摘要
中小企业在我国国民经济和社会发展中发挥着越来越重要的作用，因而
也引起了全社会重视中小企业的发展。然而，在发展过程中越来越多中小企业对资金的需求得不到满足，融资难问题已经成为制约我国中小企业发展的最大障碍。如何缓解当前我国中小企业发展过程中的融资问题就成了一个重要的课题，具有十分重要的理论和现实意义。
本文通过总结归纳中小企业融资特点、分析其面临的困境，探究其形成的原 因提出缓解的有效途经和对策。主要框架和研究结论如下：
1、简要介绍了国内外研究中小企业融资的相关理论文献，对中小企业融资 难做了理论解释，并分析了中小企业融资的特征。
2、结合中小企业融资方式和融资特征指出我国中小企业融资的现状，并分 析其根源。
3、比较了典型国家中小企业金融制度,并总结归纳了国际经验和对我国的启 示。
4、在对中小企业的融资问题做出全面、系统和综合性地研究和分析的基础 上，提出了针对性的一揽子解决方案。
文章以探究中小企业融资难的原因为切入点，揭示了其存在内部和外部两方 面的原因。其内部由于自身规模、管理水平、人才匮乏等因素，引起了一系列诸如产权不明晰；治理结构不规范；财务制度不健全；资信状况不佳；产业结构不合理等问题，导致银行融资难度加大，企业求贷无门。外部原因主要归结为缺乏一个合理的多层次多元化的融资金融体系加以支撑，欠缺的不仅有法律融资体系、融资支持体系、还有直接和间接融资体系。
进一步推理后，本文提出解决融资难也相应从内外两方面入手：首先、加强 企业内部建设。试图通过加强自身的素质以及核心竞争力，提高管理运营能力，控制经营风险，寻求适合的融资渠道。其次，构建一个多元化的多层次的中小企业金融融资体系。完备体系的建立包括主要四部分内容，具体是融资法律体系、融资支持体系、间接融资体系以及直接融资体系。
关键字：中小企业 间接融资 直接融资 中小企业融资体系
Abstract
Small and Medium sized Enterprise (SME) is playing a more and more important role in the economic and social development in China, and it has become the great issue and withdrawn attention of the whole society. However, the SME find it difficult in financing, and it has become the greatest obstacle against further development. Therefore, there existing theoretical and practical value in discussing the difficulties, searching for the causes and probing the effective ways to solve the financing plight of SME. Seeing about the status of Chinese Small and Medium Sized Enterprises, this paper makes analysis of the current situation, points the financing plight, and proposes the effective ways to solve the problem. Contents and conclusions are as follows:
1. Simply reviewing certain related literature both in and abroad China, give the theoretic translation of the SME financing plight. And describe the features and characters of SME financing.
2. Based on the financing characters and styles of SME, the paper analyzes the present conditions of Chinese SME financing. In addition, it searches for the cause and origin of the problem.
3. Introduce and comment on some successful SME financing system. The paper chooses America and Japan as target and analyzes their systems’ structures and characteristics. Comparing with these systems abroad, the paper finds out some advices for Chinese financing system.
4. Based on the comprehensive analyses, the paper proposes some measures and actions for practice.
The paper proves the causes of the plight which from both internal elements and external elements. As for the internal elements, due to the small scale, low management level, short of talents and etc, problems comes in many aspects such as unclear ownership, disordered management, imperfect financial records, bad quality and credit records and so on. As for external elements, it is mainly because of the lack of a sound multi-level financing system, which includes legal system, supporting
system, indirect financing system as well as direct financing system. Various kinds of problems lead to the plight of SME financing, including short of laws and regulations, lack of improved guarantee system, low level of credit system, little support from banks and other financial organizations, as well as the not fully developed direct investment market. All elements combine together and lead to the plight of SME financing.
The paper further proposes two ways to solve the problem; firstly, strengthen the internal development. The SME themselves should try to increase their quality and core competitiveness, control the operation risk, and seek suitable financing methods; secondly, a diversified multilevel SME financing system should be established, which includes four parts, that is financing legal system, financing supporting system, indirect financing system and direct financing system.
Key words: SME indirect financing system direct financing system the SME financing system
我国中小企业融资难困境及对策研究
目录
第一章 引言 ............................................. 5
第一节 选题背景及研究意义 .......................................... 5 第二节 文献综述 .................................................... 5
一、国外研究综述 ............................................................ 6 二、国内研究综述. ........................................................... 7
第三节 研究方法与论文结构 .......................................... 9
一、研究思路 ................................................................ 9 二、研究方法 ............................................................... 10 三、论文结构 ............................................................... 10
第四节 文章的创新和不足 ........................................... 10
一、文章创新 ............................................................... 10 二、不足之处 ............................................................... 11
第二章 发展中小企业的意义 .............................. 11
第一节 中小企业的界定 ............................................. 11
一、中小企业的界定 ......................................................... 11 二、中小企业的特点 ......................................................... 13
第二节 发展中小企业的意义 ........................................ 14
一、调整经济结构 ........................................................... 15 二、财政收入的重要来源 ..................................................... 15 三、增加就业岗位 ........................................................... 16 四、培养企业家 ............................................................. 16
第三章 中小企业融资困境及原因探究 ...................... 16
第一节 我国中小企业融资特点 ....................................... 16
我国中小企业融资难困境及对策研究
一、中小企业融资的一般特点 ................................................. 16 二、不同规模中小企业融资的特点 ............................................. 17 三、不同类型中小企业融资的特点 ............................................. 17 四、不同发展阶段中小企业融资的特点.......................................... 18
第二节 我国中小企业融资现状及困境 ................................. 18
一 内源融资现状 ............................................................ 18 二 间接融资现状 ............................................................ 19 三 直接融资现状 ............................................................ 20
第二节 我国中小企业融资难的原因探究 ............................... 22
一、中小企业内部问题 ....................................................... 22 二、外部环境问题 ........................................................... 24
第四章 国外中小企业融资制度的比较研究 .................. 30
第一节 美国市场主导型中小企业融资制度 ............................. 30
一 贷款担保计划(Loan Guaranty Program) ...................................... 30 二 小企业投资公司(Small Business Investment Company Program) ................ 31 三 美国政府资助 ............................................................ 31
第二节 日本政府主导型中小企业金融制度 .............................. 32
一、政策性金融公库系统 ..................................................... 32 二、专门为中小企业服务的金融机构 ........................................... 32 三、2000多家民间中小金融机构 ............................................... 32 四、中小企业投资育成公司 ................................................... 32 五、完善的信用担保体系 ..................................................... 33 六、为中小企业发展服务的风险资本公司........................................ 33 七、允许企业自行组建合作型的金融机构........................................ 33
第三节 比较与启示 ................................................. 33
一、美日两国不同融资制度的比较 ............................................. 33 二、对我国的启示 ........................................................... 35
第五章 解决融资难的有效途径及策略 ...................... 36