【作者】 李伟；

【导师】 唐齐鸣；

【作者基本信息】 华中科技大学 ， 西方经济学， 2004， 博士

【摘要】 20 世纪 90 年代以来,中小企业已成为推动我国经济市场化和经济增长的重要推动力量。它在促进经济增长、扩大劳动就业、推动技术进步、创造社会财富等方面越来越凸显其重要性,中小企业的发展已为越来越多的人们所关注。但是,中小企业的发展也不是一帆风顺的。外部资金的较难获得所引致的中小企业发展的“瓶颈”制约,使得中小企业在发展过程中面临着日益严重的金融压抑。我们说,中小企业的资金需求具有“额度小”、“频率高”、“时间性强”的特点,金融支持中小企业的发展也就是探讨如何满足中小企业发展的不同阶段所面临的不同的资金需求进而弥补其“金融缺口”。我国中小企业数量巨大、种类繁多且地区发展极不平衡。要解决“融资难”问题,单靠一种或几种制度安排是难以奏效的。要从根本上解决中小企业的融资难问题,就需要对中小企业的发展理论、企业融资结构理论进行系统的研究,对我国中小企业的融资现状进行细致的实证分析,对国外的先进经验予以有效的借鉴,从而发现中小企业发展与金融支持的内在规律。本文旨在这一领域进行研究,力求在解决我国中小企业融资方面有所进展。中小企业的金融周期表明,在企业成长的各个阶段,随着信息、资产规模等约束条件的变化,对资金也有着不同的需求。本文以金融支持为主线,把金融支持贯串于中小企业生命周期的各个阶段,探讨研究中小企业在不同的发展阶段对金融的不同需求,进而找出有效的金融支持手段。中小企业融资的“瓶颈”约束反映在各种融资渠道和金融工具所产生的融资成本、资金的可得性、资金的数量、资金的及时提供及契约条件上。在中小企业生命周期的不同阶段,由于主观和客观因素的制约,其在融资过程中就要选择适宜于自身实际的融资渠道和金融工具,以最大限度地降低成本,提高投资收益。具体来说就是:(1)在中小企业的创立阶段,对中小企业的金融支持主要来自于民间借贷、非正规金融的支持(Business angel)等。虽然通过这些渠道获得资金的融资成本高于金融机构的融资成本,但它们还是受到中小企业家的青睐,毕竟它们较好地满足了中小企业融资的时效性(特别是对季节性流动资金的需求);(2)从创立阶段到中小企业的生存和发展阶段,选择风险投资来解决企业的“融资缺口”是中小企业所采取的一个重要途径, I<WP=5>但由于风险投资者要求其所投资的中小企业在短期内要有较高的成长性,这就使得大多数中小企业被排除出风险投资家的视野。在此情况下,通过商业银行等金融机构进行间接融资便成为中小企业进行外部融资的主要选择,而融资过程中的资金的规模劣势和在为中小企业提供融资支持方面拥有信息上的优势使得中小金融机构能够并且愿意为中小企业提供融资服务。这样,大力扶持和发展中小金融机构对弥补“金融缺口”便有着十分重要的现实意义;(3)从中小企业的生命周期和金融周期我们可以看到,中小企业融资的高级形式是通过资本市场进行直接融资,它包括股权融资和企业债券融资等等,但现阶段我国资本市场融资的高成本、资金规模和信息的劣势将我国多数中小企业排除在直接融资市场之外,并且这种局面还将持续一段时间。“金融缺口”是市场失灵的产物,它带来的是社会福利的净损失。为保证中小企业金融支持体系的有效运行,政府有必要提供一定数量的“公共产品”,以减少由于信息不对称而产生的逆向选择和道德风险,进而减少金融机构的贷款风险,提高金融机构对中小企业贷款的积极性。这些“公共产品”包括中小企业发展目标及相关产业政策的制定、财政税收支持、法律法规体系的构建、信用担保体系的完善以及中小企业信息服务体系的提供等。从我国中小企业发展的实际来看,当前的首要任务是规范和发展民间资本市场、推动和建立中小金融机构、改进和完善中小企业信用担保体系,通过多层次金融支持体系的构建来加强对中小企业的金融支持。更多还原

【Abstract】 From 1990s, the SMEs have become the most important engine for the economicmarketlization and economic growth. Especially in the field of economic growth,employments expand technology innovation and social wealthy creation. Today, more andmore people pay their much attention to the SMEs development and its financial support. Now, it is difficult for SMEs to develop smoothly because of the “bottleneck”ofcapital. This means that current financial system cannot meet the SMEs finance demand,such as its multifarious financial characteristic. For example, “lower capital scale”, “highercapital demands frequency”and “urgent timetable for capital demands”. There are many kinds of SMEs in China mainland and in different district theydeveloped differently. It is difficult for us to solve the “Financing problem”if we onlydependent on one or two methods. On the contrary, we should combine the developedeconomics and enterprise capital structure theory together; learn advanced managementexperience from abroad. In the mean time, we also should use quantitative analysis. Onlyfor this, can we find a sufficient way to support SMEs effectively. That is also why theauthor of this article attempts to probe into this problem in the hope of making abreakthrough in the solution of their finance dilemma. The SMEs life cycle indicates that with the change of its external factors, the SMEscapital needs also varied. So the key factor we analyze is the SMEs financial cycle. In thisway we can find and meet enterprises different demand in different life cycle stages. The SMEs “bottleneck”reflects the restraints of the financing costs, the capitalavailability, the capital amount and capital supply in time and capital contract condition. Inorder to cut down the capital gain costs and to promote the investment revenue, we shoulduse different financial tools in accord with different stages in the SMEs life cycle. Themethods we analyzed that followed: (1) Set-up. In this stage, the capitals gain mainlyfrom private capital market and business angel. A lot of SMEs prefer this style to getfinancing because this method meets their capital need in time (such as floating capitalsupplied)even though capital cost is much higher than any other ways. (2)From Set-upstage to Survival and Developing stage. The major financing tool for SMEs is venture III<WP=7>capital investment. In terms of venture capital, the high risk of investment makes it requirehigher investment revenue in a short time. This means, to most SMEs, their capital will berejected. On the contrary, small and medium-commercial banks or small andmedium-financial organization have a lot of advantages when they are dealing with SMEs,such as capital scale advantage, information advantage and supervision advantage etc. Forthis reason, we must develop commercial banks and small and medium-financialorganization to meet SMEs needs. (3)From SMEs life cycle, we know that the advancedfinancing system is to get the capital support from normal capital market directly. Itincludes equity financing and debt financing. But to our normal capital market at present,many strict roles such as higher scale and higher investment revenue had made it difficultfor SMEs to enter the capital market because of theirs small capital scale and lower capitalrevenue rate. “Finance Gap”is the product of market failure. It brings the net loss of social welfare.In order to avoid the market failure, the government should offer some “Public products”toavert the converse choice and moral hazard which originated from information asymmetryso that the financial institution can decrease the loan risk. For example, the industrypolicies regulation, finance and revenue support, laws regulation, guarantee systemestablishment and social service system supply. The most important thing we must do nowis to create a multi-financing system to support SMEs, such as develop private mark更多还原