Finance,institutions, and innovation activities in China

Using novel firm-level micro-panel data in China from 2000 to 2009 and data on institutional factors, we study which funding sources effectively finance firm innovation activities in China and how the effectiveness of funding sources varies according to the quality of institutions. We show that institutional factors impact the effectiveness of each funding source in different ways. First, when property rights are better protected against the risk of expropriation by the government, internal financing from net profit—namely, the reinvestment of profit—is more important in financing firm innovation activities. Second, as contracts are enforced more reliably, trade credit finance and bank finance play larger roles in financing firm innovation activities.     

物流金融下我国中小企业融资新渠道

中小企业在我国经济发展中的作用现在已为社会各方所关注,在当前我国信贷紧缩的背景下,中小企业更是步履维艰。第三方物流业与金融业相结合推出的物流金融业务,能更有针对性地解决部分中小企业的融资难问题,尤其是满足在生产或销售上季节性较强的企业的短期融资需求。文中从我国中小企业目前的融资团境出发,提出物流金融能有效地解决中小企业短期融资难题,并有针对性地对中小企业利用物流金融融资提出建议。     

建立中小企业政策性信用担保体系问题研究

在当前地方政府应对国际金融危机的政策选择中,支持中小企业发展是一个重要着力点,而融资难问题又始终是困扰中小企业发展的难题。     

中小企业融资体系构建的路径选择与有效性研究

中小企业是国民经济的重要支柱,但融资难问题一直制约中小企业发展。本文试图通过对中小企业融资状况的分析,提出构建中小企业融资体系的总体思路,进而完善由政府支持体系、间接融资体系、直接融资体系和信用服务体系有机组成的中小企业融资体系,从而更有效为中小企业融资服务。     

浅论HNZY公司物流金融的运作模式

物流金融是物流业和金融业的一个交叉学科,是物流与金融相结合的新产品,它整合了物流领域的物流、资金流和信息流,物流金融业务提高了第三方物流企业的竞争力,是当前物流企业竞争中的蓝海,是第三方物流服务的一次革命。本文主要对HNZY公司物流金融的主要模式进行了系统分析,在继承前人关于物流金融和货押融资业务研究的基础上,结合HNZY公司的实际情况,对国内信用证、国际信用证未来货权质押和综合授信模式进行分析,系统介绍了HNZY公司所做的物流金融各种模式的操作方案,其中国内信用证和国际信用证项下的融资业务,是一种创新模式,为相关企业的物流金融运作提供了参考和借鉴。     

Eco‐innovation and firm growth in the circular economy: Evidence from European small‐ and medium‐sized enterprises

As the circular economy (CE) concept gains growing popularity among consumers and producers, small‐ and medium‐sized enterprises (SMEs) increasingly look for ways to reorganize their offering and operations to integrate into the CE. This study examines the impact of (a) circular eco‐innovations and (b) external funding available for CE activities on the growth of European SMEs using a data set of 5,100 SMEs across 28 European countries in 2016. Findings reveal that a significant threshold investment (i.e., higher than 10% of revenues) into circular eco‐innovations is required for SMEs to benefit from investing into the CE. Moreover, the majority of circular eco‐innovations fail to boost the growth rates of SMEs, with the exception of investments into eco‐design innovations. Although traditional forms of debt and grant finance targeted to CE activities are found to have no or negative impact on the growth of SMEs, equity finance (i.e., angel and venture capital investments) contributes positively to their growth. The study offers insights into the lower levels of SME engagement in the CE as well as policy implications for improving engagement.     

