外资银行在华南地区的中小企业融资策略研究
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摘要
中小企业是国民经济体系的有机组成部分,其在国民经济运行中所具有的特殊功能与作用,是大型企业无法替代的。但在中小企业成长的过程中,却往往由于其初期规模小、经营风险大等先天缺陷,至使在融资方面难以得到有效的外界支持。因而,融资困难就成为制约中小企业生存与发展的最大瓶颈。
为了有效地分析这一问题,文中首先阐明了中小企业融资理论,指出融资不是企业自身的个体行为,而是一项涉及到多方的需求与供给的金融活动;其次,通过相关数据、图表的分析,陈述我国目前中小企业的融资现状,着重指出中小企业融资困难的原因是多方面的,既包括企业自身的原因,也有我国现有的金融体系、金融机制存在缺陷的原因。最后,文章提出拓宽中小企业的直接融资途径,完善贷款担保机构的职能,政府引导商业银行加大对中小企业的融资支持力度,以及建立风险投资的退出机制等各项措施,才是切实改善中小企业的融资困境的良方。
目前,国内对外资银行在华的中小企业融资策略研究相对较少,本文拟通过对外资银行在华南地区中小企业融资策略的研究,尝试找出外资银行在国内中小企业融资方面的可行路径。文中选取了永亨银行(中国)有限公司作为研究对象,对永亨银行在华南地区中小企业融资策略的具体特点进行了研究,分析了实施该战略的可行性,并提出了改善措施与对策。文章借鉴了财务分析、战略管理以及商业银行经营管理等方面的理论,采用实证分析的方法,理论与实践相结合,剖析了外资银行中小企业融资策略的成功经验及其尚需完善改进之处,力求提出的应对措施具有很强的针对性。
本文的创新之处还在于,提出外资银行应通过中小企业融资体系的构建,形成有效的中小企业融资机制,以提供更常规化的中小企业融资服务。这对于外资银行在中国的本地化战略也将起到一定的帮助作用。
Small and medium-sized enterprises (SMEs) are an integral part of the national economy. The SMEs have the special function and role which cannot be replaced by large enterprises. However, because of its small scale and the higher operating risks, it’s difficult for SMEs to get financing to support their development. The SMEs became difficult to finance from the bank, which can affect the SMEs’survival and development.
In order to analyze this issue effectively, the article clarified the financing theory progressively, which financing is not only the SMEs internal activities, but also a multi-party related to demand and supply of finance. Secondly, In order to illustrate the current status of SME financing, the article list up relevant data, charts of south china, and then indicated that although the SMEs developed rapidly, but the SME financing policy support, financial support services are quite behind. Thence, there are many reasons that caused the financing difficulties, including the SMEs’own reasons and China's existing financial system, financial mechanisms flawed. Finally, the article states that the government need to guide commercial banks to increase financial support to SMEs, as well as set up withdrawal system for the joint ventures, improve the functions of social financial system. Those measures can improve the SMEs financing more effectively
Presently, there is only little study of the foreign bank’s SMEs financing strategies in china. The article attempts to study the foreign bank’s SMEs financing strategies in south china, and then try to find out feasible path of foreign bank’s to finance the SMEs in south china. The paper selected Wing Hang Bank (China) Co., Ltd. as a research objective, and then studied its specific characteristics of financing strategy in south china; finally try to find out feasible path for foreign bank to finance the local SMEs. The article also analyzed the feasibility of financing strategy and proposed some improvement measures and countermeasures. Because the article brought forward targeted measures by referring to the theory of the financial analysis, strategic management, as well as the operational management of commercial banks, which can analyze foreign bank’s SMEs financing strategies clearly. In order to propose some useful suggestions to the SMEs’financing strategy of the foreign bank, the article analyzed both the successful experience and the inadequacies of the foreign bank SMEs financing strategy.
This article pointed out that foreign bank can finance SMEs by set up effective mechanism to regularize the financial services to SMEs. It was also useful for the foreign banks’localization strategy.
