我国中小企业突破银行融资困境的对策研究
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摘要
我国目前有4000多万家中小企业和个体工商户,吸纳了75%左右的城镇人口和农村转移劳动力就业,对GDP的贡献率超过60%,对税收的贡献率超过50%,创新环节中有65%的专利,80%的产品开发来自于中小企业。这组数字说明了我国中小企业在促进经济增长、科技进步、增加就业、扩大税收等方面,发挥着极其重要的作用。但是中小企业在发展过程中陷入了融资困境,融资难已经成为制约中小企业发展壮大的最重要因素。由于种种原因,在所有的融资渠道中,中小企业融资只能以银行融资渠道为主。然而,随着中国金融环境的不断变化,我国商业银行的经营环境也面临着前所未有的压力：“利率市场化进行中”不断压缩银行的利润空间,越来越多的企业改间接的银行融资为直接的股票和债券融资,业绩上分流了银行的经营收入,加之银行贷款集中度趋高不下带来的信贷风险,这些问题都极大影响了银行未来可持续发展的能力。因此,加强中小企业信贷研究,加快贷款结构调整,增加中小企业信贷业务占比,无论是对于银行业务健康快速发展,还是解决中小企业融资难问题,乃至实现中国经济结构的调整和经济增长方式的转变,既是机遇,也是挑战。
本文主要包括六个部分：第一部分是论文的研究背景与选题的意义、本论文研究的理论依据和方法、论文的研究过程和内容；第二部分为我国中小企业概述、银行融资现状及融资困境；第三部分介绍了中小企业融资难的相关理论分析；第四部分是以X银行为例分析中小企业银行融资难的成因；第五部分为以X银行为例提出解放思想、设立中小企业专营机构、创新产品、建立信用评价体系、优化审批流程、强化贷后管理和风险预警、完善激励约束等七个方面提出了具体解决方案；第六部分为结论。本文运用规范分析、比较分析和案例分析等方法。从我国中小企业发展的概况出发,首先介绍他们的定义、融资渠道、融资特点和在银行融资过程中遇到的问题以及形成这些问题的原因。在理论方面,重点介绍中小企业权益资本缺口理论、中小企业融资结构理论、信息不对称理论和信贷配给理论分析。并运用这些理论分析银行不愿意贷款给中小企业成因。实际中,以X银行开展中小企业信贷业务为例分析银行方面存在哪些原因阻碍了中小企业银行融资,并有针对性的提出了具体的解决方案。这一整套解决方案对于同类型的中小商业银行具有一定的推广价值和借鉴意义。
In China, there are over 40 million Small and Medium-sized Enterprises (SME) and individual traders with an employment of 75% labor force both from town and rural areas. Over 60% GDP and 50% revenue are from their contribution; meanwhile, they own 65% innovation patent rights and 80% product development. From the above figures, it is obvious that SME plays a vitally important role in the part of economic growth, advance of science and technology, creation of jobs, enlargement of revenue and etc. Nevertheless, the financing difficulty problem which SME are facing with during development has become a fatal element that impeding its growth, cause SME can only get financing from bank among all financing channels. With the changing of financial environment in China, the operation environment for commercial banks is facing unprecedented stress. Interest Rate Liberalization is cutting down the profits for banks, and meanwhile, more and more enterprises directly finance by equity or debt financing instead of indirect from bank. The operating revenue is decreasing, however, the credit concentration risks are increasing. All problems above are influencing sustainable development ability of bank in future. Thus it is of great important to intensify the research for SME, to accelerate the loan structure reform, to increase the proportion of financing business for SME. It is not only challenges, but also opportunities either for the healthy rapid development for bank, or to solve the financing problems for SME, even for the transformation of china economic structure adjustment and economic growth mode.
This paper is divided into six parts. The first part is about the background and meaning of paper choosing, the basic research theory and methods, and the process and content of the research. The second part is an overview for SME in china and the financing situation and difficulty for bank. In the third part, it analyzes the correlation theory about the financing difficulty for SME. In the fourth part, X Bank is taken as an example to illustrate the cause of financing difficulty for SME. In the fifth part, puts forward a solution in seven parts for commercial bank, which are open minding, setting SME monopoly institutions, product creation, establishing credit rating system, optimizing accreditation process, strengthen management after loan and risk warning, and improving the infusion and commitment mechanism. The sixth part is conclusion. In this paper, it applies several analyze methods, including positive analysis, normative analysis, comparative analysis and case analysis. It begins with the general situation for the development of SME, and then it introduces its definition, financing channels, financing features, the problems during bank financing, and causes for those problems. In the theory part, it mainly discusses the SME equity-capital financing gap theory, SME financing structure theory, information asymmetry theory, credit rationing theory, and size-match theory. With these theories, this paper analyzes the reasons of bank financing difficulty for SME both in theory and in the Tianjin Bank, and puts forward specific aim solutions.
