中小企业融资困难及缓解途径-金融学专业毕业论文.docx

中d,企业融蛋园难反缓衅选往
摘要
本文首先指出中小企业在促进技术进步、创造就业和扩大啦口方面的重要作用,并且进一步说明了在我国当前劳动力相对丰富、资本相对稀缺的情况下,发展【{J小企j叱对于提升我国的产业结构和技术结构的特殊重要意义。接着文章综合
运用数据揭示了中小企业在融资中面临的资本缺口和债务缺口,以及我国中小企
业在债务融资中存在的扭曲ot由于银行信贷是中小企业的主要资命来源,所以其
、—’’‘。。’。’‘’—。“。一
后文章从两个层面对债务缺口的原因进行了分析,在微观层面:文章利用一个委
托一代理模型分析了中小企业在融资中面临的逆向选择和道德风险,并且发现较高的经营风险、信息不透明以及较少的自有资金和抵押担保是中小企业陷于信贷困境的主要原因,而利率管制和信贷紧缩则是加重我国中小企业融资困难的特殊
原因;在宏观层面刁文章借用制度演进中的“路径依赖”原理解释了这种融资困
境得以延续的原因,并且阐述了政府在基本制度供给方面可以发挥的作用。根据
以卜分析,最后文章建议:建立二板市场和股权交易场所以缓解资本缺口:解决
—_’●——+_’、。_—一
信息不对称和提高中小企业负债能力以缓解债务缺口;放宽利率管制和规范非『F
—●_●_H^——___一
规金融以降低我国中小企业债务融资中的扭曲。
【关键词】中小企业jV金融缺口_不完美金融市场路径依赖
【分类号】
中小企业搬量国唯反缓解选往
Abstract
First,this paper points that small and medium—sized enterprises play an important role in technological innovation,job creation and export it demonstrates the magnitude of small and medium—sized enterprises in the upgrade of technological and industrial structure of China under the current circumstance of 1abor abundance and
capital ,based on the data,this paper demonstrates the capital and debt gaps in small and medium-sized enterprises’financing the distortion of Chinese sinail and
enterprises in the their ,since bank loan is the main debt-financing source for small medium-sized enterprises,this paper attempts to analyze the cause of the debt gap from two the microcosmic level,this paper analyzes the adverse selection and moral
hazard using the principal—agent is found during the analysis
that operating risk,information opacity and scarcity of pledges and collaterals are the major reasons that small and medium—sized enterprises
plunge into financial the interest rate regulation and credit crunch are the special difficulty faced by Chinese small and medium—sized macrocosmic level,this paper uses the theory of path dependence in institution evolution to explain the persistence of the distress and shows the import