为了有效地分析这一问题,文中首先阐明了中小企业融资理论,指出融资不是企业自身的个体行为,而是一项涉及到多方的需求与供给的金融活动;其次,通过相关数据、图表的分析,陈述我国目前中小企业的融资现状,着重指出中小企业融资困难的原因是多方面的,既包括企业自身的原因,也有我国现有的金融体系、金融机制存在缺陷的原因。最后,文章提出拓宽中小企业的直接融资途径,完善贷款担保机构的职能,政府引导商业银行加大对中小企业的融资支持力度,以及建立风险投资的退出机制等各项措施,才是切实改善中小企业的融资困境的良方。
目前,国内对外资银行在华的中小企业融资策略研究相对较少,本文拟通过对外资银行在华南地区中小企业融资策略的研究,尝试找出外资银行在国内中小企业融资方面的可行路径。文中选取了永亨银行(中国)有限公司作为研究对象,对永亨银行在华南地区中小企业融资策略的具体特点进行了研究,分析了实施该战略的可行性,并提出了改善措施与对策。文章借鉴了财务分析、战略管理以及商业银行经营管理等方面的理论,采用实证分析的方法,理论与实践相结合,剖析了外资银行中小企业融资策略的成功经验及其尚需完善改进之处,力求提出的应对措施具有很强的针对性。
本文的创新之处还在于,提出外资银行应通过中小企业融资体系的构建,形成有效的中小企业融资机制,以提供更常规化的中小企业融资服务。这对于外资银行在中国的本地化战略也将起到一定的帮助作用。
Small and medium-sized enterprises (SMEs) are an integral part of the national economy. The SMEs have the special function and role which cannot be replaced by large enterprises. However, because of its small scale and the higher operating risks, it’s difficult for SMEs to get financing to support their development. The SMEs became difficult to finance from the bank, which can affect the SMEs’survival and development.
In order to analyze this issue effectively, the article clarified the financing theory progressively, which financing is not only the SMEs internal activities, but also a multi-party related to demand and supply of finance. Secondly, In order to illustrate the current status of SME financing, the article list up relevant data, charts of south china, and then indicated that although the SMEs developed rapidly, but the SME financing policy support, financial support services are quite behind. Thence, there are many reasons that caused the financing difficulties, including the SMEs’own reasons and China's existing financial system, financial mechanisms flawed. Finally, the article states that the government need to guide commercial banks to increase financial support to SMEs, as well as set up withdrawal system for the joint ventures, improve the functions of social financial system. Those measures can improve the SMEs financing more effectively
Presently, there is only little study of the foreign bank’s SMEs financing strategies in china. The article attempts to study the foreign bank’s SMEs financing strategies in south china, and then try to find out feasible path of foreign bank’s to finance the SMEs in south china. The paper selected Wing Hang Bank (China) Co., Ltd. as a research objective, and then studied its specific characteristics of financing strategy in south china; finally try to find out feasible path for foreign bank to finance the local SMEs. The article also analyzed the feasibility of financing strategy and proposed some improvement measures and countermeasures. Because the article brought forward targeted measures by referring to the theory of the financial analysis, strategic management, as well as the operational management of commercial banks, which can analyze foreign bank’s SMEs financing strategies clearly. In order to propose some useful suggestions to the SMEs’financing strategy of the foreign bank, the article analyzed both the successful experience and the inadequacies of the foreign bank SMEs financing strategy.
This article pointed out that foreign bank can finance SMEs by set up effective mechanism to regularize the financial services to SMEs. It was also useful for the foreign banks’localization strategy.
引文
[1]银监会银行业对外开放研究小组.认真落实科学发展观稳步推进中国银行业对外开放.金融时报, 2005. 9. 20
