美國小企業(yè)融資體系研究
發(fā)布時間：2018-09-14 14:13
【摘要】：中小企業(yè)融資體系建設(shè)的目標(biāo)是促使金融資源得到有效的配置,實現(xiàn)社會總體利益的最大化。中小企業(yè)在世界各國普遍遭遇融資困難的窘境,其根本原因在于融資信息不對稱問題和交易成本高問題,需要自發(fā)性的市場調(diào)節(jié)加以克服;中小企業(yè)是各國創(chuàng)造就業(yè)機(jī)會、推進(jìn)技術(shù)革新、穩(wěn)定國民經(jīng)濟(jì)基礎(chǔ)的重要力量,任何一個國家都不容忽視中小企業(yè)的生存與發(fā)展,所以,當(dāng)市場調(diào)節(jié)不能繼續(xù)向中小企業(yè)增加資金配置時,無法實現(xiàn)社會總體利益的最大化,這是一個市場失靈問題,需要政府進(jìn)行強(qiáng)制性的政策干預(yù)加以治理。因此,中小企業(yè)融資體系建設(shè)要克服信息不對稱、交易成本高與市場失靈等三個問題,才能最終解決中小企業(yè)融資難問題、實現(xiàn)社會總體利益的最大化。美國小企業(yè)(small business,相當(dāng)于中國語言習(xí)慣的“中小企業(yè)”概念)融資體系依托于世界上最發(fā)達(dá)的資本市場和美國政府富有成效的干預(yù)機(jī)制,在小企業(yè)復(fù)興的過程中充分發(fā)揮出市場調(diào)節(jié)和政策干預(yù)的雙重作用,較好地滿足了美國小企業(yè),特別是高科技、高成長型小企業(yè)的融資需求。由此,美國發(fā)展形成了一個能夠較好解決小企業(yè)融資難問題的融資體系范式。本研究試圖從美國小企業(yè)融資體系建設(shè)經(jīng)驗中挖掘?qū)χ袊行∑髽I(yè)融資體系建設(shè)的有益啟示,以期有效緩解中國中小企業(yè)融資難問題。本文按照融資權(quán)益的性質(zhì)劃分中小企業(yè)的融資渠道,并在此基礎(chǔ)上構(gòu)架中小企業(yè)融資體系,將中小企業(yè)融資體系劃分為債務(wù)性融資體系與權(quán)益性融資體系。首先,在分析中小企業(yè)融資難成因的基礎(chǔ)上,進(jìn)一步分析債務(wù)性融資渠道與權(quán)益性融資渠道克服中小企業(yè)融資難問題的基本途徑;然后,運用實證分析方法,分別從美國小企業(yè)債務(wù)性融資體系與權(quán)益性融資體系入手,根據(jù)克服融資信息不對稱、交易成本高、市場失靈等三方面問題的基本途徑,采用趨勢分析法、對比分析法、結(jié)構(gòu)分析法等研究方法,分析美國小企業(yè)融資體系下不同融資方式或者政策干預(yù)手段的運行機(jī)制與融資效果,重點研究其在克服三方面問題所進(jìn)行的創(chuàng)新、改進(jìn)與調(diào)節(jié);最后,基于美國小企業(yè)融資體系的研究結(jié)果,結(jié)合中國中小企業(yè)融資體系建設(shè)的現(xiàn)實情況,分別從中國中小企業(yè)、中小企業(yè)投資人、政府等三個方面提煉美國經(jīng)驗對中國中小企業(yè)融資體系建設(shè)的一系列啟示。這些啟示主要包括:對中國中小企業(yè)的啟示,一是要努力占據(jù)并保持融資競爭優(yōu)勢,恪守誠信;二是要主動配合中小企業(yè)投資人收集其融資決策所需的信息;三是積極爭取政府對中小企業(yè)的融資政策扶持。在此基礎(chǔ)上,中國高科技中小企業(yè)還要努力保持企業(yè)的創(chuàng)新活力,要充分利用現(xiàn)有融資平臺與中介服務(wù)平臺提高信息傳遞效率,要遵循資本市場的內(nèi)在運行規(guī)則與規(guī)律,在競爭中爭取額外的資本市場融資機(jī)會。對中國中小企業(yè)投資人的啟示,一是要以提高關(guān)系型融資機(jī)制的運行效率為核心,采用積極的手段克服信息不對稱與交易成本高問題;二是要轉(zhuǎn)變對中小企業(yè)的投資觀念,擺正長期性的投資戰(zhàn)略目標(biāo);三是要提高自身專業(yè)質(zhì)素與投資管理能力,減少決策失誤,降低融資機(jī)制運營成本;四是要確保投資行為符合中小企業(yè)融資市場的運行規(guī)律,適時加強(qiáng)投資風(fēng)險管理,提高信息收集與傳遞效率。對中國政府的啟示,一是在政策干預(yù)機(jī)制方面,中國政府要進(jìn)一步健全中小企業(yè)援助與支持的法律法規(guī)體系,要全面構(gòu)建中小企業(yè)政府管理機(jī)構(gòu)建制,要根據(jù)市場失靈程度有針對性地規(guī)劃中小企業(yè)融資政策干預(yù)機(jī)制;二是在中小企業(yè)融資體系既定制度安排方面,中國政府應(yīng)該構(gòu)建激勵關(guān)系型借貸的中小型商業(yè)銀行模式;應(yīng)該適度培育面向高成長型中小企業(yè)的高收益?zhèn)袌?應(yīng)該引導(dǎo)民間資本建設(shè)專業(yè)化的天使資本融資市場;應(yīng)該支持風(fēng)險投資機(jī)構(gòu)發(fā)展市場化的風(fēng)險資本融資市場;應(yīng)該逐步建設(shè)多渠道、多層級的股權(quán)交易市場。
[Abstract]:The goal of SMEs'financing system construction is to promote the effective allocation of financial resources and maximize the overall interests of society. Small enterprises are an important force for all countries to create employment opportunities, promote technological innovation and stabilize the foundation of national economy. No country can ignore the survival and development of small and medium-sized enterprises. Therefore, when market regulation can not continue to increase the allocation of funds to small and medium-sized enterprises, it is impossible to maximize the overall interests of society, which is a market failure. Therefore, the construction of SME financing system should overcome three problems, such as information asymmetry, high transaction costs and market failure, in order to solve the financing difficulties of SMEs and maximize the overall interests of society. The financing system relies on the most developed capital market in the world and the fruitful intervention mechanism of the US government. It gives full play to the dual role of market regulation and policy intervention in the process of the revival of small businesses, and satisfies the needs of American small businesses, especially high-tech and high-growth small businesses. Therefore, the United States has developed a financing system paradigm that can better solve the financing difficulties of small