基于金融危机视角下的我国中小企业债务融资的改进研究
摘要
中小企业对促发展、保稳定的重要性已不言而喻,是国民经济发展的晴雨表。而制约其发展、危机其生存的融资难依然是一个国际性、历史性和顽固性话题,也日益被当政者及理论界所关注。此次金融危机的突袭,给本来融资难的中小企业造成致命的打击,市场供求的变化引发竞争加剧、价格下降、库存增加、效益锐减,接踵而来的是资金链紧绷及断裂,危机中小企业的生存与发展。中小企业如何在这次金融海啸中求生存、保发展?本人认为首要条件是防止资金链断裂,保证供血充足。由此,本文主要从中小企业债务融资及其改进的角度来阐述怎样改善融资难、怎样发展、怎样在现有条件下改善融资难、怎样在现有条件改进的状况下更好的融资?在本文中都一一做了解答。本文尤其在金融危机时期推出的崭新金融中介—中小企业银行方面,做了深入研究,这对中小企业债务融资有很大的帮助,也是本文的特色之处。当然,在金融危机大背景下,缓解中小企业融资难是一项更综合、艰巨的工程。本文基于此,对中小企业债务融资的改进研究进行了深入探讨,希望能对中小企业融资难这一问题有所帮助。
SMEs(small and medium-sized enterprises)promoting development, maintaining stability and the importance of self-evident, is a barometer of national economic development. The constraints on their development, the crisis of the financing difficulties of its existence is still an international, historical and intractable topic, but also increasingly those in power and the theory of community concern. The raid on the financial crisis, giving small and medium enterprises financing difficulties have been caused by a fatal blow to the changes in market supply and demand lead to increased competition, declining prices, rising inventories, benefits sharply reduced the ensuing chain of tension and fracture of capital, crisis the survival and development of SMEs. How can small and medium enterprises survive the current financial crisis, Paul development? I think that the first condition is to prevent money-strand breaks, to ensure an adequate blood supply. As a result, this paper and its improvement from the debt financing for SMEs to articulate the perspective of how to improve the financing difficulties, how to develop, and how to improve the existing conditions, financing difficulties, and how to improve the existing conditions, a situation of better financing? In this article, are all made to answer. This especially in the financial crisis, launched a new era of financial intermediation - Business Bank has done a thorough study of this debt financing for SMEs, there is a great help, but also special feature at this article. Of course, in the context of the financial crisis to ease the financing difficulties of SMEs is a more integrated, arduous project. Based on this, improvements in debt financing for SMEs conducted in-depth study to explore, hoping to financing difficulties for SMEs in this issue helpful.
SMEs(small and medium-sized enterprises)promoting development, maintaining stability and the importance of self-evident, is a barometer of national economic development. The constraints on their development, the crisis of the financing difficulties of its existence is still an international, historical and intractable topic, but also increasingly those in power and the theory of community concern. The raid on the financial crisis, giving small and medium enterprises financing difficulties have been caused by a fatal blow to the changes in market supply and demand lead to increased competition, declining prices, rising inventories, benefits sharply reduced the ensuing chain of tension and fracture of capital, crisis the survival and development of SMEs. How can small and medium enterprises survive the current financial crisis, Paul development? I think that the first condition is to prevent money-strand breaks, to ensure an adequate blood supply. As a result, this paper and its improvement from the debt financing for SMEs to articulate the perspective of how to improve the financing difficulties, how to develop, and how to improve the existing conditions, financing difficulties, and how to improve the existing conditions, a situation of better financing? In this article, are all made to answer. This especially in the financial crisis, launched a new era of financial intermediation - Business Bank has done a thorough study of this debt financing for SMEs, there is a great help, but also special feature at this article. Of course, in the context of the financial crisis to ease the financing difficulties of SMEs is a more integrated, arduous project. Based on this, improvements in debt financing for SMEs conducted in-depth study to explore, hoping to financing difficulties for SMEs in this issue helpful.
