基于关系型贷款视角的我国中小企业融资困境与突破
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摘要
中小企业数量众多、经营灵活、分布范围广、竞争力较强。中小企业作为一种经济力量,在推动经济发展、扩大就业、增加税收和提高国家科技水平等方面发挥着巨大的作用;同时在经济发展过程中,也面临着一些难题,集中表现为中小企业的融资困难。国务院决定近期正式推出创业板以期来解决该问题,但创业板高昂的门槛不仅使绝大多数中小企业望而却步,也浇灭了投资者的热情。在一段相当长的时期内,广大中小企业不得不采用间接融资方式。中小企业的信息不对称被认为是造成融资难这一问题的根本因素。由于中小企业自身特点导致的银企信息不对称,从而导致银行等信贷机构对中小企业的“惜贷”,在原有的融资体系下,该问题难以解决。因此,必须创新融资机构,创新融资方式。关系型融资作为一种融资技术,在美国、德国、日本等一些国家拥有丰富的理论与实践成果,为我国解决中小企业融资难问题提供了一个新的视角。
本文在结构上分六部分。第一章提出问题,介绍选题的意义、采用的分析方法,介绍了中小企业在我国经济发展中的作用以及中小企业的发展现状。
第二章文献回顾,对中小企业的融资理论进行了梳理。从企业的融资结构与优序融资理论、中小企业融资难的原因、发展民间金融机构以及中小银行四个方面对中小企业融资进行了动态把握,一方面印证了本文研究的意义,另一方面为我国采取措施提供了经验借鉴。
第三章关系型贷款的经济学分析,解释了关系型贷款的概念,讨论了关系型贷款的动因、融资难背景下的关系型贷款。在此基础上,对关系贷款进行了理解,通过构建关系型贷款模型分析了关系型贷款发生的基本条件,为我国构建面向中小企业的关系型融资制度提够了理论支撑。
第四章关系型贷款在我国的适用性研究,分析了关系型贷款的成本与收益、实现关系型贷款的条件以及存在的障碍,得出结论:在既有的融资体系下发展关系型贷款难以取得突破。
第五章建立模型,实证分析了中小企业与大企业在融资结构、融资条件、融资方式以及融资难易等方面的不同。并证实了关系型融资在中小企业融资方式选择中的必要性和重要性,分析了关系型融资的作用,也为我们建立新的融资机构来开展关系型融资提供了有力的支持。
第六章对策建议,基于关系型贷款视角缓解中小企业融资难的问题,要建立面向本地的民间小额贷款公司。同时创新担保方式,推出应收账款质押融资业务。政府应加大社会征信系统建设,建立与完善中小企业信用担保体系建设。
本文的创新之处在于对关系型贷款进行了实证的分析,并建立模型理论分析了关系型贷款发生的可能性及条件,对建立小额贷款公司与应收帐款质押的具体操作进行了创新。
The large number of small and medium-sized competitive corporations operates flexibility and have a wide range of distribution. As the economic force, small and medium-sized enterprises plays a great role in the promotion of economic development, expanding employment, increasing revenues and improving the level of national science technology.
At the same time, it is also faced with some problems in the course of development which focusing on performance for financing difficulties. Recently the State Council officially have made a decision that introduces the Growth Enterprise Market in order to solve the problem. Not only the vast majority of small and medium enterprises,but also the enthusiasm of investors discouraged because of the GEM high threshold. In a long period of time, the majority of SMEs have to adopt an indirect mode of financing. Information asymmetry is considered the fundamental factors of SMEs difficulty financing. There is credit crunch in banks and other credit institutions for SMEs due to the characteristics of small and medium-sized enterprises. The problem is difficult to solve in the original system. It is necessary to innovative financing organizations and financing methods. As a financing technique, relational loan has rich results on the theory and practice in the United States, Germany, Japan and other countries. It provides a new perspective for our country to resolve the issue of financing small and medium-sized enterprises.
This paper is divided into six parts. Chapter I questions and introduce significance of topics and the analytical methods,introduce development of small and medium enterprises as well as the importance the small and medium enterprises in China's economic development.
