国际金融危机下的中小企业融资问题研究
摘要
中小企业的融资问题是中小企业生存的核心问题,国际金融危机对中小企业的影响,突出体现在企业的融资问题上。即使是在正常的经济社会条件下,中小企业由于资金薄弱、信誉度不高、经营风险大等原因,所以融资渠道一直很狭窄,融资能力很差。金融危机爆发后,受出口急剧减少的影响,中小企业利润空间大幅缩小,这就导致中小企业的内源性融资大大减少;同时,金融风险的增大,导致金融机构投资更加谨慎,惜贷现象进一步恶化,这也会使中小企业的外源性融资更加困难。因此,解决中小企业的融资问题是化解中小企业生存危机的重要举措。
由于中小企业自身的问题以及我国现有金融体制的影响,各金融机构倾向于向国有大型企业提供融资,对中小企业的支持更多地停留在口号上,在实际操作中甚至采取歧视的态度,无法提供平等的机会。解决中小企业融资问题绝不可能一蹴而就,需要政府、金融机构和其他社会团体、个人的共同努力。
论文通过国际金融危机对我国经济造成的影响,在这种环境下,我国出口大规模萎缩,中小企业生产成本提高,利润锐减,内源融资规模将大幅减少,同时金融机构对于贷款和投资的去向更加谨慎,中小企业的外源融资渠道进一步萎缩。同时指出中小企业与银行关系不合理、金融结构有问题、政策环境不宽松、企业自身不合理是中小企业融资难的主要原因。
通过分析美国、日本等发达国家和地区在解决中小企业融资方面的经验,论文进一步指出了为了缓解中小企业融资难这个问题,我们必须要拓宽现有的融资渠道,通过建立信用担保体系和企业信用登记体系、树立中小企业信用意识、建立专门的中小金融机构、设立创业板市场以及强化政府的作用等措施,在一定程度上可以解决中小企业的融资困难。
Problem of financing SMEs are the core issue of survival, the international financial crisis on SMEs, and ultimately were embodied in the question on the financing of enterprises. Even in normal economic and social conditions, the small and medium-sized funds because of weak, credibility is not high, the operating risks and other reasons, so financing has been very narrow channels, the financing capacity of the poor. Financial crisis, by the sharp decline in the impact of exports, small and medium-sized significantly reduced profit margins, which resulted in financing small and medium-sized endogenous greatly reduced; At the same time, the increasing financial risks, leading to more cautious investment in financial institutions, credit crunch situation further deterioration, which led to exogenous SME financing more difficult. Therefore, to solve the financing problems of small and medium-sized SMEs are to resolve the fundamental way to survive the crisis.
Under the planned economy system, China has been lending financial institutions are inclined to state-owned large and medium-sized enterprises. Even though the market economic system has been set up, market competition and survival of the fittest on the allocation of resources must have impact, but the legacy of the institutional problem is very difficult to make small and medium-sized external financial funds. As some economist said, not to mention the protection of our country is not only to support small and medium enterprises, is equal to see, are not treated equally. Therefore, the Government should be adopted to promote the development of SMEs to achieve the purpose of China's economic growth, it is necessary to lift the small and medium enterprises to control and eliminate excessive ownership of discrimination such as unequal treatment by providing SMEs with a favorable external competitive environment.
Pointed out that the thesis in order to effectively solve the problem of financing small and medium enterprises, government, enterprises and financial institutions, and many other joint efforts. The key to the enterprise, government and financial institutions to form a normal economic relations, set up a sound financial system for SMEs and the credit guarantee system, as well as improve the community as a whole credit. Achieve the Government to step up in terms of its policy of support for SMEs financing to provide a healthy environment; financial institutions to provide funding for small and medium-sized areas such as lending and security services, to small and medium-sized discrimination no longer exist, such as ownership of unequal treatment, provide SMEs with a favorable external competitive environment.
By analyzing the mode of financing small and medium-sized exogenous comparison, pointing out the difficulties in financing small and medium enterprises are a real problem, in order to alleviate the problem of difficulties in financing small and medium enterprises, we must broaden the financing channels. Improve the indirect financing channels for small and medium-sized mainly to encourage the development of direct financing and financing channels endogenous secondary financing to address the situation of a single set Road. Thesis also draws on the United States and Japan and other developed countries the financing of small and medium-sized successful experience of our country to solve the financing problem of SMEs is also of great significance.
由于中小企业自身的问题以及我国现有金融体制的影响,各金融机构倾向于向国有大型企业提供融资,对中小企业的支持更多地停留在口号上,在实际操作中甚至采取歧视的态度,无法提供平等的机会。解决中小企业融资问题绝不可能一蹴而就,需要政府、金融机构和其他社会团体、个人的共同努力。
论文通过国际金融危机对我国经济造成的影响,在这种环境下,我国出口大规模萎缩,中小企业生产成本提高,利润锐减,内源融资规模将大幅减少,同时金融机构对于贷款和投资的去向更加谨慎,中小企业的外源融资渠道进一步萎缩。同时指出中小企业与银行关系不合理、金融结构有问题、政策环境不宽松、企业自身不合理是中小企业融资难的主要原因。
通过分析美国、日本等发达国家和地区在解决中小企业融资方面的经验,论文进一步指出了为了缓解中小企业融资难这个问题,我们必须要拓宽现有的融资渠道,通过建立信用担保体系和企业信用登记体系、树立中小企业信用意识、建立专门的中小金融机构、设立创业板市场以及强化政府的作用等措施,在一定程度上可以解决中小企业的融资困难。
Problem of financing SMEs are the core issue of survival, the international financial crisis on SMEs, and ultimately were embodied in the question on the financing of enterprises. Even in normal economic and social conditions, the small and medium-sized funds because of weak, credibility is not high, the operating risks and other reasons, so financing has been very narrow channels, the financing capacity of the poor. Financial crisis, by the sharp decline in the impact of exports, small and medium-sized significantly reduced profit margins, which resulted in financing small and medium-sized endogenous greatly reduced; At the same time, the increasing financial risks, leading to more cautious investment in financial institutions, credit crunch situation further deterioration, which led to exogenous SME financing more difficult. Therefore, to solve the financing problems of small and medium-sized SMEs are to resolve the fundamental way to survive the crisis.
