次贷危机下基于融资效率的中小企业融资问题研究
摘要
随着我国社会主义市场经济的快速发展和国企改革的进一步深化,中小企业在确保国民经济健康稳定发展、推动技术创新改革及增加就业机会、维护社会稳定等各个方面发挥着越来越重要的作用,而中小企业在运营中存在的问题尤其是融资方面的问题已引起全社会的广泛关注。自2007年8月始,“次贷危机”在全球蔓延,国际银行机构倒闭不断,资产大幅缩水,风险急剧上升,仅2008年上半年,全国倒闭的各类中小企业数量便达6.7万家。至2008年下半年,我国很多以劳动力密集型产业为主的中小企业普遍遭遇发展困境,全球经济低迷使得中国出口增速放缓,与此同时,国内劳动力成本上升、人民币汇率升值以及生产原材料价格上涨等诸多因素叠加在一起,大大挤压了中小企业的生存空间。
本文试图通过对次贷危机后中小企业融资效率问题的深入研究,探索出适合当下中小企业发展过程中适用的融资支持体系。
本文首先介绍了次贷危机后我国现阶段中小企业的融资现状(第二章),发现了造成目前中小企业融资问题的几个突出现象如银、企信息不对称、中小企业融资渠道单一、政策落实不到位、中小企业大多无法提供担保等；接下来本文对中小企业融资方式与融资结构理论进行了深入研究(第三章)欲找出一条适合现阶段我国中小企业的发展方向,继而分析并指出当前中小企业融资难的原因之所在,在实证研究了目前中小企业融资效率问题的基础上,总结出我国中小企业融资的途径及政府、企业、银行、民间金融机构间的合作侧重点问题优化中小企业融资,(第四、第五章)在此基础上提出中小企业应建立以中小企业为根本以政府为桥梁与银行及民间金融紧密联系的融资体系,并就目前的形势对企业、政府、银行和民间金融提出了针对性的建议。(第六章)
论文主要完成的工作和取得的创新性成果如下：
1、在分析了国内外有关中小企业融资问题及解决方法、融资效率的研究思路等文献的基础上,指出了次贷危机后我国中小企业在融资问题上需要建立一套政府、企业、社会等多方面机构对中小企业信贷的支持体系的问题。
2、针对已有研究在企业融资效率评价方法的选取上,摒弃了传统的采用一些财务指标或对这些指标进行加权平均来评估的模式,采用了DEA研究方法。研究从最有利于决策单元的角度进行评价,注重每一个决策单元的优化,指出有关指标的调整方向。本文还提出包含筹资、资金运用二个方面的DEA融资效率评价模型来对中小企业融资效率进行评价,并引入时序DEA的概念,动态地评价企业融资效率。
3、本研究选取了长沙、南昌、株洲、广州、深圳、武汉、等地共6城市的中小企业作为样本研究对象。以调查问卷的方式,共回收各纸版与电子版问卷共208份,去除其中问卷必答项目填答不全,或既非业主,亦非高层管理人员填答的问卷,实际有效回收问卷115份(其中30家系上门拜访方式,26份系邮寄方式,59家系电子邮件方式)。在此基础上深入分析了次贷危机前后影响我国中小企业融资效率的四个主体(企业、政府、银行、民间金融)间的相互关系,和影响程度。最终发现中小企业自身状况是影响企业融资效率的最大因素,政府、银行、民间金融都是通过企业来影响企业的融资,而这三者中无论次贷危机前后政府作用都在影响企业绩效的第一位,银行则在次贷危机后落到了最后一位。
4、综合多项因素分析最终给出了适合次贷危机后我国中小企业发展中融资的几项建议：第一,中小企业融资是受政府、企业、银行、民间金融等多方面的作用,需要政策、技术、资金、法律等的支持；第二,中小企业融资需要多样的融资方式、稳定的融资渠道；第三,目前我国应加大银行金融创新力度,使银行信贷业务能更持续健康发展；最后,规范民间金融,制定相关法律使中小企业融资能得到必要的资金支持。
As the rapid development of China's socialist market economy and further deepen the reform of state-owned enterprises, SMEs is more and more playing an increasingly important role in ensuring the healthy and stable development of the national economy, promoting technological innovation and reform,increasing employment opportunities and maintaining social stability all aspects etc. While the SMEs problems in the operation, especially the question of financing has attracted widespread attention in society as a whole. Since the beginning of August 2007, "sub-prime crisis" in the global spread, which caused international banking institutions out of business constantly, assets shrink dramatically, the risk of a sharp rise. in first half of 2008 alone,the number of types of small and medium enterprises throughout the country which have been collapsed up to 67000. Until the second half of 2008, China's a lot of labor-intensive industries dominated SMEs in general encounter the development difficulties, the global economic downturn makes the slowdown of China's exports, while domestic labor costs, the appreciation of the RMB exchange rate and the production of raw material prices superposition many factors etc. such as rising together, greatly squeezed viability of the SMEs.
