摘 要

中小企業(yè)在我國國民經(jīng)濟(jì)中的地位日益重要，其發(fā)展過程中普遍存在的融資困難問題也逐漸被理論界所關(guān)注。我國中小企業(yè)權(quán)益性融資渠道狹窄，相比之下，在創(chuàng)立期后起主要作用的債務(wù)融資渠道較寬，但其可得性和融資成本更容易受外部環(huán)境如利率、市場供求狀況等因素的影響，風(fēng)險(xiǎn)也更大，因而債務(wù)融資對我國中小企業(yè)的生存更為關(guān)鍵。
我國現(xiàn)有的研究主要集中在中小企業(yè)融資風(fēng)險(xiǎn)困境的成因和對策分析方面，定量研究大多是站在商業(yè)銀行和投資者的角度，對中小企業(yè)融資的信用風(fēng)險(xiǎn)進(jìn)行評價(jià)，為其選擇合適的投資項(xiàng)目以規(guī)避風(fēng)險(xiǎn)提供參考。本文從中小企業(yè)自身債務(wù)融資風(fēng)險(xiǎn)防范和控制的角度出發(fā)，首先運(yùn)用中小企業(yè)融資的相關(guān)理論，通過分析美中小企業(yè)融資結(jié)構(gòu)的差距，深入剖析了我國中小企業(yè)融資的現(xiàn)狀及成因；然后針對我國中小企業(yè)債務(wù)融資風(fēng)險(xiǎn)較大的問題，分析其債務(wù)融資的具體方式，指出識別其債務(wù)融資風(fēng)險(xiǎn)的要素，并運(yùn)用資產(chǎn)負(fù)債表結(jié)構(gòu)法，定性地判斷企業(yè)債務(wù)融資風(fēng)險(xiǎn)的大?。浑S后構(gòu)建了中小企業(yè)債務(wù)融資的綜合指標(biāo)評估模型，從支付性債務(wù)融資風(fēng)險(xiǎn)和經(jīng)營性債務(wù)融資風(fēng)險(xiǎn)的成因入手，選擇相關(guān)指標(biāo)建立風(fēng)險(xiǎn)評估指標(biāo)體系，運(yùn)用層次分析法確定各指標(biāo)權(quán)重、功效系數(shù)法綜合評估債務(wù)融資風(fēng)險(xiǎn)；最后運(yùn)用模型對一個(gè)典型中小企業(yè)的債務(wù)融資風(fēng)險(xiǎn)進(jìn)行實(shí)例分析，發(fā)現(xiàn)了企業(yè)債務(wù)融資過程中存在的風(fēng)險(xiǎn)，并提出了防范和降低風(fēng)險(xiǎn)的具體措施，驗(yàn)證了評估體系的可行性和有效性，為中小企業(yè)及時(shí)識別、評估和控制債務(wù)融資風(fēng)險(xiǎn)、調(diào)整融資策略，穩(wěn)定企業(yè)財(cái)務(wù)，提高風(fēng)險(xiǎn)防范能力提供參考。

關(guān)鍵詞 中小企業(yè)；債務(wù)融資；風(fēng)險(xiǎn)評估；層次分析法；功效系數(shù)法



Abstract

Small-and-mediun-sized enterprises（SMES）are playing an increasingly important role in our national economy. The most striking chataceristics of SMES financing in China is that the rights-and-interests capital financing channel is very narrow. Compared with rights-and-interests capital financing, debt financing, which plays an important role after the establishment of SMES, has a wider channel, and the availability of debt capital is more likely to be affected by external factors such as interest rate, supply and demand in the market and some other factors. Therefore, debt financing, which is more risky, is the key to the survival and development of SMES in China.
Current researches mainly focused on analysing causes and solutions to SMES’ financing difficulties. Quantitative researches, for the most part, assess the credit risk from the perspective of commercial banks and investors, and provide referrences for them to select appropriate projects and avoid risks. This paper standing at the point of SMES themselves, provide referrences for SMES to provent and control financing risks by themselves.First of all, based on financing theories, this paper analysed the current financing situation and causes of financing difficulties by comparing the different financing structures between US SMES and Chinese SMES; Then directed at the high debt financing risk of our SMES, analysed the specific ways of SMES debt financing, pointed out the signals to recognise debt financing risks, and judged debt financing risks by analysing the stucture of SMES’ balance sheet; Then the paper established the model to assess SMES’ debt financing risk comprehensively. Selected indexes form two respects: the causes to cash flow debt financing risk and management debt financing risk, using analytic hierarchy process to caculate the weights of each indexs, and then using efficiency coefficient method to assess debt financing risk. At last, the paper analysed the debt financing risk of a tipical SME, recognised the risks in its financing process and gave some measures to prevent and lower the risk; Hopefuly this paper can provide SMES some references in identifing, eva luating and controlling debt financing, so as to recoganise debt finanacing risks in time, adjust financing strategy, stablize company finance and increse risk prevention capacity.

Keywords Small and Medium Enterprise; Debt Financing; Risk Assessment; Analytic Hierarchy Process; Efficiency Coefficient Method
目 錄
摘 要 I
Abstract II
第1章 緒論 1
1.1 研究的背景、目的和意義 1
1.1.1 研究背景 1
1.1.2 研究目的和意義 2
1.2 國內(nèi)外文獻(xiàn)研究綜述 2
1.2.1國外研究綜述 2
1.2.2國內(nèi)研究綜述 6
1.3 研究思路與內(nèi)容 9
1.4 創(chuàng)新點(diǎn)和難點(diǎn) 11
1.5 本章小結(jié) 11
第2章 企業(yè)融資基本理論概述 12
2.1企業(yè)融資的基本概念 12
2.1.1企業(yè)融資的涵義 12
2.1.2企業(yè)融資的任務(wù) 12
2.2融資渠道和融資方式 12
2.2.1融資渠道的涵義和分類 12
2.2.2融資方式的概念和分類 13
2.2.3融資渠道與融資方式的對應(yīng)關(guān)系 15
2.3西方企業(yè)融資基礎(chǔ)理論 15
2.3.1古典資本結(jié)構(gòu)理論 15
2.3.2 MM理論 16
2.3.3權(quán)衡理論 16
2.3.4不對稱信息理論 17
2.4 本章小結(jié) 18
第3章 我國中小企業(yè)融資現(xiàn)狀分析 19
3.1我國中小企業(yè)的現(xiàn)狀 19
3.1.1我國中小企業(yè)的界定標(biāo)準(zhǔn) 19
3.1.2我國中小企業(yè)在國民經(jīng)濟(jì)中的作用 19
3.1.3我國中小企業(yè)的經(jīng)營管理現(xiàn)狀 20
3.2 我國中小企業(yè)融資現(xiàn)狀 21
3.2.1中小企業(yè)融資的重要作用 21
3.2.2美中中小企業(yè)的融資結(jié)構(gòu)對比分析 22
3.2.3美中中小企業(yè)融資結(jié)構(gòu)差異 24
3.3我國中小企業(yè)的融資困境及產(chǎn)生原因 25
3.3.1我國中小企業(yè)的融資困境 25
3.3.2我國中小企業(yè)融資困境產(chǎn)生的原因 27
3.4 本章小結(jié) 28
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