四川大学本科毕业论文 我国中小企业融资问题研究
deeper than managers take account of in their pragmatic managerial processes.
One of the most challenging issues facing the launch, growth, and operations of a start-up company is the acquisition and management of capital. The acquisition and efficient management of capital are important for MSMS firms due to the limited level of financial sources and low information about capital markets. Van Auken (2001) stated that important aspect of effectively raising capital and successfully developing a capital structure that meets the firms requirements is a good understanding of the various types of capital that may be accessed. An inappropriate capital structure, a misunderstanding of the characteristics of the financing instrument, or a lack of information about the availability of specific sources of capital can result in suboptimal firm performance and financial distress. Gibson (1992) emphasized the financing gap as an important constraint affecting the ability of MSMS firms to successfully raise capital. The survey has shown that MSMS firms in forest products industry in Black Sea Region in Turkey are mostly family owned, operating mainly under sole proprietorship but with a significant minority of partnerships and limited liability companies. They are largely self-financed from entrepreneur’s own capital and independent of outside control. The results provide some evidence of the existence of an information gap among owners of MSMS firms. This information gap appears to be greater for those sources of capital that used to finance growth and, especially, from private agencies.
Financial institutions and banks have been increasingly engaged in the development of the MSMS firms in Turkey. A view has arisen that financial barriers and insufficiencies present the most severe obstacles to MSMS firms development in Turkey. This position has been stressed by the firm owners in forest products industry.
In these firms managerial beliefs and desires play an especially important role in determining capital structure. External funding sources are scarce especially for micro firms. The dependence on external financing for future of firms was not preferred in MSMS firms in forest products industry. Internal funding sources commencing with the cash savings of the founders and then extending to retained earnings are the most preferred since these do least to inhibit the independence of the owners. In this study, the experience of problems with the high cost capital from external markets was one of the variables which had a significant positive impact on the owner-financed of the firms especially for micro firms. Other related financial issues, including high collateral requirements and high bank charges were considered to be important obstacles by the firms in survey. For that reason many of the firms tended to reinvest a greater proportion of their profits in their business. The MSMS firms in forest product industry should be encouraged to improve its financial positions. In the absence of a large inflow of external capital, innovative local financial techniques need to be developed.
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四川大学本科毕业论文 我国中小企业融资问题研究
3. Financial markets and the financing choice of firms: Evidence from developing countries Sumit Agarwal, Hamid Mohtadi. Global Finance Journal, 2004, (1):57-70 Abstract
We study the role of financial market development in the financing choice of firms in developing countries using a dynamic panel approach with aggregate firm-level data. The results suggest that equity market development favors firms’ equity financing over debt financing, while banking sector development favors debt financing over equity financing, as one would expect. However, surprisingly, equity markets exhibit somewhat stronger influence in the short run than they do over the long run. Results from the dynamic panel model show that if both elements of the financial sector develop simultaneously, the long-run debt–equity ratio, while rising, will converge to a stable value.
Introduction
How do firms in developing countries choose between debt and equity? What role do domestic and international capital markets play in this choice? Is this choice influenced by the level of development of the stock market in a country? These questions have become increasingly important, given the rapid growth of the stock markets in the developing world over the past 20 years and especially in the 1990s. Although this growth has somewhat slowed in recent years, developing countries’ stock markets now command a much more central role than they did a decade ago, thanks to trade and financial liberalization in these countries over the past decade. The question of the financing choice of firms is critical in this regard because the cost of capital and hence, the value of a firm, depends upon its debt–equity mix (cf. Boyd & Smith, 1998; Hovakimian, Opler, & Titman, 2001; Pagano, 1993). However, important differences seem to exist between the developed and developing countries in this regard. For example, Atkin and Glen (1992) find that for firms in the G7 countries, internally generated funds were dominant, while for firms in developing countries, externally generated funds, i.e., bank loans and equity, were more important. Despite the increasing importance of external finance in developing countries, achieving the optimum capital structure for firms in developing countries presents additional complications because of market inefficiencies and institutional constraints. For example, developing country banks cannot adequately provide the resources to firms in these countries, especially where government credit demand crowds out the private sector, or where the macroeconomic environment is too risky for long-term loans. While financial liberalization has broadened the range of financial instruments available to developing country firms, taking advantage of this wider range imposes new and difficult challenges (cf. Domowitz, Glen, &
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四川大学本科毕业论文 我国中小企业融资问题研究
Madhavan, 2000).
Surprisingly, few systematic empirical studies exist on the impact of stock markets and banks, on the financing choice of firms in the developing world. This is a gap to which this paper is addressed. Using data for 21 developing countries for a period of 18 years, we adopt a panel framework to study this question. Our approach further contributes to the understanding of this issue by using panel data and especially by adopting a dynamic panel data methodology over existing cross-sectional approaches. Finally, some data quality and heterogeneity questions in the previous studies are addressed as well.
