西部企业融资方式研究

【作者】 陈晔；

【导师】 王文长；

【作者基本信息】 中央民族大学 ， 中国少数民族经济， 2004， 硕士

【摘要】 资本是企业的血液，是企业经营活动的重要内容，是经济活动得以正常进行的持续推动力。融资是一个企业经营的基本问题，企业要正常运行，必须合理选择最优的融资方式为企业筹集资本。 我国西部地区的企业具有自己的特点，因此，其融资方式也呈现出与其他企业不同的特征，在西部大开发的历史背景之下，有必要对西部企业的融资状况、融资行为、融资方式作全面、深入的分析和研究，以期对西部企业的进一步发展，乃至对西部地区整体的繁荣发展和西部大开发的顺利推进有积极的指导作用。 在传统的计划经济体制下，中国的企业实质上并不是独立的经济实体，而是隶属于政府部门高度集中管理的一个生产性机构，那时企业资金来源是财政拨款和很少的一部分银行贷款，企业没有融资的自主权，当然也不存在融资方式的选择问题。 随着我国市场经济体制改革进程的深入，企业作为市场经济的主体置身于动态的市场经济环境之中，建立现代企业制度成为中国企业改革的基本方向，企业资金硬约束机制逐渐形成，企业融资方式的选择问题也越来越重要。特别是我国加入世贸组织以后，企业面临来自国内外的市场竞争将更加复杂，因此，西部企业要想在将来的竞争中赢得主动，就必须积极探索多种有效的融资手段，选择适宜的融资方式，获取自己发展所需的资金。 本文正是为西部企业能够更深刻地认识和研究现有的各种融资方式和企业融资过程中存在的问题及其原因，借鉴当代融资理论和模式，合理选择适合自己的融资方式，对融资方式进行发展和创新而提供理论的支持和实践的指导。 本文在国内外企业融资理论的研究成果的基础上，主要尝试在以下几个方面进行理论创新和探索: (1)本文摆脱了多数文章从宏观体制角度分析融资问题的模式，从企业的角度出发，在分析西部企业这一特殊研究对象的基本情况、特点的基础上，从西部企业的融资现状和困境出发，以历史和现实的角度对西部企业融资中存在的问题及表现进行归纳，并从企业内外部两个角度分析了问题产生的原因。 (2)借鉴当代企业融资理论、融资模式和经验，研究了不同类型企业和不同发展阶段的企业如何选择融资方式的问题。 (3)在分析西部企业的发展现状和借鉴国外企业融资模式和经验的基础上，提出西部企业努力建立良好的自身信用和互保信用是企业转变融资观念的关键因素。 (4)在对西部企业融资的实证分析的基础上，提出西部企业融资困境的出路在于面向市场，采用市场化的操作方式，拓宽融资渠道。 (5)在上述分析的基础上，提出企业治理结构的完善是企业融资方式创新的基础;发展民营金融将是解决西部地区企业融资问题的可行策略;发展二板市场将为西部中小企业提供更多的上市融资机Z卜 2戈。更多还原

【Abstract】 Capital seems blood of an enterprise. It is the important content of the business operating activities and also the continual impetus to the normal economic activities. Corporate financing is the fundamental subject of business operation of enterprises. To maintain normal operation, an enterprise needs to obtain funds through the best financing method.The enterprises in west-china have their own characters, so the financing methods of these enterprises are different from others’. Under the circumstance of "development of west-china", it is necessary to analyze and discuss the financing situation, financing behavior and financing methods of the enterprises in west-china. I wish the research would be helpful and instructive to the development of enterprises in west-china, the prosperity and the development of west-china.Under the traditional central planning system, Chinese enterprises were not independent legal entities but production units that subordinated to the highly centralized management of government’s financial allocation and a small portion of bank loan. Enterprises had no choice in financing their operation, and the corporate financing methods would not be needed in such a system.As the reforms toward a market-oriented economy make forward, enterprises become the subject of the changing market economy. Establishing a modern enterprise govern mechanism is a key element ofthe enterprise reforms in china. The mechanism of "hard financing" for Chinese enterprises has gradually established and the choice of corporate financing methods becomes more and more important. Especially when our country has become a member of WTO, enterprises will face more drastic competition from domestic and foreign market. New corporate financing methods will appear with the development of economy. The environment of financing will become more complex. Therefore, if enterprises in west-china want to win in the future competition, they have to exploit more effective financing methods and choose properfinancing methods to get necessary capital for then- development.The thesis aims to provide the theoretic support and practical instruction for enterprises in west-china to discuss the present financing methods, the problems and reasons in the corporate financing, to learn from contemporary financing theory and models, to choose fit financing methods and to develop and create new financing methods.Guided by the corporate financing theories in china and foreign countries, the thesis attempts to make sane progress hi the corporate financing theories and practices.(1) Based on the analysis of basic situation and characters of enterprises in west-china and the present financing situation and rough environment of enterprises in west-china, the thesis sums up the problems in the corporate financing in westchina and analyses the reasons frominside and outside of enterprises.(2) Accepted the experience of modern corporate financing theories and financing models, the thesis discusses how to choose the financing methods for enterprises of different type and enterprises in different develop stage.(3) Based on the analysis of present situation of enterprises in west-china and the research of foreign corporate financing models and experience, the thesis proposes that the key factor for enterprises to change their financing conception is to establish excellent credit and mutual credit.(4) Based on the factual analysis of corporate financing in west-china, the thesis draws the conclusion that the enterprises in west-china have to join the market to take advantage of the marketable financing methods and increase financing channels.(5) From the above-mentioned analysis, the thesis points out that the corporate governance structure is fundamental to the creation of financing methods, that the development of civilian financing is a feasible strategy to solve the financing problems of enterprises in west-china, and that the development of second-board will provide more opportunities fo更多还原