中小企业债务融资.doc
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中小企业债务融资,摘要中小企业在我国国民经济中的地位日益重要，其发展过程中普遍存在的融资困难问题也逐渐被理论界所关注。我国中小企业权益性融资渠道狭窄，相比之下，在创立期后起主要作用的债务融资渠道较宽，但其可得性和融资成本更容易受外部环境如利率、市场供求状况等因素的影响，风险也更大，因而债务融资对我国中小企业的生存更为关键。我国现有的研究...
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摘 要
中小企业在我国国民经济中的地位日益重要，其发展过程中普遍存在的融资困难问题也逐渐被理论界所关注。我国中小企业权益性融资渠道狭窄，相比之下，在创立期后起主要作用的债务融资渠道较宽，但其可得性和融资成本更容易受外部环境如利率、市场供求状况等因素的影响，风险也更大，因而债务融资对我国中小企业的生存更为关键。
我国现有的研究主要集中在中小企业融资风险困境的成因和对策分析方面，定量研究大多是站在商业银行和投资者的角度，对中小企业融资的信用风险进行评价，为其选择合适的投资项目以规避风险提供参考。本文从中小企业自身债务融资风险防范和控制的角度出发，首先运用中小企业融资的相关理论，通过分析美中小企业融资结构的差距，深入剖析了我国中小企业融资的现状及成因；然后针对我国中小企业债务融资风险较大的问题，分析其债务融资的具体方式，指出识别其债务融资风险的要素，并运用资产负债表结构法，定性地判断企业债务融资风险的大小；随后构建了中小企业债务融资的综合指标评估模型，从支付性债务融资风险和经营性债务融资风险的成因入手，选择相关指标建立风险评估指标体系，运用层次分析法确定各指标权重、功效系数法综合评估债务融资风险；最后运用模型对一个典型中小企业的债务融资风险进行实例分析，发现了企业债务融资过程中存在的风险，并提出了防范和降低风险的具体措施，验证了评估体系的可行性和有效性，为中小企业及时识别、评估和控制债务融资风险、调整融资策略，稳定企业财务，提高风险防范能力提供参考。
关键词 中小企业；债务融资；风险评估；层次分析法；功效系数法
Abstract
Small-and-mediun-sized enterprises（SMES）are playing an increasingly important role in our national economy. The most striking chataceristics of SMES financing in China is that the rights-and-interests capital financing channel is very narrow. Compared with rights-and-interests capital financing, debt financing, which plays an important role after the establishment of SMES, has a wider channel, and the availability of debt capital is more likely to be affected by external factors such as interest rate, supply and demand in the market and some other factors. Therefore, debt financing, which is more risky, is the key to the survival and development of SMES in China.
Current researches mainly focused on analysing causes and solutions to SMES’ financing difficulties. Quantitative researches, for the most part, assess the credit risk from the perspective of commercial banks and investors, and provide referrences for them to select appropriate projects and avoid risks. This paper standing at the point of SMES themselves, provide referrences for SMES to provent and control financing risks by themselves.First of all, based on financing theories, this paper analysed the current financing situation and causes of financing difficulties by comparing the different financing structures between US SMES and Chinese SMES; Then directed at the high debt financing risk of our SMES, analysed the specific ways of SMES debt financing, pointed out the signals to recognise debt financing risks, and judged debt financing risks by analysing the stucture of SMES’ balance sheet; Then the paper established the model to assess SMES’ debt financing risk comprehensively. Selected indexes form two respects: the causes to cash flow debt financing risk and management debt financing risk, using analytic hierarchy process to caculate the weights of each indexs, and then using efficiency coefficient method to assess debt financing risk. At last, the paper analysed the debt financing risk of a tipical SME, recognised the risks in its financing process and gave some measures to prevent and lower the risk; Hopefuly this paper can provide SMES some references in identifing, eva luating and controlling debt financing, so as to recoganise debt finanacing risks in time, adjust financing strategy, stablize company finance and increse risk prevention capacity.
Keywords Small and Medium Enterprise; Debt Financing; Risk Assessment; Analytic Hierarchy Process; Efficiency Coefficient Method
目 录
摘 要 I
Abstract II
第1章 绪论 1
1.1 研究的背景、目的和意义 1
1.1.1 研究背景 1
1.1.2 研究目的和意义 2
1.2 国内外文献研究综述 2
1.2.1国外研究综述 2
1.2.2国内研究综述 6
1.3 研究思路与内容 9
1.4 创新点和难点 11
1.5 本章小结 11
第2章 企业融资基本理论概述 12
2.1企业融资的基本概念 12
2.1.1企业融资的涵义 12
2.1.2企业融资的任务 12
2.2融资渠道和融资方式 12
2.2.1融资渠道的涵义和分类 12
2.2.2融资方式的概念和分类 13
2.2.3融资渠道与融资方式的对应关系 15
2.3西方企业融资基础理论 15
2.3.1古典资本结构理论 15
2.3.2 MM理论 16
2.3.3权衡理论 16
2.3.4不对称信息理论 17
2.4 本章小结 18
第3章 我国中小企业融资现状分析 19
3.1我国中小企业的现状 19
3.1.1我国中小企业的界定标准 19
3.1.2我国中小企业在国民经济中的作用 19
3.1.3我国中小企业的经营管理现状 20
3.2 我国中小企业融资现状 21
3.2.1中小企业融资的重要作用 21
3.2.2美中中小企业的融资结构对比分析 22
3.2.3美中中小企业融资结构差异 24
3.3我国中小企业的融资困境及产生原因 25
3.3.1我国中小企业的融资困境 25
3.3.2我国中小企业融资困境产生的原因 27
3.4 本章小结 28
..