Summary and conclusion
This paper has empirically explored the effects of financial market development on the financing choice of firms. We have used aggregate firm-level data for a sample of 21 emerging markets from 1980 to 1997. The results show that stock market development as measured by market capitalization is significantly and negatively associated with the firms’ debt levels relative to their equity position, while banking sector variables (especially bank deposits) are significantly and positively associated with debt–equity ratio. Although these results hold for both the short run and the long run, we find some differences in the shortrun versus long-run effects of the banking and stock market variables. These differences between the short-run and the long-run nature of the stock market’s role in the financing choice of firms, compared to the banking sector, echo an interesting parallel finding on the role of these same intermediaries in long-run economic growth, based on time series data of five developed countries (Arestis, Demetriades, & Luintel, 2001). Similar short-run versus long-run differences seem to underlie the role of FDIs, which is positively associated with equity financing (over leverage) in the short run, but not the long run. Surprisingly, domestic investments show the opposite pattern: they are not important to equity financing in the short run but important in the long run. Finally, it is found that over the long run, the debt–equity ratio converges to a stable ratio, consistent with previous findings.
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四川大学本科毕业论文 我国中小企业融资问题研究
附录2
主要英文参考文献翻译
1. 资金缺乏是公司发展的主要障碍吗？
欧洲重建和发展银行与中、东欧中小企业的实证经验 概述：
在一个成长的经济中，中小企业是大多数富有活力的公司的潜在组成元素。它们是最有可能进入具比较优势和高产值领域的，但是它们经常面临着经济、制度和法律障碍。这些障碍包括筹得营运资本和长期信贷的限制、法律法规的约束、不足的基础设施、高交易成本、以及有限的管理方法和专门技术。虽然存在着许多并且是互相关联的障碍，但是资金缺乏被普遍认为是中小企业发展的主要障碍，这也是支持中小企业发展政策的基础。
企业调查工作是一种通常使用的工具，用来帮助我们深化理解影响中小企业形成与发展的限制。欧洲重建和发展银行在这方面也不例外。早年，它在世界银行的主导下采用了一系列的企业调查法，于1991到1993年在匈牙利、捷克斯洛伐克、波兰和俄罗斯调查了中小企业面临的障碍。随着调查量的增多和地理范围的变广，欧洲重建和发展银行认为有必要设计运行其自己的调查，有效地查明在中、东欧日益增长的借贷和投资活动的背景下所遇到的具体问题。这次分析的结果证实了信贷限制是中小企业发展的主要障碍，并鼓励欧洲重建和发展银行促使产生此问题国家的金融工具能够与国家发展转型水平相适应，同时敦促当地的金融系统尽到其重要的职责。
此论文探讨了中、东欧国家金融系统的缺陷，概述了欧洲重建和发展银行对支持中小企业采取的政策，目前为止所采用的各种金融工具，进行了典型案例分析，由此揭示了设计良好的方案如何帮助当地中小企业克服不利环境，降低风险。
结论：
很多理论都能用来说明小企业发展、存活困难的原因，如流动性约束、管理约束和交易成本。但是，并没有实证工作可以用来检测这些障碍对于中小企业发展的影响。我们清楚看到，在这个中、东欧的案例中，流动性约束十分明显，以致在较为发达的国家中，金融系统都成为了阻碍中小企业发展的原因。在此地区，经济的恢复和私有化带来的银行系统的提升对于提高资本化水平，降低债务与资产的不平衡起到了一定作用。但是，经过新重组的银行还是对接受新的中小企业客户保持着警惕性。这一点也存在于比较发达的社会主义国家（如匈牙利和波兰），在这些国家修复后的金融机构罕有地被迫承受新的中小企业客户的风险，而新的外资银行似乎仍然对当地的中小企业漠不关心。
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四川大学本科毕业论文 我国中小企业融资问题研究
欧洲重建和发展银行正努力通过巩固当地金融部门，提供最急需的股权融资来纠正这一市场缺陷。欧洲重建和发展银行融资数据显示了十分可喜的结果：1994年至1997年底，以中小企业为对象的累积业务量上升了250%，1995年底至1997年中期，信贷潜在计划数上升了九倍，业务的地域范围更为广阔，业务规模不断扩大，这些都说明了在此地区，欧洲重建和发展银行的这些举措总的来说都是有积极成效的。但是，目前对这些举措的总成效作基于不同指标的定量结论还为时尚早，因为很大部分贷款还处在宽限期，投资还在初始阶段，这一类型的运行绩效评估报告还仍然太少。
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