1.2 Literature Review at Home and Abroad
With the increasing role of small and medium-sized enterprises in social economy, various financing problems of small and medium-sized enterprises are gradually affected.
The concern of China's theoretical circles. The existing research theories and achievements mainly focus on the following aspects:
1.2. 1 foreign advanced experience
The financing difficulty of small and medium-sized enterprises is a worldwide problem. From the experience of developed countries and regions, the active participation of the government
The effective means to solve this problem is mainly through the establishment of special small and medium-sized enterprise departments, from tax incentives, finance.
Support, guarantee system, financial support, improve laws and regulations to support small and medium-sized enterprises. Guo Tianyong (2003)
In the article "International Comparison and Reference of SME Financing", the financing systems and policies of different countries are compared.
Analysis. Lv Wei (2 "X Blade") from the credit burden in the article "Building a credit guarantee system for small and medium-sized enterprises in China with reference to useful experience"
From the perspective of preservation, a comparative analysis is made. Zhao Xianghua (2) learned from "Comparative Analysis of Financing Environment of SMEs in China and Japan"
A comparative study from a legal perspective. Ma (1999) The financing system of German SMEs and its enlightenment to China.
Make a comparative study from the perspective of financing system. Wen Yuechun, Zhuang Daohe, and Zoe (September 19) Financing Model of American Small and Medium-sized Enterprises.
And the enlightenment to China, from the perspective of financing methods.
Generally speaking, the advanced foreign experience we learn from comes from developed countries, and the advanced experience of these developed countries is indeed valuable.
We must learn from it. For example, the French government stipulates that newly established small and medium-sized enterprises can work in houses within five years.
You can postpone the payment of social insurance premiums for one year to save operating expenses for small and medium-sized enterprises; In Italy, the state is the majority.
The financial institutions in West Munster mainly serve small and medium-sized enterprises, and are supported by the central bank to provide about 20.
1 100 million dollars of preferential loans to support the export of small and medium-sized enterprises and technological upgrading. And establish relations with some small and medium-sized enterprises.
Capital model, providing low-interest loans to small and medium-sized enterprises in the form of equity participation, reducing their financing costs; Germany provides state guarantees,
Preferential policies such as tax exemption and profit exemption support the German Fuxing Bank as a policy bank to provide services for small and medium-sized enterprises.
In addition to providing about 1 billion dollars of financial assistance and investment to SMEs on behalf of the government every year, the World Bank also issues about.
33 billion euros of low-interest loans.
1.2.2 survival and development theory of SMEs
The practice of economic development in various countries proves that the development of national economy and the improvement of economic efficiency are inseparable from the development of small and medium-sized enterprises.
Exhibition. The existence and development of small and medium-sized enterprises is a necessary condition for the national economy. Austin Robinson (Austin Robinson)
193 1 published the book Competitive Industrial Structure, which explained the necessity of the existence of small and medium-sized enterprises with the theory of scale economy.
Importance. He believes that there is a certain limit to the increasing return on enterprise scale. Beyond this limit, the scale income will decrease:
With the expansion of scale, the division of labor will become more and more detailed, but because technology is not infinitely separable, too detailed division of labor will lead to
The complexity of production is improved, the production cost is increased and the production efficiency is reduced; On the other hand, the expansion of enterprise scale will also
As a result, the management level increases, the management span decreases, the information flows slowly, the management efficiency decreases and the opportunity cost increases.
Generally speaking, small and medium-sized enterprises are small in scale, but the mechanism is more flexible and dynamic, as long as they can reach the optimal scale.
Survival and development. On this basis, Professor Tan Songguang-zhi of Japan also pointed out in the Business Strategy of Small and Medium-sized Enterprises (197 1 year).
Whether an enterprise can survive and develop is directly related to whether it can form the best business scale. Due to different industries, it has formed the most
Large enterprises can do it not only for large enterprises, but also for small and medium-sized enterprises. Therefore, as long as the form of small and medium-sized enterprises is the best
Scale, the possibility of problems is small, and the space for survival and development is large. Mosong further divided the best scale.
There are two kinds of optimal scale: the optimal scale of maximum income scale and the optimal scale of maximum efficiency scale. The latter is the best supervision for SMEs.
