完善我国中小企业融资体系的路径研究
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摘要
本文主要结合我国中小企业的现状和中小企业融资体系的现状,借鉴国外的成功经验,研究完善我国中小企业融资体系的路径选择问题。探讨在完善我国中小企业融资体系中社会支持体系、间接融资体系、直接融资体系的优先顺序选择和重要性排列,并提出在上述三个体系的建设中各自需要优先考虑的问题。
为阐述我国中小企业的特点,本文首先回顾了中小企业的发展历程和现状。接着简要回顾企业融资理论的发展和中小企业融资理论的研究现状,以及发达国家解决中小企业融资难题的成功经验。
在梳理我国金融体系改革历程的基础上,简述我国中小企业融资的现状。
在分析我国中小企业特点和融资现状之后,本文以符合中小企业融资规律和我国实际的融资优序理论和企业金融成长周期理论为指导,提出了完善我国中小企业融资体系路径选择的总体思路,即发展内源融资体系优先于外源融资体系,债权融资体系优先于股权融资体系。
在随后的三章,按照优先性和重要性的顺序分别探讨完善我国中小企业融资社会支持体系、间接融资体系和直接融资体系的路径选择并提出了一些思路和政策建议。主要包括:以完善税制、间接财政支持和政策性银行体系为主体,以提高中小企业内源融资能力、调整中小企业结构、提高中小企业竞争力和增加就业为目的的社会支持体系构建;以贷款审批机制安排为手段,发挥我国大型商业银行分支机构众多的优势,拓展大银行中小企业贷款业务和以农村信用合作社股份制改造为重点发展中小商业银行的间接融资体系构建;以规范和完善场外非上市公司股权交易市场为重点的直接融资体系构建。
最后,总结了本文的主要观点和研究的欠缺并提出下一步研究的方向。
According to the conditions of SMEs and SME financing system in China, and the advanced experiences of foreign countries, this paper try to study the perfection of the SME financing system path selection. And to study in perfecting the SME financing system how to arrange the priority and importance among social supporting system, indirect financing system and direct financing system. And proposed which need to be developed first in the construction of each system.
To explain the characteristics of SMEs in China, this paper reviews the history of SMEs and its status today. Then a brief review of the development of financing theory and the theory of SME financing is given in the paper, and including the successful experiences to solve the SME financing problems in developed countries.
After reviewing the reform process of financial system, the paper briefly explained the status of SME financing in China.
On the base of the analysis in the characteristics and the financing situation of SMEs, and under the guidance of Pecking Order Theory and the Financial Growth Cycle Theory which proved to be in accordance with the situation in China, the paper proposed a general idea of path chosing during the construcing of SME financing system.
In the following three chapters, according to the order of priority and importance, we discussed the path of perfecting the social support system, indirect financing system and direct financing system respectively, and put forward some innovative ideas and policy recommendations as well. They include: to improve the tax system, indirect fiscal support and policy-oriented banks as the main way, and to enhance the self-accumulating capacity of SMEs, to adjust industry structure of SMEs, to improve the competitiveness and the employment of SMEs as the main purpose for the social support system construction; by improving the loan approval mechanisms to take advantage of the numerous branches of large commercial banks, and by reconstructing rural credit cooperatives into joint-stock commercial banks to develop small and medium banks for indirect financing system construction; to standardize and improve OTC markets as the main way for direct financing system construction.
Finally, we summarized the main points of the paper and the lack of research, then proposed future research directions.