本文主要包括六个部分：第一部分是论文的研究背景与选题的意义、本论文研究的理论依据和方法、论文的研究过程和内容；第二部分为我国中小企业概述、银行融资现状及融资困境；第三部分介绍了中小企业融资难的相关理论分析；第四部分是以X银行为例分析中小企业银行融资难的成因；第五部分为以X银行为例提出解放思想、设立中小企业专营机构、创新产品、建立信用评价体系、优化审批流程、强化贷后管理和风险预警、完善激励约束等七个方面提出了具体解决方案；第六部分为结论。本文运用规范分析、比较分析和案例分析等方法。从我国中小企业发展的概况出发,首先介绍他们的定义、融资渠道、融资特点和在银行融资过程中遇到的问题以及形成这些问题的原因。在理论方面,重点介绍中小企业权益资本缺口理论、中小企业融资结构理论、信息不对称理论和信贷配给理论分析。并运用这些理论分析银行不愿意贷款给中小企业成因。实际中,以X银行开展中小企业信贷业务为例分析银行方面存在哪些原因阻碍了中小企业银行融资,并有针对性的提出了具体的解决方案。这一整套解决方案对于同类型的中小商业银行具有一定的推广价值和借鉴意义。
In China, there are over 40 million Small and Medium-sized Enterprises (SME) and individual traders with an employment of 75% labor force both from town and rural areas. Over 60% GDP and 50% revenue are from their contribution; meanwhile, they own 65% innovation patent rights and 80% product development. From the above figures, it is obvious that SME plays a vitally important role in the part of economic growth, advance of science and technology, creation of jobs, enlargement of revenue and etc. Nevertheless, the financing difficulty problem which SME are facing with during development has become a fatal element that impeding its growth, cause SME can only get financing from bank among all financing channels. With the changing of financial environment in China, the operation environment for commercial banks is facing unprecedented stress. Interest Rate Liberalization is cutting down the profits for banks, and meanwhile, more and more enterprises directly finance by equity or debt financing instead of indirect from bank. The operating revenue is decreasing, however, the credit concentration risks are increasing. All problems above are influencing sustainable development ability of bank in future. Thus it is of great important to intensify the research for SME, to accelerate the loan structure reform, to increase the proportion of financing business for SME. It is not only challenges, but also opportunities either for the healthy rapid development for bank, or to solve the financing problems for SME, even for the transformation of china economic structure adjustment and economic growth mode.
This paper is divided into six parts. The first part is about the background and meaning of paper choosing, the basic research theory and methods, and the process and content of the research. The second part is an overview for SME in china and the financing situation and difficulty for bank. In the third part, it analyzes the correlation theory about the financing difficulty for SME. In the fourth part, X Bank is taken as an example to illustrate the cause of financing difficulty for SME. In the fifth part, puts forward a solution in seven parts for commercial bank, which are open minding, setting SME monopoly institutions, product creation, establishing credit rating system, optimizing accreditation process, strengthen management after loan and risk warning, and improving the infusion and commitment mechanism. The sixth part is conclusion. In this paper, it applies several analyze methods, including positive analysis, normative analysis, comparative analysis and case analysis. It begins with the general situation for the development of SME, and then it introduces its definition, financing channels, financing features, the problems during bank financing, and causes for those problems. In the theory part, it mainly discusses the SME equity-capital financing gap theory, SME financing structure theory, information asymmetry theory, credit rationing theory, and size-match theory. With these theories, this paper analyzes the reasons of bank financing difficulty for SME both in theory and in the Tianjin Bank, and puts forward specific aim solutions.