This paper attempts to study in-depth the efficiency problems of SME financing by the subprime mortgage crisis, and to explore application of the process of financing support system that suitable for immediate development of SMEs.
This paper describes the sub-prime crisis in the financing of Current Status of SMEs (Chapter II),Found in SME financing problems have caused the present phenomenon of a few prominent such as bank,enterprise information asymmetry, a single financing channels for SMEs, implementation of the policy in place, most SMEs can not provide guarantees;Next the paper studies deeply about the way of SME financing and the financing structure of the theory(Chapter III)To find a suitable stage of development of SMEs,Then analyzes and points out the reasons for the current financing of SMEs,In the empirical study of the current efficiency of SME financing basis, summed up the way of SME financing and the cooperation between government, enterprises, banks, private financial institution focused on the issue of the optimization of SME financing, (ChaptersⅣandⅤ.)On this basis, proposed we should establish the financing system which the SMEs should be fundamental, Government for the bridges and banks and private financial should be close, and raised specific suggestions on the current situation of enterprises, government, banks and private finance (Chapter VI)
The major work done and achieved innovative results are as follows:
1. In the analysis of domestic and foreign financing problems and solutions for small and medium enterprises, financing and efficiency of research ideas, etc. on the basis of the literature pointed out that the sub-prime crisis on the financing of SMEs in China, which need to establish a government, enterprises, social various institutions in lending to SMEs and other aspects of the support system problems.
2. Existing research in corporate finance for the efficiency evaluation method selected, abandoned the traditional use of some of the financial indicators or a weighted average of these indicators to assess the model, using DEA research methods. Research from the most beneficial to evaluate the perspective of decision making unit, focusing on the optimization of each decision making unit, pointing out that the adjustment of the direction of the indicators. This article also contains the proposed financing, capital financing of the use of two aspects of DEA efficiency evaluation model to evaluate the efficiency of SME financing, and introduce the concept of timing DEA and dynamic evaluation of the efficiency of corporate finance.
3. This paper selected small and medium enterprises as samples of Changsha, Nanchang, Zhuzhou, and Guangzhou, Shenzhen, Wuhan and other places etc.a total of six cities for the study. To investigate the way the questionnaire, a total recovery of the paperboard and electronic version of a total of 208 questionnaires, A project which will remove the questionnaire respondents had incomplete, Or neither the owners nor the senior management of the questionnaire respondents, practical and effective recovery of 115 questionnaires (30 of them family visits to approach Department of post 26,59, Department by e-mail). On this basis, in-depth analysis of the sub-prime mortgage crisis in the financing of SMEs in China before and after the impact of the efficiency of four subjects (business, government, banking, private banking) the inter-relationship and impact. Was found to affect the SME's own situation is the biggest factor in the efficiency of corporate finance, government, banking, private banking business to influence through the financing of enterprises, which is three no matter the government's role before and after the sub-prime crisis affecting business performance in the first 1, the banks in the sub-prime mortgage crisis, fell to the last one.