为阐述我国中小企业的特点,本文首先回顾了中小企业的发展历程和现状。接着简要回顾企业融资理论的发展和中小企业融资理论的研究现状,以及发达国家解决中小企业融资难题的成功经验。
在梳理我国金融体系改革历程的基础上,简述我国中小企业融资的现状。
在分析我国中小企业特点和融资现状之后,本文以符合中小企业融资规律和我国实际的融资优序理论和企业金融成长周期理论为指导,提出了完善我国中小企业融资体系路径选择的总体思路,即发展内源融资体系优先于外源融资体系,债权融资体系优先于股权融资体系。
在随后的三章,按照优先性和重要性的顺序分别探讨完善我国中小企业融资社会支持体系、间接融资体系和直接融资体系的路径选择并提出了一些思路和政策建议。主要包括:以完善税制、间接财政支持和政策性银行体系为主体,以提高中小企业内源融资能力、调整中小企业结构、提高中小企业竞争力和增加就业为目的的社会支持体系构建;以贷款审批机制安排为手段,发挥我国大型商业银行分支机构众多的优势,拓展大银行中小企业贷款业务和以农村信用合作社股份制改造为重点发展中小商业银行的间接融资体系构建;以规范和完善场外非上市公司股权交易市场为重点的直接融资体系构建。
最后,总结了本文的主要观点和研究的欠缺并提出下一步研究的方向。
According to the conditions of SMEs and SME financing system in China, and the advanced experiences of foreign countries, this paper try to study the perfection of the SME financing system path selection. And to study in perfecting the SME financing system how to arrange the priority and importance among social supporting system, indirect financing system and direct financing system. And proposed which need to be developed first in the construction of each system.
To explain the characteristics of SMEs in China, this paper reviews the history of SMEs and its status today. Then a brief review of the development of financing theory and the theory of SME financing is given in the paper, and including the successful experiences to solve the SME financing problems in developed countries.
After reviewing the reform process of financial system, the paper briefly explained the status of SME financing in China.
On the base of the analysis in the characteristics and the financing situation of SMEs, and under the guidance of Pecking Order Theory and the Financial Growth Cycle Theory which proved to be in accordance with the situation in China, the paper proposed a general idea of path chosing during the construcing of SME financing system.
In the following three chapters, according to the order of priority and importance, we discussed the path of perfecting the social support system, indirect financing system and direct financing system respectively, and put forward some innovative ideas and policy recommendations as well. They include: to improve the tax system, indirect fiscal support and policy-oriented banks as the main way, and to enhance the self-accumulating capacity of SMEs, to adjust industry structure of SMEs, to improve the competitiveness and the employment of SMEs as the main purpose for the social support system construction; by improving the loan approval mechanisms to take advantage of the numerous branches of large commercial banks, and by reconstructing rural credit cooperatives into joint-stock commercial banks to develop small and medium banks for indirect financing system construction; to standardize and improve OTC markets as the main way for direct financing system construction.
Finally, we summarized the main points of the paper and the lack of research, then proposed future research directions.
引文
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[52]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年第1期。
[53]林毅夫、孙希芳:《信息、非正规金融与中小企业融资》,经济研究2005年第7期。
[54]林汉川、魏中奇:《中小企业的界定与评价》中国工业经济,2000年第7期。
[55]任志华:《中小企业融资行为与商业银行制度和业务创新》,天津大学博士学位论文,2003。
[56]沈炳熙、高圣智:《日本的中小企业金融政策》,金融研究2002年第9期。
[57]史巧玉:《中小企业界定标准及行业分布研究》,兰州商学院学报20卷第一期,2004年。
[58][美]斯蒂格勒:《产业组织和政府管制》,上海人民出版社,三联书店,1996。
[59][日]太田一郎:《现代中小企业的活力与新生》,西安电子科技大学出版社,1991。
[60]万解秋:《企业融资结构研究》,2001,复旦大学出版社。
[61]王正耀、年四五:《中小企业民间融资:形成机理与规范对策》,河南金融管理干部学院学报,2006年第1期。
[62]王霄,张捷:《银行信贷配给与中小企业融资》,经济研究2003年第7期。
[63]徐金才:《对“萧山模式”信用担保公司持续发展现象的调查与思考》,浙江金融,2007.5
[64]张杰:《民营经济的金融困境与融资次序》,经济研究2000年第4期。
[65]张令柏、张乐善:《产权交易市场非上市公司股票交易问题研究》,财会研究,2007年第3期。
[66]祝孔海:《我国中小企业融资问题实证研究》,金融理论与实践,2005年第3期。
②傅汉清:前引书,第16-17页。
③陈连江:《德国中小企业生存环境及对我国中小企业的启示》,乡镇企业研究,2004年第3期。
①万解秋:《企业融资结构研究》,复旦大学出版社,2001版。
②卢福财:《企业融资效率分析》,经济管理出版社,2001版。
①Modigliani, F. & Millier, M.H.,“Corpporate Income Taxes and the Cost of Capital: A Correction”, American Economic Review,Vol.53. 1963, p433-434.