Together or separately? Direct and synergistic effects of Effectuation and Causation on innovation in technology-based SMEs

Technology-based SMEs develop their activity in changing environments with strong competitive pressures. These conditions make them much more likely to innovate but also make the innovative process more challenging due to greater complexity of decisions about resources and establishment of actions to achieve favorable innovation results. Although prior studies have analyzed diverse factors that impact the innovative dynamics of this type of firm, little advance has been made in exploring the problem from the perspective of decision-making. This study seeks to close this research gap using Effectuation Theory, one of the most-cited theories emerging in the field of entrepreneurship. More specifically, we analyze the use of causal and effectual decision-making logics to evaluate their direct and ambidextrous effects on innovation in technology-based SMEs. Our results provide evidence that not just one path, but rather a pool of alternatives, supports product and process innovation development. More specifically, when technology SMEs pursue product innovation, both effectuation and causation can be used as predominant mechanisms to achieve positive innovation results. If firms also seek to develop process innovations, however, they may obtain better results with an ambidextrous approach.

     

我国中小企业信贷融资现状及对策研究

阐明中小企业提供信贷支持的必要性,并就当前中小企业信贷融资现状与存在的问题进行讨论,提出加大中小企业信贷融资的对策。     

中小企业信用互助机构有效运行的制度背景及理论分析

中小企业在国民经济发展中有着十分重要的作用,但是融资难一直是困扰中小企业发展的瓶颈问题。为了解决中小企业融资难的问题,我国政府推行一体两翼的信用担保模式,但是现行的模式有诸多的缺陷。为了从实践中解决现行融资模式效率不高的弊病,建议政府推行以互助性信用担保机构为主体的信用担保模式,以便从制度上解决中小企业融资难的问题。     

应收债权的融资策略、会计处理及信息披露

我国资本市场的不断发展和完善,进一步拓宽了企业的融资渠道,利用股票、债券等方式进行融资成为我国企业的一种现实选择。但这些方式对企业高规格、高品质的要求,实际上又把大多数企业拒之门外,融资困难仍是困扰企业生存和发展的大问题。商业信用的普及和市场竞争的加剧,使许多企业拥有大量的应收债权,而重于管理、疏于利用却是持有者的通病,这一问题正日渐被企业所关注,开始利用应收债权开辟新的融资渠道。目前,利用应收债权进行融资的方式主要有质押借款、出售、贴现和置换,这些方式中蕴含着不同的与应收债权有关的风险和报酬的转移形式,进而有不同的会计处理方式和信息披露要求。     

广东省中小企业信贷融资方案

中小企业是我国未来经济发展的底层框架,但由于自身生命周期短、创业初期资金周转紧张、融资难度大等特点约束了普遍中小企业的进一步发展,让一些优质的项目、优质的企业在萌芽之中死亡。尽管我国政府近年来大力推广中小企业技术改革,中国人民银行也一再降准①降息,但中小企业融资缺口依然十分巨大。论文基于中小企业目前的发展状况以及各银行的信贷要求等方向出发,讨论中小企业信贷融资应该关注的重点,引导解决中小企业融资问题。     

中小企业融资难与浙江传统产业升级研究

浙江中小企业的发展对全省经济起到了积极的推动作用,义乌小商品城、永康五金市场等集群经济是浙江经济的亮点。但是,大量研究表明构成浙江产业集群主体的中小企业面临众多问题,其融资难问题已成为阻碍企业发展的瓶颈。另外,我们注意到浙江中小企业以传统产业为主,传统产业易复制的特点在浙江得到充分的"发挥"。本文从中小企业融资的现状入手,结合中小企业的特点分析融资难的原因,并提出以实现产业升级,信贷方式升级,信用升级,产品价值升级四方面的升级来解决中小企业融资难问题。     

中小企业信贷融资约束及其对策研究——从制度性约束和信息不对称视角考察

中小企业迅速发展已成为我国经济社会发展的重要推动力。然而,中小企业发展的最大障碍问题仍然是"融资难"。本文借助于"金融缺口"理论考察中小企业信贷约束困境,并从制度性约束和信息不对称视角,深层分析了信贷约束的原因,为化解我国中小企业信贷约束,应从融资制度安排上进行重点设计。     

