中小民营企业融资方式研究

摘要
    本论文的研究对象是中小民营企业的融资方式。在过去的二十多年时间里，我国的经济发生了重大变化，己由国有经济在国民经济中占主导地位的单一经济模式演变成民营经济占有重要地位的混合型经济模式，民营经济已成为拉动国民经济发展的重要力量。但民营企业，尤其是中小民营企业在得到资金支持方面与其对中国经济发展所做的贡献相比极不相称。中小民营企业的融资矛盾问题越来越突出，己成为制约其发展的“瓶颈”。通过本论文的研究试图找出阻碍中小民营企业融资的深层次原因，并提出相应的对策建议，以缓解其融资困境，促进其健康蓬勃的发展。论文主要将实证研究方法和规范研究方法相结合，并辅以计量经济方法进行研究。在融资方式新发展部分采用了比较研究方法，国内国外相对比，找出差距，提出相应的改进措施。
    本论文从实证分析着手展开研究，选取了安徽省马鞍山市及其所辖当涂县的部分中小民营企业作为样本。得出的结论是:中小民营企业的融资方式比较单一，除了内部积累外，对金融机构的依赖程度很高;短期资金融通难度降低，长期权益性资本严重缺乏。特别是对高科技创新型中小民营企业而言，最为缺乏的就是中长期贷款和股权资本:中小民营企业中，一些做大的企业其融资状况有所改善，而小型企业融资仍
相当困难;中小民营企业融资状况与其所处的经济环境密切相关。一方面，大中型企业相对集中地区的中小民营企业融资相对困难。另一方面，经济越发达的地区，其融资的创新方式出现的越多。在实证研究部分，通过建立多元线性回归方程找出与该地区银行贷款和其他负债相关的影响因素，验证了与“强制优序融资”这一融资结构理论是否相符。
    根据实证研究的结果和相关的经验资料，系统地分析了造成目前我国中小民营企业融资方式现状的主要原因。第一是转型期的金融抑制因素。与西方学者提出的普遍发生在发展中国家的金融抑制不同的是，我国的存贷款基准利率虽由政府制定，但储蓄存款额却一直居高不下，可贷资金并不缺乏。由于银企之间信息不对称，贷款利率与市场均衡利率之间的差距加大，即便是商业银行有一定的贷款利率上浮权限，但与其所承担的风险不相适宜，造成商业银行对中小民营企业放贷的惰性。第二是体制上的因素。间接融资方面，国有商业银行的市场定位是大型国有企业，与国有企业已经形成了牢固的合作关系。直接融资方面，主板市场的上市条件和发行企业债券的条件均要求很高，无疑这两种融资方式都对中小民营企业造成了极为不利的影响。我国的中小企业板虽然己经创立，但由于其仍然遵循着主板市场的游戏规则，使得真正意义上的中小民营企业在该板块上市依然较为困难。第三是金融体系因素。着重从信息经济学和博弈论的角度分析了商业银行对中小民营企业“惜贷”的原因。第四是中小民营企业自身因素。从中小民营企业的家族式经营管理模式、管理者素质、面临的市场风险和信用风险以及融资成本等几个方面重点进行了分析。
    本论文着重研究了目前适宜我国中小民营企业发展的三种新的融资方式。这里所指的“新”方式不仅仅指新出现的或新创立的，还包括在新形势下具有新内涵的或在原有基础上又有新发展的更广义的融资方式。如租赁融资虽然历史悠久，但融资租赁的出现将其成为现代租赁有别于近代租赁的最主要标志。其集融资与融物于一身，是解决中小民营企业固定资产投资困难最有效的方式之一。风险投资不仅为中小民营企业提供权益资本，更为可贵的是，风险投资家亲自参与企业管理，为初创期的中小民营企业带来了宝贵的智力财富。资产证券化这种融资方式是以企业基础资产组合的信用质量为基础，因此很好的解决了中小民营企业普遍存在的整体信用低这一焦点问题。该融资方式模糊了间接融资与直接融资的界限，使其成为缓解目前中小民营企业上市融资难的有效方式之一。
    根据实证分析的结果和问题存在的原因，论文提出了改善中小民营企业融资方式的七点对策建议。第一，构建适应中小民营企业信贷融资的完善的金融体系，改善其间接融资方式。第二，以中小企业板的创立为契机，构建多层次的资本市场，改善中小民营企业的直接融资方式。第三，建立完善的信用担保体系。第四，合理运用典当融资方式，使之成为间接融资方式的有益补充。第五，规范民间融资行为，使民间资金转化为合法的民间资本。第六，中小民营企业务必加强自身建设，消除造成融资困境的内在不利因素。第七，大力鼓励中小民营企业融资方式的创新发展。

