中小企业融资结构研究综述

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中小企业融资国内外文献综述

中小企业融资国内外文献综述随着我国社会经济的发展，中小企业融资与经营问题日益受到人们的关注。

本文将国内外关于中小企业发展的研究成果进行综合论述。

标签：中小企业融资进入20世纪70年代特别是改革开放以来，中小企业在我国社会经济中的作用正日益受到人们的关注。

正是如此，中小企业融资与经营方面的问题也渐渐受到人们的关注。

亚洲金融危机以后，由于中小企业的巨大作用，更加促使了国内外的学者对中小企业从不同的视角展开了研究，并且这些研究对指导中小企业的发展卓有成效。

下面将国内外关于中小企业的研究的主要研究成果综述如下。

1 国外研究现状经济发达国家的中小企业发展及对中小企业发展的研究和管理政策都早于我国，这些研究以及各国中小企业发展的历程显示中小企业都遇到了融资难的困境。

20世纪50年代，著名经济学家莫迪格利安尼和米勒(MM)首次提出了现代资金结构理论即MM理论；70年代，权衡理论的提出进一步推动了MM理论的发展，考虑了税负效应与债务融资对企业资本结构的影响；进入80年代，随着经济学的发展，学者们把信息经济学中“不对称信息理论”引入到融资领域，大大地丰富了人们对该问题的理解，对中小企业融资困难的研究空前拓宽。

在此期间，也出现其他一系列中小企业融资的理论。

Jaffee和Modilian（1969）认为：银行的信贷供给曲线类似工业产品一样按标准的利润最大化原则来决定。

Dewatripant 和Maskin(1995)认为银行对中小企业信贷中产生“预算软约束”问题，导致了银行更趋于“大客户”的业务。

Hodgman(1961)和Martinell(1997)认为中小企业多属“双短”企业即信贷历史较短与经营时间短的企业，企业信贷的历史信用不足，从而得出中小企业必然面临银行的信贷困难的问题。

Berger and Udell(1998)提出，伴随着企业成长周期不同而发生的信息约束条件、企业规模大小和资金需求量的变化是影响企业融资结构变化的外在基本因素。

中小企业供应链融资文献综述

中小企业供应链融资文献综述1.国外研究现状国外众多学者对供应链金融的相关问题进行了一些阐述.Gopfert和Neher（2001）发现仅有一小部分的企业将资金流管理视为供应链管理的一个重要组成部分，大部分的企业认为供应链管理仅仅是仓储、运输等传统物流职能的重新整合，他们较早提出了资金流的重要性。

Guerrisi （2001)通过考察供应链中物流配送技术和资金转移技术的发展，发现资金转移技术相对落后，影响物流技术的发展。

Stemmler( 2003）分析了供应链金融管理长期得不到应有重视的主要原因。

Meynell （2003）和Waiters （2004)分别从不同的角度对供应链金融进行了定义:前者认为供应链金融管理是与物流平行的从买方发出订单到完成结算的所有与现金流有关的交易活动;后者从需求链和价值链的角度,将供应链金融管理定义为，通过创新各种金融产品和服务,有效集成供应链中的资源，为顾客创造价值的价值链管理。

Richard（2004 )进行了案例分析，总结了Stanley公司的成功经验，具体说明了如何在企业中实行供应链融资管理，使物流与资金流相协调一致，从而提高企业绩效.Klapper (2005) ［13]就供应链中中小企业采用存货融资模式的机理及功能进行了分析。

Gonzalo Guillen(2006)等人研究了集生产与企业融资计划于一体的短期供应链管理，提出合理的供应链管理模式可以影响企业的运作与资金融通,从而增加整体收益。

Demica(咨询公司）在2008年的一份调查显示，在过去的一年,银行的报告显示“65%业务量的增长来自于供应链金融，超过90%的顶尖银行为他们的顾客提供供应链金融服务”。

AllenN。

Berger(2004)等人最早提出了关于中小企业融资的一些新的设想及框架，初步提出了供应链融资的思想。

Leora Klapper(2004）就供应链中小企业采用存货融资模式的机理及功能进行了分析。

中小企业融资文献综述

中小企业融资文献综述近年来，中小企业融资问题备受关注。

融资作为企业发展的重要支撑，对中小企业的发展起着至关重要的作用。

本文将对中小企业融资的现状进行综述，并分析其中存在的问题和挑战。

一、中小企业融资的现状1.1 传统融资方式传统融资方式主要包括银行贷款、股权融资和债券融资。

在传统融资方式中，银行贷款是中小企业最主要的融资方式，具有贷款额度大、贷款期限长等优势。

但是，中小企业在贷款过程中面临着高利率、严格的抵押要求和贷款审批周期长等问题；股权融资通常需要中小企业的所有权转让，对企业管理层的控制权产生了影响；债券融资受到发行门槛高、风险较大等因素的限制。

综合来看，传统融资方式存在许多不足之处，无法满足中小企业多样化的融资需求。

1.2 互联网金融的兴起随着互联网的发展，互联网金融成为中小企业融资的新方式。

互联网金融以其低门槛、高效率和灵活性受到了中小企业的青睐。

众筹、P2P借贷和数字货币等互联网金融工具提供了更多元、便捷的融资渠道。

中小企业可以通过平台发布融资需求，吸引投资人的关注，并获得资金支持。

但是，互联网金融也存在着风险和监管不完善等问题，需要引起重视。

二、中小企业融资问题的挑战2.1 资金需求难题中小企业的融资需求通常来自于企业的创新、扩张和转型升级等方面。

然而，由于银行信贷政策的限制和风险偏好的影响，很多中小企业难以获得足够的资金支持。

融资难题使得中小企业的发展受限，企业创新和扩张的能力受阻。

2.2 融资渠道狭窄传统融资方式的限制和互联网金融的监管不完善，导致中小企业的融资渠道相对较狭窄。

中小企业在追求更多元化、适应性更强的融资方式时，面临着一系列的限制和挑战。

缺乏融资渠道的多样性，使得中小企业难以选择最适合自身需求的融资方式。

2.3 风险控制难题中小企业的信用状况和抵押品质量通常无法满足传统融资方式的要求，这导致银行对中小企业的融资风险较为谨慎。

另一方面，互联网金融存在着信息不对称、违约风险等问题，使得中小企业的融资风险难以得到有效控制。

《中小企业融资问题研究国内外文献综述》

中小企业融资问题研究国内外文献综述目录中小企业融资问题研究国内外文献综述 (1)（一）国外研究现状 (1)（二）国内研究现状 (2)参考文献 (4)融资是一个企业赖以生存与发展所必不可少的环节，但是目前中小企业正在面临融资成本过高、融资渠道较狭窄和融资风险较高等融资问题。