引文
⑤黄孟复主编.中国小企业融资状况调查.中国财政经济出版社,2010.1
⑥黄孟复主编.中国小企业融资状况调查.中国财政经济出版社,2010.1
13 Allen N.Berger and Gregory F.Udell. TheEconommics of Small Business Finance:The Role of Private Equity and Debt Markets in the Finance Growth Cycle. Journal of Banking and Finance,1998
14 张捷,王宵.中小企业金融成长周期与融资结构变化.经济研究出版设,2002
15 林毅夫,李水军.中小金融机构发展与中小企业融资[J].经济研究出版设,2001
16 转引自张维迎.博弈论与信息经济学,上海三联书店、上海人民出报社,2001年版
19 黄孟复主编.中国小企业融资状况调查.中国财政经济出版社,2010.1
[1]Hodgman. Donald. Credit Risk And Rationing. Quarterly Journal of Economics,1960
[2]McKinnon R I. Money and Capital in Economic Development. Washington D C.:The Brookings Instition,1973
[3]Joseph E. Stiglitz and Andrew Weiss. Credit Rationing in Market with Imperfect Information. American Economic Review,1981
[4]Myers SC, Majluf NS. Corporate financing and investment decisions when firms have information that investors do not have. Joural of Financing Economics,1984
[5]Myers SC. The capital structure puzzle. The Joural of Finance,1984
[6]Williamson S D. Costiy monitoring, financial intermediation and equilibrium credit rationing. Journal of Monetary Economics,1986
[7]Allen N. Berger and Gregory F. Udell. Collateral, loan quality, and bank risk. Journal of Monetary Economics,1990
[8]Ang J. S. Small business uniqueness and the theory of financial management. Joural of Small Business Finance,1991
[9]Ang J.S. On the theory of finance for privately held firm. Joural of Small Business Finance,1992
[10]Allen N. Berger and Gregory F. Udell. Relationship Lending and lines of Gredit in Small Firm Finance. Journal of Business,1995
[11]Allen N. Berger and Gregory F. Udell. The Econommics of Small Business Finance: The Role of Private Equity and Debt Markets in the Finance Growth Cycle. Journal of Banking and Finance,1998
[12]Meyer Laurence H.:The Present and Future Roles of Banks in Small Business Finance. Joural of Banking Finance,1998
[13]Howorth Carole A. Small firm'demand for finance:a research note. International Small Business Joural,2001
[14]Allen N. Berger and Gregory F.Udell. Small Business Credit Availability and Relationship Lending:the Importance of Bank organizational Structure. The Economic Journal,2002
[15]Petersen M A, Raj an R G. Dose distance still matter? The information revolution in small business lending. Journal of Finance,2002
[16]Halov.N.and F.Heider. Capital Structure,Risk and Asymmetric Information. NYU working paper,2004
[17]张杰.民营经济的金融困境与融资次序.经济研究,2000
[18]林毅夫,李永军.中小金融机构发展与中小企业融资[J].经济研究出版设,2001
[19]张维迎.博弈论与信息经济学,上海三联书店、上海人民出报社,2001年版
[20]李扬,杨思群.中小企业融资与银行.上海财经出版社,2001
[21]张捷,王宵.中小企业金融成长周期与融资结构变化.经济研究出版设,2002
[22]张捷.中小企业的关系型借贷与银行组织结构.经济研究出版设,2002
[23]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
[24]关于印发中小企业标准暂行规定的通知(国经贸中小企[2003]143号)
[25]欧阳凌,欧阳令南.中小企业融资瓶颈研究—一个基于产权理论和信息不对称的分析框架.数量经济技术经济研究,2004
[26]周密.我国中小企业信用担保期限过短的经济学解释—兼论“麦克米伦缺口”的弥补.现代经济探讨,2007
[27]《银行开展小企业授信工作指导意见》的通知(银监发【2007】53号)
[28](1)WBES(世界商业环境调查)数据库,Drenet.com:(2)转引自孔曙东著.国外中小企业融资经验与启示.中国金融出版社,2008
[29]杨娟.中小企业融资结构：理论与中国经验.中国经济出版社,2008
[30]《商业银行小企业授信指引》,2008
[31]《关于银行建立小企业金融服务专营机构的指导意见》(银监发【2008】82号)
[32]《关于认真落实“有保有压”政策进一步改进小企业金融服务的通知》(监发【2008】62号)
[33]民营中小企业问题研究：以北京市为例/杨宜等著。—北京：科学出版社,2009
[34]陈永奎著.民族地区中小企业融资研究.民族出版社,2009.11
[35]黄孟复主编.中国小企业融资状况调查.中国财政经济出版社,2010.1
[36]《关于进一步做好中小企业金融服务工作的若干意见》(银发【2010】193号)
[37]2010年全年中小企业信贷业务情况通报第5期
[38]X银行2011年工作报告
[39]关于产品创新、风险定价、审批流程和激励约束的调研报告,2011
[40]http://www.miit.gov.cn/n11293472/n11293877/n13506632/n13519318/1354 0859.html
[41]http://www.ca-sme.org/content.asp?id=24364
[42]http://www.ca-sme.org/content.asp?id=24287
[43]http://www.ca-sme.org/content.asp?id=24285
