我国中小企业融资效率研究

我国中小企业主要集中在一些技术含量低,风险相对低,劳动密集型的产业和行业。其利润水平低,存在着资金供给渠道狭窄,内源融资规模有限,直接有效的资金供给不足,风险投资渠道不完善,商业信用不发达,以及贷款供给期限过短等障碍。中小企业融资效率主要受融资成本、资金到位率、资金利用率、企业清偿能力、融资机制规范程度、融资主体自由度等六方面的制约。为此应重视内源融资,优化资本结构,多种融资模式结合;强化现代企业制度,改善公司治理结构,选择符合企业长远利益的好的投资项目,保持对企业的控制权;建立针对中小企业的证券市场,完善中小企业的信用担保体系,有效降低企业的融资成本,为企业直接融资效率的提高创造良好的宏观条件。

The Financing Efficiency of Medium and Small Enterprises in Our Country

The medium and small businesses of our country concentrate on some technical areas,which exists low risks,low technique and the dense labor.Besides,these enterprises gain low profit,lack in capital supplies;source financing scale is limited;direct effective capital supply is deficiency and the channel of venture capital investment is not perfect;business credit is not developed,as well as loan supply time is short etc..The financing efficiency of medium and small enterprises get restricted by financing cost and capital to position rates,capital utilization rates and the ability of enterprise paying off the debts,financing standard level and financing main free degree.Should pay attention to therefore source financing,optimization capital structure and various financing pattern combination;Strengthen modern enterprise system,improve company to administer the structural,good investment project that option accords with enterprise long term benefit,maintain the control right for enterprise;Establish the security market according to medium and small businesses,perfect the credit of medium and small businesses to assure system,reduce the financing cost of enterprise efficiently,create good macroscopic condition for the raising of enterprise direct financing efficiency.