金融市场与企业融资

北京外国语大学网络教育学院

经管专业毕业设计（论文）

金融市场与企业融资

姓名：田雪丽

学号：

专业：会计学

指导老师：姜韦钰

论文提交日期：

北京外国语大学网络教育学院

学士学位论文诚信声明

本人郑重声明：所呈交的学士学位论文，是本人在导师的指导下，独立进行研究工作所取得的成果。论文所涉及的项目为本人亲自负责或者参与实施的项目。除文中已经注明引用的内容外，本论文不含任何其他个人或集体已经发表或撰写过的作品成果。本人完全了解本声明的法律结果由本人承担。

学士学位论文作者签名:田雪丽

日期：2016年04月25日

目录

目录 (2)

摘要 (3)

第1章融资异质性与企业国际化一个综述性分析 (5)

1.1 一个综述性分析 (5)

1.2 融资异质性与贸易 (6)

1.3 融资异质性与企业国际化 (7)

第2章金融体系改革与中小企业融资关系 (9)

2.1 我国中小企业与中小银行银企关系分析 (9)

2.2 我国现有中小企业直接融资市场分析 (10)

第3章中小企业民间融资的最新形式及未来趋势 (11)

3.1 中小企业民间融资的最新形式 (11)

3.1.1 民间的票据融资 (12)

3.1.2 “转贷”和寄售商行 (12)

3.2 中小企业民间融资的发展趋势 (13)

3.3 中小企业民间金融向民营金融的转变 (13)

3.4 中小企业民间金融从“关系型融资”向“契约型融资”转变 (13)

3.5 建立民营金融与正规金融相互竞争的现代金融市场 (14)

结论 (14)

参考文献 (15)

致谢 (16)

摘要

中国政府已经开始推动中国企业“走出去”的国家发展战略。根据世界贸易组织秘书处的初步统计数据，年我国已经成为世界第一货物贸易大国。与此同时，伴随着政府政策的推动和企业自身竞争力的提升，企业对外直接投资逐渐成为中国企业开展国际化业务的又一种重要模式。然而，与政府大力倡导企业国际化进程不同，配套的中国金融体制改革仍然处于滞后阶段。

尚处于转型阶段的中国，企业在获得金融资源时不仅面临市场机制中一般意义的金融摩擦，还会受到由于中国金融体制不健全导致的其他复杂因素的影响。既有由于计划经济时期历史遗留的“所有制歧视的信贷”问题，又有基于关系型社会结构所引致的企业融资环境的迥异，更有大范围普遍存在的金融市场分割现象，这些都会在不同程度上对企业的国际化行为产生影响。

随着新新贸易理论的发展进一步补充了传统的基于比较优势的行业、国家层面的新古典理论以及基于规模经济和产品多样性的新贸易理论。异质性贸易理论从企业层面对国际贸易的原因进行了全新的解释。他们强调企业间的效率存在异质性，由于出口时会面临较大数额的固定成本，包括获得外部市场的信息、目标国消费者的偏好和建立分销渠道等，因此，只有效率足够高的企业才能克服较高的出口固定成本实现出口。国际贸易理论的发展也推动了金融因素与企业国际化的研究的演进。

中小企业的发展速度以及对于中国经济的发展的贡献程度与中小企业能够从正规金融机构获得的贷款金额不成正比,甚至存在比例严重失调的现象。中小企业普遍面临融资困境,而正规金融约束是其融资困难的一个主要原因。民间金融具有很大的灵活性,与正规金融市场不

仅具有竞争关系,还具有互补关系,其能够克服中小企业与正规银行之间的信息不对称融资障碍,满足中小企业的融资需求,弥补正规金融股市场的信贷缺口,为中小企业发展提供了有力资金保障。、民间金融是中小企业非常有效的融资渠道,尤其对于那些规模小,处于创业初期的中小企业。同时,选择民间金融进行融资并不只是中小企业在面临正规金融约束时的无奈选择,而同时也是中小企业的自主选择。目前中国民间金融市场仍不规范,存在一定的风险,需要建立不再是正规金融机构垄断市场,而是规范的民间金融市场与正规金融市场相互补的现代金融体系。

Abstract

Chinese government has begun to promote Chinese enterprises "going out" of the national development strategy. According to the World Trade Organization Secretariat of the preliminary statistics, China has become the world's first trade in goods. At the same time, along with the promotion of government policy and the promotion of enterprise's own competitiveness, foreign direct investment has become an important model for Chinese enterprises to carry out international business. However, with the government vigorously promote the process of internationalization of enterprises is different, supporting the reform of China's financial system is still in a lag phase.

Is still in the stage of transformation in China, enterprises in access to financial resources not only face the market mechanism in a general sense of the financial friction, but also by because of China's financial system is not perfect due to other complex factors. Due to the planned economy period, historical legacy "ownership discrimination of credit problems, and based on the different type of social structure caused by the enterprise financing environment, the more widespread financial market segmentation phenomenon, these will be in varying degrees to the enterprise internationalization affects the behavior.

With the development of new new trade theory further complements the traditional based on the economies of scale and diversity of the new trade theory. Foreign trade theory has made a new explanation to the reasons of international trade from the enterprise level. They emphasize the heterogeneity exists in the enterprise's efficiency, due to the export will face a larger amount of fixed costs, including access to external market information, target consumer preferences and set up distribution channels such as. Therefore, enterprise efficiency is only high enough to overcome higher export fixed cost for export. The development of international trade theory has promoted the development of the research on financial factors and the internationalization of enterprises. The development speed of the small and medium-sized enterprises and the contribution to the development of China's economy and the small and medium-sized enterprises can get the loan serious imbalance. Small and medium enterprises generally face financing difficulties, and the formal financial constraints is the main reason for their financing difficulties. The folk finance has great flexibility, and formal financial market not only has competition, and has a complementary relationship, it is to overcome the financing barriers between the SMEs and the informal banks, to meet the financing needs of SMEs for credit gap of formal financial stock market, provides the powerful guarantee of funds for the development of small and medium-sized enterprises. Private finance is a very effective financing channel for small and medium enterprises, especially for those small and medium-sized enterprises in the early stage of entrepreneurship. At the same time, the choice of private finance is not only the choice of small and medium enterprises in the face of