中小企业融资方式的选择研究Study on the Choice of Financing Mode for Small and Medium Enterprises.pdfVIP

摘要 摘 要 中小企业的发展对我国经济发展起到了巨大的推动作用，然而融资困难问题 却一直制约着我国中小企业的发展，严重限制了中小企业的发展及其国际竞争力 的提高。本文从资本结构理论、中小企业融资理论、企业生命周期理论入手，研 究了我国中小企业融资现状和融资困难产生的原因，分析了基于不同生命周期的 中小企业融资方式的选择问题，以期对我国中小企业的发展有所帮助。 本文首先对国内外学者就中小企业融资问题的研究成果进行了回顾与总结， 在此基础上，较为系统地研究了我国中小企业融资的基本特征，从中小企业不利 于融资的主客观因素剖析了中小企业融资难的问题。然后，通过对企业的融资方 式选择的影响因素进行分析，针对这一决策问题，建立了适合于中小企业融资方 式选择的 AHP 模型，为融资策略的制定提供了科学的依据；结合中小企业生命周 期特点，提出了适合我国中小企业融资的方式组合。 最后，针对我国中小企业融资难的问题，从三方面提出了改善现有中小企业 融资困境的整体解决思路，即：努力提高中小企业整体素质，构建多元化、多层 次的金融结构体系和构建政府对中小企业的融资服务体系。 关键词： 中小企业 融资方式 生命周期 Abstract Abstract The Chinese Small and Medium-sized Enterprises (SMEs) is playing an important role in the development of Chinese economics. The development of SMEs is restricted because of the difficulties of SMEs’ financing in our country. If there’s no reasonable way to solve the problem above, the development of SMEs and its international competitiveness would be greatly affected in a negative way. With a review of the Capital Structure theories, SMEs’ Capital Financing theories and Lifecycle of Enterprise theories, we tried to determine the causes of the difficulties of SMEs’ financing, and analyzed the choice of SMEs’ financing means based on different life cycle,. All these are expected to serve for the development of SMEs. In this paper, some domestic and overseas scholars’s research findings were firstly reviewed, on this basis, fundamental characteristics of SMEs financing were systematically investigated, and the difficulties of SMEs financing were dissected from subjective and objective factors against SMEs financing. To this key issue, in view of the influenci