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1.
中小企业融资难问题成为人们关注的一个焦点.在信用已成为现代经济生活核心的今天,是信用缺失梗阻我国中小企业资金链及融资渠道.深化金融改革,完善资本市场,以解决中小企业融资难问题势为必然;但是,笔者认为应先建立完善的信用体系、改善融资环境更为重要,并提出构建信用体系的相关措施.  相似文献   

2.
发达国家解决中小企业融资难题的主要模式及借鉴意义   总被引:12,自引:0,他引:12  
汪玲 《金融论坛》2004,9(11):50-55
解决中小企业融资难问题必须以政府为核心,在突破现有政策的基础上,通过制度创新重新制定整体方案.其核心内容包括:建立以中央政府为核心,各级政府和企业参与的多层次社会的中小企业信用担保体系;深化中小企业改革,建立和完善中小企业法人治理结构和信用体系;深化金融体制改革,在引进国内外战略投资者的同时,通过对现有城市商业银行的重组,设立以中小企业服务为核心的中小企业银行;加快资本市场的制度创新,推出创业板市场,在增加中小企业对风险投资吸引力的同时,使更多合格的中小企业进入资本市场,打通中小企业的直接融资渠道.  相似文献   

3.
浅析当前我国中小企业融资难问题   总被引:2,自引:0,他引:2  
融资困难是中小企业在筹建和经营的过程中普遍存在的现象,能否有效地拓宽融资渠道,直接关系到中小企业的生存和发展。借鉴西方发达国家促进中小企业融资的经验,我国应采取构建中小企业融资信用体系、发展多层次资本市场、完善对中小企业的配套金融服务体系等措施,解决中小企业融资难问题。  相似文献   

4.
我国中小企业信用担保体系多元化框架设想   总被引:1,自引:1,他引:1  
<正>中小企业融资难的问题是制约我国中小企业进一步发展的首要问题,其重要原因之一是缺乏行之有效的融资担保。而在解决这一问题的诸多方法中,提供信用担保是解决中小企业融资难的一种有效手段,许多国家和地区政府把建立有政府参与的中小企业信用担保体系作为扶持中小企业的重要政策之一,并有许多成熟的经验可供我们借鉴。从我国实际情况看,我国现阶段良好的社会信用环境尚未完全建立,中小企业数量众多,且地域经济水平差别较大, 要建立统一的信用担保机构难度较大,为充分解决中小企业信贷缺口,可尝试建立统一监管下的多元化、多层次的中小企业信用担保体系。  相似文献   

5.
<正>当前欠发达地区中小企业发展面临的最大问题是融资难,而制约中小企业融资的一个关键问题就是寻保难。为了解决中小企业资金缺乏的问题,各级地方政府都在积极行动,建立了中小企业信用担保体系,中小企业信用担保业务得到了发展,确实解决了一些中小企业的融资问题。  相似文献   

6.
解决好中小企业融资难问题具有很大的现实意义。本分析了我国中小企业融资难的原因,结合我国实际,从建立、健全中小企业融资法律、法规体系、直接融资市场体系、社会服务体系、强化社会信用秩序等方面提出了对策建议。  相似文献   

7.
中小企业信用体系建设的信息征集,对改善中小企业融资环境,推进中小企业信用体系建设,促进中小企业健康发展有着深远重要意义.  相似文献   

8.
本文通过分析我国中小企业融资困难的现状,探究这种状况存在的根本原因,指出了中小企业融资困难的根本原因在于“市场失灵”:缺少为中小企业直接服务的金融机构;缺乏为中小企业贷款提供担保的信用体系;缺乏中小企业融资相应的法律法规保障体系.因此,本文提出建立中小企业政策性金融体系是解决中小企业融资困难的关键.同时,通过分析借鉴国外中小企业融资实践的经验及其对我国的启示,提出了我国中小企业政策性金融体系的基本模式——建立以中小企业服务机构为核心,以中小企业政策性银行、政策性担保机构、中小企业政策性信用评价中介以及中小企业政策性保险机构为主体的中小企业政策性融资体系.  相似文献   

9.
中小企业已成为推动我国经济持续快速发展的重要力量,但由于信息不对称和银行贷款限制等问题.造成了中小企业发展过程中的融资困境,限制了中小企业的进一步发展。本文从政策法律角度阐述了促进中小企业发展的几个重要方面:(1)建立多级结构的中小企业信用担保体系;(2)发展多层次的资本市场和多渠道的融资体系;(3)结合中国国情,建立适宜风险投资发展的制度环境:(4)对中小企业实行相应的税收优惠政策;(5)加快反垄断立法:(6)完善相关法律法规。  相似文献   

10.
吉林省中小企业信用担保体系建设存在的问题及相关建议   总被引:2,自引:0,他引:2  
1999年以来,随着国家改善高新技术企业和中小企业融资环境政策的陆续出台,吉林省相继成立了多家信用担保机构,为中小企业的发展提供了融资支持,取得了良好经济和社会效益。截至2005年8月底,全省已设立各类中小企业信用担保机构42家,其中由各级政府出资的担保机构18家,政府参与投资4家,社会资本出资的民营商业担保机构20家。在42家担保机构中,已有19家列入了国家信用担保体系建设试点行列,并享受免征3年营业税的政策优惠。  相似文献   

11.
12.
With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.  相似文献   

13.
越石 《国际融资》2006,(1):20-23
来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.  相似文献   

14.
A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.  相似文献   

15.
This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.  相似文献   

16.
Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.  相似文献   

17.
18.
R. G. Coyle 《Futures》1984,16(6):594-609
The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.  相似文献   

19.
Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.  相似文献   

20.
This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.  相似文献   

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