因此，无论是在学术界还是企业运营管理中都得到了普遍的关注。

通过在知网、百度学术、谷歌学术等学术网站进行检索发现，国内外学者针对中小企业融资问题的研究成果较为丰富。

（一）国外研究现状在最近几年的时间里，自从互联网金融被越来越多人所熟知，全球的很多专家学者都基于互联网金融，对中小企业的融资工作开展了更深一步的分析和研究。

Jiang Miao（2020）分析了互联网金融融资模式的典型模式——众筹模式，分别介绍了众筹模式的概念、融资流程以及存在的风险，在此基础上提出了中小企业如何运用众筹模式提高融资效率，以及在融资过程中加强风险控制。

Kaya Orçun和Masetti Oliver（2019）总结出在互联网金融的背景下，中小企业赖以生存的最关键因素之一是信用，研究表明，信誉差的中小企业比信誉好的企业更容易失去银行贷款。

Loha Hashimya（2021）认为互联网金融平台通过大数据等手段和发布借贷相关信息，可以降低资金双方融资成本和信息不对称程度，减少逆向选择的可能性，从而提高了融资效率。

Richard和Micheline（2019）以为小微企业融资难的主要起因在于信息不对称，因为小微企业的规模较小、体制不完善、缺乏信誉，将导致银行无法衡量小微企业的信贷风险，因此小微企业很难获取银行的贷款。

他们提出了财务抑制假说，认为这是产生民间金融出现的根本原因。

Okwiri（2019）提出在地区经济环境中，除了正规融资这种方式之外，民间融资的方式可以作为补充，只不过不同融资方式的监督手段需要有差异性。

他认为，非正规金融在正式金融无法运行的地区可以产生效果的主要原因就是“熟人借款”。

《中小企业融资问题研究国内外文献综述1800字》

中小企业融资问题研究国内外文献综述1国外研究现状在西方经济学的研究对象中，国外许多专家和学者针对企业融资的问题进行了大量的实证研究和理论分析。

中小企业的融资在国外研究者的研究中，被归类于中小企业选题中，针对中小企业的融资，不同的专家和学者，从不同视角提出了不同的论点：Meyers在分析中小企业的融资方式后，提出中小企业在融资过程中的信息不对称问题比较明显。

比如在创业早期阶段，中小企业中的很多企业并未获得外部审计的财务报告，企业盈利能力难以预测和估算。

因此，中小企业在融资时，为快速满足资金筹措需求，会优先选择内部融资渠道，如果选择外部融资渠道，就需要优先选择债务融资方式。

Storey在分析金融机构与中小民营企业的融资冲突时, 提出中小企业以银行等金融机构的贷款作为最大的债务性融资渠道。

但因为中小企业自身的资质和发展水平偏低，金融机构提供给中小企业的贷款融资支持力度偏低。

Hairs&Raviv认为企业融资结构是中小企业收入流分配和企业控制权分配的依据，其指出，中小企业之所以很难得到金融信贷支持，主要源于在信息不对称的信贷市场中，中小企业存在道德风险及逆向选择问题。

Félix Corredera-Catalán等表示中小企业在制度、管理等方面存在的问题导致其在成长的不同阶段面对的融资问题不同。

对于中小企业融资问题的梳理，可从融资和负债角度出发，而不仅限于融资方面。

Liang Kaier认为融资渠道受制、融资制度不完善、政府关注度不高等都是中小企业难的主要原因。

融资难已经威胁到中小企业的生存与发展。

Barthelmess Benedik等表示中小企业融资需要面对的问题并不仅仅是融资本身，还包含中小企业自身的生存与发展条件问题，融资只是为中小企业注资，保障资金链，但其最终要解决的是，依赖于什么获得市场竞争实力。

2国内研究现状国内在针对中小企业融资困境问题展开分析时，主要从现实角度分析中小企业融资难的原因。

关于中小企业融资问题研究综述

关于中小企业融资问题研究综述
一黄
摘
微李娟娟
浙江师范大学
要做好对中小企业的融资服务，就要求各金融机构，尤其
是国有商业银行要更新观念，提高思想认识，打破长期以来那种 “ 抓大放小 ” 、“ 成分论” 、“ 规模论”的思想束缚，根据中小企业的现状、特点和趋势，认真研究新时期中小企业发展中存
度
美国经济学家大卫・杜兰特（１９５２），在他的《企业债务和权益成本计量方法的发展和问题》论文中将企业融资结构概括为三种：净收益理论、净经营收益理论和传统理论。净收益理论指财务杠杆率的变动对负债成本率和权益成本率影响不大，在企业各种筹资方式中债务融资总是有利的。净营业收益
对国有银行进行股份制改造和市场化、商业化改造，改造后的银行将以利润最大化作为企业的主要宗旨，而不是以前的以为国有企业服务为主要口的。要让国有银行的资金更多地投向民营中小企业。国有银行在对待中小企业的融资要求上，采
指出信贷市场上的信息不对称会影响银行的信贷风险。Ｓｔｉｇｌｉｔｚ等人以信贷市场信息不对称为基础建立的理论模型探讨信贷配
要：融资问题尤其是信贷融资一直是困扰中小企业发
展的重要问题，也成为国内外学者探讨的重点问题。本文以中小企业融资为起点，展开剖析了国内外中小企业研究状况并作出合理的评价，以期总结研究结论，明确未来研究的方向。
关键词：中小企业
规模银行并购指出银行的并购规模与中小企业贷款比率之间的关系，即呈倒Ｕ型的非单调函数关系。

中小企业融资理论综述

中小企业融资理论综述中小企业融资在经济发展中占有重要的地位。

然而，由于其规模较小、信誉度不高、融资渠道狭窄等因素，中小企业融资难的问题一直存在。

本文将对中小企业融资的理论进行综述。

1. 中小企业融资难的原因中小企业融资难的原因较为复杂，主要包括信息不对称、担保不足、财务状况差、金融机构偏好大企业等因素。

2. 中小企业融资理论2.1 市场失灵理论市场失灵理论认为，中小企业融资难是由市场缺少有效信息和规范的现象造成的。

这个理论的根本解决办法是通过加强信息披露、推动完善市场规则、增强中小企业服务能力等方式，打破中小企业融资的信息壁垒，实现市场的信息对称。

2.2 中介机构理论中介机构理论认为，金融机构作为资金的中介，可以对中小企业进行评估，产生评级服务，为中小企业融资提供信息、担保等服务，从而有效解决融资难的问题。