enterprises. This study attempts to dig out the beneficial enlightenment for the construction of the financing system of small and medium-sized enterprises in China from the experience of the construction of the financing system of small and medium-sized enterprises in the United States, with a view to effectively alleviating the financing difficulties of small and medium-sized enterprises in China. The nature of financing rights and interests divides the financing channels of SMEs. On this basis, the financing system of SMEs is constructed. The financing system of SMEs is divided into debt financing system and equity financing system. Then, using the method of empirical analysis, starting with the debt financing system and equity financing system of small and medium-sized enterprises in the United States, according to the basic ways to overcome the three problems of asymmetric financing information, high transaction costs and market failure, this paper adopts the trend analysis method, comparative analysis method, and concludes. By using the method of structural analysis, this paper analyzes the operation mechanism and financing effect of different financing modes or policy interventions under the financing system of small enterprises in the United States, focusing on the innovation, improvement and adjustment to overcome the three problems. Finally, based on the research results of the financing system of small enterprises in the United States, this paper combines with the financing of small and medium enterprises in China. The practical situation of the system construction, respectively, from three aspects of China's SMEs, SME investors, the government to extract a series of enlightenments for China's SME financing system construction. We should actively cooperate with small and medium-sized enterprises investors to collect the information they need for financing decisions. Third, we should actively strive for government support for small and medium-sized enterprises in financing policies. The enlightenment to investors of small and medium-sized enterprises in China is to improve the operational efficiency of the relational financing mechanism and adopt positive means to overcome the problems of information asymmetry and high transaction costs. The second is to transform the small and medium-sized enterprises into enterprises. The third is to improve their professional quality and investment management ability, reduce decision-making errors, and reduce the operating costs of the financing mechanism; the fourth is to ensure that investment behavior in line with the operation of the small and medium-sized enterprise financing market, timely strengthen investment risk management, and improve the efficiency of information collection and transmission. The enlightenment to the Chinese government is as follows: firstly, in terms of policy intervention mechanism, the Chinese government should further improve the legal and regulatory system of assistance and support for SMEs, construct the government management institution of SMEs in an all-round way, plan the financing policy intervention mechanism for SMEs according to the degree of market failure; secondly, finance SMEs. As for the institutional arrangement of the capital system, the Chinese government should construct an incentive-based lending model for small and medium-sized commercial banks; cultivate a moderate high-yield bond market for high-growth SMEs; guide private capital to build a specialized angel capital financing market; and support venture capital institutions to develop a market-oriented market. Venture capital financing market, we should gradually build multi-channel, multi-level stock trading market.