4. A comprehensive analysis of a number of factors finally given for the sub-prime crisis in the financing of SME development in China, several recommendations:First, the SME financing is subject to government, business, banking, private banking and many other roles, which needs policy, technology, financial, and legal support etc; Second, SME financing needs of a variety of financing methods, stable financing channels; Third, China should increase the banking and financial innovation, so that bank credit to more sustainable and healthy development; Finally, the standard private financial and formulate relevant laws so that SMEs can get the financing necessary financial support.
本文试图通过对次贷危机后中小企业融资效率问题的深入研究,探索出适合当下中小企业发展过程中适用的融资支持体系。
本文首先介绍了次贷危机后我国现阶段中小企业的融资现状(第二章),发现了造成目前中小企业融资问题的几个突出现象如银、企信息不对称、中小企业融资渠道单一、政策落实不到位、中小企业大多无法提供担保等；接下来本文对中小企业融资方式与融资结构理论进行了深入研究(第三章)欲找出一条适合现阶段我国中小企业的发展方向,继而分析并指出当前中小企业融资难的原因之所在,在实证研究了目前中小企业融资效率问题的基础上,总结出我国中小企业融资的途径及政府、企业、银行、民间金融机构间的合作侧重点问题优化中小企业融资,(第四、第五章)在此基础上提出中小企业应建立以中小企业为根本以政府为桥梁与银行及民间金融紧密联系的融资体系,并就目前的形势对企业、政府、银行和民间金融提出了针对性的建议。(第六章)
论文主要完成的工作和取得的创新性成果如下：
1、在分析了国内外有关中小企业融资问题及解决方法、融资效率的研究思路等文献的基础上,指出了次贷危机后我国中小企业在融资问题上需要建立一套政府、企业、社会等多方面机构对中小企业信贷的支持体系的问题。
2、针对已有研究在企业融资效率评价方法的选取上,摒弃了传统的采用一些财务指标或对这些指标进行加权平均来评估的模式,采用了DEA研究方法。研究从最有利于决策单元的角度进行评价,注重每一个决策单元的优化,指出有关指标的调整方向。本文还提出包含筹资、资金运用二个方面的DEA融资效率评价模型来对中小企业融资效率进行评价,并引入时序DEA的概念,动态地评价企业融资效率。
3、本研究选取了长沙、南昌、株洲、广州、深圳、武汉、等地共6城市的中小企业作为样本研究对象。以调查问卷的方式,共回收各纸版与电子版问卷共208份,去除其中问卷必答项目填答不全,或既非业主,亦非高层管理人员填答的问卷,实际有效回收问卷115份(其中30家系上门拜访方式,26份系邮寄方式,59家系电子邮件方式)。在此基础上深入分析了次贷危机前后影响我国中小企业融资效率的四个主体(企业、政府、银行、民间金融)间的相互关系,和影响程度。最终发现中小企业自身状况是影响企业融资效率的最大因素,政府、银行、民间金融都是通过企业来影响企业的融资,而这三者中无论次贷危机前后政府作用都在影响企业绩效的第一位,银行则在次贷危机后落到了最后一位。
4、综合多项因素分析最终给出了适合次贷危机后我国中小企业发展中融资的几项建议：第一,中小企业融资是受政府、企业、银行、民间金融等多方面的作用,需要政策、技术、资金、法律等的支持；第二,中小企业融资需要多样的融资方式、稳定的融资渠道；第三,目前我国应加大银行金融创新力度,使银行信贷业务能更持续健康发展；最后,规范民间金融,制定相关法律使中小企业融资能得到必要的资金支持。
As the rapid development of China's socialist market economy and further deepen the reform of state-owned enterprises, SMEs is more and more playing an increasingly important role in ensuring the healthy and stable development of the national economy, promoting technological innovation and reform,increasing employment opportunities and maintaining social stability all aspects etc. While the SMEs problems in the operation, especially the question of financing has attracted widespread attention in society as a whole. Since the beginning of August 2007, "sub-prime crisis" in the global spread, which caused international banking institutions out of business constantly, assets shrink dramatically, the risk of a sharp rise. in first half of 2008 alone,the number of types of small and medium enterprises throughout the country which have been collapsed up to 67000. Until the second half of 2008, China's a lot of labor-intensive industries dominated SMEs in general encounter the development difficulties, the global economic downturn makes the slowdown of China's exports, while domestic labor costs, the appreciation of the RMB exchange rate and the production of raw material prices superposition many factors etc. such as rising together, greatly squeezed viability of the SMEs.