但是，当前金融机构的服务水平相对较低，中小企业发挥不出金融机构的作用和功能。

2.3 应收账款融资理论应收账款融资理论认为，中小企业可以将所有的应收账款向金融机构质押，以获得短期资金的支持。

这种方式为中小企业融资提供了一条新的渠道，特别适合于规模较小、信誉度较低的中小企业。

2.4 直接融资理论直接融资理论认为，股权融资和债务融资是中小企业融资的两种重要方式。

由于中小企业信誉度和股权价值较低，股权融资难度较大，因此债务融资成为中小企业融资的主要方式之一。

但是，由于中小企业的财务状况差，长期融资需求不足，银行债权融资风险较大，因此中小企业债券市场的建设非常关键。

3. 中小企业融资政策针对中小企业融资难的问题，政府出台了一系列的政策措施，例如加强金融机构对中小企业的支持、拓宽中小企业融资渠道、支持中小企业股权融资、促进中小企业债券市场发展等。

这些政策措施在解决中小企业融资难问题方面发挥了较好的效果。

中小企业融资难问题一直存在，但是随着市场经济的深入发展、政策的逐步落实，中小企业融资渠道将会逐步拓展，融资难度将会逐步降低。

中小企业融资方式选择研究综述及简评

曼和维斯塞思（９８）分析了１７１８９４～１８年间美国劳工部劳工统计局登记的９２４９６家生产企业的数据，通过实证研究验证了梅耶斯融资顺序的理论 Nhomakorabea实用价
值。
Ｓｈｍｎ１９）１ｔｌ９４认为，创始ａｌａ（＇￣Ｗｅｅ１９）９０＇ｚ（１
虽然负债会增加企业的财务风险，但有利于保持股东对企业的控制权。而通过增募股本的方式融资，老股东的控
制权就有可能被稀释，因此，股东一般
不愿意发行新股。而且发行新股后，流
小于１亿美元的中小银行对中小企业贷款占其全部工商企业贷款的８％，而资９产规模大于５亿美元的大银行的上述比Ｏ
元和１．美元。６９
交易，具有私密性，使得金融机构在信息的生产中不用担心信息的外泄或 ‘ 搭
便车”问题。最后，金融机构拥有大量
监督比金融机构的监督更为有效。
Ｂｒｅ，Ｕｅ，（９５、Ｌｖｎａ，ｅｇｒｄＵ１９）ｅｏｉｎ
专业人士，使其具有信息分析的绝对优
势。
Ｓｌｒ（９５）ｏｅ１９研究发现中小企业贷款占ｌ银行总资产的比例以及中小企业贷款占
全部企业贷款的比例两项指标，大银行的比例要低于中小银行的比例。Ｊｙｒ— ａａａｉｌｎ１９ｆｅａｄＷｏｅ（９９）证实资产规模ｎｎｋ
企业的融资非常严重地依赖于初始的内部融资、贸易融资、天使融资。因为创始企业存在严重的信息不对称，所以初始企业从中介机构获得外源融资非常困

中小企业融资问题文献综述

中小企业融资问题文献综述在经济快速发展的今天，中小企业作为国民经济重要组成部分，对于社会经济的稳定增长和就业的促进起到了重要作用。

然而，中小企业在发展过程中一直面临着融资难的问题。

本文将通过对相关文献的综述，探讨中小企业融资问题的原因和解决方法。

一、中小企业融资问题的原因1.信用风险：由于中小企业规模相对较小，经营时间短，信用记录不完善，导致银行和其他金融机构对其融资申请持谨慎态度，增加了融资的困难。

2.信息不对称：中小企业相对于大型企业而言，信息披露的不足导致了银行和投资者对其了解不深，从而无法准确评估风险和收益。

3.资产负债结构：中小企业资产负债结构相对较弱，占用大量资金的固定资产无法充分利用，同时，流动资金也不足以满足企业的日常经营和发展需求，进而导致融资困难。

4.法律环境：现行法律对于中小企业的融资支持不够，保护制度不健全，缺乏完善的法律规范，给中小企业融资带来了不确定的风险。

二、解决中小企业融资问题的方法1.银行信贷支持：加强银行对中小企业的信贷支持力度，为中小企业提供优惠贷款利率和灵活的还款方式，降低融资成本，减轻融资压力。

2.发展非银行金融机构：支持非银行金融机构扩大在中小企业融资领域的业务规模，利用互联网等技术手段提供更多元化的融资服务，以满足中小企业的多样化需求。

3.完善法律制度：建立健全中小企业融资法律体系，加强知识产权保护，设立独立的中小企业融资仲裁机构，加大对融资欺诈的处罚力度，增强中小企业融资环境的安全感和可信度。

