从企业生命周期谈中国企业融资体系的完善

【作者】 高增银；

【导师】 陈野华；

【作者基本信息】 西南财经大学 ， 金融学， 2005， 硕士

【摘要】 一、选题意义 企业生命周期理论的研究始于 20 世纪 50 年代,繁荣于 70、80 年代,90 年代末出现新的高潮,迄今为止,已有 20 余种生命周期模型问世。尽管不同学者提出的企业生命周期模型不尽相同,但它们有相当一致的模式,即所有的模型都有一到两个阶段可以归入到孕育期、求生存期、成长期、成熟期、衰退期,以及蜕变期六个阶段。 仔细分析企业发展的这六个阶段,企业的资本规模、组织形式、盈利能力、现金收支等方面在不同的阶段均具有不同的特点,由此也注定了企业的抗风险能力会随企业发展阶段的演变而发生变化,因而企业的融资的渠道和融资方式也不相同。一个国家合理的企业融资体系,需要照顾到不同周期阶段企业的需求。 我国是一个发展中国家,企业的融资体系还不健全,同国外发达国家相比,还有很大的差距,从企业的生命周期角度来考察我国企业融资体系现状,并提出完善措施,具有一定的理论意义和现实意义。 二、本文的研究思路和研究方法 本文从传统的生命周期理论出发,分析了企业不同生命周期阶段的特点和相应的融资方式,接着进一步对整个的社会融资体系作了思考,然后笔者选取了我国不同周期阶段企业样本,通过分析它们的主要财务数据,从中发现了我国企业融资体系存在的问题,最后提出了相应的完善措施。 研究方法上,本文以逻辑演绎为主,从一般到具体,力求做到理论研究和实证研究向结合、定性分析和定量分析相结合、实证分析和规范分析相结合。 三、本文的主要内容 本文共分为四章。 第一章是本文的理论基础,阐述了企业的生命周期理论,分析了2不同周期阶段企业的特点,根据这些特点,笔者分析了企业相应的融资方式。该章共分成四节。第一节对企业的生命周期阶段进行了划分,提出企业共可分成孕育期、孕育期、求生存期、成长期、成熟期、衰退期以及蜕变期六个阶段。第二节文章根据企业发展的影响因素提出了企业的生命周期模型和企业生命周期曲线,形象直观地给出了企业的发展历程;第三节主要分析了企业各周期阶段的特点;第四节根据这些不同的特点,进一步分析了企业相应的融资方式。第二章笔者对整个社会的企业融资体系进行了思考。本章共分成三节。第一节根据初创期企业的经营特点,提出了整个社会需要发展风险投资;第二节提出了伴随企业发展的商业银行体系,即整个社会需要具备几家大银行和众多中小银行,以及为创业期中小企业提供融资担保的信用担保体系;第三节提出了适应企业直接融资需要的由主板市场、创业板市场、场外交易市场和产权交易市场构成的资本市场体系。第三章笔者通过选取我国各周期阶段企业样本,分析了我国不同周期阶段企业的融资现状,从中发现了我国融资体系中存在的几个问题。本章共分为三节。第一节笔者选取了处于初创期的两个企业――某国有公司和某民营公司,分析了这两个公司的融资结构,得出我国初创期企业中,国有企业的间接融资比重过高,而民营企业则主要依靠企业主自筹资金的结论,并通过国际金融公司(IFC)调查的数据进行了验证。该节还进一步分析了我国风险投资业的发展现状。第二节中,笔者按照 Timmons、陈佳贵等人划分企业生命周期阶段的两个标准――成立时间、资本规模从主板市场和中小企业板块选取 36 支股票作为成长期和成熟期企业的样本,分别对它们的成长性、获利能力、融资来源三个方面五个指标进行了分析,得出三个结论:一是成长期和成熟期企业的样本选取符合实际情况,二是股票上市能改善企业的融资状况,三是成长期企业的间接融资比例不及成熟期的企业高。笔者接着分析了我国中小企业板块和中小企业信用担保体系的现状,发现中小企业板并不能有效缓解我国创业企业的直接融资要求,而信用担保体系也存在诸多问题。第三节中,笔者分析在三板市场上3市交易的 17 支股票的 2003 年年报数据,以及其中 11 支股票从 1991到 2003 年 13 年的主营业务收入数据,发现我国资本市场体系中存在着退市难、三板市场定位不明确,以及我国衰退期企业重组通道窄等问题。第四章相应提出了我国企业融资体系的完善措施。本章共分为三个节。风险投资业的兴起对于我国初创企业融资状况的改善具有非常重要的意义,第一节主要提出了如何发展壮大我国风险投资业的措施,主要从风险资本的来源、市场环境、政策环境以及人才建设等方面进行了思考。第二节对我国商业银行如何更好为各阶段企业发挥间接融资功能提出了完善措施,即在继续发挥国有大银行作为企业融资主渠道的同时,大力支持我国中小金融机构的发展,同时进一步完善我国中小企业的信用担保体系。第三节针对第三章提出的我国资本市场体系中存在的不足提出了相应的完善措施,即完善主板市场的退出制度、适时推出创业板市场、将三板市场改建成全国统一的场外交易市场,以及完善我国产权交易市场等措施。四、本文的主要观点与贡献本文从企业生命周期的角度,研究企业不同生命周期阶段的特点及其合适的融资安排,并进一步对我国不同周期阶段企业的融资现状分别进行了分析,得出如下结论:1、我国初创企业的融资安排中,不同所有制性质的企业融资渠道迥然更多还原