②Miller, M.H.,“Debt and Taxes”, Journal of Finance,Vol.32, 1977, p261-275.
③Jensen, M.C. and Mecking,W.H.,“Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics,Vol.3, 1976, p305-360.
①Ross,“The Determination of Financial Structure: The Incentive Signaling Approach”, Bell Journal of Economics, Vol.8, 1977, p23-40.
①Leland, H. and Pyle, H.,“Informational Asymmetries, Financial Structure, and Financial Intermediation”, Journal of Finance, Vol. 32, No.2.1977,p371-387.
②Myers, S. & N. Majluf.“Corporate Financing and Investment Decisions when Firms have Information that Investors do not have”. Journal of Financial Economics , Vol.13, 1984, p187-221.
③Willamson,Oliver.“Corporate Finance and Corporate Governance”,Journal of Finance, Vol. 43.1988, p567-591.
①Aghion,P. & Bolton,P.,“Incomplete Contracts Approach to Financial Contracting”, Review of Economics Studies,Vol.59, 1992,p473-494.
②Berger, A.N. & Udell, G.F.,“The Economics of Small Business Finance: The Role of Private Equity and Debt Market in the Financial Growth Cycle”, Journal of Banking and Finance , Vol.22, 1998, p613-673.
③Baker, M. & Wurgler, J.,“Market Timing and Capital Structure”, Journal of Finance , Vol.57(1), 2002,p1-32.
①Barton ,S.L. & Matthews, C.H,“Corporate Strategy and Capital Structure”, Strategic Management Journal,Vol.9, 1988,p623-632.
②Gibson, B.“Financial Information for Decision Making: An Alternative Small Firm Perspective”, Journal of Small Business Finance,Vol. 1, 1992, p221-232.
①Berger, A.N. & Udell, G.F.,“The Economics of Small Business Finance: The Role of Private Equity and Debt Market in the Financial Growth Cycle”, Journal of Banking and Finance , Vol.22, 1998, p613-673.
②张杰:《民营经济的金融困境与融资次序》,经济研究2000年第4期。
③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年第10期。
①Stiglitz, J. and Andew Weiss,“Credit Rationing in Markets with Imperfect Information”,American Economic Review, 1981, p414-477.
②Jaffee, Dwight & Franco Modigliani,“A Theory and Test of Credit Rationing”, American Economic Review,Vol. 59, 1969, No.5: p850-72.
③王霄,张捷:《银行信贷配给与中小企业融资》,经济研究2003年第7期。
①Dewatripont, M. and Maskin, E.“Credit and Efficiency in Centralized and Decentralized Economies”, Review of Economic Studies 62(4), 1995, p541-555.
②Peek, J., and E. S. Rosengren.“Small Business Credit Availability: How Important Is Size of Lender?”, In : A. Saunders and I. Walter, eds., Financial System Design: The Case for Universal Banking. Burr Ridge, Ill.: Irwin. 1996.
③Berger, A.N.,Saunders,A.,Scalise,J.M.& Udell, G.F.,“The Effect of Bank Mergers and Acquisitions on Small Business Lending”, Journal of Financial Economics, 50, 1998, p187-229.
④Strahan, Philip E. and James P. Weston.,“Small Business Lending and the Changing Structure of the Banking Industry”, Journal of Banking and Finance, vol. 22, 1998, p821-845.
