摘要
农村中小企业是农村社会经济发展的主体,是实施“以工补农、以城补乡”战略部署的重要载体。但是,在全球金融危机和我国宏观经济政策的影响下,资金短缺已成为其发展的瓶颈。本文旨在通过分析农村中小企业在融资过程中呈现出来融资意愿及渠道选择等行为,从企业自身和国家宏观经济政策特别是金融政策提出相应地改进措施,以期有助于农村中小企业融资均衡的实现,同时也为企业和政府决策提供理论基础和政策建议。
本文以经济学理论为基础,从行为经济学的视角来研究农村中小企业的融资行为。采用动态分析与静态分析相结合、实证分析与规范分析相结合、实地调研、构建计量经济模型等方法展开研究。本研究共分六部分:第一部分,对农村中小企业的概念、融资行为进行了界定,明确本文研究的目的、意义和主要内容;梳理资本结构、金融成长周期、关系融资和民间金融等理论;对已有研究成果并加以总结和评述,进一步提出今后需要研究的方向。第二部分,对农村中小企业的发展历程进行梳理、对其作用进行分析;总结农村中小企业的融资的状况及其特点。第三部分,分析影响农村中小企业融资的内外部因素;并运用DEMATE模型评价分析了各个影响因素对其融资的影响程度;在此基础上,分析评价在不同的金融市场上,农村中小企业融资均衡实现的条件。第四部分,在对河南省农村中小企业融资情况的调查的基础上,通过统计分析和构建计量经济模型,对农村中小企业的融资意愿、融资渠道选择等行为进行检验。第五部分,比较分析几种典型的中小企业信贷担保体系;运用调查数据分析了信贷担保体制下农村中小企业融资意愿等。第六部分,分析和研究的结论及相应地政策建议。
通过分析可知:一是农村中小企业资金供需以小额、短期融资为主;农村信用合作社、农村商业银行和民间金融是资金供给主体。二是在正规金融市场上,合理抵押品率有利于融资均衡实现并扩大融资规模,但会使低收益的农村中小企业转向非正式金融市场融资。在非正式金融市场上,资金的提供者能够运用信息上的优势和较小的成本分离出不同的收益农村中小企业,并实现不同利率水平下的分离型均衡。三是政策法律环境、农村金融环境、企业经营年限和经营规模等对农村中小企业融资意愿影响较为明显。同时,抵押品、担保机构和中小金融机构等有利于提高农村中小企业融资意愿。四是农村中小企业融资渠道选择呈多元化的特点;企业成立年限、法人代表受教育程度和企业规模等方面的不同,企业融资渠道选择也不同。五是农村中小企业通过信贷担保机构融资意愿强烈并正向的影响着农村中小企业融资行为。
针对以上结论,提出的政策建议有:一是加大政策倾斜力度,建立维护农村中小企业融资的法律体系。二是建立中小金融组织、创新银行金融产品和规范民间金融市场,进一步完善农村金融体系、提高农村金融服务能力。三是加快农村中小企业产权改革、完善财务制度、提升企业人力资本和健全企业信用管理制度为基础的企业自身建设。四是营造科学的信用文化环境、建立完善的农村信用评价体系并逐步建立科学的信用激励机制。五是建立政府引导、企业化运作的信贷担保组织,并构建完善的农村信贷担保体系。
As the main force of rural economic development,rural small and medium-sized enterprises(SMEs) are the important carrier to implement the strategy of“develop rural industry to subsidize agriculture, and develop cities to subsidize villages”. However, under the influence of current global financial crisis and macroeconomic policies, the problem of fund shortage has become the bottleneck for its development. Through analyzing SMEs financing will and financing channels, this paper aims to propose improving measurements to macroeconomic policies, especially finance policies. In this respect, it will be helpful to realize financing equilibrium and provide theoretical basis and policy suggestions for government decision.
Based on economic theory, this paper is from the perspective of behavioral economics to study financing behavior of rural SMEs. It has used methods of both of dynamic analysis and static analysis, empirical analysis and normative analysis, spot investigation, establishing econometric model and so on. It is according to the thinking line of“description of current situation---theoretical analysis---empirical analysis---policy and suggestion”besides of defining relative concept and literature review. This paper is divided into six parts. The first part is to define the concepts of rural SMEs and financing behavior of SMEs and make clear the purpose, meaning and main content of this study. It also learns and comments on studies of domestic scholars who used theories of capital structure, cycle of financial growth, relational financing and private finance, and then concludes gained achievements. In the end of this part the author proposes what we should study in the future. The second one is about analysis of the role of rural SMEs and describes their characteristic and current situation. The third one analyzes internal and external factors of SMEs financing and evaluates influence degree of those factors by DEMATE model. On this basis, it uses theories of economics to analyze possibility and conditions of each sort of medium-sized enterprise to realize equilibrium in different financial market. In the forth one, based on the investigation of rural SMEs in He Nan province, this paper tests the wills and channels of rural SMEs by empirical analysis and establishing econometric model. In the fifth part, it makes a comparative analysis of credit guarantee system of SMEs in developed countries, and then empirically analyzes the financing will of rural SMEs in loan system using statistics. The last part is based on analysis of the first five parts to make a conclusion and propose policies and suggestions for realization of financing equilibrium of rural SMEs.
It makes a conclusion after analysis. Firstly, small sum and temporary financing are mainly chosen by rural SMEs. Rural credit cooperatives, rural commercial banks and private finance are funds providers. Secondly, in the formal financial market, rational rate of collateral is propitious to achieve equilibrium and expand financing scale; however, it will cause rural SMEs which have low profit to seek financing in informal financial market. In informal financial market, the funds providers have the ability to distinguish rural SMEs of high profit and ones of low profit, and bring about separation equilibrium in the level of different ratio. Thirdly, financing of enterprises is apparently affected by law and policy environment, rural finance environment, period of business and operation scale. At the same time, collateral, guarantee institutions and medium-sized financial institutions are in favor of realization of financing equilibrium. Fourthly, selection of financing channels presents to be pluralism. It makes a great difference because of different enterprise age, different education level of legal representative and different scale. Fifthly, rural SMEs are willing to raise capital through credit guarantee institutions influencing the rural SMEs positively.
According to conclusions above, it puts forward some policies and suggestions. First of all, the government should increase policy inclination and build law system which protects financing of rural SMEs. Besides, it needs to establish medium-sized financial institution, innovate financial products of banks and regularize private financial market, so as to improve rural financial system and promote the service ability of rural financial institution. In addition, it should speed up the reformation of enterprise property rights, improve financial rules, promote human capital and complete self-construction which is based on enterprise credit management system. What’s more, it’s necessary to construct environment of credit, to make rural credit evaluation system perfect and to build reasonable credit incentive mechanism system step by step. Last but not the least, it necessitates to build credit guarantee institutions which are guided by government and operated as enterprises, and construct perfect rural credit guarantee system.
引文
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