The foundation of the model is also the true embodiment of the competitive advantage of enterprises. From the maximum income scale to the maximum efficiency scale, there is a
The most suitable "big special zone" for developing small and medium-sized enterprises.
British economists E.H.ch Tian Jiuberlin and Mrs. Joan Robinson have never been fully market-oriented.
This paper discusses the small and medium-sized enterprises from the theoretical point of view. Chamberlain particularly emphasized the important role of "product difference" in the survival of small and medium-sized enterprises, and believed that
Due to product differences, small and medium-sized enterprises will also form a certain monopoly factor, which can be stored with large enterprises. Where's Mrs Robinson?
The significance of "market incompleteness" to the survival of small and medium-sized enterprises is emphasized. The incompleteness of the market refers to the specific conditions for different enterprises to participate in the competition.
Different parts, such as the type, quantity and quality of ownership factors, sales time and skills. , will eventually affect the product.
Market price. She believes that as long as small and medium-sized enterprises can play their own advantages and operate properly, they can also affect the formation of prices.
Win the competitive advantage, so as to survive with large enterprises under the imperfect competitive market.
In addition, Williamson and Richard Neil pointed out that there is "inter-organizational coordination" or "middle" between enterprises and markets.
Sexual system ",some organizations can participate in the competition in the form of clusters. They believe that small and medium-sized enterprises can form alliances.
Overcome the shortcomings of weak strength, improve the overall competitive advantage, and compete with large enterprises; Principles of Marshall Economics 189 1.
The second edition explains the development of small and medium-sized enterprises from the viewpoint of evolution, and holds that the life cycle of enterprises is "emergence, development and decline"
Therefore, the declining large enterprises will be replaced by small and medium-sized enterprises, which will continue to grow and develop. China scholar Yuan (1998)
This paper probes into the existing mode of small and medium-sized enterprises by using the theory of * * *, and puts forward that small enterprises can cooperate with large enterprises, and move from asymmetric reciprocity to mutual benefit.
The transition from birth to symmetry and reciprocity. China scholar Wang Jici (1997) believes that when the social division of labor is highly developed,
In the production of products with unclear integrity, and some students who cannot achieve internal scope economy due to internal technical limitations.
In production, the production system is often dismembered into many smaller production enterprises, which form a network through external transactions to jointly complete production.
So as to obtain external scope economy.
1.2.3 financing theory
The founder of modern enterprise financing theory, American economist Modi, was founded in 1950s.
When there is no enterprise income tax, the capital structure has nothing to do with the enterprise value. When there is enterprise income tax, the more liabilities, the greater the enterprise value.
Theory, that is, the classic "MM" theory, won the Nobel Prize in Economics. This theory assumes that capital
Under the condition of perfect market, free flow of capital and no consideration of enterprise income tax, the capital structure and company value of the company are zero.
Generally, there is no optimal capital structure. Later, modigliani and Miller revised their theory and found that they were thinking about enterprises.
In the case of income tax, the higher the debt, the higher the enterprise value, that is, 100% debt is the best capital structure of the enterprise.
At present, most scholars generally believe that the financing structure of enterprises is generally affected by transaction costs and information costs. our country
Scholars Wang Xuanyu and Chu Xiaoping (2002) believe that there is no system under certain strict conditions through empirical research.
Discrimination and policy tilt, regardless of capital market interest, borrowing costs), information disclosure mechanisms required by capital markets at all levels.
The level of private enterprises will become the main influencing factor of financing decision. In this case, private enterprises can only be more.
Relying on the capital market with low information disclosure mechanism is related to the fact that private financing is an important source of funds for small and medium-sized private enterprises.
The phenomenon is consistent, which also explains why it is difficult to raise funds from formal capital markets such as stock market and second-board market.
Kelvin wong and Chea Chang (2003) discussed the classical topic of financing theory under information asymmetry from the perspective of credit rationing and credit gap.
From this point of view, it is considered that the credit constraints of small and medium-sized enterprises with small assets are stricter than those of large enterprises.
The gap of e-mail is generally larger than that of large enterprises. In addition, relationship loans are an important source of credit for small and medium-sized enterprises, but
Before, corporate credit institutions in China were mainly big banks, so relationship loans were not the mainstream, which made it difficult for SMEs to raise funds.
This problem is difficult to solve.