中小企业在我国国民经济中的地位日益重要，其发展过程中普遍存在的融资困难问题也逐渐被理论界所关注。我国中小企业权益性融资渠道狭窄，相比之下，在创立期后起主要作用的债务融资渠道较宽，但其可得性和融资成本更容易受外部环境如利率、市场供求状况等因素的影响，风险也更大，因而债务融资对我国中小企业的生存更为关键。
我国现有的研究主要集中在中小企业融资风险困境的成因和对策分析方面，定量研究大多是站在商业银行和投资者的角度，对中小企业融资的信用风险进行评价，为其选择合适的投资项目以规避风险提供参考。本文从中小企业自身债务融资风险防范和控制的角度出发，首先运用中小企业融资的相关理论，通过分析美中小企业融资结构的差距，深入剖析了我国中小企业融资的现状及成因；然后针对我国中小企业债务融资风险较大的问题，分析其债务融资的具体方式，指出识别其债务融资风险的要素，并运用资产负债表结构法，定性地判断企业债务融资风险的大小；随后构建了中小企业债务融资的综合指标评估模型，从支付性债务融资风险和经营性债务融资风险的成因入手，选择相关指标建立风险评估指标体系，运用层次分析法确定各指标权重、功效系数法综合评估债务融资风险；最后运用模型对一个典型中小企业的债务融资风险进行实例分析，发现了企业债务融资过程中存在的风险，并提出了防范和降低风险的具体措施，验证了评估体系的可行性和有效性，为中小企业及时识别、评估和控制债务融资风险、调整融资策略，稳定企业财务，提高风险防范能力提供参考。
关键词 中小企业；债务融资；风险评估；层次分析法；功效系数法
Abstract
Small-and-mediun-sized enterprises（SMES）are playing an increasingly important role in our national economy. The most striking chataceristics of SMES financing in China is that the rights-and-interests capital financing channel is very narrow. Compared with rights-and-interests capital financing, debt financing, which plays an important role after the establishment of SMES, has a wider channel, and the availability of debt capital is more likely to be affected by external factors such as interest rate, supply and demand in the market and some other factors. Therefore, debt financing, which is more risky, is the key to the survival and development of SMES in China.
Current researches mainly focused on analysing causes and solutions to SMES’ financing difficulties. Quantitative researches, for the most part, assess the credit risk from the perspective of commercial banks and investors, and provide referrences for them to select appropriate projects and avoid risks. This paper standing at the point of SMES themselves, provide referrences for SMES to provent and control financing risks by themselves.First of all, based on financing theories, this paper analysed the current financing situation and causes of financing difficulties by comparing the different financing structures between US SMES and Chinese SMES; Then directed at the high debt financing risk of our SMES, analysed the specific ways of SMES debt financing, pointed out the signals to recognise debt financing risks, and judged debt financing risks by analysing the stucture of SMES’ balance sheet; Then the paper established the model to assess SMES’ debt financing risk comprehensively. Selected indexes form two respects: the causes to cash flow debt financing risk and management debt financing risk, using analytic hierarchy process to caculate the weights of each indexs, and then using efficiency coefficient method to assess debt financing risk. At last, the paper analysed the debt financing risk of a tipical SME, recognised the risks in its financing process and gave some measures to prevent and lower the risk; Hopefuly this paper can provide SMES some references in identifing, eva luating and controlling debt financing, so as to recoganise debt finanacing risks in time, adjust financing strategy, stablize company finance and increse risk prevention capacity.
Keywords Small and Medium Enterprise; Debt Financing; Risk Assessment; Analytic Hierarchy Process; Efficiency Coefficient Method
目 录
摘 要 I
Abstract II
第1章 绪论 1
1.1 研究的背景、目的和意义 1
1.1.1 研究背景 1
1.1.2 研究目的和意义 2
1.2 国内外文献研究综述 2
1.2.1国外研究综述 2
1.2.2国内研究综述 6
1.3 研究思路与内容 9
1.4 创新点和难点 11
1.5 本章小结 11
第2章 企业融资基本理论概述 12
2.1企业融资的基本概念 12
2.1.1企业融资的涵义 12
2.1.2企业融资的任务 12
2.2融资渠道和融资方式 12
2.2.1融资渠道的涵义和分类 12
2.2.2融资方式的概念和分类 13
2.2.3融资渠道与融资方式的对应关系 15
2.3西方企业融资基础理论 15
2.3.1古典资本结构理论 15
2.3.2 MM理论 16
2.3.3权衡理论 16
2.3.4不对称信息理论 17
2.4 本章小结 18
第3章 我国中小企业融资现状分析 19
3.1我国中小企业的现状 19
3.1.1我国中小企业的界定标准 19
3.1.2我国中小企业在国民经济中的作用 19
3.1.3我国中小企业的经营管理现状 20
3.2 我国中小企业融资现状 21
3.2.1中小企业融资的重要作用 21
3.2.2美中中小企业的融资结构对比分析 22
3.2.3美中中小企业融资结构差异 24
3.3我国中小企业的融资困境及产生原因 25
3.3.1我国中小企业的融资困境 25
3.3.2我国中小企业融资困境产生的原因 27
3.4 本章小结 28
..