①Berger, A. N. and G. F. Udell,“Small Business Credit Availability and Relationship Lending: The Importance of Bank Organizational Structure”, The Economic Journal, 112, 2002, pp.F32-F53.
①沈炳熙、高圣智:《日本的中小企业金融政策》,金融研究2002年第9期。
①陈荣富:《台湾之合会事业》,台湾银行期刊,1953,5(4)
①北京大学CCER经济发展战略研究组:《中国金融体制改革的回顾和展望》,CCER讨论稿No. C2000005,2000。
②[美]拉迪·R·尼古拉斯:《中国未完成的经济改革》,隆国强,李桐连等译,中国发展出版社,1999。
①葛兆强、廖梅桂:《国有银行不良债权的经济学分析》,《人大复印报刊资料:金融与保险》,1999年第3期。
①乐强毅编:《我国未上市公司股权交易市场研究》,上海财经大学出版社2008年版。
①李建军:《民间金融:不可替代的内生需求》,中国经营报,2010.2.14
②陈莉:《中小企业融资的特点,难点及解决对策》,武汉金融,2006年第4期
①史巧玉:《中小企业界定标准及行业分布研究》,兰州商学院学报20卷第一期,2004.2
①张杰:《民营经济的金融困境与融资次序》,经济研究2000年第4期。
②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年第10期。
③陈晓红,刘剑:《我国中小企业融资结构与融资方式演进研究》,中国软科学,2005年12期
①陈明玉:《宏观调控下中小企业的融资结构——苍南县221家中小企业融资情况的调查》,浙江经济,2005(18)
①Staley and Morse,“Modern Small Industry for Developing Countries”,McGranHil1,1965.
②Krugam,“The Spatial Economy:Cities, Regions, and International Trade”,MIT Press,1999.
①赖婧华:《运用税收杠杆促进科技型中小企业发展》,科技创业月刊,2006年第10期
①Yan Shen, Minggao Shen, Zhong Xu, Ying Bai,“Bank Size and Small and Medium-sized Enterprise(SME) Lending: Evidence from China”, World Development, Vol. 37, 2009,No. 4, pp800-811
①[美]斯蒂格勒:《产业组织和政府管制》,潘振民译,上海人民出版社,1996。
①Staley and Morse,“Modern Small Industry for Developing Countries”,McGranHil1,1965.
①柴野:《德国银行缘何能在金融风暴中独善其身》,光明日报,2008.11.2。
①Berger, A. N. and G. F. Udell,“Small Business Credit Availability and Relationship Lending: The Importance of Bank Organizational Structure”, The Economic Journal 112, 2002, pp.F32-F53.
①Berger, A. N. and G. F. Udell,“Small Business Credit Availability and Relationship Lending: The Importance of Bank Organizational Structure”, The Economic Journal 112, 2002, pp.F32-F53.
②Berger, A.N., and & Udell, G.F.,“Relationship Lending and Lines of Credit in Small Firm Finance”, Journal of Business 68, 1995, p351-382.
①Harhoff, D. and T. K?rting,“Lending Relationships in Germany: Empirical Results from Survey Data”, Journal of Banking and Finance 22, 1998, 1317-1354.
②Yan Shen, Minggao Shen, Zhong Xu, Ying Bai,“Bank Size and Small and Medium-sized Enterprise(SME) Lending: Evidence from China”, World Development, Vol. 37, No. 4, 2009, pp800-811.
①王正耀、年四五:《中小企业民间融资:形成机理与规范对策》,河南金融管理干部学院学报,2006年第1期。
②徐金才:《对“萧山模式”信用担保公司持续发展现象的调查与思考》,浙江金融,2007.5
①参考《中国创业板市场建设大事记》,上海证券报网络版2004年5月18日。
①张令柏、张乐善:《产权交易市场非上市公司股票交易问题研究》,财会研究,2007年第3期
①乐强毅:《我国未上市公司股权交易市场研究》,上海财经大学出版社,2008。
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[2] Baker, M., and Wurgler, J.,“Market Timing and Capital Structure”, Journal of Finance 57(1), 2002.