[2] [日]青木昌彦,瑟达尔·丁克,王信.关系型融资制度及其在竞争中的可行性.经济社会体制比较, 1997(6): 5-11
[3] [日]青木昌彦,瑟达尔·丁克.关系型融资制度及其在竞争中的可行性[续].经济社会体制比较, 1998(1): 35-39
[4] Myers, Majlif. Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have. Journal of Financial Economics, 1984(13): 187-221
[5] Stilitz. J., A. Weiss. Credit Rationing in Markets with Imperfect Information. American Economic Review, 1981(3): 397-410
[6] Whette H. C. Collateral in Credit Rationing in Markets with Imperfect Information. American Economic Review, 1983(73): 442-445
[7]张捷,梁笛.外资银行进入对中小企业贷款的影响.经济管理, 2002(24): 74-79
[8] [美]伊查克·爱迪思著. Corporate Lifecycles(企业生命周期).赵睿译.北京:华夏出版社, 2004: 3-10
[9] Berger, Udell. Economics of Small Business Finance: the roles of private equity and debts markets in the financial growth cycle. Journal of Banking and Finance, 1998(22): 613-673, 137
[10] Berger A. N., Saunders A., Undell G. F. The Effects of Mergers and Acquisitions on Small Business Lending. Journal of Financial Economics, 1998(18): 50-53
[11]刁珊珊,侯合银,达庆利.创业投资分阶段运作机制研究现状.现代管理科学, 2006(3): 24-25, 31
[12]宋建明.台湾中小企业融资研究.北京:北京大学图书馆, 2000: 123
[13]王霖.中小企业融资研究.财政部财政科学研究所, 2002: 164
[14]杨思群.中小企业融资.北京:民主与建设出版社, 2001:89-92
[15]魏开文.关于构建我国商业银行与中小企业融资关系模式的思考.当代经济科学, 2001(3): 80-84
[16]张捷.结构转换期的中小企业金融研究.北京:经济科学出版社, 2003:116-135
[17]吴敬琏.发展中小企业是中国的大战略.改革, 1999(2): 11-13
[18]张卓元.中国的国有企业改革和公共政策变迁.财贸经济, 1999(2)13-18
[19]陈永杰.西方国家中小企业发展经验及其借鉴.管理世界, 1997(2): 91-99
[20]刘震宇.走向统一集中的我国中小企业政策.改革, 1999(6): 20-26
[21]李朝霞.资本结构理论与融资工具选择研究.中国社会科学院研究生院, 2003
[22]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): 63-70
[23]李杨,杨益群.中小企业融资与银行.上海:上海财经大学出版社, 2001:264-298
[24]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(1): 10-18, 53-93
[25]李志赞.银行结构与中小企业融资.经济研究, 2002(6): 38-45, 94
[26]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(7): 35-44
[27]王自力.民营银行准入.金融研究, 2002(11): 79-86
[28]巴曙松.层次资本市场与经济体制改革.证券时报, 2003. 10. 23
[29]王宜四.中小企业融资寻找突破口.中华工商时报, 2003. 11. 14
[30]陈乃醒.中国中小企业发展与预测(2002-2003).北京:经济管理出版社, 2002
[31]中国工商银行城市金融研究所,重新审视外资银行进入中国银行业的深度,环球财经, 2007(12): 4
[32] Michael Pollitt, Michelle Brennan.欧洲银行进入中国的路线选择.曾怡景译.中国企业家, 2006(5): 104-106
[33]苟开红.我国股份制商业银行薪酬构成及成长激励研究.国际金融研究, 2004(11): 17-18
[34]连育青.现代商业银行发展与竞争.北京:中国金融出版社, 2005: 136-138
[35]诸廷助,陈华龙,赵玉花.金融危机后韩国银行业的新发展.国际金融研究, 2005(3): 9
[36] Koch Timothy Bank Management. New York Dryden Press, 2000: 166-169
[37] Dietrich Domanski. Foreign banks in emerging market economies: changing players changing issues. BIS Quarterly Review, 2005(12): 9-11
[38] Miehael B. Gordy. A comparative anatomy of credit risk models. Journal of Banking & Finance, 2000(24): 119-149
[39] Putnam R. The Prosperous Community Social Capital and Public Life American prospect, 1993(13): 35-58
[40] Straham P. E., Weston J. Small Business lending and the Changing Structure of Banking Industry. Journal of Banking and Finance, 1998(22): 61-72
[42] Pertersen M. A., Rajan. The Effect of Credit Market Competition on Lending Relationships Quarterly Journal of Economics, 1995(110): 51-63
[43] Wimboh Santoso. Value at Risk: An Approach to Calculating Market Risk. Bank of Indonesia Pub, 2000: 4-7
[44] Masulis R.W., The Debt/Equity Choice. Ballinger Publishing Company, 1988: 22-26
[45] Riding A. L., Haines G. J. R. Loan Guarantees: Cost of default and benefits to small firms. Journal of Business Venturing, 2001(16): 595-612
[46]陈文晖.中小企业信用担保体系的国际化比较.北京:经济科学出版社, 2003: 9-17