In addition, some scholars pointed out that banks are the main channel for indirect financing of enterprises. Xu Hongshui (200 1) comes from a regional survey.
Based on a case, this paper empirically studies the causes of credit gap between banks and SMEs, and proves the existence of theoretical financial gap.
The reason lies in the lack of credit and so on. From the perspective of game theory, the credit process between banks and enterprises is a dynamic blog.
The process of game can effectively reduce the transaction cost and information cost of banks and enterprises under the condition of sound legal system and perfect credit system.
Reduce the financing gap of small and medium-sized enterprises.
1.2.4 reasons for financing difficulties of SMEs
The financing difficulty of small and medium-sized enterprises is not only the problem of enterprises themselves, but also the problem of financial system and government support. famous book
After finishing, the author summarizes that the current domestic scholars' research mainly focuses on three aspects:
First, the internal defects of small and medium-sized enterprises. Some scholars believe that small and medium-sized enterprises have low credit level and weak credit concept.
Unclear rights easily lead to high risks in production and operation, thus making the internal defects of small and medium-sized enterprises the main reason for their financing difficulties.
The main reason. The representatives are Zhang Shengping and Xu Tao (2+6), endogenous obstacles, relationship financing and SME financing.
Support ".
Second, the financial market. Lin Yifu and Li Yongjun (200 1), Chea Chang (2 plus 2) and Li Zhibin (2002) acknowledged that.
The fundamental reason for the financing difficulty of small and medium-sized enterprises in China lies in the highly centralized financial system and labor-intensive students formed in history
The present situation of production-oriented small and medium-sized enterprises is not suitable, and it is proposed to gradually establish the competitiveness of non-policy small and medium-sized financial institutions
Financial system to solve the problem of financing difficulties; Li Gengyin and Zhou Xianzhi (2+3) "Support the development of small and medium-sized enterprises in China"
Systematic research "thinks that the bank's risk control ability is insufficient and lacks corresponding risk transfer measures and mechanisms, so it dare not."
Investing in high-risk enterprises leads to tight credit for small and medium-sized enterprises, which leads to high loan threshold for small and medium-sized enterprises and difficulties in indirect financing.
Difficult. Although the central bank can encourage banks to lend to small and medium-sized enterprises by raising the loan interest rate, it can raise the interest rate
Income, risk and transaction cost cannot be offset, so it is difficult for small and medium-sized enterprises to obtain loans from large state-owned commercial banks.
Payment. In addition, although small and medium-sized commercial banks can provide funds for some small and medium-sized enterprises, because China is established with four
The highly centralized financial system dominated by large state-owned commercial banks is not enough to support small and medium-sized commercial banks dominated by private enterprises.
In addition, these banks lack their own capital strength, and it is difficult to meet the loan needs of small and medium-sized enterprises. Finally, the capital market.
The imperfection of the market also limits the direct financing of small and medium-sized enterprises by issuing stocks and bonds.
Third, institutional factors. Although our government has made many attempts to support the development of small and medium-sized enterprises,
However, due to the lack of institutions that provide financing assistance, technical support, market information consultation and other services for SMEs,
The guarantee system is not perfect, and the legal and regulatory system for safeguarding the rights and interests of small and medium-sized enterprises and regulating their behavior is not perfect.
The fruit is not remarkable. These attempts have little effect on adjusting financing structure and regulating financing behavior of small and medium-sized enterprises in China. Zhang (surname)
Xie He kelvin wong (2(X)2) based on the theory of enterprise financial life cycle, thinks that the main reason of enterprise financing difficulty is scale difference.
We should increase the openness of the financial market, relax the restrictions on private finance, and carry out corresponding construction instead of ownership discrimination.
Establish enterprise credit system environment.
1.2.5 Countermeasures to solve the financing problems of small and medium-sized enterprises
Many scholars at home and abroad have given some countermeasures to solve the financing problems of SMEs. Malik and
The empirical literature of that Boddy (2002) shows that the credit gap of American small and medium-sized enterprises (enterprises expect to get loans)
The difference between loans and actual loans is 20%, and the credit of business owners and the relationship between banks and enterprises have a great influence on the credit gap.
This verifies the existence and reason of the credit gap. From this perspective, small and medium-sized enterprises can
In order to obtain bank loans, such as relationship loans, we should strengthen the relationship between banks and enterprises by improving credit.