[3] Barton,S.L. & Matthews,C.H,“Corporate Strategy and Capital Structure”, Strategic Management Journal,9, 1988.
[4] Berger, A.N., and & Udell, G.F.,“Relationship Lending and Lines of Credit in Small Firm Finance”, Journal of Business 68, 1995.
[5] Berger, A.N.,Saunders,A.,Scalise,J.M.& Udell, G.F.,“The Effect of Bank Mergers and Acquisitions on Small Business Lending”, Journal of Financial Economics, 50, 1998.
[6] Berger, A.N. & Udell, G.F.,“The Economics of Small Business Finance: The Role of Private Equity and Debt Market in the Financial Growth Cycle”, Journal of Banking and Finance 22, 1998.
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[35]陈莉:《中小企业融资的特点,难点及解决对策》,武汉金融,2006年第4期。
[36]陈连江:《德国中小企业生存环境及对我国中小企业的启示》,乡镇企业研究,2004年第3期。
[37]陈明玉:《宏观调控下中小企业的融资结构——苍南县221家中小企业融资情况的调查》,浙江经济,2005(18)。
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[39]陈晓红,郭声琨,《中小企业的融资》经济科学出版社,2000。
[40]陈晓红,刘剑:《我国中小企业融资结构与融资方式演进研究》,中国软科学,2005年12期。
[41]傅汉清:《美国小企业研究》,中国财政经济出版社,2000。
[42]葛兆强、廖梅桂:《国有银行不良债权的经济学分析》,《人大复印报刊资料:金融与保险》,1999年第3期。
[43]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年第10期。
[44][美]拉迪·R·尼古拉斯:《中国未完成的经济改革》,隆国强,李桐连等译,中国发展出版社1999年版。
[45]赖婧华:《运用税收杠杆促进科技型中小企业发展,科技创业月刊,2006年第10期。
[46]乐强毅:《我国未上市公司股权交易市场研究》,上海财经大学出版社,2008。
[47]李建军:《民间金融:不可替代的内生需求》,中国经营报,2010.2.14。
[48]卢福财:《企业融资效率分析》,2001,经济管理出版社。
[49]李扬、杨思群:《中小企业融资与银行》,上海财经大学出版社,2001。
[50]刘曼红:《中国中小企业融资问题研究》,中国人民大学出版社,2003。
[51]胡小平:《中小企业融资》,经济管理出版社,2001。
[52]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年第1期。
[53]林毅夫、孙希芳:《信息、非正规金融与中小企业融资》,经济研究2005年第7期。
[54]林汉川、魏中奇:《中小企业的界定与评价》中国工业经济,2000年第7期。
[55]任志华:《中小企业融资行为与商业银行制度和业务创新》,天津大学博士学位论文,2003。
[56]沈炳熙、高圣智:《日本的中小企业金融政策》,金融研究2002年第9期。
[57]史巧玉:《中小企业界定标准及行业分布研究》,兰州商学院学报20卷第一期,2004年。
[58][美]斯蒂格勒:《产业组织和政府管制》,上海人民出版社,三联书店,1996。
[59][日]太田一郎:《现代中小企业的活力与新生》,西安电子科技大学出版社,1991。
[60]万解秋:《企业融资结构研究》,2001,复旦大学出版社。
[61]王正耀、年四五:《中小企业民间融资:形成机理与规范对策》,河南金融管理干部学院学报,2006年第1期。
[62]王霄,张捷:《银行信贷配给与中小企业融资》,经济研究2003年第7期。
[63]徐金才:《对“萧山模式”信用担保公司持续发展现象的调查与思考》,浙江金融,2007.5
[64]张杰:《民营经济的金融困境与融资次序》,经济研究2000年第4期。
[65]张令柏、张乐善:《产权交易市场非上市公司股票交易问题研究》,财会研究,2007年第3期。
[66]祝孔海:《我国中小企业融资问题实证研究》,金融理论与实践,2005年第3期。