我国中小企业集合信托融资效率研究
摘要
在经济结构的调整过程中,中小企业发挥出越来越大的作用。在相关经济鼓励政策不断出台的背景之下,针对中小企业,尤其是小企业金融贷款政策的创新也不断涌现。中小企业集合信托作为中小企业贷款新途径应运而生,它在支持中小企业发展方面有着无可比拟的优势,是适合于中小企业的融资新渠道。
当前中小企业集合信托融资研究并不多见,相关的实证研究更少。本文基于中小企业融资效率、中小企业集合信托等理论基础,结合“小企业集合信托债权基金”融资案例,对中小企业集合信托融资机制进行研究,发现与传统债权融资方式相比,采用集合信托融资具有融资成本较低、资金来源主体广泛、引入风险投资实现产品风险结构化安排等效率优势,因此中小企业集合信托是解决中小企业融资困境的有效途径。在理论研究的基础上,本文建立了基于DEA的融资效率评价模型,通过对集合信托与银行贷款、民间金融进行比较研究,发现集合信托融资效率高于银行贷款,低于民间金融。进一步地,运用资源型两阶段DEA模型,对中小企业集合信托融资过程中的筹集效率、资金使用效率进行了评价,得出大部分的中小企业资金筹资效率较高,而资金使用效率偏低的结论,并结合中小企业的实际情况分析了原因。最后,根据本文的研究结论,提出了改进中小企业集合信托融资效率的对策和建议。
The SMEs play an increasingly larger role in the process of economic restructuring. With the economic incentive policies are issued constantly, for SMEs, especially small business financial innovation of lending policies is also emerging. Collective trust emerged as a new ways of lending to SMEs. It is has unparalleled advantages in support of SME development and is new financing channel suitable for SMEs.
It is hard to see the research of SMEs collective trust financing, lacking system to induce analysis theoretically, lacking more in the theorics to guide a next positive research. Based on the SMEs financing efficiency theory and SMEs collective trust theory, the paper analysis the financing mechanism of SMEs collective trust It has been found that the financing mechanism has the characteristics of low cost of financing, wide sources of funding, and structured arrangements of product risk after the introduction of venture capital. Therefore, it is a new way to solve financing difficulties of SMEs. Furthermore, this paper builds a DEA financing efficieney model. Through comparative study of collective trust, bank loans, private finance, we find that the efficiency of collective trust is the higher than bank loans but lower than private finance. Then, using the resource-based two-stage DEA model, this paper evaluates financing and capital using efficiency in the process of SMEs financing by collective trust. The conclusion is most of the SMEs only focus on the efficiency of capital funding, but neglect of the rational allocation of funds, which results in low efficiency in the use of funds. Finally, measures and suggestions have brought forward to the SMEs financing efficiency of collective trust.
当前中小企业集合信托融资研究并不多见,相关的实证研究更少。本文基于中小企业融资效率、中小企业集合信托等理论基础,结合“小企业集合信托债权基金”融资案例,对中小企业集合信托融资机制进行研究,发现与传统债权融资方式相比,采用集合信托融资具有融资成本较低、资金来源主体广泛、引入风险投资实现产品风险结构化安排等效率优势,因此中小企业集合信托是解决中小企业融资困境的有效途径。在理论研究的基础上,本文建立了基于DEA的融资效率评价模型,通过对集合信托与银行贷款、民间金融进行比较研究,发现集合信托融资效率高于银行贷款,低于民间金融。进一步地,运用资源型两阶段DEA模型,对中小企业集合信托融资过程中的筹集效率、资金使用效率进行了评价,得出大部分的中小企业资金筹资效率较高,而资金使用效率偏低的结论,并结合中小企业的实际情况分析了原因。最后,根据本文的研究结论,提出了改进中小企业集合信托融资效率的对策和建议。
The SMEs play an increasingly larger role in the process of economic restructuring. With the economic incentive policies are issued constantly, for SMEs, especially small business financial innovation of lending policies is also emerging. Collective trust emerged as a new ways of lending to SMEs. It is has unparalleled advantages in support of SME development and is new financing channel suitable for SMEs.
It is hard to see the research of SMEs collective trust financing, lacking system to induce analysis theoretically, lacking more in the theorics to guide a next positive research. Based on the SMEs financing efficiency theory and SMEs collective trust theory, the paper analysis the financing mechanism of SMEs collective trust It has been found that the financing mechanism has the characteristics of low cost of financing, wide sources of funding, and structured arrangements of product risk after the introduction of venture capital. Therefore, it is a new way to solve financing difficulties of SMEs. Furthermore, this paper builds a DEA financing efficieney model. Through comparative study of collective trust, bank loans, private finance, we find that the efficiency of collective trust is the higher than bank loans but lower than private finance. Then, using the resource-based two-stage DEA model, this paper evaluates financing and capital using efficiency in the process of SMEs financing by collective trust. The conclusion is most of the SMEs only focus on the efficiency of capital funding, but neglect of the rational allocation of funds, which results in low efficiency in the use of funds. Finally, measures and suggestions have brought forward to the SMEs financing efficiency of collective trust.
引文
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[22]张捷,社区信用制度创新与中小企业融资[J]广东金融学院学报,2005,6：27-35
[23]白钦先,薛誉华,各国中小企业政策性金融体系比较：强位弱势群体·政府综合扶持·政策性金融支持体系[M]北京：中国金融出版社,2001
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[27]刘俊,毛道维,EVA对资本结构的影响——基于中国西部中小上市公司面板数据的实证分析[J]统计与决策,2006
[28]安郁厚,刘海英,中小企业融资结构与影响因素[J].理论学刊,2007(11)：70-72
[29]黎刚华,不对称信息与中小企业融资创新探讨[J].开放导报,2006,10：100-103
[30]方中秀,金融衍生品在企业业管理中的应用探讨[J].世纪桥,2006,5
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