恩施中小企业融资模式__民间融资实务研究

中南民族大学硕士学位论文恩施中小企业融资模式——民间融资实务研究姓名：秦德清申请学位级别：硕士专业：中国少数民族经济指导教师：张英20080520I—IIIIIAbstractThisarticlethroughtotheEnshismallandmedium-sizedenterprisefinancingpresentsituation,thechannel,theefficiency,thecost,thescale,therisk,theopportunityandsoonvariousdiscussestheanalysis,proposedsuitssolvestheEnshismallandmedium-sizedenterprisetofinancethedifficultquestionsuggestion:Inthepolicysupportsbuildsanenterprisefinancingplatform,theplatformisfulltoenterpriseinformationgrasping,announcedthemultitudinousinvestors,theinvestorobtaintheenterpriseinformation,implementstheinvestmentchoice,totheenterprisesuperiorwinandtheinferiorwashout,enablestohavethepotentialenterprisetoobtainthefund,thefolkcapitalinflowexpandingenterprise,raisesthesmallandmedium-sizedenterpriseinternalmanagementlevel,graduallychangesthescientificmanagementbythepaternalisticmanagement.Obtainsthisfolkfinancingwaythroughthefinancingwaycomparisontotheenterprisecostismostinexpensive,meltsthecapitaltobecomethrowsthecapital,thepublicinveststheimbark,simultaneouslythiskindofpatternalsohasextremelyfeasibility.Thisplatformalreadymusttoverifythebilateralinformationtheauthenticity,theaccuracyandtimeliness,andexercisesthesurveillanceresponsibility,achievesfairly,isfair,ispublic,mustcertainlyalsohavegoodtothefuturemacroscopiceconomysentencesinadvance,therealizationfundandtheenterprisewillchoosemutually,therealizationwillwinthepattern,thereforethefinancingplatformwillneedtohavethehigh-levelskillandascientificmanagementabilityspecializedteam.Theplatformmakesthereasonablejudgmenttotheenterprisefinancingscaleandthefinancingopportunity,tooktheinvestorandtheenterprisebothsidesreferee,causesthefundefficiencybiggestdisplay,makesthecontributionfortheEnshieconomydevelopment.TheEnshismallandmedium-sizedenterpriseinthedevelopmentprocess,facedwiththefunddeficientsituationin,verydifficultowntosolvethefinancingproblem,thisalreadyhastheinformationnottobeasymmetricalalsodeficientlyhastheverybigrelationswiththeenterpriseowncapitaloperationability.Verymanyactualsituationsarewhentheenterpriseurgentlyneedsthefundsolvesquestiontime,tothebankloantimeislong,cannotsatisfytherequestwhichtheenterpriseurgentlyneeds,theenterpriseintheshort-termcansuffertheloss,affectstheplaceeconomythedevelopment.Thisarticlemaindiscussionsmallandmedium-sizedenterprisefinancingpattern,—IVprovesthefundchoiceenterprisefromthefundbythefavorableangleinisbecauseoftheenterprisedevelopmentcondition,theenterprisefinancingpatternwhichdifferentchangestothefunddemandbecausealsothefinancingscalesizecorrespondinglymakestheadjustment,choosesthemostsuperiorfinancingpattern.HowarethethisarticlefirstthreechaptersandcausethiskindofconditiontotheEnshismallandmedium-sizedenterprisepresentsituationthereasontoperformthetheoreticalanalysis.Fourthchapteranalyzestheenterprisefromthefundcosttobepossibletoselectmachinethechoiceoneselfmostsuperiorfinancingpattern.Fifthchapterhowperformsthestandardfromthefinancingpatterntechnologytofinance,howdoestheactualoperationputforwardtheproposal.ThethisarticleplaceofinnovationliesinthroughtotheEnshismallandmedium-sizedenterprisedevelopmentconditionandthefinancingpresentsituationresearch,fromthefinancingcostseparatelytothedifferentfinancingpatternquantitativeevaluation,theenterpriseactsaccordingtoownfinancingscaleformulationfinancingpattern,intheordinarycircumstances,accordingtothefinancingorigindivisioneachkindofmainfinancingwayfinancingcostorderofrankisinturnfinancialfinancing,commercialfinancing,internalfinancing,bankfinancing,bondfinancing,stockfinancing.Buttothesmallandmedium-sizedenterprise,becauseownfactorandtheperipheryfactorcausetobeunabletosolvetheactualfinancingdifficultposition,infactappearsthepoorareafundtoflowoutthesupportdevelopmenteconomydevelopedarea,thelocalenterprisecannotobtainthefund,causesbetweentheareatheeconomicaldevelopmenttobeunbalanced,solvesthisquestionessentialmeasure:Inthepolicymusttothefolkcapitalreasonableguidance,thesurveillance,unblocking,thedisplaycapitalbiggestbenefit,intheoperationhavetodofairly,fair,thepublicprinciple,preventedtheenterprisemanagestheriskandthefinancialriskoccurrence.Thisarticleinsufficiencyliesinthesmallandmedium-sizedenterprisetohavetheprofession,thedevelopmentcycle,thecondition,thecredit,thesocialrelationsandsoonmanyfactors,cannotto11analyses.Alsosomethisarticleproposesisthefinancingtechnologyinnovation,thereforetheexistenceimperfectplace,needsthefinancialworkertoimproveunceasinglyinlaterwork.Kedwords:FFiinnaanncciinnggCCoossttssRReessoouurrcceessDDeeppllooyymmeennttFFoollkkFFiinnaanncciinnggFFiinnaanncciinnggEEffffiicciieennccyy1______21,21391046262387—387“”“”—21.,,,,,2007204.3,142.6,19.3650,8.36.,,,,,;,,33%,,,,,2.,50%~60%,80%,,,3.,,,,,,,34.,,,,,,,,,5.,,,,,,1952::1958MMMMMM()MM1977&Myers1984(Has&Raviv1955)(1976)(1954)stigllitzweiss(1952)Gifford(1997)GomPers(1992)Hansen(1992)Chan(1990)AdmatiPfleiderer(1994)—4Salilman(1991)Sahlmanester(1998)BergcmannHege(1998)Neher(1999)(2004)Sahlman(1990)it(1997)Maelntosh(1997)Gompersmer(1999)Jain(2001)Kaplanstrom