Under the planned economy system, China has been lending financial institutions are inclined to state-owned large and medium-sized enterprises. Even though the market economic system has been set up, market competition and survival of the fittest on the allocation of resources must have impact, but the legacy of the institutional problem is very difficult to make small and medium-sized external financial funds. As some economist said, not to mention the protection of our country is not only to support small and medium enterprises, is equal to see, are not treated equally. Therefore, the Government should be adopted to promote the development of SMEs to achieve the purpose of China's economic growth, it is necessary to lift the small and medium enterprises to control and eliminate excessive ownership of discrimination such as unequal treatment by providing SMEs with a favorable external competitive environment.
Pointed out that the thesis in order to effectively solve the problem of financing small and medium enterprises, government, enterprises and financial institutions, and many other joint efforts. The key to the enterprise, government and financial institutions to form a normal economic relations, set up a sound financial system for SMEs and the credit guarantee system, as well as improve the community as a whole credit. Achieve the Government to step up in terms of its policy of support for SMEs financing to provide a healthy environment; financial institutions to provide funding for small and medium-sized areas such as lending and security services, to small and medium-sized discrimination no longer exist, such as ownership of unequal treatment, provide SMEs with a favorable external competitive environment.
By analyzing the mode of financing small and medium-sized exogenous comparison, pointing out the difficulties in financing small and medium enterprises are a real problem, in order to alleviate the problem of difficulties in financing small and medium enterprises, we must broaden the financing channels. Improve the indirect financing channels for small and medium-sized mainly to encourage the development of direct financing and financing channels endogenous secondary financing to address the situation of a single set Road. Thesis also draws on the United States and Japan and other developed countries the financing of small and medium-sized successful experience of our country to solve the financing problem of SMEs is also of great significance.
引文
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[7]王宣喻,储小平.信息披露机制对私营企业融资决策的影响.经济研究,2002(10).
[8]储小平,王宣喻.私营家庭企业融资架道结构及其演变.中国软科学,2004(1).
[9]张捷.中小企业的关系型借贷与银行组织结构.经济研究,2002(6).
[10]李志斌.银行结构与中小企业融资.经济研究,2002(6).
11张捷,王霄 中小企业金融成长周期与融资结构变化.世界经济,2002(9).
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[1]马克思.资本论第1-3卷.人民出版社,2004.
[2]陈征,李建平等主编.《资本论》与当代中国经济.社会科学文献出版社,2008.
[3]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(6).
[4]柯武刚,史漫飞.制度经济学.商务印书馆,2002.
[5]徐洪水.金融缺口和交易成本最小化中小企业融资难题的成因研究与政策路径--理论分析与宁波个案实证研究.金融研究,200l(11).
[6]王宣喻,储小平.信息披露机制对私营企业融资决策的影响.经济研究,2002(10).
[7]储小平,王宣喻.私营家庭企业融资渠道结构及其演变.中国软科学,2004(1).
[8]郭斌,刘曼路.民间金融与中小企业发展:对温州的实证分析.经济研究,2002(19).
[9]王辑慈.企业规模的科学性问题.中国工业经济,1997(7).
[10]闻岳春.韩国中小企业金融支持体系及对中国的借鉴.上海金融,2005(8).
[11]张捷.中小企业的关系型借贷与银行组织结构.经济研究,2002(6).
[12]李志斌.银行结构与中小企业融资.经济研究,2002(6).
[13]陈乃醒.中国中小企业发展与预测(2002-2003).经济管理出版社,2002.
[14]张捷,王霄.中小企业金融成长周期与融资结构变化.世界经济,2002(9).
[15]王霄,张捷.银行信贷配给与中小企业贷款:一个内生化抵押品和企业规模的理论模型.经济研究,2003(7).
[16]郭田勇.中小企业融资的国际比较与借鉴.国际金融研究,2003(11).
[17]吕薇.借鉴有益经验建立我国中小企业信用担保体系.金融研究2000(5).
[18]钟坤明.我国中小企业融资难问题及对策研究.四川大学硕士论文,2003.
[19]赵向华.中日中小企业融资环境之比较分析.北京理工大学学报(社会科学版),2000(4).
[20]马连杰.德国中小企业的融资体系及对我国的启示.经济导刊,1999(3).
[21]许威.我国中小企业融资问题研究.暨南大学硕士论文,2004.
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[23]何曼青.我国区域投资环境评估及监测指标体系与模型的构建.中国外资,2004(11).
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