引文
1.周民良:《解决中小企业融资难中的双赢之道》,《当代金融家》,2010,3。
2.胡冬生:《中小企业融资难的原因剖析与破解思路》,中国金融网,2009,11。
3.李毅中:《人民论坛杂志》,工业和信息化网站,2009-08-28。
4.董裕平:《金融结构缺陷与小企业融资困境》,《武汉金融》,2009,4。
5.吴晓灵:《设财政担保基金帮中小企融资》,四川在线-华西都市报,2008-12-10。
6.连家明、张季:《融资担保:破解中小企业融资难题的重要途径》,《财会研究》,2008,9。
7.汤敏:《中小企业融资难缓解之道》,南都《岭南大讲坛》,2008,8。
8.蒋志芬:《中小企业融资的国际经验与中小企业融资新思维》,《经济问题》,2008,6。
9.人民银行石家庄中心支行金融研究处课题组:《廊坊市小额贷款公司——发展民间融资模式尝试》,《华北金融》,2008,3。
10.彭十一:《经济转型期我国中小企业融资问题研究》,中国农业出版社2008。
11.石义斌:《小企业融资问题研究》,中共中央党校2008年博士学位毕业论文。
12.武巧珍、刘扭霞:《中国中小企业融资——理论·借鉴·融资体系的建立》,中国社会科学出版社2007年。
13.康晶:《成长型中小企业融资的理论与实证研究》,吉林大学2007年博士学位毕业论文。
14.张建营:《中小企业融资实战》,中华工商联合出版社2007。
15.许小年:《大银行不能解决小企业“融资难”》,上海金融报,2006-3-31。
16.周忠明:《小企业信贷与金融创新》,《银行家》,2006,10。
17.包小忠:《日本企业融资结构与治理结构效率》,中国社会科学出版社,2006。
18.范从来、王宇伟等:《公司金融研究》,商务印书馆,2006。
19.欧阳文和、高政利等:《中小企业公司治理理论与实务》,经济管理出版社,2006。
20.杨兴全:《上市公司融资效率问题研究》,中国财政经济出版社,2005。
21.李丽霞、徐海俊、孟菲:《我国中小企业融资体系的研究》,科学出版社,2005。
22.王铁军:《中国中小企业融资28种模式》,中国金融出版社2004年版。
23.约翰﹒普安顿著,焦军普、高扬译:《股权融资与债务融资成本评估》,中国金融出版社2003。
24.林毅夫、李永军:《中小金融机构发展与中小企业融资》,《经济研究》,2001,1。
25.李扬、杨思群:《中小企业融资与银行》,上海财经出版社2001。
26.刘红梅、王克强:《中国企业融资市场研究》,北京:中国物价出版社,2002。
27.席建国:《资本市场制度分析》,北京大学,2000。
28.张杰:《民营经济的金融困境与融资次序》,《经济研究》2000,4。
29.沈艺峰:《资本结构理论史》,北京:经济出版社, 1999。
30.周其仁、张居衍、戴勇:《设立并逐步开放全国性的为中小企业融资服务的资本市场》,《经济学消息报》,1998-01-02。
31.工业和信息化部网站、网易财经、中小企业网站、新浪网、凤凰卫视网、博鳌亚洲论坛、中小企业融资峰会等论坛网站及专家名人博客。
32. Chenhall,Robert H ,2003,Management Contral Systems Design With in Its Organizational Context: Findings From Contingency-Based Research and Directions For the Furture, Accounting ,Organizations, and Society, 28,2003。
33.Douglas w.Diamond,Reputation Aequisitionin Debt Markets,the Jounral of Political Eeonomy,1989。
34. JosPehE.Stiglitz,“Ineentives,Inofmration,and Ogrnaizational Design,NBER Working PaPers2979,National Buerau of Economic Research,Ine,1990。
35. Peternes , Mitehell A and Raghurma G. Rajna“The Benefits of Lending RelationshiPs:Evidence from small Business Data,Journal of Finance,1994,49,31一37。
36. SCole,Rebel,The ImPortance of RelationshiPs to the Availabiliyt of Cerdit,Jounral of Bnaking and Finanee,1998。
