【作者】 张平；

【导师】 章和杰；

【作者基本信息】 浙江工业大学 ， 应用经济学， 2016， 硕士

【副题名】长三角案例

【摘要】 无论在发达国家,还是发展中国家,中小企业都承担着提供就业、提升经济活力、促进市场竞争的重任,是推动一国经济增长的重要力量。但是由于治理结构不合理、财务记录低效、抵质押品缺失等顽症,中小企业一直存在着融资烦、难、贵的问题。我国长三角地区以民营中小企业为主,在经历了2007年的金融危机和2011年的企业联保互保信贷危机之后,该地区中小企业外部融资难问题尤其突出。信用保证基金得益于产业链金融的结构特点和信息优势,可以在产业链上的中小企业缺乏担保物时,为其提供信用担保,部分缓解其融资难困境。而信保基金能否发挥上述作用的关键在于其是否具有科学有效的公司治理结构。文章首先从国内外已有的理论研究和实践入手,在借鉴美国共同基金和台湾地区中小企业信保基金的基础上,确定长三角地区产业链金融信保基金应该采用公司型基金组织形式;其次,基于我国基金公司治理结构的现状和公司型基金的组织形式特点,具体构建产业链金融信保基金的公司治理结构框架,并利用博弈模型设计出具有激励效应的基金合同;最后,从如何发挥公司治理效用的角度出发,利用长三角地区上市公司治理结构的短面板数据进行固定效应模型分析,证明上述治理结构的可行性。通过理论研究和实证分析,本文得出结论:(1)长三角地区产业链金融信保基金公司治理框架的构建既要借鉴美国公司型基金和我国台湾地区中小企业信保基金的优点,又应该有该地区的特色;(2)政府产业发展投资基金在初期应该作为产业链金融信保基金的绝对控股股东,并在后期逐渐减少控股,直至退出,最终实现信保基金的市场化运行;(3)在我国独立董事制度发展不完善的情况下,该地区产业链金融信保基金中基金公司治理结构的构建应该适当增加监事会规模;(4)我国应通过发展产业链金融信保基金来大力发展公司型基金。最后,本文在上述研究的基础上,提出了进一步发展和完善长三角地区信用保证基金建设和公司治理结构的政策建议。本文可能的创新点在于:(1)选题创新,不同于国内已有的关于公司治理结构的研究,本文主要研究的是信保基金的公司治理结构;(2)研究角度创新,从如何发挥公司治理的效用,以促进信保基金发展的角度入手,通过对长三角地区上市公司治理结构的实证分析类比到信保基金的公司治理结构研究。更多还原

【Abstract】 SMEs are undertaking to provide employment,enhance economic vitality and promote market competition task in developed and developing countries.It is also an important force to promote a country’s economic growth.However,due to the irrational governance structure,inefficient financial records,lack of collateral and other chronic disease,SMEs always have annoying,difficult,and expensive financing problems.There are many private SMEs at Yangtze River Delta in China.And after the 2007 financial crisis and the 2011 corporate credit crisis,this region’s SMEs’ external financing problem is particularly prominent.Due to the structural characteristics and information superiority in industry chain,Credit Guarantee Fund can provide credit guarantees when SMEs are lack of collateral,partial remission of their difficulties in financing difficulties.The key to Credit Guarantee Fund’s effect is on scientific and effective management structure of its company.Firstly,from old theory and practice,the essay determine to use the organization of Mutual Fund in Credit Guarantee Fund at this region.Secondly,based on the characteristics of the status quo of the organizational form of fund governance and mutual funds,the essay specifically constructed corporate governance framework of Credit Guarantee Fund in industry chain finance,and using Game Model to design incentive contract.Finally,from the effectiveness of corporate governance perspective,the essay use short panel data of Yangtze River Delta region’s corporate governance structure Fixed Effects Model analysis to prove the feasibility of the governance structure.Through theoretical study and empirical analysis,the essay concludes:(1)Construction is necessary to learn the advantages of US mutual funds and Taiwan SME Credit Guarantee Fund,and Yangtze River Delta should have featured the corporate governance structure of the fund industry chain finance credit guarantee fund;(2)The Government Property Development Investment Fund shoulb be absolute controlling shareholder of the Credit Guarantee Fund in the early stage,and then gradually reduce holdings,ultimately achieve market-oriented operation;(3)In the imperfect development of China’s independent director system,corporate governance structure of Credit Guarantee Fund should appropriately increase the Board of Supervisors’ size;(4)China should develop the mutual funds through financial Credit Guarantee Fund.Finally,on the basis of these studies,we propose to further develop and improve the credit guarantee fund construction and corporate governance structure of China’s mainland policy recommendations.Possible innovation of this paper is:(1)topic innovation,unlike domestic research on corporate governance,the paper studies the existing corporate governance structure in Credit Guarantee Fund;(2)research perspective innovation,from how to be effective corporate governance and promote Credit Guarantee Fund’s angle,this essay’s empirical research on corporate governance structure of the Yangtze River Delta area of corporate governance analysis analogy to the Credit Guarantee Fund.更多还原