4.培育资本市场：促进中小企业上市融资，建立多层次资本市场，提高中小企业融资的透明度和可预期性，吸引更多的投资者参与进来。

5.加强政府支持：政府应出台更多的扶持政策，加大财政补贴力度，为中小企业提供更多的财政支持，降低融资成本。

三、国内外相关研究进展国内外对中小企业融资问题的研究已经取得了一定的进展。

国内主要从政策支持、银行信贷、股权融资等角度进行研究，提出了一系列解决方案。

中小企业融资研究文献综述及外文文献资料

本文档包括改专题的：外文文献、文献综述一、外文文献The Role of Banks in Small and Medium Enterprises Financing: A Case Studyfrom KosovoAbstractIn this study we investigate the impact of firm and entrepreneurship characteristics in small and medium enterprises (SME-s) investment finance through debt (bank loan). Data are gathered from interviews based on a self-organized questionnaire with 150 SME-s in Kosovo. Based on the econometric model of linear regression, key factors are identified which influence the investment growth financed by debt. The results indicate that there is mutual correlation among the firm's age, size, business plan, sector, number of owners, sources of financing and the investment growth financed from banks in Kosovo. Therefore, findings in this work suggest that the access to external sources of financing through bank loan is an important factor that influences the investment growth. The paper provides some important conclusions and implications for policymakers and entrepreneurs.Keywords: SME, entrepreneurship, financing through debt, investment, Kosovo1. IntroductionIt is explicitly accepted that SME-s present a pivotal element in the economic activity in both, developed and developing countries (Acs & Audretsch, 1990; Johnson & Loweman, 1995). Numerous authors from academic and professional world designate SME-s as generators of both, economic growth and overall social development (Audretsch & Klepper, 2000; World Bank Group, 2005; McMillan & Woodruff, 2002).The discussion of the relevant literature related to the access of SME-s to finance, as well as to investment finance is of particular importance (Krasniqi, 2007). According to Beck et al. (2007), the SME-s access to, and cost of, finances is quite often characterized as a major difficulty, up to the extent of 35 percent. It should alsobe stressed that the small firms come with more difficulty to loans, since they encounter higher transaction costs and higher premium risks, for they are more fragile and they offer lower collaterals (Beck et al., 2006). Audretsch and Elston (2006) also stress that small firms confronted higher financial difficulties than large ones. Similar conclusions can be found among other authors who have worked in this direction (Beck et al., 2006; Oliveira & Fortunato, 2006).Brinckmann et al. (2011) finds that small firms have higher limitations to access external sources of financing than bigger firms, and, thus, they become more dependent on internal funds for financing their investment needs. A major obstacle in financial markets to the access on finances by SME-s is also the asymmetry of information. Thus, based on Zhao et al. (2006), one from the major difficulties for accessing finance is the asymmetry of information among lenders and debtors; for instance, borrowers have private information on the firm that lenders do not possess. Because of their small size, short history and inconsistent accounting data, the issue of asymmetric information for SME-s becomes more serious (Deakins et al., 2008; EBRD, 1999; Pissardies et al., 2003; Klapper et al., 2002).Difficulties of this kind are expressed also among SME-s of Kosovo, as one from the last countries in transition. In spite of the fact that the SME sector in Kosovo is relatively new, it constitutes 98% of all the firms, thus representing a huge potential for generation of new jobs and for economic development of the country. Based on data of the World Bank (2010), the major obstacle to the development of SME-s in Kosovo is access to bank loans. Only 10% of investments made by SME-s are financed through bank loans, and above 85% of investments are financed from private sources (World Bank, 2010).Objective of this work is to empirically investigate the role and importance of the firms and entrepreneurship characteristics that influence the investment growth through debt finance (loans) in Kosovo. Therefore, the research question in this study is: How does the investment growth impact the performance of SME-s, by discussing the firm and entrepreneurship characteristics of the investment growth of SME-s in Kosovo?The organization of the work is as following: Part one discusses the context of the research, part two the theoretical aspect and the summary of literature. In part three we provide the research methodology and model. Part four contains the results and empirical findings. And, part five deals with the conclusions.2. Theory and Literature ReviewUntil now, there is no single and unique theoretical model that explains the financing of SME-s, which influences the performance of investments, their growth and development. The theoretical principles underlying capital structure can generally be describes in terms of the static trade off theory by Modigliani and Miller (1958), the pecking order theory (Myers & Majluf, 1984), managerial theory of investments (Marris, 1963; Baumol, 1967), agency theory by Jensen and Meckling (1976) and extended by Stiglitz and Weiss (1981).According to neoclassical theory of investments (M-M), which affirms the attitude on the irrelevance of the capital structure for the value of the firm, internal and external sources of financing are perfect substitutes. In the world of the perfect functioning of the market, the choice between financing through capital or debt is irrelevant. Therefore, the cost of capital and the market value of the firm are independent from the value of the firm (Modigliani & Miller, 1958). The theory of M-M is based on the following premises: there are no taxes, there are no transaction costs, there are no bankruptcy costs, the equal cost of debt for companies and for investors, symmetrical information in the market, there is no influence of debt in the profit of the company before interest and taxation.Modigliani and Miller (1958) modify their theory by introducing the tax on profit. In this case, the value of the firm is positively related to debt. After introducing the tax on profit in their analysis, they ascertain that the financial leverage increases the value of the firm, since the interest decreases the tax base (it is deduced from the business profit), and, therefore, we have savings which have the value of the interest. From this ascertainment, the value of the firm grows bigger, as the financial leverage increases, which means that the highest value of the firm is achieved if the burden of debt becomes 100%. In this way the firm attains absolute advantage, given that it isdefended from taxes.Scott (1972) emphasizes that 100% tax shield does not exist in reality, because of distress costs. Debt leads to legal obligation to pay interest and principal. If a firm cannot meet its debt obligation, it is forced in to bankruptcy an incurs associated costs (Fatoki & Asah, 2011). This theory, in fact, does not take into the consideration all the other factors, such as: the costs of the bankruptcy of the firm, the costs of the agency, the impact of debt in profit, the asymmetry of information, and, therefore, this theory is challenged by other theories (Harris & Raviv, 1991).Thus, the static trade off theory, which is based on the M-M theory and is its complementary, except savings from the tax on profit, incorporates into the discussion also the cost of bankruptcy, such as: judicial taxes, attorney costs, administrative costs, and, also, the agency costs (the firms managers damage the interests of the creditors by working in the interest of shareholders), and this can reduce the value of the firm (Jensen and Meckling, 1976). This theory is, in fact, the dominant theory regarding the determination of the financial structure of the firm, and it is founded on the premise that it is the firm that chooses how much it will be financed from debt, and how much from the capital, by balancing the cost of profits. According to this theory, the optimal level of the structure of capital is the one which equates the profit and costs from debt.According to pecking order theory, the firm initially prefers internal sources of financing to external ones, and, regarding external sources, they prefer debt to capital (Donaldson, 1961). Thus, initially we have the use of accumulated profit, amortization, debt, and, finally, the equity capital. According to this theory, the firms finance their investment requirements based on a hierarchic order. This can direct also to existence of the asymmetry of information between managers (insiders) and investors (outsiders). As a result of this, managers have more information then investors (Myers & Majluf, 1984).Based on the agency theory, Stiglitz and Weiss (1981) present the problem that, as a consequence of asymmetrical information, occur between managers and shareholders, on one hand, and the problem among shareholders, managers andcreditors, on the other. They argue that only SME-s knows the real financial structure of their own, the real strength of their investment projects and the tendencies for settling up the debt, and, therefore, the firm possesses superior private information (Mazanai & Fatoki, 2012).3. Hypothesis3.1 Business PlanAccording to Guffey, the business plan is a necessary requirement at the beginning of business, and it is used as an important element to acquire financial support during application to banking institutions (Guffey, 2008). An increase in the level of skills of those who are looking for credits in the compilation of business plans, will increase their opportunities to have properly prepared documentation, and to have a clear idea on the course of their business. According to Maziku (2012), the asymmetric information between the debt-seeking SME-s and the bank, is reflected in the incapability of the majority of SME-s to provide consistent financial data and real business plans, which increases the operational cost during the decision making for permitting the loans by the a bank (Maziku, 2012). Thus, the business plan does not have an impact only in reduction of operational costs, but it is also a key instrument in the decision making regarding the use of banking loans by the firms (Zhang, 2008; Madura, 2007). This is valid particularly for start-up businesses.Therefore, the following hypothesis is generated:H1: SME-s which have business plans are more likely to use bank loans than SME-s without written business plans.3.2 The Growth of the FirmThe growth of SME-s depends on the level of investments. The growth of SME-s can be measured in different ways, including the growth of sales, profits, or number of employees (McPerson, 1996). We measure this variable through the growth of the number of employees.The ability of SME-s to grow depends on a large measure from their potential to invest in the restructuring and innovations. All these investments require capital, that is, they require access to finance (Mazanai & Fatoki, 2012). According to Ganbold(2008), in a research of the World Bank, one among the key difficulties in the growth of the firm is access to financial services, which reflects in economic growth, employment generation, and reduction of poverty in the developing countries (Ganbold, 2008). Based on the theory of firm growth (Jovanovic, 1982), new enterprises grow faster, which means that these have to invest more.Therefore, the following hypothesis is generated:H2: SME-s that grow faster invest more than those with low level of growth.3.3 GenderIn the professional literature there are contradictory opinions regarding the impact that gender of the owner of the firm has into the access to finance. While a group of thinkers assert that gender of the owner has an impact into the capital structure of the firm, the other group denies this, ascertaining that gender doesn't have any impact into the determination of the capital structure.On one hand, Abor (2008) argues that businesses owned by female owners use the debt (loans) less for different reasons, including discrimination and aversion to risk. Watson et al. (2009) emphasize that a key factor in determining the capital structure in businesses owned by female owners is their propensity towards not accepting risk from the desire to keep things under control. Female clients are more hesitant to seek loans, since they feel discriminated and discouraged (Kon & Storey, 2003).On the other hand, Coleman (2000) find that there ar no important differences in the use of debt (banking loan) between female and male owners, and that gender is not an important predictor of the financial leverage of the firm. Whereas, Irving and Scott (2008), analyzing 400 SME-s, and based on the questionare prepared by Barclays Bank, in the most surprising way ascertain that female have easier access to finance then male. Therefore, based on the findings reported above, the following hypothesis is generated:H3: The male owners of firms are more likely to use bank loans then the female owners of firms.3.4 Sources of FinancingThe larger participation of investment finance from internal sources of SME-s increases the probability for acquiring of bank loans, since the internal sources carry the opportunity cost of financing of the project. Thus, SME-s provide higher level of trust to banks, since, in the case of failure, the unexpected