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长春市战略性新兴产业融资机制与对策研究
The Study on Financing Mechanism and Countermeasures for Strategic Emerging Industries in Changchun City
【作者】 姜雪;
【导师】 王旭;
【作者基本信息】 吉林大学 , 会计学, 2013, 硕士
【摘要】 全球性的金融危机对世界各国的经济都产生了巨大冲击,在考虑到经济发展模式后,美国、欧洲、日本等都把新兴产业作为经济发展的新方向,并提供了强有力的政策支持。我国在经历了金融危机后,也提出了全面发展战略性新兴产业的构想,长春市顺应国家政策的调整,将先进制造业、光电信息、生物医药、新能源、新材料等五大领域作为战略性新兴产业发展的重点。虽然长春市发展战略性新兴产业已经取得一定成效,但是在其发展过程中仍存在许多问题,其中融资问题成为制约战略性新兴产业发展的最大瓶颈。战略性新兴产业在不同的发展阶段具有不同的资金需求特点,现有的融资模式不能充分满足其融资需求,严重阻碍了战略性新兴产业的发展。因此,揭示战略性新兴产业融资的规律性,构建适应长春市战略性新兴产业特点的融资安排,对于促进战略性新兴产业的发展具有重要作用。为了解决战略性新兴产业的融资问题,本文首先对战略性新兴产业在不同发展阶段的资金需求特点进行深入分析,并考察长春市战略性新兴产业的发展现状和融资现状,分析出长春市战略性新兴产业融资机制存在的问题,在总结国内外战略性新兴产业融资机制的经验后,在政策性融资、市场性间接融资和市场性直接融资三种融资方式的基础上提出了长春市战略性新兴产业的融资机制和运行模式,通过政策性资金的引导放大作用,吸引银行等金融机构的市场性间接融资和资本市场的市场性直接融资支持战略性新兴产业的发展。在分析了长春市战略性新兴产业融资机制的基础上,本文提出优化长春市战略性新兴产业融资机制的对策建议,从提高财政资金的使用效率、出台税收优惠政策及加快发展创业引导基金三个方面强化政策性融资支持。完善市场性间接融资体系主要包括提高商业银行的支持力度、健全信用担保体系、优化天使投资环境及完善风险投资体系。完善市场性直接融资体系包括加快创业板上市、发展场外交易市场和创新债券融资三个方面。
【Abstract】 The global financial crisis has had a tremendous impact on the economies of theworld. After taking into account the mode of economic development, United States、Europe、Japan and other countries regarded emerging industries as a new direction ofeconomic development. China also put forward the idea of the comprehensivedevelopment of strategic emerging industries.Changchun city conform to the adjustment of national policy, regarded the fivemajor areas as the focus of the development of strategic emerging industries, Includeadvanced manufacturing, photoelectric information, biological medicine, new energyand new materials. The development of strategic emerging industries in Changchuncity has achieved some success, but there is still many problems in the course of itsdevelopment, the biggest bottleneck restricting the development of strategic emergingindustries is the financing problem.In different stages, the strategic emerging industries have different capitalrequirements features. The existing financing models can’t fully meet their financingneeds and severely limit the development of the strategic emerging industries.Therefore, this is important for the strategic emerging industries to reveal thefinancing regularity and establish the financing arrangements adapt to thecharacteristics of the strategic emerging industries in Changchun city.In order to solve the financing problem of strategic emerging industries,thispaper analysis the capital requirements characteristics of the strategic emergingindustries at different development stage firstly. Then we study the developmentstatus and financing situation and the financing problem of the strategic emergingindustries in Changchun city. After summing up the experience of domestic andforeign strategic emerging industries financing mechanisms, on the basis of the threemeans of financing: policy financing, market indirect financing and direct financingmarket, we put forward the financing mechanisms and operation mode of the strategic emerging industries in Changchun city.At last, on the basis of the financing mechanisms of the strategic emergingindustries in Changchun city, we present the optimization measures of the financingmechanisms of the strategic emerging industries in Changchun city, including threepoints: Strengthen policy financing support, improve the market indirect financingsystem and improve the market direct financing system.
【Key words】 Strategic Emerging Industries; Pecking Order Theory; Financing Mechanism; Counter measures;