【正文】 本科畢業(yè)論文 基于宏觀調(diào)控下的小微型企業(yè)融資渠道研究 XX 理工大學(xué) 全日制本科生畢業(yè)設(shè)計(jì)（論文）承諾書 本人鄭重承諾：所呈交的畢業(yè)設(shè)計(jì)（論文）《 基于宏觀調(diào)控下的小微型企業(yè)融資渠道研究》 是在導(dǎo)師的指導(dǎo)下，嚴(yán)格按照學(xué)校和學(xué)院的有關(guān)規(guī)定由本人獨(dú)立完成。文中所引用的觀點(diǎn)和參考資料均已標(biāo)注并加以注釋。論文研究過程中不存在抄襲他人研究成果和偽造相關(guān)數(shù)據(jù)等行為。如若出現(xiàn)任何侵犯他人知識(shí)產(chǎn)權(quán)等問題，本人愿意承擔(dān)相關(guān)法律責(zé)任。 承諾人（簽名）： 日 期： 基于宏觀調(diào)控下的小微型企業(yè)融資渠道研究 摘 要 隨著我國(guó)經(jīng)濟(jì)的飛速發(fā)展，小微型企業(yè)也如雨后春筍般顯現(xiàn)出來，雖不及大型企業(yè)和有悠久歷史的家族企業(yè)，但是一些數(shù)據(jù)也顯示了小微型企業(yè)對(duì)我國(guó)現(xiàn)在的經(jīng)濟(jì)發(fā)展做出了不可小覷的貢獻(xiàn)。而且小微型企業(yè)在近幾年來可以稱得上是我國(guó)國(guó)民經(jīng)濟(jì) 的主力軍，一直呈現(xiàn)著生機(jī)勃勃的景象。 自從國(guó)際金融危機(jī)爆發(fā)后，各國(guó)或多或少都受到了一定的影響，我國(guó)也不例外，尤其是對(duì)小微型企業(yè)來說更是受到了重創(chuàng)。我國(guó)為了應(yīng)對(duì)國(guó)際金融危機(jī)的沖擊，對(duì)商業(yè)銀行信貸做出了嚴(yán)格的規(guī)定，縮減了銀行對(duì)于企業(yè)的貸款金額。在這種宏觀信貸趨勢(shì)出現(xiàn)緊縮的環(huán)境下，小微型企業(yè)融資就成了一個(gè)難題。而譬如溫州出現(xiàn)的一些小微型企業(yè)涉足民間借貸，最后無法負(fù)擔(dān)高額的利息而倒閉、企業(yè)主逃往國(guó)外而引起的民間借貸風(fēng)波，也引起了社會(huì)的廣泛關(guān)注。這就是典型的由于資金鏈斷裂、以及道德風(fēng)險(xiǎn)而引起的嚴(yán)重的影響。 小微型企業(yè) 融資難一直是個(gè)歷史的難題，這是有一定原因的。首先是小微型企業(yè)本身選擇的一些項(xiàng)目就不是盈利性大的大項(xiàng)目，這很難吸引銀行批準(zhǔn)給他們進(jìn)行貸款。其次是，小微型企業(yè)自身存在道德風(fēng)險(xiǎn)，作為銀行擔(dān)心資金借出后，到期無法按時(shí)收回，從而成為壞賬，影響銀行本身運(yùn)行的資金鏈。而且我國(guó)在經(jīng)歷了經(jīng)融危機(jī)后，主要是主張信貸緊縮的，對(duì)各個(gè)商業(yè)銀行的貸款數(shù)量和金額等都做出了一定的限制，這使得銀行會(huì)將貸款貸給信譽(yù)比較有保障的大型企業(yè)或者具有很大項(xiàng)目、盈利很多的企業(yè)，這樣小微型企業(yè)能夠申請(qǐng)到的貸款就更少了。而且我國(guó)能提供給小微型企業(yè)的直接融資 的渠道太少且太單一，絕大多數(shù)小微型企業(yè)都是通過銀行貸款來融資。這使得銀行的壓力也變得很大，再加上商業(yè)銀行信貸的緊縮現(xiàn)狀，就加劇了小微型企業(yè)融資的危機(jī)。 本文會(huì)結(jié)合前人以及現(xiàn)今創(chuàng)新的觀點(diǎn)和思想，在結(jié)合中外經(jīng)濟(jì)形勢(shì)的情況下，比如：結(jié)合歐盟發(fā)達(dá)國(guó)家的小微型企業(yè)融資體系的經(jīng)驗(yàn)借鑒，美國(guó)小微型企業(yè)融資的經(jīng)驗(yàn)借鑒，以及日本和印度對(duì)于小微型企業(yè)融資的借鑒。談?wù)劚救藢?duì)該問題的拙見，對(duì)現(xiàn)有的融資途徑進(jìn)行分析整理，并且找出盡可能有效的融資途徑。在此基礎(chǔ)上，做出對(duì)未來的展望。 關(guān)鍵字： 小微型企業(yè) 融資途徑 宏觀信貸形勢(shì)趨緊 FINANCE FOR SMALL AND MEDIUMSIZED ENTERPRISES ABSTRACT W ith the developing of modern economy rapidly, small and mediumsized enterprises have sprung up around China. Although the contribution of small and mediumsized enterprises followed those major and family pony, their value for our country’s economy should never be ignored. Also the mediumsized enterprises could be an important power for our GDP, and it still has a huge potential. Under international finance crisis influence, so many countries all of the world have some adverse impacts for their economy, luck for no one, especially for small and mediumsized pony. Dealing with this attach, Chinese mercial bank appear some strict rules for the credit. The amount of loan was macroscopic economy trend of credit tightening, finance for small and mediumsized enterprises bee a question. For example, some small pony which are in Zhejiang province ask help for private lending which has a high interest and can not afford it in the end. So some entrepreneurs closed their pony and left China. This private lending wave has aroused wide public concern. This is the typical influence which caused by money running out and ethic risks. Mediumsized enterprises financing is a historical problem. These must have some reasons. Firstly, mediumsized pony’s project can not attract