【Abstract】 I.The purpose and significance of this thesis The research of the enterprise’s life-cycle theory begins from the 50’s in 20 centuries, thrives on 70,80’s, appears the new high tide at the end of 90’s.Up to present, there are more than 20 life-cycle models. After a careful analysis, you’ll find all model contains such stages: conceiving period, begging-existence period, growing period, matured period, recession period, and transmuting period. Analyzing these stages, you’ll find different characters appearing in different stages in the life cycle of enterprise. These differences decide the outlet and the financing measures of enterprise. The financing system in a nation should meet the demands of enterprise in each period. Our country is a developing country, and the financing system is still not sound. Building the financing system of the whole country, we need to meet the demands of different periods of a enterprise. It’s significant for us to put forward the perfect measure from the enterprise’s life cycle. Ⅱ.Research logic and research method The author set out the research from lifecycle theories, analyzing the characters of different life-cycle stages of a enterprise, putting forward concerning financing measures of these stages, and thinking over the financing system of the whole country. As to research method, this paper mainly employs logical deduction. It combined theoretical research, qualitative analysis with quantitative analysis, normative analysis with empirical analysis. Ⅲ.Main content of this thesis This thesis is divided into four chapters. Chapter 1 is the theoretical basis of this thesis, elaborating the enterprise’s life-cycle theory, analyzing the characters of different stages. According to these characters, the writer put forward related financial measures. The writer thought over how to build up the financing system of a country in chapter 2. This chapter is divided into three sections. According to the character of the start-ups in early stage, in section 1, the writer proposes that it’ be necessary for the whole society to promote the industry of venture investment. Section 2 concerned on the commercial bank system, which includes a few big banks and numerous medium and small commercial banks. In the third section the writer proposes the healthy and complete capital market should be composed of main board market, second board market, over-the-counter market, and also property trading market. Chapter 3 analyzes the enterprises financing situation, which are in their different periods, and figures out some shortcoming based on the carefully selected sample of enterprises in their different periods. This chapter is composed of three sections. The first section analyzes the financing structure of two different companies–a stated-owned company and a private company and make out the conclusion that on the start-ups stage the indirect financing ratio is much higher than the other which is depended on its own private financing resource. This section also makes further analysis on the present situation of the venture investment industry. In the second section, the writer selects 36 stocks as the samples of growing and matured enterprise under the enterprise life-circle standards, which were utilized by Mr.Timmons in 1990 and Mr. ChenJiaGui in 1995. The standards are resorted as time of established, scale of capital. The writer analyzes the current situation of second board of capital market, and the credit guarantee system of medium and small enterprises, and finds that the second board of capital market can not satisfied the financing demands of medium and small enterprises, and there is a lot of problems existing on the credit guarantee system. In thethird section the writer analyzed annul financial report data of 17 stocks circulated on the third board and also the main operating revenue data from 1991to 2003 of 14 stocks among the above 17 stocks. After the analysis coming out the following conclusion: it’s hard for the dieing enterprising to retreat from the main bo更多还原