【作者】 王燕霞；

【导师】 栾甫贵；

【作者基本信息】 北京工业大学 ， 管理科学与工程， 2007， 硕士

【摘要】 我国中小企业的发展对于中国的渐进改革与经济增长是至关重要的。但近年来却面临着严重的融资因境。中小企业的整体重要性和个体弱小的矛盾是全球各国都面临的问题,但是在现阶段的中国这个矛盾暴露的更加的突出。本文通过比较和分析与我国类似的亚洲主要国家金融体系,认为在我国国有银行占垄断地位的金融体系中,中小企业很难得到长期有效的金融支持。从理论上讲,本文以信贷配给的双重均衡为出发点,从信息成本的角度揭示了中小企业融资的根本困境在于,其特定信息结构所对应的边际信息成本高于大企业。只有提高信息处理能力,降低信息成本,以改变信贷配给的均衡位置,促使信贷配给的局部均衡向总体福利均衡收敛。从我国现阶段改革的实践角度分析,中小企业的融资困境源于国有金融体制对国有企业的金融支持和国有企业对这种支持的刚性依赖,其要害在于,中小企业与国有金融体制处于不同的信用联系之中。本文从信贷配给的角度探讨了中小企业融资中存在的金融缺口问题,通过对非对称信息下信贷配给形成机制的分析,深入研究我国中小企业间接融资缺口的成因,进而提出缓解中小企业信贷配给的对策,以期达到解决我国中小企业间接融资缺口问题的目的。本文认为,中小企业融资难是一个错综复杂的问题,解除中小企业融资困境的根本出路在于从内源融资、直接融资和间接融资三方面入手,本文最后给出了相关的政策建议。更多还原

【Abstract】 The development of China’s small and medium-sized enterprises (SMEs) is one of the key elements for china’s economy. Unfortunately, SMEs can not obtain adequate financial services. That kind of problem exists world-widely, especially in china. After compare the financial system of China with those of other main Asian countries, this paper argues that since state-owned banks play a monopoly role in China’s financial system, it’s difficult for China’s SMEs to gain the long-term financial support. This article takes dual equilibrium of credit ration as a starting point, and explains why China’s SMEs cannot obtain adequate financial services in two aspects. One is the information cost: the marginal cost is higher than that of big enterprises due to its specific information structure. Only sharpening the information-handling capacity and reducing the information cost can change the equilibrium position of credit ration, and then, direct the equilibrium of credit ration to the general equilibrium of welfare. The other is the reform practice: the financial gap of China’s SMEs source to the financial support that from state-owned monetary system to state-owned enterprises and the dependence of state-owned enterprise to the support. The key point is, the credit-linked of SMEs are totally different from the credit-linked of state-owned monetary system.This paper attempts to explain the difficulties in providing financial services to China’s SMEs by using credit ration theory. Through the analysis of the form of credit ration in the condition of asymmetric information and the form of financing gap of China’s SMEs, the paper proposed the measures that can alleviate the credit ration of SMEs, and then can solve the indirect financing gap of China’s SMEs.This paper argues that, the difficulty in providing financial services to China’s SMEs is a complex question. The ways to overcome that problem are internal financing, direct financing and indirect financing. The paper gives the related policy suggestion in its conclusion.更多还原