台湾地区中小企业融资问题研究
摘要
在台湾地区的经济发展中,中小企业在促进经济增长、创造就业机会和推动科技创新等方面发挥了不可替代的作用。然而,在其三个阶段的成长历程中,也面临着资金不足、财务不健全等融资困难。在台湾当局以及各界的支持下,台湾地区的融资状况得到了改善。股权融资、债权融资和创业投资基金融资为其提供融资渠道;中小企业银行和一般银行等金融机构对其增加贷款额度;台湾当局的融资辅导政策和体系,尤其是信用保证体系,为其提供保障,这些都促进了中小企业在台湾地区的成长。当前,大陆在中小企业发展过程中也存在相应的困境,台湾地区的经验将有利于大陆中小企业在中小企业银行、柜台市场、风险投资、融资辅导和信用保证等方面的建立和完善。本文从台湾地区中小企业融资状况,主要是台湾地区直接融资和间接融资体系,融资辅导体系研究入手,综合运用现代经济学、金融学、投资学等基本理论和分析工具,以大陆中小企业融资问题的现状与出路为逻辑框架,采取宏观分析与微观分析相结合的方法,借鉴台湾地区中小企业的成功经验。希望能从理论层面和实际层面为大陆解决中小企业融资问题提供参考。
本文主要分为五章:第一章为统览全篇的理论基础,首先明确了中小企业和企业融资的界定,探讨中小企业的特征和融资方式、机制和体系。第二章主要从台湾地区中小企业的角度阐述了其所遇到的融资问题,介绍了台湾地区中小企业的发展历程和融资困境。第三章从股权融资,OTC市场融资和银行贷款融资的角度研究台湾地区中小企业的融资问题。该章分析了台湾地区中小企业上市的路径,论述了台湾地区OTC市场促进台湾地区中小高科技企业的运行机制,揭示了台湾地区的创业投资与台湾地区高科技中小企业之间的内在联系,其具有代表性的模式将为大陆完善风险投资机制提供有效的借鉴。第四章通过台湾地区的融资辅导政策和台湾地区融资辅导体系的建立来为大陆发展中小企业的融资辅导和信用保证体系提供了借鉴。第五章针对中小企业的现状与困境,从直接融资和间接融资视角,提出了改善大陆中小企业的风险投资的对策与建议;完善大陆中小企业的信用保证体系。
During the development of Taiwan's economy, Small and Medium-Sized Enterprises exert irreplaceable function on accelerating economic development, creating job opportunity and impelling science and technology innovation, etc. However, Small-medium sized enterprises have difficulties on obtaining adequate capital support and during the three growing process in Taiwan., because the size is small and the working risk is big in initial stages. The difficulty of financing and financial system has badly embarrassed the growing of Small-medium sized enterprises. With the support of the government the financing situation has been improved in Taiwan. The small medium sized enterprise's bank, the general bank and other finance source have increased the loan specified amount. The financing channel has offered by the stockholder's rights financing, the creditor's rights financing and the venture capital financing assistance policy and the financing assistance system, especially the credit support system has been provided by the government in Taiwan. All of these ways have been adopted to improve the development of the small-medium sized enterprises in Taiwan. Nowadays the same problems have been taken place in Mainland China. The Chinese small-medium sized enterprises will get the useful experiences from Taiwan on respect of the small-medium sized enterprise's bank, the OTC market, the venture capital, the financing assistance and the credit support. The paper begins to mainly investigate the financing systems from Taiwan's Small-medium sized enterprises. It focuses on the indirect financing, direct financing and financing assistance system.
This article uses the basis theory and analytical instruments of modern economics, financing and investment. It combines macro-analysis with microanalysis. The logical frame is the present situations and future outlets of the financing of Small-medium sized enterprises. It takes as mirror the successful experiences of Small-medium sized enterprises in Taiwan. I hope to give reference and experience to settle the Chinese Small-medium sized enterprises' financing problem.