2.胡冬生:《中小企业融资难的原因剖析与破解思路》,中国金融网,2009,11。
3.李毅中:《人民论坛杂志》,工业和信息化网站,2009-08-28。
4.董裕平:《金融结构缺陷与小企业融资困境》,《武汉金融》,2009,4。
5.吴晓灵:《设财政担保基金帮中小企融资》,四川在线-华西都市报,2008-12-10。
6.连家明、张季:《融资担保:破解中小企业融资难题的重要途径》,《财会研究》,2008,9。
7.汤敏:《中小企业融资难缓解之道》,南都《岭南大讲坛》,2008,8。
8.蒋志芬:《中小企业融资的国际经验与中小企业融资新思维》,《经济问题》,2008,6。
9.人民银行石家庄中心支行金融研究处课题组:《廊坊市小额贷款公司——发展民间融资模式尝试》,《华北金融》,2008,3。
10.彭十一:《经济转型期我国中小企业融资问题研究》,中国农业出版社2008。
11.石义斌:《小企业融资问题研究》,中共中央党校2008年博士学位毕业论文。
12.武巧珍、刘扭霞:《中国中小企业融资——理论·借鉴·融资体系的建立》,中国社会科学出版社2007年。
13.康晶:《成长型中小企业融资的理论与实证研究》,吉林大学2007年博士学位毕业论文。
14.张建营:《中小企业融资实战》,中华工商联合出版社2007。
15.许小年:《大银行不能解决小企业“融资难”》,上海金融报,2006-3-31。
16.周忠明:《小企业信贷与金融创新》,《银行家》,2006,10。
17.包小忠:《日本企业融资结构与治理结构效率》,中国社会科学出版社,2006。
18.范从来、王宇伟等:《公司金融研究》,商务印书馆,2006。
19.欧阳文和、高政利等:《中小企业公司治理理论与实务》,经济管理出版社,2006。
20.杨兴全:《上市公司融资效率问题研究》,中国财政经济出版社,2005。
21.李丽霞、徐海俊、孟菲:《我国中小企业融资体系的研究》,科学出版社,2005。
22.王铁军:《中国中小企业融资28种模式》,中国金融出版社2004年版。
23.约翰﹒普安顿著,焦军普、高扬译:《股权融资与债务融资成本评估》,中国金融出版社2003。
24.林毅夫、李永军:《中小金融机构发展与中小企业融资》,《经济研究》,2001,1。
25.李扬、杨思群:《中小企业融资与银行》,上海财经出版社2001。
26.刘红梅、王克强:《中国企业融资市场研究》,北京:中国物价出版社,2002。
27.席建国:《资本市场制度分析》,北京大学,2000。
28.张杰:《民营经济的金融困境与融资次序》,《经济研究》2000,4。
29.沈艺峰:《资本结构理论史》,北京:经济出版社, 1999。
30.周其仁、张居衍、戴勇:《设立并逐步开放全国性的为中小企业融资服务的资本市场》,《经济学消息报》,1998-01-02。
31.工业和信息化部网站、网易财经、中小企业网站、新浪网、凤凰卫视网、博鳌亚洲论坛、中小企业融资峰会等论坛网站及专家名人博客。
32. Chenhall,Robert H ,2003,Management Contral Systems Design With in Its Organizational Context: Findings From Contingency-Based Research and Directions For the Furture, Accounting ,Organizations, and Society, 28,2003。
33.Douglas w.Diamond,Reputation Aequisitionin Debt Markets,the Jounral of Political Eeonomy,1989。
34. JosPehE.Stiglitz,“Ineentives,Inofmration,and Ogrnaizational Design,NBER Working PaPers2979,National Buerau of Economic Research,Ine,1990。
35. Peternes , Mitehell A and Raghurma G. Rajna“The Benefits of Lending RelationshiPs:Evidence from small Business Data,Journal of Finance,1994,49,31一37。
36. SCole,Rebel,The ImPortance of RelationshiPs to the Availabiliyt of Cerdit,Jounral of Bnaking and Finanee,1998。