中小企业融资难的成因剖析与金融支持对策研究

2005TheCausesofandTheFinancialCountermeasuresforTheFinancingDifficultiesofSMEs20053ITheCausesofandTheFinancialCountermeasuresforTheFinancingDifficultiesofSMEsAbstractIITheCausesofandTheFinancialCountermeasuresforTheFinancingDifficultiesofSMEsAbstractChina’sSmallandMediumEnterprises(SMEs)playamoreandmoreimportantroleinthedevelopmentofChina’seconomic.ButthereareafewfactorsrestrainingSMEsfromfasterdevelopment,amongwhichfinancingisoneofthemostessentials.AlthoughthedifficultyoffinancingforSMEshasrouseattentionofallwalksoflife,tosolvetheproblemisstillhavingalongwaytogoforitisasystematicproject,whichconcernsfinanceinstitutions,creditcircumstances,SMEs’qualifications,financeagenciesserviceconsciousnessandabilities,etc.ThispaperfocusesonthefinancesupportforthedevelopmentofChina’sSMEs.Onthebasisoffinancingcharacteristicsandstatus,thepaperpenetratesintothecausesofSMEs’financingproblem.Andbyreferencetosomeinternationalcases,combiningwithChina’ssituation,theauthorsuggestscountermeasuresthroughtexertingthemajorfunctionofmediatefinancing,developingdirectfinancing,improvingfinancingcircumstancesofSMEsandetc.,asdoingso,theauthorproposesanewtrainofthoughtwithregardtospeedupthedevelopmentofChina’sSMEs.Keyword:SMEsFinancingCausesCountermeasuresWrittenby:LiangBaofuSupervisedby:QiaoGuiming1133488111316171919212222252526313842434546123120904054506070(CarlssonB.)(AcsZ.J.)(ThurikR.)(Grossman)219799.75578GDP50406020046239975604570551979420029.53020026665.2198919913568.219964380200282009199629.86200234.420025020021.3326.85200452120006120033123002002958%11%8%50016%40%25%14%2004335178200112002848%94%755%17%5%2%4199960021234——2004102696.540.323.8%32.3%56%89()101110··12“”“”13()141516171D0S0E0r0r1E1r1r0L1L0A181E0S(r1)2D1D2D1Sr1D2Sr0(D0-L0)r2L2(D0-L2)()1937199350061562691424100-4996030192926Berger199812203BB2050509020152130200138.920001270602000102270198420001660809019985419992320.527.6200040324255060120(McKinnon1973)(self-finance)(RajanandZingales1998)269020039770%1()27234528Berger199829()()12330171830031125%2321200072.8200397.8333720701996803610203411(OTC)35:36310GDP29.516.520013831.712101233712338199920028485723183.72242.3320027771.53.420.66.544.32392340(CME)·1241()424312003.822004.1032004.0342005.152003.962003.03.3172004.1282004.1192003102004.12112001.1122002.2132004.9142004.1152003.6162004.6172005.21820035192005.2202004122120041122200422232004.824200324254420042262003.5272004.11282004.1292004.1130Berger,A.N.,Udell,G.F.,RelationshiplendingandlinesofcreditinsmallfirmfinanceJournalofBusiness199531Berger,A.N.,Udell,G.F.,Theeconomicsofsmallbusinessfinance:TherolesofprivateequityanddebtmarketsinthefinancialgrowthcycleJournalofBanking&Finance1998452004416246