This article is divided into five chapters. The first chapter is based on some theories, which give definition of Small-medium sized enterprises and the enterprise financing. It studies on the Small-medium sized enterprises' characters, financing methods, financing structure and financing system. The second chapter analyses the Small-medium sized enterprises' financing problem .It introduces the development process and financing difficulties of Small-medium sized enterprises in Taiwan. The third chapter chooses the stock financing, OTC market financing and bank financing to study the problem of the Small-medium sized enterprises in Taiwan. In this chapter, we analyses the route of the Small-medium sized enterprises going to the stock market. It reveals how the OTC market help to improve the grow-up of the small medium sized technical enterprises in Taiwan. It helps us to get the inside connection between the capital investment and the the small-medium sized technical enterprises in Taiwan. The classical model will provide a good reference to mainland China to build the capital investment system. The fourth chapter discusses the sound financing assistance policy and the useful financing assistance system which are offered by the government in Taiwan. From what I have mentioned , I can conclude that more experiences were accumulate and the financing assistance system has been established as well. It is expected that some worthy experiences can be provided as reference through an in-depth description in this article for the establishment of the financing assistance system for the Small-medium sized enterprises in mainland China that is on the initial stage at the moment. The fifth chapter gives some suggestions on the respect of capital investments to the Small-medium sized enterprises in mainland China according to the indirect financing and direct financing .The author hopes that all the kinds of sources will be accumulated to improve the credit guarantee system. In the end ,the author draws a conclusion on the research on the Financing of Small and Medium-Sized Enterprises in Taiwan and give some improvements .
本文主要分为五章:第一章为统览全篇的理论基础,首先明确了中小企业和企业融资的界定,探讨中小企业的特征和融资方式、机制和体系。第二章主要从台湾地区中小企业的角度阐述了其所遇到的融资问题,介绍了台湾地区中小企业的发展历程和融资困境。第三章从股权融资,OTC市场融资和银行贷款融资的角度研究台湾地区中小企业的融资问题。该章分析了台湾地区中小企业上市的路径,论述了台湾地区OTC市场促进台湾地区中小高科技企业的运行机制,揭示了台湾地区的创业投资与台湾地区高科技中小企业之间的内在联系,其具有代表性的模式将为大陆完善风险投资机制提供有效的借鉴。第四章通过台湾地区的融资辅导政策和台湾地区融资辅导体系的建立来为大陆发展中小企业的融资辅导和信用保证体系提供了借鉴。第五章针对中小企业的现状与困境,从直接融资和间接融资视角,提出了改善大陆中小企业的风险投资的对策与建议;完善大陆中小企业的信用保证体系。
During the development of Taiwan's economy, Small and Medium-Sized Enterprises exert irreplaceable function on accelerating economic development, creating job opportunity and impelling science and technology innovation, etc. However, Small-medium sized enterprises have difficulties on obtaining adequate capital support and during the three growing process in Taiwan., because the size is small and the working risk is big in initial stages. The difficulty of financing and financial system has badly embarrassed the growing of Small-medium sized enterprises. With the support of the government the financing situation has been improved in Taiwan. The small medium sized enterprise's bank, the general bank and other finance source have increased the loan specified amount. The financing channel has offered by the stockholder's rights financing, the creditor's rights financing and the venture capital financing assistance policy and the financing assistance system, especially the credit support system has been provided by the government in Taiwan. All of these ways have been adopted to improve the development of the small-medium sized enterprises in Taiwan. Nowadays the same problems have been taken place in Mainland China. The Chinese small-medium sized enterprises will get the useful experiences from Taiwan on respect of the small-medium sized enterprise's bank, the OTC market, the venture capital, the financing assistance and the credit support. The paper begins to mainly investigate the financing systems from Taiwan's Small-medium sized enterprises. It focuses on the indirect financing, direct financing and financing assistance system.
This article uses the basis theory and analytical instruments of modern economics, financing and investment. It combines macro-analysis with microanalysis. The logical frame is the present situations and future outlets of the financing of Small-medium sized enterprises. It takes as mirror the successful experiences of Small-medium sized enterprises in Taiwan. I hope to give reference and experience to settle the Chinese Small-medium sized enterprises' financing problem.
This article is divided into five chapters. The first chapter is based on some theories, which give definition of Small-medium sized enterprises and the enterprise financing. It studies on the Small-medium sized enterprises' characters, financing methods, financing structure and financing system. The second chapter analyses the Small-medium sized enterprises' financing problem .It introduces the development process and financing difficulties of Small-medium sized enterprises in Taiwan. The third chapter chooses the stock financing, OTC market financing and bank financing to study the problem of the Small-medium sized enterprises in Taiwan. In this chapter, we analyses the route of the Small-medium sized enterprises going to the stock market. It reveals how the OTC market help to improve the grow-up of the small medium sized technical enterprises in Taiwan. It helps us to get the inside connection between the capital investment and the the small-medium sized technical enterprises in Taiwan. The classical model will provide a good reference to mainland China to build the capital investment system. The fourth chapter discusses the sound financing assistance policy and the useful financing assistance system which are offered by the government in Taiwan. From what I have mentioned , I can conclude that more experiences were accumulate and the financing assistance system has been established as well. It is expected that some worthy experiences can be provided as reference through an in-depth description in this article for the establishment of the financing assistance system for the Small-medium sized enterprises in mainland China that is on the initial stage at the moment. The fifth chapter gives some suggestions on the respect of capital investments to the Small-medium sized enterprises in mainland China according to the indirect financing and direct financing .The author hopes that all the kinds of sources will be accumulated to improve the credit guarantee system. In the end ,the author draws a conclusion on the research on the Financing of Small and Medium-Sized Enterprises in Taiwan and give some improvements .