This paper attempts to study in-depth the efficiency problems of SME financing by the subprime mortgage crisis, and to explore application of the process of financing support system that suitable for immediate development of SMEs.
This paper describes the sub-prime crisis in the financing of Current Status of SMEs (Chapter II),Found in SME financing problems have caused the present phenomenon of a few prominent such as bank,enterprise information asymmetry, a single financing channels for SMEs, implementation of the policy in place, most SMEs can not provide guarantees;Next the paper studies deeply about the way of SME financing and the financing structure of the theory(Chapter III)To find a suitable stage of development of SMEs,Then analyzes and points out the reasons for the current financing of SMEs,In the empirical study of the current efficiency of SME financing basis, summed up the way of SME financing and the cooperation between government, enterprises, banks, private financial institution focused on the issue of the optimization of SME financing, (ChaptersⅣandⅤ.)On this basis, proposed we should establish the financing system which the SMEs should be fundamental, Government for the bridges and banks and private financial should be close, and raised specific suggestions on the current situation of enterprises, government, banks and private finance (Chapter VI)
The major work done and achieved innovative results are as follows:
1. In the analysis of domestic and foreign financing problems and solutions for small and medium enterprises, financing and efficiency of research ideas, etc. on the basis of the literature pointed out that the sub-prime crisis on the financing of SMEs in China, which need to establish a government, enterprises, social various institutions in lending to SMEs and other aspects of the support system problems.
2. Existing research in corporate finance for the efficiency evaluation method selected, abandoned the traditional use of some of the financial indicators or a weighted average of these indicators to assess the model, using DEA research methods. Research from the most beneficial to evaluate the perspective of decision making unit, focusing on the optimization of each decision making unit, pointing out that the adjustment of the direction of the indicators. This article also contains the proposed financing, capital financing of the use of two aspects of DEA efficiency evaluation model to evaluate the efficiency of SME financing, and introduce the concept of timing DEA and dynamic evaluation of the efficiency of corporate finance.
3. This paper selected small and medium enterprises as samples of Changsha, Nanchang, Zhuzhou, and Guangzhou, Shenzhen, Wuhan and other places etc.a total of six cities for the study. To investigate the way the questionnaire, a total recovery of the paperboard and electronic version of a total of 208 questionnaires, A project which will remove the questionnaire respondents had incomplete, Or neither the owners nor the senior management of the questionnaire respondents, practical and effective recovery of 115 questionnaires (30 of them family visits to approach Department of post 26,59, Department by e-mail). On this basis, in-depth analysis of the sub-prime mortgage crisis in the financing of SMEs in China before and after the impact of the efficiency of four subjects (business, government, banking, private banking) the inter-relationship and impact. Was found to affect the SME's own situation is the biggest factor in the efficiency of corporate finance, government, banking, private banking business to influence through the financing of enterprises, which is three no matter the government's role before and after the sub-prime crisis affecting business performance in the first 1, the banks in the sub-prime mortgage crisis, fell to the last one.
4. A comprehensive analysis of a number of factors finally given for the sub-prime crisis in the financing of SME development in China, several recommendations:First, the SME financing is subject to government, business, banking, private banking and many other roles, which needs policy, technology, financial, and legal support etc; Second, SME financing needs of a variety of financing methods, stable financing channels; Third, China should increase the banking and financial innovation, so that bank credit to more sustainable and healthy development; Finally, the standard private financial and formulate relevant laws so that SMEs can get the financing necessary financial support.
引文
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