burden falls on SME-s themselves. In their research conducted in 16 countries of OECD, Japelli and Pagano (1994) ascertain that banks don't finance 100% of the property value in any of these countries, but they do that with a certain coeficient loan/property. This is not equal for all the countries, and it differs from country to country, starting from the minimum financing of 50% in Turkey and Greece, up to 95% in Denmark.Thus, authors Lee and Ratti (2008) and Ahn et al. (2006) reports negative relationship between debt and investments. This relationship is stronger among smaller firms. As the debt (loans) grows, the cash flow is increasingly used for settling up the loan and its interest. Consequently, firms fulfill their obligations to creditors with more difficulties, and, on the other hand, the possibility for new investments is reduced.Therefore the following hypothesis is generated:H4: The higher the internal sources of SME-s, the higher probability to acquire bank loans for investment finance.3.5 EducationEducation is one of the important factors that influence the growth of the firm. Therefore, the high level of human capital (education and experience) has a positive impact in the growth of the firm. The owners of the firm who are of young age and low level of education are more active in using the external sources of financing, in spite of the fact that higher education reduces the fear for refusing the loans. In the meantime the owners of more mature age and with higher education, the so called "wiser" ones, can be found as less interested for external sources of financing (V os et al., 2007). Therefore, the majorities of owners of SME-s prefer to keep the control and do not apply for external capital (Curran, 1986; Jarvis, 2000).Thus, the internal capital is the major source of financing the SME-s (Ou & Haynes, 2003). Rand (2007) finds also negative influence between education ofowners-managers and access to credit, arguing that owners-managers with higher education can understand easier that their requirements for credits can be refused. Therefore, these owners-managers are for this reason discouraged and hesitate to apply for loans. In their study on new firms, Hartarska and Gonzales Vega (2006) find that education does not have an important role in the decision-making of the banks for lending.Therefore, the following hypothesis is generated:H5: Owners/managers with high level of education use less bank loans for financing the investment requirements.4. Methodology4.1. Sources of DataThe organization of data gathering from the questionnaire was developed in the period March-July, 2012, and data processing based on the answers was conducted in November and December 2012. On this occasion, a database was developed, which includes characteristics of SME-s in general, and characteristics related to investments and their financing in particular. Data processing was conducted with the STATA software.The questionnaire is specially designed for this scientific research with 150 SME-s in Kosovo, and it includes years 2010 and 2011. The sample selection is made randomly, from database at the Agency for Businesses Registration in the Ministry of Industry and Trade of Kosovo, and it is stratified in three basic sectors, in order to reflect eventual changes among the production, trade and service firms. Interviews were conducted directly (face to face) with owners/managers, or financial managers of the firms.4.2 QuestionnaireThe questionnaire consisted of 4 major sections. The first section included data on the owner/manager of the firm, and general data about the firm (location, the year of establishment, type of activity, and qualification of owners/managers). Second section included the orientation regarding the development in the future as well as investments, and here are presented data regarding volume of investments, sources ofinvestment, the use of bank loans in realization of investments, conditions of financing, activities that are conducted during the realization of investments, and investment plans for the future. The third section covers information regarding business activities of the firms inside and outside of the country, that is, whether a certain firm imports or exports merchandise. The fourth section includes data regarding the business plans of the firms: possession of the business plan, its impact on the decisions of the banks. Information gathered from the questionnaire was important for determining the variables in the econometric model of linear regression.5. Survey ResultsBased on the results, we conclude that the regression linear model mentioned above is specified good, given that Adj R-squared 0.36, which shows that the variation in independent variables explains the variation in dependent variable for more than 36%. In addition, the statistical F-test, shows that all the independent variables, jointly, which are statistically significant, are different from zero.Also, the correlation analysis shows that the problem of correlation in independent variables is not present in our data, given that there no higher coefficients in our estimation. Also, the dependent variable has a normal distribution and does not represent a statistical problem that requires treatment.Based on the table 2, in which the results of the linear regression are presented, from nine independent variables, six are statistically significant with impact on the dependent variable, or on the investment growth.According to results, the variable business plan, is statistically significant and with positive sign. This means that the firms that have business plans, on average have investment growths that are bigger than those of the firms that do not have business plans. Similar ascertainments can be found among other authors who emphasize that the business plan serves as a mean for increasing financing from external sources (Zhang, 2008).The variable trade is statistically significant and with negative impact in the investment growth when compared with the firms that belong to the service sector. This has the meaning that services on average invest more than other sectors. Inaddition the variable production is also statistically significant and with negative impact on the increase of investments when compared with the firms that belong to the sector of services. This has the meaning that when compared with the services, the sector of production invests less than other sectors. Similar ascertainments for the case of Kosovo can be found in the work of the author Krasniqi (2010).The next variable no_own, which indicates the number of owners, is statistically significant and with positive impact, which means that the greater the number of owners, the greater will be the investments. We have also size_emp as a variable that shows the size of the firm expressed by the number of employees, and is statistically significant and with inverse impact on the growth of investments. This means that smaller firms have larger investment growths. This finding clearly reflects that as the number of employee's grows, the firms grow slowlier. This is in full accordance with findings of other authors (Audretsch & Klepper, 2000; Caves, 1998). These results are the same with other studies that oppose the Gibrat Law (Krasniqi, 2006; Harris & Trainor, 2005).The firm_age as an independent variable is statistically significant and with negative sign, which means that new firms grow faster than older firms. This ascertainment is in accordance with findings of many authors who ascertain that younger firms grow faster than the older ones, and, therefore, have higher investment growth (Woldie et al., 2008; Storey, 1994; Barkham et al., 1996).The gender of the owner of the firm in the presented model, as a variable is not statistically significant, which means that the owners of the businesses of both genders have the same probability to obtain bank loans for SME-s investments. These results are in accordance with the studies conducted by Kalleberg and Leicht (1991), who, in a study conducted with 300 firms in three sectors, ascertain that female owners were as successful as male owners. We find similar ascertainment in the study of 298 businesses in United Kingdom, which emphasizes that gender, is not a determinant for financing the business (Johnson & Storey, 1993). Coleman (2000) emphasizes that there are no important differences in the use of debt (bank loans) between males and females, and that gender is not an important predictor for financial leverage of thefirm.Finally, education represents a variable which is not statistically significant and has negative sign, which means that the level of education of the managers/owners doesn't impact external sources of financing (bank loans) for SME-s investments. This is explained by the fact that Kosovan SME-s suffer from permanent lack of capital, and on average the time frame of establishment is short and the means that are accumulated from the profits are insufficient for financing the investments. Therefore, the only alternative that remains to them is financing from banking credits, taking into the consideration that the capital market does not function in Kosovo, which causes that the possibility to use other forms of external financing is very difficult. Similar results can be found at Krasniqi (2010).6. ConclusionsIn this study we have investigated empirically the key factors of the firms and entrepreneurship which influence the increase of investment growth through bank loans. The data gathered by the self organized questionnaire with 150 SME-s in the entire territory of Kosovo for the years 2010 and 2011 are used to test the impact of certain factors in the increase of investments through the use of financial means from debt (bank loans). Based on the statistical analysis and the method of linear regression, key factors are identified as indicators that influence the growth of investments of SME-s in Kosovo.The findings of this work stress that the business plan is a factor with statistical importance which has positive influence in the access to the bank loans for financing the SME-s investment. This means that the firms that posses business plan and use it for seeking bank loans necessary for financing investments, on average have higher growth of investments than the firms who do not have a business plan.The variables trade and production are statistically significant, but they have negative influence in the growth of investments. This means that the firms that use bank loans for investment in the sector of trade and production, on average, have lower chance to grow, than firms in the service sector. This is an indicator that shows that the sector of services is more attractive in the aspect of investments of Kosovanfirms, than other sectors of the economy, and this results from faster returns of investments and, consequently, faster settling up of the bank loans.The next variable named as the number of owners also results positive and significant in the statistical aspect, which means that the larger the number of owners, the greater the investments. This is explained by the fact that in Kosovo firms have started to use other forms of organization that influence the growth of business and of firm, through larger number of owners who use investment as another opportunity for the growth and development of the firm.The size of the firm expressed by the number of employees results with inverse influence in the growth of investments, and is statistically significant. The meaning of this is that smaller firms have bigger growth of investment on average than other firms. This result is in accordance with other studies that oppose the Gibrat's Law for the case of Kosovo (Krasniqi, 2010). Similar results are attained regarding the variable the age of the firm, which is statistically significant and has a negative sign, which means that the younger firms invest more on average than older firms.Empirical evidence and findings in this work can be used as recommendations for a broad spectrum of users. The problems of asymmetric information between owners-managers and creditors (banks) are of particular importance. This represents a clear signal for policy makers to create conditions for favorable environment for stimulating the sources of external financing of SME-s in Kosovo, such as: the creation of the guarantee fund for SME-s, the increase of banking supply through licensing of new banks in the financial market, which will increase the competition between the existing banks, and which will, in turn, enable the improvement of the conditions of financing of SME-s, with the reduction of the interest, reduction of managerial costs, increase of the grace period, softening of the conditions for collateral, longer periods of use of financial means, particularly for SME-s that have longer investment plans. Also, in the institutional aspect, initiatives should be undertaken for the creation of conditions for development of entrepreneurial capabilities, and for other forms of cooperating networks of firms that will facilitate the growth of businesses in general, and investment growth in particular.二、文献综述中小企业融资研究文献综述摘要长时间以来，融资难问题都是制约中小企业长期稳定发展的最主要因素之一，各国学者对于中小企业的融资问题从本国范围和世界范围内进行了深入的研究,在此对国内外学者的研究成果进行了文献综述，主要内容包括：中小企业融资现状和制度环境分析；分别从内、外部原因以及信息不对称等原因分析中小企业融资难问题；第三部分是关于应对中小企业融资难问题的对策研究；最后给出关于中小企业融资难问题的建议。

