【作者】 谢静；

【导师】 王晋忠；

【作者基本信息】 西南财经大学 ， 工商管理（MBA）（专业学位）， 2019， 硕士

【摘要】 民营经济是我国社会主义市场经济不可或缺的重要组成部分,是我国经济改革过程的重要参与者与见证者,对社会的稳定发展具有重要意义。但我国民营经济的发展仍存在着许多问题,尤其随着市场经济改革的深入,消费结构的转型升级以及对外贸易的不确定性加剧,民营企业融资困难的问题日益突显,成为了理论界与实务界讨论的热点问题。分析我国民营企业的融资现状、面临的问题,找出影响民营企业的融资能力的主要因素,对于解决民营企业面临的融资问题,提升民营企业融资能力,促进民营企业的健康持续发展,有着重要的现实意义。在我国特色社会主义市场经济环境下,民营企业与国有及国有控股企业的发展一直存在着此消彼长的关系,本文以民营企业为研究对象,选取中小板上市民营企业为研究样本,以A股上市的国有及国有控股企业作为对比分析对象,通过运用历年统计数据进行实证分析来探讨民营企业的融资能力问题。以短期有息负债率、资产负债率、股权比率、资本变化率等指标来代表民营企业的融资能力,作为被解释变量,以企业所有制性质、企业规模、盈利能力、风险抵御能力、可抵押资产价值、存货周转率等指标作为解释变量,分析其中影响民营企业融资能力的主要因素;再以同样的方法对国有及国有控股企业进行回归分析,分析民营企业与国有及国有控股企业之间的差异。在此基础上,找出民营企业融资较国有及国有控股企业困难的原因,并提出相应的解决措施。本文的基础逻辑是信贷配给通过信息不对称机制作用于企业融资活动,结合民营企业金融周期理论,对现阶段民营企业的融资能力影响因素进行分析。本文共分六章:第一章为绪论,主要介绍研究的背景和目的,研究的思路与框架,并对民营企业融资理论、民营企业融资困难的原因、解决方式等方面的已有研究进行综述,为本文提供理论支持。第二章构建理论模型,以优序融资理论、信息不对称理论、民营企业金融成长周期理论为理论基础,建立中国民营企业融资能力的分析框架,并将理论与现实相结合,根据熵值法计算的民营企业和国有及国有控股企业各项融资能力指标的权重,提出本文的理论模型框架,找出实施的具体路径;第三章分别对中小板上市民营企业、国有及国有控股企业这两类企业的融资能力影响因素进行回归分析。选择合理变量代理企业融资能力,所有制性质、盈利能力、成长能力、风险抵御能力、企业规模等可能影响融资能力的因素,构建回归模型,并收集整理数据进行实证检验,找出民营企业和国有及国有控股企业在融资能力上的差异,以及相较于国有及国有控股企业,影响民营企业融资能力的主要因素;第四五章在实证分析的基础上,分析影响民营企业融资能力的主要因素,并提出相应的改进建议;第六章是论文的主要结论与研究展望,在对全文进行梳理的基础上得出主要结论,总结文中研究的局限性,对民营企业的融资问题做出展望。更多还原

【Abstract】 Private enterprises,big role in the Chinese economy revolution,contribute a lot to the stable development of society and GDP.However,in the process of economy reform,including customer structure updating and uncertainty of aboard trades,there is an urgent problem for private enterprises in financing,which is important for their future developments.It is of great practical significance to analyze the current financing situation of private enterprises in China and find out the main factors affecting the financing ability of private enterprises.It is of great practical significance to improve the financing ability of private enterprises and promote the healthy development of private enterprises.This paper takes China’s private enterprises as the research object and selects private enterprises listed on the SME board as the research samples.Empirical data from previous years has been used to analyze the financing ability.The ratios,such as short-term interest-bearing debt ratio and asset-liability ratio,are used to represent the financing ability of private enterprises.Then,the short-term interest-bearing debt ratio,asset-liability ratio and equity financing cost are taken as explanatory variables to enterprises.Indicators such as scale,profitability,risk resilience,and collateralized asset value are used as explanatory variables to find the main factors affecting the financing ability of private enterprises.Then,comparing with the state-owned and state-controlled enterprises base on the data out of regression analysis.Finally,summarizing the differences helps me to find out the reasons for the difficulty of financing private enterprises,and propose corresponding solutions.The basic logic of this paper is that credit rationing has an impact on the financing ability of private enterprises through information asymmetry mechanism or SME financial cycle mechanism.This paper is divided into six chapters: The first chapter is the introduction,mainly introducing the background and purpose,the ideas and framework,summarizing the existing research on the financing ability of private enterprises,and finding the reasonable improvement from the existing researches to support the innovation of this article.The second chapter constructs the theoretical model,based on the theory of superior order financing,information asymmetry,and the financial cycle theory of SMEs,combined with China’s financing environment,analyzes the reasons why the private enterprises’ financing ability is relatively weak,and compares theory with reality.The third chapter calculates the weight of various financing ability indicators of private enterprises and state-owned and state-owned holding enterprises by entropy method,chooses reasonable variables to represent enterprises’ financing ability and profitability,growth ability,risk resilience,enterprise scale,bank-enterprise relationship,construct regression model,and collects and collate data for empirical test;the fourth chapter analyzes the main factors affecting the financing ability of private enterprises on the basis of empirical analysis,and proposes Corresponding suggestions for improvement;Chapter VI conclusions and prospects,based on the summary of the full text,draw the main conclusions,and summarize the research shortcomings of this paper,and make a prospect for future research.After the research and analysis,the main conclusions are as follows: First,compared with state-owned and state-owned holding companies,the debt financing ability of private enterprises is relatively weak.Second,the financing ability of private enterprises is more affected by the adverse selection caused by information asymmetry and moral hazard,which makes them more vulnerable to bank credit discrimination.On the basis of the analysis,the measures to improve the financing difficulties of private enterprises are proposed in a targeted manner.更多还原