ChapterⅡReview of the Theoretical on financing small and medium-sized enterprises theory. From the enterprise financing structure and pecking order theory, the reasons for financing difficulty small and medium enterprises, development of private financial institutions, as well as small and medium-sized bank financing for SMEs to grasp the dynamic. On the one hand,it confirms the significance of this paper; on the other hand, It provides a reference measure for China's experience.
ChapterⅢEconomic Analysis of relational loan. It explains the relational loan,discuss the motivation of relational financing, explain the relationship between relational financing and financing difficultly. On this basis, find conditions of relational loan through the construction of a relational model.It provides the theory enough support for China's building a relationship-oriented small and medium enterprises financing system.
ChapterⅣResearch on relational loan in the applicability of ours. Analysing the costs and benefits the relational loan, the conditions of the loan as well as obstacles.We come to the conclusion: in the existing system of financing the development of relational financing,it is difficult to make a breakthrough.
ChapterⅤModel, empirical analysis of SMEs in the financing structure, financing conditions, the mode of financing as well as the different level of difficulty.It confirm the necessity and importance of relational loan.It also provide strong support to establish new financing institutions to carry out relations betweenthe type of financing.
ChapterⅥSuggestions, based on the perspective of relational loans to ease theproblem of financing small and medium-sized enterprises, it is necessary to establishnon-governmental micro-finance local companies.At the same time, innovative wayof security and introduce a pledge of accounts receivable financing business.Government should intensify construction of social credit system, establish andimprove the SME credit guarantee system.
In this paper, innovation lies in empirically analysis based on relational loan.Establish model analysis of conditions and possibility of relational loan,innovatespecific operations of establishing micro-credit company and the accounts receivablepledged.
本文在结构上分六部分。第一章提出问题,介绍选题的意义、采用的分析方法,介绍了中小企业在我国经济发展中的作用以及中小企业的发展现状。
第二章文献回顾,对中小企业的融资理论进行了梳理。从企业的融资结构与优序融资理论、中小企业融资难的原因、发展民间金融机构以及中小银行四个方面对中小企业融资进行了动态把握,一方面印证了本文研究的意义,另一方面为我国采取措施提供了经验借鉴。
第三章关系型贷款的经济学分析,解释了关系型贷款的概念,讨论了关系型贷款的动因、融资难背景下的关系型贷款。在此基础上,对关系贷款进行了理解,通过构建关系型贷款模型分析了关系型贷款发生的基本条件,为我国构建面向中小企业的关系型融资制度提够了理论支撑。
第四章关系型贷款在我国的适用性研究,分析了关系型贷款的成本与收益、实现关系型贷款的条件以及存在的障碍,得出结论:在既有的融资体系下发展关系型贷款难以取得突破。
第五章建立模型,实证分析了中小企业与大企业在融资结构、融资条件、融资方式以及融资难易等方面的不同。并证实了关系型融资在中小企业融资方式选择中的必要性和重要性,分析了关系型融资的作用,也为我们建立新的融资机构来开展关系型融资提供了有力的支持。
第六章对策建议,基于关系型贷款视角缓解中小企业融资难的问题,要建立面向本地的民间小额贷款公司。同时创新担保方式,推出应收账款质押融资业务。政府应加大社会征信系统建设,建立与完善中小企业信用担保体系建设。
本文的创新之处在于对关系型贷款进行了实证的分析,并建立模型理论分析了关系型贷款发生的可能性及条件,对建立小额贷款公司与应收帐款质押的具体操作进行了创新。
The large number of small and medium-sized competitive corporations operates flexibility and have a wide range of distribution. As the economic force, small and medium-sized enterprises plays a great role in the promotion of economic development, expanding employment, increasing revenues and improving the level of national science technology.