中小企业融资渠道研究综述

期到老年期，企业得到的外部投资会迅速增加。
以上有关企业融资结构和融资渠道的理论对各国经济发展、
企业融资具有指导和借鉴意义。
二、内研究国
为我国经济增长的重要动力之一，在产品的技术创新，产业结构调整，区域经济的崛起，解决就业和农村劳动力的转移等方面发挥着
中小企业融资渠道来破解其融资困局。
一
西方市场经济发达国家的内源性融资在总融资中的比例，最
高的英国达到８．１１％，最低的法国也达到了４．２１％，而我国融资渠道问题的理论研究大致有融资结构理论、融资顺序理论和融资生命周期理论等。（）一融资结构理论１５９６年美国经济学家莫迪利亚尼和米勒提出了ＭＭ理论，Ｍ理论以及由其发展出的权衡理论、Ｍ激励理论和不对称信息理论是西方融资结构的经典理论，对企业融资方式
研究与探索ｌＴＤＮＸＬＲＵＹＡＤＥＰＯＥＳ
中小企业融资渠道研究综述
苏州经贸职业技术学院张立俊Ｉ
中小企业作为当代经济生活中最具活力的力量，对任何国家
而言，地位和作用都是不可小觑的。占我国公司总数９％的中其９小企业作为社会主义市场经济当中最具生机和活力的群体已经成
业直接融资和间接融资的研究，中直接融资是目前研究的热点，其
而对于内源融资渠道，内有关研究不多。国（）小企业内源融资渠道研究内源融资主要是企业利用一中

国外中小企业融资环境研究现状综述

国外中小企业融资环境研究现状综述一、本文概述在当今全球化经济格局中，中小企业（Small and Mediumsized Enterprises, SMEs）作为各国经济的重要组成部分，其健康发展对促进经济增长、创新、就业等方面具有不可替代的作用。

