摘要
中小企业对国民经济发展发挥着重要的作用,但中小企业的地位与其获得的融资支持极不对称,“融资难”成为制约中小企业发展的“瓶颈”。中小企业融资难问题引起了学术界的重视,但一般学者往往是从传统的理性经济人的基本假设出发来进行推理和研究的,对中小企业融资过程中的一些“异像”难以做出合理的解释。因此,本文尝试从行为金融学的角度来研究中小企业融资难问题,为解决我国中小企业融资难问题寻找新的途径。
本文采用规范研究与实证研究相结合、定性分析与定量分析相结合的研究方法,从理论和实践两个方面展开研究。
首先,本文分析我国中小企业融资的现状与困境。指出我国中小企业外源性融资的主渠道是银行贷款,其次是股权融资和风险投资,其他融资渠道则受到众多的限制。进一步地,本文利用灰色系统理论和专家评分法揭示出我国中小企业融资效率低下,并从行为金融学的角度探讨了我国中小企业的融资难存在的原因。
其次,本文通过理论分析和实证检验的方法探讨了信贷市场上的“羊群行为”对中小企业融资带来的负面影响。通过实证检验,本文研究发现信贷市场上存在明显的羊群效应,大型银行是我国信贷市场上的领头羊,其信贷行为的变化将引领中型银行和小型银行信贷行为的变化。同时,研究也证明了2004年颁布的资本约束作为新息导致我国中小型银行跟随大型银行缩减了对中小企业的信贷,导致中小企业融资难。
第三,本文通过理论分析和实证检验的方法探讨了股票市场上的“羊群行为”实证检验了在股票市场上,主板市场和中小企业板之间存在明显的羊群效应,并且在我国中小企业板市场上,股价下跌时存在的羊群行为比股价上升时更明显。这将影响中小企业通过配股和增发融资,导致中小企业融资难。
第四,本文从行为金融学的视角探讨了风险投资与我国中小企业融资的关系。风险投资基金在投资过程中受到过度自信、认知偏差和羊群效应等因素的影响,其要求中小企业通过转让部分股权来获取风险投资,并且其要求中小企业转让的股权比例随其过度自信程度的上升而上升,这在一定的条件下会遭到中小企业的拒绝,致使风险投资基金和中小企业的合作失败。同时,在我国当前由于存在法规不完善、资金来源狭窄和退出机制不完善等原因导致我国风险投资基金在中小企业融资中并没有发挥出其应有的效用。
关于中小企业融资难问题,还需要进一步研究民间融资、债券融资、创业板融资和政府补贴等对中小企业融资的影响。
Small and medium enterprises (SMEs) have been played an important role in many countries economic development. But, it is difficult for SMEs to obtain adequate funds to survive and develop, which is the key problem for SMEs to develop. The problem that SMEs can not acquire adequate funds has attracted academic attention, but the traditional research is from the perspective of rational economic man and can not explain some phenomena. Therefore, this thesis attempts to study the problem with the theory of behavioral finance, and then try to find a new way to solve the problem of financing for SMEs.
In this dissertation, we use standardization research and empirical research, qualitative analysis and quantitative analysis to study the problem from theory and practice.
Firstly, the dissertation analyzes the current situation and the difficulties of SMEs financing. And the dissertation points out that SMEs in our country are mainly depending on banks loans to get external financing, and then they can get financing from equity market and venture funds. Other ways of financing are subject to many constraints. Furthermore, the dissertation uses grey system theory and expert scoring method to study the efficiency of SMEs financing and the efficiency is low. And then the dissertation analyzes the reasons why there are problems SMEs can not get financing in our country with behavioral finance theory.
Secondly, with theoretical analysis and empirical test, the dissertation analyzes the negative impact of "herd behavior" in credit market on SME financing. After research, we find that there is obvious "herd behavior" in the credit market, and the large banks are the leading herd, whose loan behavior will make small and medium sized banks change their loan behavior. And we also find that capital constraint as new information, which is promulgated in 2004, causes small and medium sized banks follow the large banks to reduce the loans to SMEs.
Thirdly, with theoretical analysis and empirical test, the dissertation analyzes the negative impact of "herd behavior" in stock market on SME financing. After research, we find that in the stock market, there is herd behavior between the main board and the SME board. And on the SME board, the herd behavior of stock prices fall is more obvious than that of stock prices rise, which results in the difficulties of SMEs financing.
Fourthly, the dissertation discusses the relationship of venture funds and SME financing from the view of behavioral finance. As venture funds are affected by over-confidence, cognitive bias and herding behavior, they require SMEs to transfer part of SMEs'stock rights to obtain financing of venture fund, and the ratio of transferring stock rights rises as the degree of venture funds over-confidence rise, which may be rejected by SMEs, resulting in the failure of SMEs'financing. At the same time, due to the imperfect laws and regulations, narrow funding sources and inadequate exit mechanism in China, venture funds in our country do not play their desired effects in SMEs financing.
On the problem of SME financing, we should further research the effect of private financing, bond financing, growth enterprise market (GEM) financing and government subsidies on SME financing.
引文
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