[2] [日]青木昌彦,瑟达尔·丁克,王信.关系型融资制度及其在竞争中的可行性.经济社会体制比较, 1997(6): 5-11
[3] [日]青木昌彦,瑟达尔·丁克.关系型融资制度及其在竞争中的可行性[续].经济社会体制比较, 1998(1): 35-39
[4] Myers, Majlif. Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have. Journal of Financial Economics, 1984(13): 187-221
[5] Stilitz. J., A. Weiss. Credit Rationing in Markets with Imperfect Information. American Economic Review, 1981(3): 397-410
[6] Whette H. C. Collateral in Credit Rationing in Markets with Imperfect Information. American Economic Review, 1983(73): 442-445
[7]张捷,梁笛.外资银行进入对中小企业贷款的影响.经济管理, 2002(24): 74-79
[8] [美]伊查克·爱迪思著. Corporate Lifecycles(企业生命周期).赵睿译.北京:华夏出版社, 2004: 3-10
[9] Berger, Udell. Economics of Small Business Finance: the roles of private equity and debts markets in the financial growth cycle. Journal of Banking and Finance, 1998(22): 613-673, 137
[10] Berger A. N., Saunders A., Undell G. F. The Effects of Mergers and Acquisitions on Small Business Lending. Journal of Financial Economics, 1998(18): 50-53
[11]刁珊珊,侯合银,达庆利.创业投资分阶段运作机制研究现状.现代管理科学, 2006(3): 24-25, 31
[12]宋建明.台湾中小企业融资研究.北京:北京大学图书馆, 2000: 123
[13]王霖.中小企业融资研究.财政部财政科学研究所, 2002: 164
[14]杨思群.中小企业融资.北京:民主与建设出版社, 2001:89-92
[15]魏开文.关于构建我国商业银行与中小企业融资关系模式的思考.当代经济科学, 2001(3): 80-84
[16]张捷.结构转换期的中小企业金融研究.北京:经济科学出版社, 2003:116-135
[17]吴敬琏.发展中小企业是中国的大战略.改革, 1999(2): 11-13
[18]张卓元.中国的国有企业改革和公共政策变迁.财贸经济, 1999(2)13-18
[19]陈永杰.西方国家中小企业发展经验及其借鉴.管理世界, 1997(2): 91-99
[20]刘震宇.走向统一集中的我国中小企业政策.改革, 1999(6): 20-26
[21]李朝霞.资本结构理论与融资工具选择研究.中国社会科学院研究生院, 2003
[22]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): 63-70
[23]李杨,杨益群.中小企业融资与银行.上海:上海财经大学出版社, 2001:264-298
[24]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(1): 10-18, 53-93
[25]李志赞.银行结构与中小企业融资.经济研究, 2002(6): 38-45, 94
[26]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(7): 35-44
[27]王自力.民营银行准入.金融研究, 2002(11): 79-86
[28]巴曙松.层次资本市场与经济体制改革.证券时报, 2003. 10. 23
[29]王宜四.中小企业融资寻找突破口.中华工商时报, 2003. 11. 14
[30]陈乃醒.中国中小企业发展与预测(2002-2003).北京:经济管理出版社, 2002
[31]中国工商银行城市金融研究所,重新审视外资银行进入中国银行业的深度,环球财经, 2007(12): 4
[32] Michael Pollitt, Michelle Brennan.欧洲银行进入中国的路线选择.曾怡景译.中国企业家, 2006(5): 104-106
[33]苟开红.我国股份制商业银行薪酬构成及成长激励研究.国际金融研究, 2004(11): 17-18
[34]连育青.现代商业银行发展与竞争.北京:中国金融出版社, 2005: 136-138
[35]诸廷助,陈华龙,赵玉花.金融危机后韩国银行业的新发展.国际金融研究, 2005(3): 9
[36] Koch Timothy Bank Management. New York Dryden Press, 2000: 166-169
[37] Dietrich Domanski. Foreign banks in emerging market economies: changing players changing issues. BIS Quarterly Review, 2005(12): 9-11
[38] Miehael B. Gordy. A comparative anatomy of credit risk models. Journal of Banking & Finance, 2000(24): 119-149
[39] Putnam R. The Prosperous Community Social Capital and Public Life American prospect, 1993(13): 35-58
[40] Straham P. E., Weston J. Small Business lending and the Changing Structure of Banking Industry. Journal of Banking and Finance, 1998(22): 61-72
[42] Pertersen M. A., Rajan. The Effect of Credit Market Competition on Lending Relationships Quarterly Journal of Economics, 1995(110): 51-63
[43] Wimboh Santoso. Value at Risk: An Approach to Calculating Market Risk. Bank of Indonesia Pub, 2000: 4-7
[44] Masulis R.W., The Debt/Equity Choice. Ballinger Publishing Company, 1988: 22-26
[45] Riding A. L., Haines G. J. R. Loan Guarantees: Cost of default and benefits to small firms. Journal of Business Venturing, 2001(16): 595-612
[46]陈文晖.中小企业信用担保体系的国际化比较.北京:经济科学出版社, 2003: 9-17