基于成长周期理论的中小企业金融需求与供给分析

湖南大学硕士学位论文基于成长周期理论的中小企业金融需求与供给分析姓名：周宇申请学位级别：硕士专业：金融学指导教师：张学陶20070515I,IIAbstractThereisarapidsurgeinthenumberofSMEs(Smallandmediumenterprises)inanyoneofvibranteconomy.SMEshavebecomethemostactivefactorinacountry'seconomy.ThedevelopmentofSMEsinChinahavemadegreatcontributionstoChina'seconomicgrowth.However,duetoSMEs'slimitations,andthelackoffinancialserviceswhichcausedbycommercialbanks'slackofthesenseofbusiness,thecapacityofoperating,andthelackofsystemsupply,whichleadstoSMEs'financialservicesdemandgap.BasedonSMEfinancegrowthcycletheory,thispaperanalysethefinancialneedsofSMEs.Atfirst,thepaperprovedthatChina'sSMEsareconsistentwiththegrowthcycletheory.ThendividedtheSME'swidevarirtyoffinancialservicesneedsintofourcategories:demandforfinancingservices,settlingaccountstomanagemoneyservedemand,information&advisoryservicesandcreditguaranteeservices.ThepaperalsosummedupthedifferentneedsoffinancialservicesintheSMEgrowthcycle,andthenatureofthereasonsofSME'sdifferentfinancialservicesneedsindifferentgrowthcycles.Thenthispaperhaveanalysedtheprovidingservicespresentstatusofourcountry'scommercialbanks,includingfinancingservice,settlingaccountstomanagemoney,information&advisoryservicesandcreditguaranteeservices.DefinedthefinancialgapofSMEswhichresultedbytheasymmetrybetweenthefinancialneedsofSMEsandfinancialsupplyofthecommercialbanks.AnalysedthereasonsofthefinancialneddsgapofSMEsbothfromthelimitationsoftheSMEsandthefinancialservicesmissingofthecommercialbanks.Finally,basedonthepresentsituationanalysisandthefinancialneedsgapofSMEsanalysis,andcombinedthecharacteristicsofSMEs'sgrowthcycle,thispaperproposedthemeasurestomeetthefinancialneedsgapofSMEs,whichincludingchangesofthecommercialbanksmarketingidea,strengtheningtheSME'sproductinnovation,expandingproductsandservicessaleschannelsandreinforcedthecooperationbetweenthecommercialbanksandcreditorganizations,andallofabovemustbedoneaccordingtotheSMEs'sfeatures.Keywords:financiallifecycleofthefirm;thefinancialservicesdemandofSMEs;SMEs'financialservicessupplygap;innovation3.1/...................................................................203.2/...................................................................203.3....................................................................334.1.........................394.2........................................................394.3.....................................404.4.................................................414.5.............................................424.6.............................................424.7.............................................431.1..................................................................................93.1....................................................................................343.2........................................................365.1................................................................565.2........................................................595.3........................................................605.4........................................................621□______2□“√”111.11979200610420099.8%58%59%50.2%20069003/44.32.6223.7%451.7%662.7%5.780%5“”2“”“”31.21.2.1Levine1997[1],Merton&Bodie2005[2]Allen&Santomero1998[3]JoshuaD.Coval&AnjanV.Thakor(2000)Bertscholtens&DickVanWensveen(2000)“”“”[5]Merton&Bodie2005[2]DwightB.Crane&ZviBodie(1996)[6]“”2002[7]20034[9]2003[8]200311052005[10]2005[11]2005“”[12]SundayI.Owualah(1998)[13]5Fama(1980)[14],Sharpe(1990)Diamond(1991)“”(1985)“”Fukuda&Shin’ichiHirota19962002[15](2003[16]2003[18]2003“”,[17]1.2.21969·LawrenceL.Steninmetz6.Adizes[20]2070Weston&Brigham,1970,1978Financiallifecycleofthefirm[21]Berger&Udell1998“”0-2“”3-4“”5-24“”25[22]C.RolandChristensenBruceR.Scott·JettyA.Timmons1994JosephW.McGuire·1978719881995[23]2002[24]199920042002[25]2004[26]1.31.3.11182342123451.3.2“”20031191.1200030000400003003000400030003000040000600300040005001500010010002003000010030000300030000500300010003000040030008001500040030001.4:1030086.5%/1122.1Patric“”(demand-following)“”supply-leadingRobinson1952WhereenterpriseleadsfinancefollowsKhan,2000“”[24]12[27][28][26]2.21311“P”“P”ProbingPartitioningPrioritizing(Positioning)6“P”ProductPricingPlacePromotionPoliticalPowerPublicRelation11“P”[30]2.2.1MarketSegmentation1956WendellR.Smith[30]2.2.2“”1490[31][29]/2.2.3ProductPricingPlacePromotion4Ps4PsPowerPublicRelation6Ps6Ps6Ps156Ps6Ps6Ps“”“”[12]2.3“”“”“”“”“”——2.3.1·LarryE.Greiner“”16[32]·“”·[20][23]2003243422-56-1011-2020[22]“”“”ABCABCAB2.3.2121722-536-10411-20520618[33]1933.12.7%2.2%1.3%93.8%,85%17.5%9%21.5%42%71075%6311999[9]BergerA.N.&Udell,G.F.NSSBFNFIB“”0-2“”3-4“”5-24“”250-28213%3-46610.46%5-2438961.65%259414.9%20//0.00%20.00%40.00%60.00%80.00%0-23-45-252561.98%67.41%52.55%51.48%52.10%60.63%51.50%43.50%0/3.1/3.121.89%23.75%27.79%26.24%27.83%35.71%26.58%23.91%0.00%10.00%20.00%30.00%40.00%0-23-45-2525()/93.2/“”2000Berger&Udell,1998213.23-45-242003243422-56-1011-2020[11]246.9%21.5%11-2030.1%23.6%6-10[11]223.23.2.11.“”“”23[27]2.1/31[34]24“”——[3