本文選題：中小企業(yè)　切入點(diǎn)：信貸約束　出處：《復(fù)旦大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：中小企業(yè)作為國民經(jīng)濟(jì)重要組成部分,在中國經(jīng)濟(jì)發(fā)展中起到了十分重要的作用。但因?yàn)槭艿轿覈袌?chǎng)經(jīng)濟(jì)體制不完善及中小企業(yè)規(guī)模小、經(jīng)營風(fēng)險(xiǎn)大、信用等級(jí)低等因素影響,中小企業(yè)一直受到融資難的困擾。根據(jù)調(diào)查,中小企業(yè)融資方式中,直接融資僅占到2%,其外部融資方式主要依賴商業(yè)銀行間接融資,自我積累與民間借貸等融資方式。而銀行信貸融資作為中小企業(yè)外部融資的最重要的渠道,無疑成為解決中小企業(yè)融資難的突破口。相關(guān)職能部門已經(jīng)開始尋找各種解決中小企業(yè)信貸能力不足的方法和措施。因此找到中小企業(yè)信貸融資約束因素對(duì)政府融資政策的制定和中小企業(yè)融資能力的提高具有重要的理論和實(shí)踐意義。 國內(nèi)學(xué)者對(duì)于中小企業(yè)信貸融資能力不足的原因有著不同角度的研究,許多理論成果已經(jīng)有了共識(shí)。但是綜合各種中小企業(yè)信貸約束因素的實(shí)證研究卻較為缺乏。為彌補(bǔ)現(xiàn)有研究中出現(xiàn)的不足,本文用實(shí)證的方法對(duì)中小企業(yè)信貸融資約束因子進(jìn)行分析,并進(jìn)行其作用機(jī)制研究。實(shí)證研究表明,中小企業(yè)信貸融資能力除了受到其資產(chǎn)規(guī)模小,經(jīng)營風(fēng)險(xiǎn)相對(duì)較大等共有特征因素的影響,也受外部宏觀環(huán)境以及各個(gè)中小企業(yè)特有因素的影響。通過整理中小板上市公司數(shù)據(jù),發(fā)現(xiàn)中小企業(yè)信貸融資受到所處行業(yè)及地區(qū)的影響。其中固定資產(chǎn)投入高的行業(yè),較易獲得銀行貸款。金融市場(chǎng)越發(fā)達(dá),銀行間競(jìng)爭(zhēng)越激烈的地區(qū),中小企業(yè)可選擇的融資方式越多,信貸融資比例反而沒有一些欠金融市場(chǎng)發(fā)達(dá)地區(qū)高。通過用回歸分析方法對(duì)中小板上市公司數(shù)據(jù)分析,發(fā)現(xiàn)相對(duì)于其他制約因素,中小企業(yè)信貸融資能力更加容易受到貨幣供應(yīng)量和資產(chǎn)負(fù)債比的影響。通過對(duì)實(shí)證結(jié)果的分析得出,利用銀企長期合作關(guān)系產(chǎn)生軟信息的關(guān)系型借貸關(guān)系并沒有在中小企業(yè)信貸融資中得到普及。中小企業(yè)依然依賴以固定資產(chǎn)為抵押擔(dān)保的貸款進(jìn)行融資。因此要提升中小企業(yè)信貸能力,必須政府、銀行以及中小企業(yè)三方共同努力。 本文內(nèi)容主要分三部分,第一部分是第一章和第二章,主要進(jìn)行了選題原因的闡述、文獻(xiàn)的整理綜述及相關(guān)概念的定義。第二部分是第三章到第四章,主要進(jìn)行了融資約束的影響因子的分析及構(gòu)建模型進(jìn)行實(shí)證分析,并進(jìn)一步深入探討其背后的成因與機(jī)制。第三部分,本文的基本結(jié)論與針對(duì)結(jié)論的對(duì)策建議。
[Abstract]:Small and medium-sized enterprises is an important part of the national economy, in China economic development plays a very important role. But because of China's market economic system is not perfect and the small and medium-sized enterprises in small scale, high management risk, affect the credit rating of small and medium-sized enterprises have been affected by other factors, financing difficult problems. According to the survey, the financing way of small and medium sized in the enterprise, direct financing accounted for only 2% of its external financing, mainly rely on indirect financing of commercial banks, self accumulation and private lending and other financing and bank credit financing is the most important external financing channels of small and medium-sized enterprises, will undoubtedly become a breakthrough in solving the financing difficulty of small and medium-sized enterprises. The relevant departments have already started looking for a variety of solutions and the measures of credit ability of small and medium enterprises lack. Therefore the credit financing of small and medium-sized enterprises to find the factors for government finance policy formulation and the small and medium sized enterprises The improvement of financing capacity has important theoretical and practical significance.
The reason of domestic scholars credit for small and medium-sized enterprises financing difficulties have different perspectives, many theoretical results have a consensus. But an empirical study on various SME credit constraints are scarce. In order to make up for the lack of existing research, this paper use the empirical method of SMEs credit financing constraint factor analysis and Research on its mechanism. The empirical study shows that the credit financing capacity of small and medium enterprises in addition to the small size of assets, business risk is relatively large and there are characteristic factors, but also affected by the external macro environment of small and medium-sized enterprises and various specific factors. Through the data of the listed companies in small and medium plate finishing, found that small and medium-sized enterprises credit financing by the impact of industry and region. The fixed assets investment in industries with high, is easy to obtain bank loans. Financial markets more than The more intense competition between banks, the area, the number of small and medium-sized enterprises can choose the mode of financing, credit financing ratio instead of some of the less developed financial market area. By means of the SME board listed companies data analysis using regression analysis, found that compared with other factors, credit financing capacity of small and medium enterprises more vulnerable to the impact of money supply and asset debt ratio. Through the empirical analysis of the results obtained by the bank, long-term cooperative relations have soft information relationship lending relationship and have not gained popularity in the credit financing of small and medium-sized enterprises. Small and medium enterprises still rely on fixed assets as collateral for loans financing. So to enhance the ability of small and medium-sized enterprises to credit, government, bank small and medium enterprises as well as the joint efforts of the three parties.
This paper consists of three parts, the first part is the first chapter and the second chapter, the main topic of literature review, definitions of collation and related concepts. The second part is the third chapter to the fourth chapter, mainly analyzes the influencing factors of financing constraints and constructs the model for empirical analysis, and further to explore the causes and mechanism behind it. The third part, the basic conclusion of this paper is the conclusion and suggestions.

【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F276.3;F832.4

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本文編號(hào)：1626289