At the same time, it is also faced with some problems in the course of development which focusing on performance for financing difficulties. Recently the State Council officially have made a decision that introduces the Growth Enterprise Market in order to solve the problem. Not only the vast majority of small and medium enterprises,but also the enthusiasm of investors discouraged because of the GEM high threshold. In a long period of time, the majority of SMEs have to adopt an indirect mode of financing. Information asymmetry is considered the fundamental factors of SMEs difficulty financing. There is credit crunch in banks and other credit institutions for SMEs due to the characteristics of small and medium-sized enterprises. The problem is difficult to solve in the original system. It is necessary to innovative financing organizations and financing methods. As a financing technique, relational loan has rich results on the theory and practice in the United States, Germany, Japan and other countries. It provides a new perspective for our country to resolve the issue of financing small and medium-sized enterprises.
This paper is divided into six parts. Chapter I questions and introduce significance of topics and the analytical methods,introduce development of small and medium enterprises as well as the importance the small and medium enterprises in China's economic development.
ChapterⅡReview of the Theoretical on financing small and medium-sized enterprises theory. From the enterprise financing structure and pecking order theory, the reasons for financing difficulty small and medium enterprises, development of private financial institutions, as well as small and medium-sized bank financing for SMEs to grasp the dynamic. On the one hand,it confirms the significance of this paper; on the other hand, It provides a reference measure for China's experience.
ChapterⅢEconomic Analysis of relational loan. It explains the relational loan,discuss the motivation of relational financing, explain the relationship between relational financing and financing difficultly. On this basis, find conditions of relational loan through the construction of a relational model.It provides the theory enough support for China's building a relationship-oriented small and medium enterprises financing system.
ChapterⅣResearch on relational loan in the applicability of ours. Analysing the costs and benefits the relational loan, the conditions of the loan as well as obstacles.We come to the conclusion: in the existing system of financing the development of relational financing,it is difficult to make a breakthrough.
ChapterⅤModel, empirical analysis of SMEs in the financing structure, financing conditions, the mode of financing as well as the different level of difficulty.It confirm the necessity and importance of relational loan.It also provide strong support to establish new financing institutions to carry out relations betweenthe type of financing.
ChapterⅥSuggestions, based on the perspective of relational loans to ease theproblem of financing small and medium-sized enterprises, it is necessary to establishnon-governmental micro-finance local companies.At the same time, innovative wayof security and introduce a pledge of accounts receivable financing business.Government should intensify construction of social credit system, establish andimprove the SME credit guarantee system.
In this paper, innovation lies in empirically analysis based on relational loan.Establish model analysis of conditions and possibility of relational loan,innovatespecific operations of establishing micro-credit company and the accounts receivablepledged.
引文
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[2]马丽君,关于中小企业利用应收帐款质押融资问题的思考[J].生产力研究.2008(16)
[3]刘慧琼,应收帐款质押的相关风险及防范[J].湖北农村金融研究.2007(12)
[4]邢乐成、王凯.解决中小企业融资难的新途径.工作论文
[5]梁冰.我国中小企业发展及融资状况调查报告.金融研究.2005(5)
[6]张杰、尚长风.资本结构、融资渠道与小企业融资困境[J].经济科学.2006(3)
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[8]石明.对陇南地区发展农业产业化的几点思考[J].甘肃农业,2004(10)
[9]牛若峰等.农业产业化经营的组织方式和运行机制[M].北京:北京大学出版社,2000.
[10]童牧.关系型融资研究[M].成都:西南财经大学出版社,2008年11月
[11]刘杉.中小企业融资研究理论综述[J],南开经济研究.2005(1)
[12]林毅夫,李永军.中小金融机构发展与中小企业融资[J],经济研究.2001(1)
[13]刘新华,线文.我国中小企业融资理论述评[J].经济学家.2005(1)
[14]高正平.中小企业融资新论[M].北京:中国金融出版社,2004年8月
[15]梁冰.我国中小企业发展及融资状况调查报告[J].金融研究.2005(5)
[16]孙志远应收账款质押贷款的风险防控分析[J].甘肃大学学报.2008(10)
[17]全丽萍.非对称信息下中小企业融资问题研究[J].管理世界,2002(6)
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