Yu Jianguo (Jian Mo 2) thinks that solving the financing problem of small and medium-sized enterprises should promote the perfection of "financing of small and medium-sized enterprises" in big banks.
Small business credit service institutions, improve the credit guarantee system for small and medium-sized enterprises. In addition, we should vigorously develop the investment base of SMEs.
Gold, will be full of potential small and medium-sized enterprises into the scope of the fund's services, not just limited to small and medium-sized enterprises in science and technology.
Li Yongjun Lin Yifu (2(X) 1) believes that because financial institutions of different sizes have different efficiency in providing services to enterprises of different sizes,
And the cost is different, so the existing state-owned commercial banks and capital markets can not provide effective support for China's economic development, accounting for absolute enterprises.
Most SMEs need financial institutions to serve them, so we should fully understand the role of small and medium-sized financial institutions in SME financing.
The important role of promoting its development.
Chen Naixing (2) (SME credit guarantee) believes that the financing difficulty of SMEs in China is due to the incompatibility of system and capital.
The reform of this market lags far behind the reform of other factors, so in order to promote the development of small and medium-sized enterprises, only the diversification of financial products can be promoted.
To meet the diversified needs of small and medium-sized enterprises.
Through literature review, we can see that the existing literature has conducted in-depth discussion and research on the financing theory of SMEs. according to
At present, China's small and medium-sized enterprises have difficulties in financing, and the author has consulted a large number of documents and statistical data in newspapers, magazines and works.
According to statistics. Through the collation of these second-hand statistical data and materials, the author finds that these materials are inevitable.
The following limitations: first, most of them focus on manufacturing, but they are specifically aimed at small and medium-sized enterprises in service industries and some complex industries.
Not much research; Second, most of the research is aimed at the financing situation of small and medium-sized enterprises in a certain region, a certain part and a certain aspect, such as
When studying the reasons for the financing difficulties of small and medium-sized enterprises, we have studied a lot of data and only attributed the reasons to imperfect laws and regulations.
One or more aspects; Although many people have done research, many of them are based on the survey statistics of a certain region and an industry.
There is little macro-comprehensive analysis and systematic summary of the financing environment of the whole small and medium-sized enterprises. Third, the information is not new enough to reflect.
Most of them are the financing situation of small and medium-sized enterprises one or two years ago, which can not explain the financing situation of small and medium-sized enterprises at present.
Capital situation. However, we can still try to learn from the existing conclusions to analyze the financing problems of SMEs in this paper.
chinese abstract
Since the reform and opening up, China's small and medium-sized enterprises have developed rapidly and become a new force to promote the development of the national economy.
An important way to relieve employment pressure and maintain long-term social stability. But in China, on the one hand, SMEs generally face financial integration.
The financial difficulty has seriously restricted its development; On the other hand, due to the lagging marketization of capital elements, a large amount of capital cannot be found.
Go to the investment outlets. Therefore, it is of great significance to study the financing problems of small and medium-sized enterprises in China deeply and systematically to promote China's economic development.
The research on development and optimal allocation of capital has important theoretical and practical guiding significance.
First of all, this paper refers to a large number of domestic and foreign research literature on financing problems of small and medium-sized enterprises, and defines them.
Concept and function, focusing on the financing channels, methods and characteristics of small and medium-sized enterprises, the financing status of small and medium-sized enterprises in China,
Existing problems.
Secondly, in the research on the causes of financing difficulties of small and medium-sized enterprises, this paper advances from two aspects: economic theory and realistic environment.
Made an analysis. In the aspect of economic theory, credit rationing model is used for analysis; In the real environment, use the latest statistical year.
According to the authoritative investigation report, the internal environment, market environment and institutional environment are analyzed respectively. Then, based on these analyses,
The evaluation model of the overall financing environment of small and medium-sized enterprises in China is constructed and evaluated by AHP.
Finally, by briefly introducing the advanced experience of overseas support for small and medium-sized enterprises, this paper puts forward the overall idea and strives to complete it alone.
Improve the institutional environment of SME financing, strengthen the functions of the government in SME financing, and strengthen the self-construction of SMEs.
Set up three comprehensive countermeasures.
Keywords: SME financing; Environment; evaluation model