⑥黄孟复主编.中国小企业融资状况调查.中国财政经济出版社,2010.1
13 Allen N.Berger and Gregory F.Udell. TheEconommics of Small Business Finance:The Role of Private Equity and Debt Markets in the Finance Growth Cycle. Journal of Banking and Finance,1998
14 张捷,王宵.中小企业金融成长周期与融资结构变化.经济研究出版设,2002
15 林毅夫,李水军.中小金融机构发展与中小企业融资[J].经济研究出版设,2001
16 转引自张维迎.博弈论与信息经济学,上海三联书店、上海人民出报社,2001年版
19 黄孟复主编.中国小企业融资状况调查.中国财政经济出版社,2010.1
[1]Hodgman. Donald. Credit Risk And Rationing. Quarterly Journal of Economics,1960
[2]McKinnon R I. Money and Capital in Economic Development. Washington D C.:The Brookings Instition,1973
[3]Joseph E. Stiglitz and Andrew Weiss. Credit Rationing in Market with Imperfect Information. American Economic Review,1981
[4]Myers SC, Majluf NS. Corporate financing and investment decisions when firms have information that investors do not have. Joural of Financing Economics,1984
[5]Myers SC. The capital structure puzzle. The Joural of Finance,1984
[6]Williamson S D. Costiy monitoring, financial intermediation and equilibrium credit rationing. Journal of Monetary Economics,1986
[7]Allen N. Berger and Gregory F. Udell. Collateral, loan quality, and bank risk. Journal of Monetary Economics,1990
[8]Ang J. S. Small business uniqueness and the theory of financial management. Joural of Small Business Finance,1991
[9]Ang J.S. On the theory of finance for privately held firm. Joural of Small Business Finance,1992
[10]Allen N. Berger and Gregory F. Udell. Relationship Lending and lines of Gredit in Small Firm Finance. Journal of Business,1995
[11]Allen N. Berger and Gregory F. Udell. The Econommics of Small Business Finance: The Role of Private Equity and Debt Markets in the Finance Growth Cycle. Journal of Banking and Finance,1998
[12]Meyer Laurence H.:The Present and Future Roles of Banks in Small Business Finance. Joural of Banking Finance,1998
[13]Howorth Carole A. Small firm'demand for finance:a research note. International Small Business Joural,2001
[14]Allen N. Berger and Gregory F.Udell. Small Business Credit Availability and Relationship Lending:the Importance of Bank organizational Structure. The Economic Journal,2002
[15]Petersen M A, Raj an R G. Dose distance still matter? The information revolution in small business lending. Journal of Finance,2002
[16]Halov.N.and F.Heider. Capital Structure,Risk and Asymmetric Information. NYU working paper,2004
[17]张杰.民营经济的金融困境与融资次序.经济研究,2000
[18]林毅夫,李永军.中小金融机构发展与中小企业融资[J].经济研究出版设,2001
[19]张维迎.博弈论与信息经济学,上海三联书店、上海人民出报社,2001年版
[20]李扬,杨思群.中小企业融资与银行.上海财经出版社,2001
[21]张捷,王宵.中小企业金融成长周期与融资结构变化.经济研究出版设,2002
[22]张捷.中小企业的关系型借贷与银行组织结构.经济研究出版设,2002
[23]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
[24]关于印发中小企业标准暂行规定的通知(国经贸中小企[2003]143号)
[25]欧阳凌,欧阳令南.中小企业融资瓶颈研究—一个基于产权理论和信息不对称的分析框架.数量经济技术经济研究,2004
[26]周密.我国中小企业信用担保期限过短的经济学解释—兼论“麦克米伦缺口”的弥补.现代经济探讨,2007
[27]《银行开展小企业授信工作指导意见》的通知(银监发【2007】53号)
[28](1)WBES(世界商业环境调查)数据库,Drenet.com:(2)转引自孔曙东著.国外中小企业融资经验与启示.中国金融出版社,2008
[29]杨娟.中小企业融资结构：理论与中国经验.中国经济出版社,2008
[30]《商业银行小企业授信指引》,2008
[31]《关于银行建立小企业金融服务专营机构的指导意见》(银监发【2008】82号)
[32]《关于认真落实“有保有压”政策进一步改进小企业金融服务的通知》(监发【2008】62号)
[33]民营中小企业问题研究：以北京市为例/杨宜等著。—北京：科学出版社,2009
[34]陈永奎著.民族地区中小企业融资研究.民族出版社,2009.11
[35]黄孟复主编.中国小企业融资状况调查.中国财政经济出版社,2010.1
[36]《关于进一步做好中小企业金融服务工作的若干意见》(银发【2010】193号)
[37]2010年全年中小企业信贷业务情况通报第5期
[38]X银行2011年工作报告
[39]关于产品创新、风险定价、审批流程和激励约束的调研报告,2011
[40]http://www.miit.gov.cn/n11293472/n11293877/n13506632/n13519318/1354 0859.html
[41]http://www.ca-sme.org/content.asp?id=24364
[42]http://www.ca-sme.org/content.asp?id=24287
[43]http://www.ca-sme.org/content.asp?id=24285