【學(xué)位授予單位】：東北師范大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2017
【分類號】：F279.712;F275
，
本文編號：2242940
[Abstract]:The goal of SMEs'financing system construction is to promote the effective allocation of financial resources and maximize the overall interests of society. Small enterprises are an important force for all countries to create employment opportunities, promote technological innovation and stabilize the foundation of national economy. No country can ignore the survival and development of small and medium-sized enterprises. Therefore, when market regulation can not continue to increase the allocation of funds to small and medium-sized enterprises, it is impossible to maximize the overall interests of society, which is a market failure. Therefore, the construction of SME financing system should overcome three problems, such as information asymmetry, high transaction costs and market failure, in order to solve the financing difficulties of SMEs and maximize the overall interests of society. The financing system relies on the most developed capital market in the world and the fruitful intervention mechanism of the US government. It gives full play to the dual role of market regulation and policy intervention in the process of the revival of small businesses, and satisfies the needs of American small businesses, especially high-tech and high-growth small businesses. Therefore, the United States has developed a financing system paradigm that can better solve the financing difficulties of small enterprises. This study attempts to dig out the beneficial enlightenment for the construction of the financing system of small and medium-sized enterprises in China from the experience of the construction of the financing system of small and medium-sized enterprises in the United States, with a view to effectively alleviating the financing difficulties of small and medium-sized enterprises in China. The nature of financing rights and interests divides the financing channels of SMEs. On this basis, the financing system of SMEs is constructed. The financing system of SMEs is divided into debt financing system and equity financing system. Then, using the method of empirical analysis, starting with the debt financing system and equity financing system of small and medium-sized enterprises in the United States, according to the basic ways to overcome the three problems of asymmetric financing information, high transaction costs and market failure, this paper adopts the trend analysis method, comparative analysis method, and concludes. By using the method of structural analysis, this paper analyzes the operation mechanism and financing effect of different financing modes or policy interventions under the financing system of small enterprises in the United States, focusing on the innovation, improvement and adjustment to overcome the three problems. Finally, based on the research results of the financing system of small enterprises in the United States, this paper combines with the financing of small and medium enterprises in China. The practical situation of the system construction, respectively, from three aspects of China's SMEs, SME investors, the government to extract a series of enlightenments for China's SME financing system construction. We should actively cooperate with small and medium-sized enterprises investors to collect the information they need for financing decisions. Third, we should actively strive for government support for small and medium-sized enterprises in financing policies. The enlightenment to investors of small and medium-sized enterprises in China is to improve the operational efficiency of the relational financing mechanism and adopt positive means to overcome the problems of information asymmetry and high transaction costs. The second is to transform the small and medium-sized enterprises into enterprises. The third is to improve their professional quality and investment management ability, reduce decision-making errors, and reduce the operating costs of the financing mechanism; the fourth is to ensure that investment behavior in line with the operation of the small and medium-sized enterprise financing market, timely strengthen investment risk management, and improve the efficiency of information collection and transmission. The enlightenment to the Chinese government is as follows: firstly, in terms of policy intervention mechanism, the Chinese government should further improve the legal and regulatory system of assistance and support for SMEs, construct the government management institution of SMEs in an all-round way, plan the financing policy intervention mechanism for SMEs according to the degree of market failure; secondly, finance SMEs. As for the institutional arrangement of the capital system, the Chinese government should construct an incentive-based lending model for small and medium-sized commercial banks; cultivate a moderate high-yield bond market for high-growth SMEs; guide private capital to build a specialized angel capital financing market; and support venture capital institutions to develop a market-oriented market. Venture capital financing market, we should gradually build multi-channel, multi-level stock trading market.
【學(xué)位授予單位】：東北師范大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2017
【分類號】：F279.712;F275
，
本文編號：2242940
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