引文
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[1]董登新,中国OTC为中国创业板壮行—中国OTC做大中国资本市场,中国证券网,2008年。
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[1]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年。
[1]戴淑庚,高科技产业融资:理论·模式·创新,中国发展出版社.第11页。
[1]A N Berger & G.F.Udell."The Economics of Small Business Finance.The Role of Private Equity and Debt Markets in the Financial Growth Cycle" journal of Banking and Finance,22,1998.
[1]Stephen p.Robbins.Organization Behavior,7th Edition[M].America:Prentice-Hall International,Inc,1997.
[1]伊查克.爱迪思,企业生命周期,中国社会科学出版社,1997年,第237页。
[1]陈丽常,台湾地区中小企业财务问题,台湾地区银行季刊第三十四卷第三期,第27页。
[1]清科集团,2007年第三季度中国企业上市研究报告,清科集团网站,2008年。
[1]董登新,中国OTC为中国创业板壮行—中国OTC做大中国资本市场,中国证券网,2008年。
[1]刘曼红,中国中小企业融资问题研究,中国人民大学出版社,第171页。
[1]刘曼红,中国中小企业融资问题研究,中国人民大学出版社,第91页。
[1]林汉川、魏中奇.中小企业的界定与评价[J].中国工业经济,2000,(7):16-21.
[2]吴惠林、周添城、林志诚.中小型企业认定标准之研究[J].中华经济研究院,1996.
[3]陈晓红,郭声琨.中小企业融资[M].经济科学出版社,2000.
[4]戴淑庚.高科技产业融资:理论·模式·创新[M].中国发展出版社,2005:11-20.
[5]Modiliani,Franco and Miller,Merton H.The Cost of Capital,Corporation Finance,and the Theory of Investment,American Economic Review[M].1958.
[6]Joseph Rosenstem."The Board and Statergy.Venture Capital and High Technology"[J].Journal of Business Venturing 1998.
[7]李娜.新资本结构理论综述[J].中山大学研究生学刊:社会科学版,2006,(27):94-99.
[8]经济部中小企业处.中小企业白皮书[M].2007.
[9]于宗先、王金利.台湾中小企业的成长[M].台北:联经出版事业公司,2000.
[10]周添城.中小企业融资与台湾经济发展[J].基层金融第17期,1988.
[11]张钧.台湾之中小企业银行与中小企业融资问题[J].台湾银行季刊,第34卷第3期,1983.
[12]林锦淑.我国银行对中小企业融资之现况及问题[J]经济论坛,第十五卷第九期,1992:107-111.
[13]Ian C.Macmillan,David M.Kulow and Rouhina Khoylian."Venture Capitalists Involvement in Their Investments.Extent and Performance"[J].Journal of Business Venturing,1998.
[14]苏美祥.论台湾中小企业融资体系及对福建的借鉴意义[J].福建论坛(经济社会版),1999,(12).
[15]郑晖阁.台湾高科技股板块的走势分析—以电子类股为例[J].海峡科技与产业,2004,(2):5-8.
[16]Bob Zider." How Venture Capital Works?",Harvard Business Review,November-December 1998.
[17]台湾“行政院主计处”:《“国情”统计通报—近年“我国”资讯产业概况》[J].2003年3月11日.
[18]陈玉琨、曾驭然.台湾股票市场发展与高新科技资本的取得[J].海峡科技与产业,2004,(5):7-10.
[19]林绥.中国高新技术企业赴美国融资及发展的策略[J].海外学人高新技术发展论坛,2002.
[20]过文俊.台湾发展场外交易市场的经验及其对大陆的启示[J].当代亚太,2005,(12).
[21]张笑雪.台湾柜台市场发展探析[J].发展研究,2003,(08).
[22]戴淑庚.台湾风险投资促进高科技产业发展的机制研究—兼论其对大陆的启示[J].台湾研究集刊,2002,(3):73-79.
[23]戴淑庚、翁成受.厦门与台湾高科技产业发展合作研究[J].台湾研究集刊,2001,(02).
[24]邓小明.国外风险投资资金筹集来源及其启示[J].商业时代,2008,(06).
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