中国中小企业融资方式选择研究

《中国中小企业融资方式选择研究》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、中南大学博士学位论文中国中小企业融资方式选择研究姓名：李奎申请学位级别：博士专业：管理科学与工程指导教师：李一智20060601中南大学博士学位论文摘要保持信用评级机构的独立性，严格控制信用评级机构的数量，加强信用评级业立法，才能完善中国信用评级制度。关键词：中小企业，融资选择，风险投资，信用评级Ⅱ中南大学博士学位论文ABgIRACTABSTRACTThisdissertationbrieny肌aIvzesthemainfactorsthataf诧ctmiddleandsmallenterprisesflnancing行omfinancer

2、，investorandgovemment．IntrDducesseveralcapitalinst九lctionmeoriesintheworld，includingMMtheory，New-sequencefinancingtheory，Agem-costtheo巧andSignal．modeltheory；itmakesacomparisonofthebankingloanandthecorporatebond，andthenanalyzeshowthesetwokindsofflnancingmethodsmakeanimpacto

3、nthemiddlealldsmallenterprisesunderthesituationofinformationasymme衄；itusesthecapitalstmctureandthedebtsourcetheoriestoexplainhowtochoosemiddleandsmanenterprisesfinancing；itcomestotheconclusionthatstockfinancingistllebestchoice。neXtisb觚kingdebtaIldtllencorporatebond，thiskin

4、doffinancingsequenceresults仔omourpoorcorporategoVem锄ce8ystem．T量lroughtheanalysisofmiddle觚dsmallenterprisesgovemancesystem，itpointsoutthataperfectmiddleandsmallenterprisesgovemancesystemcanmakeChinamiddleandsmaUenterpriseschoosethefinancingsequenceaccordingtomarketfactors．T

5、hisdissertationanalvzestheef董．ectsoffinancialinstitutionsonmiddleandsmanenterprisesfinancingchoosethroughestablishingamodel．1vIiddleandsmallenterprisesfinancingbysinglebankshassoRbudgetconstmints(SBC’S)whilemiddlealldsmallenterprisesfinancingbymulti-bankshashardbudgetconst

6、raints(HBC’S)．An船Cgovemancesystemwillpromotemiddleandsmallenterprisesbetterdevelopandwillachieveahighergro、^吨hratethananSBCgovemancesystemwhentheuncertain锣ofMiddleandsmaUenterprisesdevelopmentishigh．Analyzesthegovemmentactionasthefhndcompetitorhasmuchtodowiththegovemmentse

7、curitiesmarket，thisgovemmemactioncanbedividedintotwostages：oneistomakesuretheissueofthegovemmentsecuritiesbyrestrictingthedevelopmentoftheenterprisesbondmarketandanotherbyconstnJctingaIldimprovingthegovemmentsecuritiesmarket．Asthesocialmanagement，thegove枷Lmentactionmustcon

8、siderthatwhoshouldbearthepossiblebankmptcostsaftermeissueofcorporatebond，aIldthusresultin