关键词:中小民营企业;融资方式;金融抑制;信息不对称;信用担保

                                    Abstract
    The object of this thesis is a financing way of Small and Medium-sized Private
Enterprises (SMPE). During the past more than 20 years, the economy of our country has
changed greatly. The single economy mode which the state-owned economy occupied a
leading position developed into mixing economy mode which the private economy occupy
the leading position. Private economy has already become an important strength of
spurring national economic development. But comparing the contribution to the Chinese
economy, the private enterprises, especially SMPE, received little financial support. It is
extremely asymmetrical. The financing contradiction of SMPE is more and more
outstanding, and have already become the”bottleneck”which restricted its development.
Attempt to find out the profound reasons for hindering financing development of SMPE
through the research of this thesis, put forward the corresponding countermeasure and
suggestion, in order to alleviate it's financing predicament，promote it to grow vigorously
healthily. Combined method of empirical research with mormative research, econometrics
method as well as in this thesis. Used comparative analytical method; the looks contrast
both at home and abroad in the part of new development of the financing way, find out
disparity, propose the corresponding improvement measure.
      The thesis analyses from the empirical point and chose some SMPEs from
Ma'anshan city, Anhui Province and its Dangtu county. The conclusion drawn is that
financing ways of SMPEs is still monotonous, except that enterprises increasingly rely on
accumulation of themselves, the degree of dependence on the financial institution is very
high; The degree of difficulty of the short-term fund financing reduce, the long-term rights
and interests capital is scarce seriously, especially for Hi-Tech and innovative SMPE.
Financing state which grow big and strong in SMPE improve to some extent, and the small
business is still quite difficult in financing; The financing state of SMPE is closely related
to the economic environment that is in. On one hand, SMPE financing is relative difficult
in the area where the large and medium-sized enterprises concentrate. On the other hand,
the more what the regional financing innovative way, the more developed economy
presents is. In the empirical research part, find out influence facts which is correlated with
bank loan and other debt in this area through setting up plural linear return equation,
whether the result conform after "Pecking order" theory or not.
    According to the result of the empirical tests and relevant experience materials, the
thesis analyses the main reasons which result in the present situation of SMPE financing.
The first reason is the financial repression during the transition period. Different from
western scholars put forward to be general to take place in developing countries financial
repression, although the interest rate of loans and deposits is made by the government, the
amount of the deposit has been remaining high all the time. Because of the information
asymmetry between the banks and enterprises, the disparity between the loan interest rate
and equilibrium interest rate of market is strengthened，even if the commercial banks have
certain authorities of loan interest rate to go up，but not suitable for the risks they
undertaken, causing "inertness" the commercial banks to lend money to SMPE. The
second is the system factor. For the indirect financing, the market orientation of the
state-run commercial bank is the large-scale state-owned enterprises, and having already
formed firm cooperation with each other. For the direct financing, the issuing condition of
the main board market and terms of issuing corporate bond are expected very high，
undoubtedly the influence of two kinds of financing ways both very disadvantageous to
SMPE.  Though the small and medium-sized enterprises board of our country has already
been created, it is still following the game rule of the main board market, which cause
SMPE difficulty to be listed on this plate. The third is the f nancial system factor. The
thesis analyses the reason that the commercial bank”pities the loan”to SMPE in terms of
information economics and game theory. The fourth is the factor from SPME. The thesis
analyses from family management mode of SMPE, administrator's quality, market risk and
credit risks they facing and financing cost faced，etc.
      The thesis studies three kinds of financing ways which are suitable for SPME
development at present. The”new way”in this thesis points not。吻created or emerged
newly, but includes broadly-defined financing way which having new connotation or new
development under the new situation. Such as lease, this financing way has long history，
but the appearance of financing lease become main sign which modern lease different from
latter-day it. The financing way integrates financing capital and material into whole. Lease
is one of the most effective ways of solving difEculty of fixed assets investment for SMPE.
Risk investment not merely offers the rights and interests capital for SPME, it is important
that risk investors participate business administration in person and bring the valuable
intelligence wealth for SPME which newly establishes. This kind of financing way of the
Asset-backed securitization (ABS) is based on credit quality that enterprise's basic assets
combination, so it is good to solving the focus problem of whole credit low SPME exist
usually. The financing way confuses the line between direct and indirect financing, which
makes it one of effective way to alleviate SMPE listing financing difficulty at present.
    According to the result of empirical analysis and the cause of the problem existed,
the thesis has proposed seven countermeasures and suggestions improving the financing
way of SMPE. First, structure the financial system of perfect credit financing which is
suitable for SMPE to improve indirect financing way. Second, regarding establishment of
the small and medium-sized enterprises board as the opportunity, structure the mufti-level
capital market to improve direct financing way of SMPE. Third, set up complete credit
assurance system. Fourth, use mortgage financing way rationally to make it supplement of
indirect financing  way.  Fifth,  standardize  folk  financing  behavior to  make  the
nongovernmental fund turn into the legal folk capital. Sixth, SMPE must strengthen
self-building to dispel inherent negative factor which caused financing predicament.
Finally, policies should be made to encourage the innovation of the financing way of
SMPE.
Keywords:  Small and Medium-sized Private Enterprises (SMPE);  Financing  way;
Financial repression; Information asymmetry; Credit assuring