中小企业面临的融资难问题已成为制约其发展的主要瓶颈之一。

尤其是在国外，由于金融体系、经济政策、市场环境等方面的差异，中小企业的融资环境呈现出多样化的特点。

为了深入理解国外中小企业的融资环境，本文将对国外中小企业融资环境的研究现状进行综述。

本文首先将概述国外中小企业融资环境的整体情况，包括不同国家和地区的融资模式、金融政策和市场环境等。

接着，本文将重点分析国外中小企业融资难的主要原因，如信息不对称、信贷配给、金融体系不完善等。

本文将探讨国外在解决中小企业融资问题上的创新实践和政策措施，如发展普惠金融、建立信用体系、提供政策性金融支持等。

本文还将从国际比较的视角，分析国外中小企业融资环境的差异及其影响因素，旨在为我国中小企业融资环境的改善提供借鉴和启示。

本文将总结国外中小企业融资环境研究的现状，指出未来研究的可能方向，为相关政策制定者和研究者提供参考。

二、国外中小企业融资环境概述在国外，中小企业（Small and Mediumsized Enterprises, 简称SMEs）是推动经济增长、促进就业和创新的重要力量。

与大型企业相比，中小企业在融资方面面临着更多的挑战和困难，这主要是由于其规模较小、抵押物不足、信用记录有限以及信息不对称等因素所导致的。

不同国家和地区的中小企业融资环境存在显著差异，这主要受到各国经济发展水平、金融体系结构、法律法规以及文化背景等因素的影响。

发达国家的中小企业融资环境通常较为成熟，拥有完善的金融市场和多样化的融资渠道。

例如，在美国和欧洲，除了传统的银行贷款外，中小企业还可以通过债券市场、股票市场、风险投资和天使投资等多种方式获得资金。

我国中小企业集群融资优势研究综述

资障碍成因主要有：社会经济环境和制度环境的制约、与资优势做了与前人观点基本相似的阐述。屠竣玉、彦颉和杨芥舟（０９）学者则围绕中小企吴２０等银行间等金融机构的信息不对称，中小企业存在信用缺他失，资交易成本过高等。融郭君华（０４）为，２０认中小企业在业集群的特征分析中小企业集群融资的优势。们从中小企业集群的根植性、柔韧性和共生性三个特征分析了其融融资方面难以取得国民待遇，这与社会经济环境和制度环集群内中小企业的地域依附性和相互境的制约有关：刘和平，芳君（０５）郑２０分析了由于中小企资优势。他们认为，协作程度强，集群中的中小企业离不开集群这个产业环业与金融机构信息不对称所造成的中小企业逆向选择风或者说其迁移的机会成本很高，这就大大减少了其机险以及道德风险加大，导致金融机构对中小企业借贷；境，赵提而且，集群内积聚了大量的亚娟，新胜（０６）桂２０认为，目前的社会信用制度环境下，会主义倾向，高了守信程度。在不中小企业无论是缺乏还款意愿还是缺乏还款能力都引发经济资源和企业，仅使得大量的生产要素处于随时可利而且大量企业的存在也使得集群内经济要素和信用缺失；俊凯（０认为中小企业融资存在着融资规用的状态，王２１０）资源的配置效率得到提高，使得集群内企业逃废债务的这模不经济，资交易成本过高。而产业集群内的中小企业融从由于地域依附性和专业化分工和协作程度高，与一般游离可能性大大减少，而银行更有意愿贷款给集群中的中小的中小企业、有大企业相比都具独特的信用优势，而企业。另外，群内企业在产业上的相互关联性，实质是国故集其应推进中小企业集群融资方式。种深度分工模式、围绕同一产业的一系列企业和机构的共同体，群内的企业可共享诸多的生产要素，集包括人才、２对中小企业集群融资优势研究的综述

《小微企业融资问题研究国内外文献综述》6500字

小微企业融资问题研究国内外文献综述目录小微企业融资问题研究国内外文献综述 (1)（一）我国小微企业融资现状 (1)（二）商业银行小微企业信贷业务发展 (2)1．小微企业信贷业务发展的背景研究 (2)2．小微企业信贷供给研究 (3)3．小微企业信贷业务发展的风险研究 (3)4．小微企业信贷业务发展的对策研究 (4)（三）简要总结、参考文献 (5)（一）我国小微企业融资现状1978年改革开放的新政策实行后，我国小微企业在市场经济发展制度完善的背景下实现了快速发展，目前已经成为我国经济体系的主体力量之一。

回顾其发展的历程不难发现，在融资过程中也遇到了融资难、融资贵等问题，在一定程度上限制了企业发展，成为了较大的不利因素。

关于小微企业融资困难，在以往就有不少的研究，比如Weiss（2017）发表文章指出，从企业融资的角度分析，银企之间存在的信息不对称问题是融资困难的原因所在，容易出现逆向选择的情况。

张捷和王霄（2003）认为，银行等金融机构在对中小企业提供融资时会将“企业规模”这一因素作为重要的审核指标，因信息不对称的情况下，银行出于规避风险的考虑更可能选择规模较大的企业提供融资。

Marzarasaria & Francesco（2012）认为区域内银行等金融机构的数量和信贷市场上的竞争激烈程度对小微企业获得信贷支持的可能性之间关联性并不强，相对于信息完全公开透明的企业来说，信息不透明的企业更容易获得多家银行贷款支持。

我国关于小微企业融资的理论与实践中多涉及到的是中小型企业，而中小型企业这一范畴也同时将微型企业包含在内。

于洋（2013）认为，按照当前的中小企业类别划分，中型企业的情况总体来讲是比较好的，不需要很大的金融支持；而与之相反，小型企业却成为了容易被忽视的群体，特别是实力最小的企业，迫切需要得到金融支持。

李文启（2014）认为，目前大多数中小企业主要以间接性的融资方式为主，所能采用的融资渠道不仅单一，而且也不完全顺通。

中小企业融资问题及对策_国内外研究综述

中小企业融资问题及对策_国内外研究综述随着经济的发展和市场竞争日趋激烈，中小企业作为经济的重要组成部分，在国民经济中扮演着重要的角色。

然而，中小企业在发展过程中常常面临融资难题，制约了它们的发展。

本文旨在综述国内外研究关于中小企业融资问题的现状和对策，以帮助中小企业更好地解决融资困境。

一、中小企业融资问题的现状中小企业融资问题一直是困扰着中国经济的一个难题。

国内研究指出，中小企业融资问题主要有三个方面：信息不对称、质押物不足和高利率。

首先，对于中小企业来说，由于信息不对称的存在，银行倾向于更加倾向于支持已有资产和信用记录较好的企业，而忽略了创新型企业的融资需求。

其次，由于中小企业通常没有足够的质押物，导致银行不愿意为其提供贷款。

再者，受高利率的影响，中小企业还需要承担较高额度的利息支出，增加了企业的融资成本。

二、国内研究对中小企业融资问题的探讨在国内，学者们通过大量的实地调查和数据分析，对中小企业融资问题进行了深入的研究。

他们从不同的角度出发，提出了一系列的对策。

首先，建立健全的信用体系和信息披露制度，可以减少信息不对称问题。

其次，加强中小企业的质押品担保制度，提高银行对中小企业的融资信用。

同时，学者们还提出了发展直接融资的建议，鼓励中小企业通过股权融资和债券融资等方式来解决融资问题。

三、国外研究对中小企业融资问题的探讨在国外，对中小企业融资问题的研究也非常活跃。

许多发达国家和地区面临着类似的融资问题，因此，他们也通过举办研讨会和进行实证研究等方式，寻找解决方案。

其主要对策包括：加强与银行和其他金融机构的合作，推动政府出台有利于中小企业融资的政策；鼓励金融创新，推动中小企业融资的多样化；培养中小企业的融资能力，提高其融资的成功率。

