중국 중소기업의 타인자본 조달 방안 연구

Abstract

Abstract

With the development of small and medium-sized enterprises in recent years, the small and medium-sized enterprises have become an important and irreplaceable part of China's economy, and which have been the dynamic mainstay of the economy. They are not only improving the market efficiency, they also provide more opportunities for employment, which have made a great contribution to Chinese national economic development. But in fact, the situation of small and medium-sized enterprises "weak position" has not been changed. In the other words, financing funds to support for Chinese SMEs are not symmetrical with their roles in the development of economy and society. Since the case of the 2008 global financial crisis, thus brought about great losses to the enterprise, and which led the financing of SME in China into a more difficult situation. This essay will be analyzing the current situation of the SMEs’ financing, reasons, and providing rational solutions through theoretical practice by studied and learned from the foreign developing countries. The paper will first review the researcher on the issue of SMEs’ financing, and explain further the way and characteristics of the financing of SMEs on the basis of criteria defined in the range of SMEs, furthermore research Chinese macro-environment、financing structure and financing mode while combining the current situation of SMEs in China. Secondly，this thesis launches detailed analysis for external causes and internal causes of the plight of SMEs’ financing respectively, mainly for the SME's own financial system and financial institutes. By introduction of the Stiglitz-Weiss model to explain the reasons for the financing of SMEs, and points out that adverse selection and moral hazard due to information asymmetry between SMEs and banks is the main causes of SMEs’ financing predicament. At the same time, Chinese financing structure defects and the lack of small and medium-sized financial institutions are also important reasons for creating the plight of SMEs’ financing. Once more, this paper researches institutions affects the implementation of the financing of SMEs in China based on the theory of financing needs, while combined with the current situation of Chinese credit guarantee system for small and medium enterprises、the bank credit system and the legal system on SME financing to do the analysis; Here based on the establishment of a multiple linear regression model, this dissertation analyzes the factors that affect the ability of the SMEs’ financing providing empirical support for this paper financing problems. Finally, this paper analyses the multi-level capital market in the United States、the policy of financial institutions in Japan and the asynchronous development in South Korea, in order to exploring the development of laws、regulations and economic policies, and that bringing about the reference and useful inspiration for Chinese SMEs. Based on the understanding of the financing of SMEs, this paper further explores the suggestions of SMEs’ financing difficulties in China: try to set up the thorough financial system, broaden the financing channels for SMEs; increase government efforts to support SMEs; sound guarantee risk dispersion compensation mechanism, and build SME credit guarantee system.