緩解作用并不顯著。最后,根據(jù)實(shí)證分析得出的結(jié)論,探索性的提出了緩解當(dāng)前中小企業(yè)所面臨的融資約束問題的有關(guān)建議。
[Abstract]:For a long time, scholars at home and abroad have explained the reasons for the financing constraints of SMEs mainly from the internal characteristics of enterprise size, debt, etc. With the increasingly prominent role of financial development in the social and economic development, On the basis of studying the dynamic change of SME financing constraints, scholars pay more and more attention to the important variable of financial development. The relationship between them can be summarized as follows: first, financial development can slow down the financing constraints of SMEs; Second, financial development has not played a significant role in alleviating the financing constraints of SMEs. As a core element of modern economic growth, financial development is closely related to SMEs. In order to effectively solve the problem of financing needs of SMEs, the Chinese government has increased its support for the development of SMEs, and the phenomenon of financing constraints has been improved. Whether financial development plays a good role in alleviating the financing constraints of SMEs needs further study. Therefore, the research in this paper can provide empirical basis and data support for SMEs and financial institutions to make more scientific decisions. In order to study the financing constraints of small and medium-sized enterprises in China, this paper firstly combs the relevant literature on financing constraints at home and abroad, and then defines the core concepts of financial development, financing constraints, etc. Secondly, the relationship between financial development and financial constraints is assumed under the guidance of the theory. Based on the data of listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2008 to 2015, and the related data of financial development, this paper chooses the cash-cash flow sensitivity model to empirically analyze the mitigation effect of financial development on the financing constraints of SMEs. In order to solve the problem of financing constraints for SMEs to provide stable financial support for the continuous development and growth of SMEs. In the empirical analysis model, we can see the cross-variables between financial development and cash flow. The cross variable coefficient between financial intermediary development and cash flow, financial market development and cash flow is negative. In order to explain the effect of financial development on the financing constraints of SMEs, it is necessary to further study the effects of financial development on the financing constraints of SMEs. The conclusions are as follows: firstly, SMEs in China are generally affected by financial constraints. In the model, the sensitivity coefficient of cash-cash flow is positive, and has passed the significance test; second, the financial development has a significant role in alleviating the financial constraints; third, the development of financial institutions has a significant role in alleviating the financing constraints of SMEs. The mitigation effect of stock market development is not significant. Finally, according to the conclusion of empirical analysis, this paper puts forward some suggestions to alleviate the financing constraints faced by SMEs.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F276.3;F832

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