banks because of the low profit. Secondly, mediumsized enterprises exist strict ethic afraid that money can not be taken back at set time. It will influence bank’s daily business. In addition, China advocate that credit should be reduced after international financial crisis. The amount of credit was limited. So banks are more like to invest big pony which has good reputation. Then the mediumsized enterprises can hardly apply the credit. Because of the simple direct financing channels, most mediumsized enterprises rely on the bank’s loan. This make banks a lot of pressure. Plus the credit crunch situation of mercial banks,this aggravate the financing for mediumsized pony. Now, I will bine the old opinion and innovative views to find some effective ways for helping small pony to tickle their financing problem. For example, European Union’s experience, America’s mediumsized pony’s financing experience, and Japan and India’s experience. On this basis, I will look towards the future. KEYWORDS: small and mediumsized enterprises financing macroscopic economy trend of credit tightening 目 錄 中文摘要 ABSTRACT 第 1 章 緒 論 ............................................................. 1 研究背景、目的及意義 ............................................... 1 主要研究?jī)?nèi)容及思路 ................................................. 3 創(chuàng)新點(diǎn)及不足之處 ................................................... 3 第 2 章 小微型企業(yè)融資現(xiàn)狀及問題 .......................................... 5 我國(guó)小微企業(yè)及融資的特點(diǎn) ........................................... 5 我國(guó)小微企業(yè)的特點(diǎn) ........................................... 5 我國(guó)小微型企業(yè)融資特點(diǎn) ....................................... 5 小微型企業(yè)融資現(xiàn)狀分析 ............................................. 6 融資途徑現(xiàn)狀分析 ............................................. 6 融資政策現(xiàn)狀分析 ............................................. 8 小微型企業(yè)融資存在的問題 .......................................... 12 第 3 章 小微型企業(yè)融資 的國(guó)際案例及經(jīng)驗(yàn)借鑒 ............................... 13 歐盟發(fā)達(dá)國(guó)家小微型企業(yè)融資經(jīng)驗(yàn)借鑒 ................................ 13 美國(guó)小微型企業(yè)融資體系及經(jīng)驗(yàn)借鑒 .................................. 14 日本小微型企業(yè)融資體系及經(jīng)驗(yàn)借鑒 .................................. 16 印度小微型企業(yè)融資體系及經(jīng)驗(yàn)借鑒 .................................. 17 第 4 章 宏觀調(diào)控下的小微型企業(yè)融資途徑分析 ................................ 19 小微型企業(yè)融資渠道分析 ............................................ 19 債權(quán)融資渠道 ................................................ 19 股權(quán)融資渠道 ................................................ 20 企業(yè)內(nèi)部融資渠道 ............................................ 22 通過上市來融資的渠道 ........................................ 23 項(xiàng)目融資渠道 ................................................ 25 新型融資類 .................................................. 26 夾層融資 .................................................... 27 宏觀調(diào)控下小微企業(yè)融資渠道選擇 .................................... 28 國(guó)內(nèi)銀行貸款 ................................................ 28 企業(yè)發(fā)行債券 ................................................ 29 信用擔(dān)保融資 ................................................ 29 票據(jù)貼現(xiàn)融資 ................................................ 29 國(guó)內(nèi)上市 ...........................