民营企业进入资本市场融资问题(doc 144页).doc

民营企业进入资本市场融资问题
林彩菊
【中文摘要】在国外,“民营”的基本含义是指“民间经营”,即非官方的组织运营活动。长期以来中国一直以所有制性质来区分不同的经济成份,对民营企业进行概念界定时,从其所有制归属角度入手加以分析,从而明确其基本的涵盖范围。所以民营企业即指一切非国有企业,包括个体、私营企业,无上级主管的民办集体企业,自然人和法人共同发起的有限责任公司,国家参股但不控股的股份有限公司,以及三资企业等。
我国民营企业从无到有,无论在数量还是规模上都有了长足的发展,民营经济已成为我国经济中最具有生机和活力、发展前景最为广阔的一部分。在民营企业中不乏有相当实力的企业己经或正在进入资本市场成为上市公司,以筹集资金和改善企业机制。随着我国资本市场的发展,市场的功能定位由为国企改革筹集资金到打破所有制界限,为所有符合上市条件的企业提供融资服务,资本市场的大门对民营企业敞开了,在不久的将来,将有越来越多的民营企业进入资本市场。
【关键词】民营企业、资本市场、融资
【Abstract】 The elements of economy are always distinguished by their ownership in China, and in the current paper, we define the private enterprises as “all enterprises that have been operated by non-state sector”, which including enterprises owned by individuals or other private sectors, collective enterprises which are not in charge of senior administrations, companies limited sponsored by natural persons or legal persons, companies limited shared but not controlled by government, and “san zi” enterprises et al.
Private enterprises of China have developed quickly not only in quantity but also in scale during the recent years, and private economy has been the most vigorous sector in China’s economy. Many private enterprises operated well have been or are being the pany of capital market, so as to get finance and ameliorate the governance. With the development of capital market of China, the ownership limitation has been broken and the capital market is not limited to finance for state-own enterprises, but also finance for private enterprises, and more and more private enterprises will enter the markets and get finance.
【Keywords】private enterprise, capital market, finance
我国现已基本形成国有经济和民营经济、大型企业和中小型企业并存的二元结构,且民营企业的地位与作用正在迅速上升,民营企业在资本市场的作用日益明显。但与此同时,我国的金融结构与经济结构、资金供给结构与需求结构的调整却没有完全到位,甚至处于严重的非对称状态。尽管融资制度安排为经济高速持续增长提供了重要的金融支持,但是这一制度安排在很大程度上造成了融资效率的损耗。我们不难发现资本市场并没有发挥出对民营企业真正的资本配置功能,民营企业在资本市场上的融资安排存在严重的错位现象。
1 民营企业与资本市场融资关系
资本市场融资是民营企业发展的基础

我国的民营企业大多是家族式企业或合伙企业,在短缺经济条件下,其创业初期主要依靠自身积累寻求发展,企业规模偏小,产权结构不明晰,缺乏强有力