【作者】 宋瑛；

【导师】 曾国平；

【作者基本信息】 重庆大学 ， 产业经济学， 2005， 硕士

【摘要】 随着我国市场经济体制改革的不断深化,民营经济已成为国民经济的基础和重要组成部分,其快速发展对经济增长、解决就业、扩大出口、繁荣市场起到了基础和加速作用。作为民营经济主体的中小民营企业,加快其发展已成为全社会的共识。当前,中小民营企业整体正在向规模化、集约化方向发展。民营经济在保持数量加速扩张的同时,一大批具备条件的中小民营企业进入产业结构全面调整、优化升级和提高整体素质的阶段。在这一阶段,中小民营企业的融资需求日渐迫切。然而,面对中小民营企业的融资供给渠道严重堵塞,间接融资困难,直接融资渠道几乎关闭,融资供求矛盾极其突出。融资难已成为阻碍我国中小民营企业进一步腾飞的首要因素。从融资方式看,由于中小民营企业本身特点、商业银行趋利性以及政策体制等因素,中小民营企业难以获得银行贷款,单靠间接融资无法解决中小民营企业融资难的根本问题,必须扩大直接融资渠道。许多发达市场国家经验也告诉我们,健全的直接融资体系有利于从根本解决中小企业的融资难问题。同时,我国中小民营企业具有多样化特征,不同企业的资金需求特点各不相同,因此,构建中小民营企业多元化的直接融资体系,是解决我国中小民营企业融资难问题的现实选择。本文以资本结构理论和中小企业融资理论作为研究分析的理论基础,首先分析我国中小民营企业的发展现状和特点,然后通过实证分析法从融资需求和融资供给两方面来分析融资供求矛盾,并剖析融资困境产生的原因,最后据此提出构建中小民营企业直接融资体系应遵循的原则、结构特征及具体构建措施。本研究的亮点是:①进一步挖掘和完善了中小民营企业的界定。②对中小民营企业直接融资体系的构建原则、结构特征、构建措施进行了系统探索,形成比较清晰的体系框架。③在研究思路上,着眼于资金供求矛盾,深入分析我国中小民营企业融资难的根本原因。在融资供求分析中,将实证分析法与供求曲线分析法相结合。更多还原

【Abstract】 With the further develooment of economic reform in China, the small and medium private enterprises(SMPE) which is the main private economy has become the impormant part of the national economics, and played an accelerating role in handling employment, export and market booming. Increasingly promoting the development of SMPE is the commonly wish. Nowadays SMPE are changing from the “small and scattered”running pattern to the scale economics and intensive pattern. At the same time, such enterprises prepared beforehand are steping into the development stage of the industrial structure adjustment and upgrading ,which leads to an increasing demand for finacing.While the financing supply channels for SMPE are so invalid that shortage of financing is to be the main factor holding back private economic development. The character of paivate enterprises, the benefit-tending of the bank and policies system make it difficult to finance from the bank for SMPE. The right choice to sovle the problem of financing for SMPE is to construct a diversified direct finacing system. Based on the theory of capital structure and direct financing, this article analyses the character and the situation of SMPE and provide a demonstration analysis to the contridiction of the financing supply and demand. Forthermore, the reason of the financing predicament is given and the priciples, the structure characters and the corresponding measure is proposed to construct the direct dinancing system. The bright spots in the article are: 1) Defining the small and medium paivate enterprises furthure; 2) Proposing the principles, the structure characters and corresponding measures for constructing the direct financing system of SMPE; 3) Deducing the inherent reasons of the difficult financing of SMPE by the analysis of financing supply and demand.更多还原