中国中小企业发展与建立多层次资本市场体系研究

【作者】 齐颖；

【导师】 焦方义；

【作者基本信息】 黑龙江大学 ， 国际经济与贸易， 2005， 硕士

【摘要】 本文分析了中国中小企业对经济发展的重要意义。指出融资渠道不畅是制约中国中小企业发展的瓶颈。然后,本文从中小企业的特点及中小企业创新与成长的制度创新角度进行分析,得出结论:拓宽直接融资渠道尤其是权益性资本融资是解决中小企业融资问题的更为有效的方式。进而提出:建立多层次资本市场体系,拓宽中小企业直接融资渠道。 本文通过研究海内外层次较完善的资本市场的构建方式,并结合我国资本市场发展实际,提出我国应构建一个包括天使投资、创业投资、创业板市场、场外交易市场在内的多层次资本市场体系,以满足不同类型、不同阶段中小企业融资发展的需要,并对多层次资本市场体系的构建提出了相应的制度设计。更多还原

【Abstract】 This paper analyzes the importance of China’s small-medium enterprises to economic development. It points out that the hindered finacing channel is the bottleneck which restricts the development of China’s small-medium enterprises.Then by analyzing the features and the system of innovation and growth in China’s small-medium enterprises,this paper draws the conclusion:Widening direct finacing channel,especially equity finacing,is the effective solution to the finacing problem in small-medium enterprices.Through research into constrution of the comparative perfect-level capital market at home and abroad in combination with the development reality of the capital market in China,this paper thinks that our country should construct a multiple-level capital market system which include angel capital,venture capital,Growth Enterprise Market,ex-pit transaction market,in order to meet the needs of small-medium enterprises of different types in various stages.It also puts forwards the corresponding design of system for multiple-level capital market’construction.更多还原