【作者】 李勇；

【导师】 何伟胜；

【作者基本信息】 沈阳理工大学 ， 企业管理， 2012， 硕士

【摘要】 中小企业是我国经济、社会发展的重要力量，创造了相当于国内生产总值60%的产品和服务价值，提供了75%以上的城镇就业岗位，真正成为了改革开放的实践者、经济发展的推动者、社会财富的创造者和和谐社会的建设者。“2009年中国企业发展报告”显示，截至2008年10月底，我国中小企业数达4200多万家，占全国企业总数的99.8%，其中个体经营户达到3800多万家，创造的最终产品和服务价值占国内生产总值的58%,上缴税收占50.2%，吸纳了75%的城镇就业人口和75%以上农村转移出来的劳动力。中小企业的划分规模标准是动态的，不同国家、地区、历史时期，人们对中小企业的规模界定是有所差别的。许多国家都从质和量两方面对中小企业进行界定。建国后我国曾八次调整中小企业的界定标准，但均以量为衡量指标定义的，不能全面反映我国产业的组织结构状况。本文以波士顿矩阵和政策指导矩阵为分类标准，并结合公司法的标准对中小企业融资情况作了进一步分析，有利于区分何类企业融资难，为何会出现融资难，以便于对症下药。中小企业融资模式总体而言有两种分类方式，即内源融资与外源融资，外源融资又可细分为直接融资、间接融资、政策性融资。而影响中小企业融资的因素又有内部因素和外部因素之别。内部因素主要为中小企业的信用先天不足，经营模式和管理方式不规范，经营风险较大、无力承担过高的融资成本；外部因素主要体现在融资环境方面。中小企业融资难被认为是世界性难题。著名的“麦克米伦缺口”(Macmillan Gap)所指的即是中小企业的长期资本供给存在短缺。到20世纪70年代，人们普遍相信由于信息不对称导致中小企业融资难的观点。信息不对称体现在两个方面:银企之间信息不对称和银行之间信息不对称。通过对美国、英国、日本等国融资模式研究，提出一些可以借鉴的融资方式。实证部分从我国526家在中小企业板上市企业中选择了44家2006-2008年3个会计年度报告的财务数据，检测我国中小企业外源融资模式。模型分析表明:企业规模与杠杆比率是正相关的，并表现出了较强的显著性。而收益水平与资产负债率是负相关，即企业收益水平越高，银行贷款比例越小，即企业采用内源融资模式，较少采用外源融资模式。成长性与杠杆比率相关性不强，即处在不同成长阶段的企业应采用不同的融资模式组合。风险与资产负债率是正相关的，特别是同长期债务和银行贷款是显著正相关的，与短期负债则无关。更多还原

【Abstract】 SME (small and medium enterprises) in China is an important force of economicand social development, which create the equivalent of60%of GDP and the value ofproducts and services, and provide more than75%of urban jobs, and SME trulybecome the practitioners of reform and opening up, the economic developmentpromoters, the creators of social wealth and the builders of a harmonious society. Reportabout the development of Chinese enterprises in2007discloses that the number ofSME in China reached more than42000thousands at the end of October in2006,accounting for99.8%of the total number of the enterprises, of which include more than3,8000thousands of individual businesses,which created the final products and servicesaccounting for58%of the gross domestic product, accounting for50.2%of tax revenue,employing75%of the urban employed population and75%of the labor forcetransferred from rural areas.The division criterion of SME is dynamic, the size definition of the SME issomewhat different in different countries and regions and in different historical periods.Many countries have both qualitative and quantitative definition of SME. we had adjustthe standard definition of small and medium enterprises about eight times after foundingof our country, but all is defined quantitative standard as the index, it can’t fully reflectthe organizational structure condition of China’s industries. In this essay the Bostonmatrix and policy guidance matrix for are adopted as the standard of classification, andcombined with the standard of enterprises law to make a further analysis of thefinancing situation of SME, which will help to see what kind of business havedifficulties in financing, and why there will be difficulties in financing so as to find theremedy.In general there are two sorts of methods of financing for SME that include theinternal financing and the external financing, the external financing can be divided intodirect financing, indirect financing, policy financing. Factors affecting the financing ofSME have internal and external factors. Internal factors is that the credit of SME areinsufficient,business model and mode of management are not standardized, risky business, which led to afford the high cost of financing without capabilities; externalfactors mainly reflected in the financing environment.It’s considered to be a worldwide problem that SME have difficulties in financingduring the process of the development. The famous "Macmillan Gap"(Macmillan Gap)is that the long-term capital supplying for small and medium enterprises is not adequate.it was widely believed SME have difficulties in financing due to asymmetricinformation. Asymmetric information is reflected in two aspects: the informationasymmetry between banks and enterprises and the information asymmetry betweenbanks. Through studying the financing model of the United States, Britain, Japan,Germany and other countries, we can learn from the those mode of financing.In the part of evidence I choose44from526companies listed in the board of SMEwhich include the fiscal data from2006-2008so as to detect the results of the capitalstructure and financing behavior when adopting the patterns of external financing forSME. Model indicates: firm size and leverage are positively correlated, and they showstrong significance. The income level and asset-liability ratio is negative, the more thecompany earns, the smaller the company loans from the bank, that is mean the corporateadopt the model of internal financing and less use of the model of external financing.Growth is not correlated with the leverage ratio, so companies at different stages ofgrowth should adopt a different financing model,for example they can use the internalfinancing and also can utilize the different combination the model of internal financingwith the model of external financing. Risk and asset-liability ratio is positively related,especially is significantly positively correlated with the long-term debt and bank loans,is irrelevant with short-term liabilities.更多还原