中小民营企业融资.docVIP

摘 要 经过20多年的改革开放和我国市场经济的建设，中小企业在国家经济发展中的作用已是有目共睹，特别是占中小企业80％份额的科技型民营企业的作用更是明显，但是这些企业在成长过程中长期以来受到融资问题的困扰：银行不愿贷款；信用程度低严重制约商业信用融资的应用；国家对科技型中小企业的扶持力度不够；风险机制尚未形成；股票市场结构不合理，中小企业上市无门等。文章详细地分析了造成中小企业融资难的主客观原因。 政府和社会虽然已开始重视中小企业融资难的问题，在借鉴国外经验的基础上，正在推出一系列举措，旨在为中小企业融资开辟新途径。如在银行方面正在建立多层次的银行服务并由政府出面成立中小企业信用担保体系；由中央财政拨款成立创新基金，专门扶持技术含量高的科技型中小企业；积极引入风险投资机制和筹备创业板市场的推出。但由于这些措施的推出时间不长，大部分还处于摸索阶段，所以从中小企业的角度出发，作者认为中小企业一方面应正视目前融资不理想的现实，另一方面需要积极去尝试和适应政府推出的新举措，同政府一道共同推进一个健康的中小企业融资环境的形成和发展。 本文重点讨论了目前中小企业比较普遍使用的6种融资方式：银行贷款、商业融资、创新基金、直接股权融资、风险投资和创业板上市。面对这些选择，中小企业在制定融资策略时，应分析各种融资方面的特点和自身企业发展所处的阶段，有针对性地选择不同时期的融资重点，提高融资的成功率。 经过分析，作者认为企业在不同的发展阶段可运用不同的融资方法及其组合，并对不同组合方式进行比较分析。另外，企业在考虑融资组合时还需要考虑的因素包括：融资成本的分析、融资期限同融资方式的有机组合，谨慎对待企业控制权丧失的问题。 关键词：中小企业，融资，创新基金，风险投资，创业板 ABSTRACT More than 20 years reform, opening and the building up of market economy have witnessed the contribution of small middle size enterprises to our country’s economic, especially those of private hi-tech companies. But the bottleneck for these companies’ growing up is the difficulty for financing. In details, banks are afraid of lending money to them; low credit accounts for the small amount of business credit financing; the support from government is week; the mechanism for Venture Capital(VC) hasn’t been set up and the defect of stock market configuration made it nearly impossible for the companies to being listed. The government and the whole society set to realize the problem and a series of measures have been taken up to address it. The multi-layer banking system and the credit assuring system are taking shape. The government is financing the setup of innovation fund especially to help the hi-tech enterprises in their early stage. They are also active in introducing the VC mechanism and preparing the launching of venture-board market. As all the measures mentioned above are quite new and its functions are far from our expectation, the author suggested that the small middle size enterprise should accept the unfavorable financing