我国中小企业直接融资研究.pdfVIP

Abstract 111e small and medium enterprises(SME)．as the indispensable part of national economy,play an important role in the national economy and social development．The development of SME has become the central discussion in economic academy．As the experiences from other countries in the world show,the difficulties of financing llave become the most prevalent and most important constraint factors．With the China’entry into the WTO．the problems of financing for SME are becoming more and l／lore apparent．Nowadays China is in the time of change in economic system and adiustment in economic structure．The solution of difficulty of SME contributes to the international competitiveness of the SME，the start．up ofthe civilian investment，and the optimization ofthe economic allocation． Since the 20-year reform and opening，SME in China shows a new situation，the non·-stated enterprises and high··tech enterprises become the advantageous group among the SME，their own characteristic determines their much need for the equity capital．However，the pattern of indirect financing with the bank as intermediary can not satisfy the capital need of such SME．it is critical to develop the pattern of direct financing with the capital market as intermediary． The dissertation makes the direct financing as the center of the research，with the aim to finding the feasible measure to resolve the problems of financing of such SME．The dissertation embarks on the direct financing from the perspective of the relationships between SME and capital market．Firstly,the dissertation analyses the mechanism and situation of financing，finding that the drawback of the direct financing mechanism iS in central．Secondly the dissertation discusses the capital structure in enterprises and the capital market in financial system． Moreover,according to the evaluate system established for SME，the dissertation finds the major problems in SME and advances the corresponding measures to improve the strength of SME，and emphasizes the