信息不对称条件下的中小企业融资问题研究及员工组织认同，忠诚度与工作绩效的关系研究.doc

信息不对称条件下的中小企业融资问题研究 摘 要 国际理论界普遍认为，中小企业将是21世纪经济发展的主角。中小企业在增进市场效率、提升经济增长、创造就业机会和促进国际贸易等方面发挥着大企业不可替代的作用。然而，由于中小企业规模较小、劳动生产率总体水平不高、信息透明度较低等一系列原因，造成在与大企业的激烈竞争中处于劣势，这种劣势尤为集中的反映在融资困难问题上。融资难是制约中小企业发展的瓶颈，不解决中小企业融资难的问题，中小企业就很难得到长足健康的发展。信息不对称理论产生于２０世纪７０年代，被广泛的应用于各种经济分析领域，其中，在资本市场的应用有力的解释了中小企业的融资问题。一方面，作为需求方的中小企业会权衡不同融资渠道中的融资成本。而另一方面，以银行为代表的信贷供给方为避免逆向选择和道德风险，会审慎地应对中小企业提出的融资需求。本文分别考察了二者的运行机制和决策模式，揭示了中小企业融资难的内在形成机理并提出了相应的解决途径。 论文的第一章阐述了论文的研究背景和意义，回顾了有关中、外研究成果与现状。论文的第二章回顾了信息不对称理论，以及在信息不对称条件下引致的金融信贷配给与“借贷”进行分析。在第三章中对中小企业的概念进行界定，强调其在经济中的地位和作用，以及分析了中小企业融资的含义、方式和现状。论文的第四章和第五章分别从资金需求者和资金供给者的角度出发，分析了信息不对称对企业融资决策的影响。最后，针对分析结果，对中小企业融资问题提出了对策和建议。 关键词：信息不对称，中小企业，融资策略 ABSTRACT International theorists generally agreed that SMEs will be the development of the protagonist of the the 2l century by slander. SMEs play an irreplaceable role of large enterprises to enhance market efficiency, enhance economic growth, job creation and the promotion of international trade. However, due to the relatively small scale, the overall level of labor productivity is not high, the lower the transparency of information for a range of reasons, resulting in fierce competition with large enterprises at a disadvantage, this disadvantage is particularly concentrated reflected in the issue of financing difficulties. Difficulties in financing bottleneck restricting the development of small and medium-sized enterprises, does not solve the problem of financing difficulties of SMEs, SME difficult to get considerable health development. The theory of information asymmetry produced in the 1970s, is widely used in various areas of economic analysis, which explain the application of the capital market financing for SMEs wide problem. One hand, as the demand side of the small and medium-sized enterprises will weigh in finance costs in the different financing channels. On the other hand, as the representative of bank credit supply side in order to avoid adverse selection and moral hazard would be prudent to respond to