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硕士学位论文

中小企业融资困境的实证研究——来自江苏省制造业的证据

姓名：张少华

申请学位级别：硕士

专业：金融学

指导教师：王学武

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摘 要

无论发达国家、还是发展中国家，中小企业对一国国民经济、地区经济的发展乃至经济、社会制度的变迁与建构都起着毋庸置疑的推动作用。经过20多年发展，以中小企业为核心的民营经济已经从对国有部门的拾遗补缺成长为国民经济、地区经济乃至农村经济中最有活力的增长点，对经济增长的贡献率目前已达一半以上，且在缓解就业压力、维护社会经济稳定、特别是在发展中国家经济起飞的核心要素——企业家精神创造、示范与扩散方面具有不可替代作用。然而，中小企业的融资难问题同样也是毋庸置疑的。中小企业由于自身财务报表公开的实施成本太高，固定资产投入偏低与专用锁定程度较高造成的可抵押担保品不足，以及多数情形下所有者与经营者的“高度合一”，造成借贷双方信息严重不对称，形成了中小企业相对大企业的“信贷约束”或称“信贷配给”现象。这就导致了金融发展——经济增长领域的一个世界性难题：具备很强宏观经济效益的小企业经济部门在微观信贷市场上却始终处于信贷约束与融资困境的相对劣势地位。

更有，在发展中国家或转轨背景下的国家或地区，由于普遍实施的金融抑制政策所引起的金融制度的内在不完全性、金融结构体系的单一性以及社会征信体系的缺失，中小企业融资难问题形成的内在关键因素可能与发达国家相比存在显著差异，由此，研究类似我国这种正处于经济、社会转型背景下中小企业融资难的内在成因与可行的解决方案，就必须特别考虑我国现发展阶段中的经济环境、金融制度与政策、社会环境等等因素对中小企业融资行为的特定影响效应。比如，国外大量实践和研究文献显示，基于“软信息驱动”、“关系型驱动”的企业间商业信贷（trade credit）与银企间关系型借贷（relationship lending）作为小企业外部融资的最主要方式，是缓解小企业信贷约束与信贷配给的有效途径，也是微观金融融资领域最活跃、最广泛的研究分支之

一。然而，在我国国内现实的经济社会制度环境下，中小企业这两种典型的外部融资方式在我国是否起作用，或者转型时期特殊的社会制度环境与金融制度限制是否对中小企业与融资主体间的信息不对称产生了扭曲效应，由此造成了不同于市场机制完善的发达国家特有的中小企业融资困境成因，这如此类的问题都值得我们去深入研究。 据此，直面中小企业在我国国民经济、地域经济特别是农村经济发展中的不可替代地位，针对小企业融资困境，有必要深入研究我国中小企业融资结构特点及融资困境的内在成因。遗憾的是现有研究可能由于微观中小企业数据的难获取性，几乎未能涉及这些方面。鉴此，本文尝试从中小企业的资本结构理论和融资渠道理论入手，从实证角度来探寻我国小企业（包含内资与外资）融资约束内在成因、资本结构特点以

及外在融资渠道，为解决日益严重的中小企业融资困境与日显紧迫的金融体制改革提供一个可供借鉴的解答，为理解现阶段我国中小企业融资行为的关键影响因素提供基于若干中国经验的独特实证视角。

关键词：中小企业 融资结构 融资方式 资本结构 信贷约束 融资困境

ABSTRACT

Whether in developed countries or in developing countries, medium-sized and small enterprises undoubtedly contributes much to national and regional economy development and the evolution of social institution as well as the establishment of it. Instead of the role of a compensation for state-owned economy, private economy representative of medium-sized and small enterprises has become the active growing point of national and regional economy, even of the country economy after 20 years' growth, contributing over 50 percent of economy growth and playing an irreplaceable role in relieving unemployment burden and keeping economy steady especially in prompting the creation and diffusion of the spirit of entrepreneurship. However, the financing of medium-sized and small enterprises is always difficult in developing countries. Owing to the high cost of revealing financial statement and low investment on fixed assets and also the shortage of mortgage, medium-sized and small enterprises are inevitably confronted with credit constraints and credit rationing. As a result, a world problem arise that although with a yielding of significant macroeconomic benefits, small enterprises are locked in relatively inferior position in lending market.

Furthermore, in developing countries or those countries and region in economy transition, the generally existing finance refraining has caused many problems such as the intrinsic imperfection of financial institution, singularity of financial structure system and lack of social reputation mechanism. Consequently, the key factors in deciding the financing difficulties of medium-sized and small enterprises will possibly differ from those in developed countries. So we have to take into consideration the economic circumstance, financial institution and policy, as well as the social circumstance when researching into the problem of medium-sized and small enterprises' financing and the corresponding resolution against the background of economy and society transition in China. For instance, l …… 此处隐藏：12541字，全部文档内容请下载后查看。喜欢就下载吧 ……