这些对策为中国中小企业解决融资问题提供了借鉴和参考。

四、综合对策提出在综述国内外研究的基础上，本文综合提出一些中小企业融资问题的对策。

首先，政府可以出台更多支持中小企业融资的政策，并建立完善的金融机构合作机制，以提高企业融资的便利程度。

我国中小企业融资结构研究综述

【中图分类号】２９４Ｆ７．３２
一
【文献标识码】Ａ
【文章编号】０４２６（０９０— １７０１０—７８２０）４０６— ３
银行信贷资金的支持，银行贷款在融资结构中所占比重不足
１％。其原因：方面是由于缺乏国家政策的支持，于发展０究一处
二、国中小企业融资结构的现状与特点我
刘金凤、丹（０４认为中小企业由于自身资产规模小、许２０）经营不确定性大、财务信息不透明、承受外部经济冲击的能力弱等制约因素，加上其经营灵活性的要求，融资模式与大企其业相比存在较大差异。的来说当前我国中小企业的融资结构总具有以下主要特征：第一，融资渠道上，在中小企业特别是小企
业，大企业更多地依赖内源融资。但是由于中小企业自我积比
下相同的结论：融资结构（债务用资产负债率衡量）在婴儿期和青少年期先一升，Ｉ进人中老年期以后再下降；－股权融资比率则
相反，呈现先降后升的趋势，符合企业金融成长周期理论。陈莉（０６从中小企业的不同类型着手进行研究，中小２０）将服务业型、高新技术型以及社区型等几种累和盈利能力差导致内源融资源头不畅，与发达国家相比我国企业分为制造业型、通过其在银行的多年工作经验认为不同类型的中小企业中小企业融资结构中内源融资的比重还不足２％。究其原因：类型，０（）企业管理水平低，自我积累意识淡薄，内部利润分配中存在短融资具有不同的特点：１制造业型中小企业经营活动涉及的期化倾向，缺乏长期经营的思想（刘锴，ｏ６）２ｏ。第二，在外源融面较宽，资金周转较慢，金需求量较大，资融资难度相应较大；

我国中小企业融资担保问题研究综述

用担保也逐渐成为理论界关注的热点，文拟就近本
信用桥梁作用的关键。我国中小企业信用担保体系建设虽已走过了十多年的里程，从总体上看还处在起步和初级阶但段，在制度建设方面存在许多缺陷。Ｊｎｔ担保行业立，￣法滞后、行业监管缺位、尚未建立起有效的资金融通和风险补偿机制、担保机构缺乏明确的制度规范和健全的内控机制等。对以上缺陷，针学者们提出了两
舍焉教与研完舌
２０年第１总第１３０９期（２期）
我国中小企业融资担保问题研究综述
刘志荣
（东金融学院，州５０２）广广１５１
摘
要：信用担保是目前世界各国为解决中小企业融资难所普遍采用的一种金融支持模式。国学术界在中小企业我
下三个方面展开论述：第一，在资金补偿机制设计
上，对目前政策性担保机构资金来源不稳定的状针
择” 道德风险” 和“ 而选择信贷配给。正是银行的信贷配给，导致了中小企业的融资难。而信用担保是基于化解交易双方信息不对称而产生的一种专业化的信
建议，一方面可以通过担保机构与贷款银行之间的合作以及建立再担保制度和贷款保险制度来分散风险；一方面可以通过反担保制度降低风险。有另【
收稿日期：０８１— ６２０ — ０２
况，将政府财政资金一次性划人改为建立完善的财政资金补偿机制。府每年应在预算内安排一定的政资金作为担保机构的补偿资金，财政收入的一定按

中小企业融资问题研究文献综述

中小企业融资问题研究文献综述作者：王娜来源：《大观》2015年第03期中小企业在我国国民经济中发挥着重要的作用，而融资问题一直是制约中小企业发展的瓶颈。

近年来，越来越多的学者开始进行中小企业的融资问题研究。

目前针对中小企业的融资问题的文献也越来越多。

一、国内对于此问题的研究综述国内理论界对中小企业融资问题的研究，主要集中在以下四个方面：（一）研究融资渠道陈晓红、郭声馄在2000年主编了《中小企业融资》这本书。

这是我国最早研究中小企业融资问题的专著之一。

在这本书里作者研究了国内外中小企业的融资状况，从直接和间接两个方面，研究中小企业有效的融资之道。

李扬、杨思群2001年在所著的《中小企业融资与银行》中也对中小企业的融资渠道进行另外论述。

他的基本观点是“以自由资本精神来考虑中小企业融资”，因此提倡通过民间金融解决中小企业的融资难题，另外本书还提供了大量的数据来反映国内中小企业融资的现状。

（二）分析企业融资环境在分析企业融资环境时张维迎认为，企业在融资时有三方面因素影响企业的融资活动：一是经济制度环境，二是行业特征，三是企业自身情况。

曹风岐在2001年的《建立健全中小企业信用担保体系》中提出，中小企业为了改变银行惜贷的情况，企业从自身做起，提高自己的信用级别。

政府应该在中小企业的信用担保中发挥其应有的作用，建立起完善的中小企业资信评级制度。

（三）分析银企信贷关系这种方法主要是研究中小企业与银行的关系，二者在信贷的过程中相互博弈。

徐洪水在2001年提出，企业与银行发生之间在信贷的过程中是一种动态博弈的过程。

如果有良好的政治信贷支持系统（担保抵押体系）或高效的司法制度，就能有效降低银企交易成本，获得银企双赢；反之，昂贵的交易费用和低效的司法制度将增加银企交易成本，加剧中小企业金融缺口。

（四）分析企业自身障碍张圣平、徐涛在2002年通过对中小企业内生障碍进行分析，认为“中小企业群体普遍的信用缺失，众多企业的产权模糊，以及由此引起的高风险经营是导致中小企业融资困境的主要原因”。