中小企业信贷融资约束及其对策研究——从制度性约束和信息不对称视角考察

中小企业迅速发展已成为我国经济社会发展的重要推动力。然而,中小企业发展的最大障碍问题仍然是融资难。本文借助于金融缺口理论考察中小企业信贷约束困境,并从制度性约束和信息不对称视角,深层分析了信贷约束的原因,为化解我国中小企业信贷约束,应从融资制度安排上进行重点设计。     

供应链金融模式下中小企业信用风险的评价研究

过去银行对中小企业信用风险的研究主要是把单个企业作为主体,仅仅只关注中小企业的财务状况。而在供应链金融模式中,对中小企业风险的评价则换了一个新的角度。文章主要针对在供应链金融模式下对中小企业信用风险的测度进行系统性研究,提出用主成分分析法和Logistic回归方法建立信用风险评价体系的模型。     

SMEs’ behavior under financial constraints: An empirical investigation on the legal environment and the substitution effect with tax arrears

Considering the Italian legal environment, this work aims to shed new light on the behavior of SMEs under financial constraints, investigating how the inefficiency of courts in enforcing credit rights can affect their corporate finance. On the one hand, our results confirm previous findings on the pecking order theory, supporting the hypothesis of substitution between financial debts and trade credits. On the other hand, based on our evidence, if SMEs are affected by judicial inefficiency, we can expect their access to both the capital market and trade credit to be limited by the uncertainty of the legal environment, causing them to use tax arrears to raise internal liquidity. Indeed, if the time needed to settle insolvency cases decreases by 20%, we can expect an increase in the financial debt ratio between 1.07% and 3.87% and in the trade credit ratio between 0.14% and 1.35%, while, focusing on tax arrears, we can expect a decrease in the tax debt ratio between 0.78% and 1.61%.     

中小企业融资“RWS”模式研究

根据中小企业本身的特点以及在融资过程中遇到的问题,剖析了中小企业融资难的根本成因,指出改善中小企业的融资环境在于进行融资创新。根据实际案例,剖析了融资创新模式"租金+工资+股份"(RWS)模式的特点和使用范围。     

我国民营中小企业贷款难的成因与对策

商业银行对民营中小企业的惜贷有中小企业本身的因素,也有金融体制和机制的原因,突破中小企业贷款难的瓶颈,关键还在于深化金融体制改革、加快商业银行经营机制转变和推进金融创新。     

Corporate sustainability and innovation in SMEs: Evidence of themes and activities in practice

Recently, innovation processes towards sustainable development have received increasing attention in academic literature. This research introduces the combination of insights from innovation theory, sustainable development practice and small business characteristics to unlock new knowledge on factors that influence the translation of sustainable innovation within small and medium‐sized enterprises (SMEs) into practice. The sustainability themes and activities as described for large companies (i.e. in the sustainability reporting and management literature) were used as starting point in this study. It presents empiric results of the PRIMA Project conducted within the rubber and plastics industry (RPI) on sustainable innovation activities. It will show that many sustainable innovations are directed at the improvement of technological processes (eco‐efficiency) and to lower costs of production. These innovations can be seen as incremental. Companies with sustainability integrated in their orientation and innovation processes show value creation: the development of products new to the market (radical innovations) and cooperation with stakeholders. The PRIMA project shows that more insight in SME innovative characteristics and (e)valuation of sustainable innovation efforts provides opportunities to improve the sustainability performance of SMEs. Copyright © 2009 John Wiley & Sons, Ltd and ERP Environment.     

区块链技术与中小企业物流金融耦合性分析

运用区块链技术,从企业征信、风险机制两个方面研究区块链赋能创新的可行性,对中小企业物流金融进行创新研究。首先,构建信号传递博弈模型对直接信任中的信息披露机制进行阐释分析,探究区块链的智能信任合约在解决物流金融主体间信息不对称问题时的能动性;其次,根据博弈模型探究区块链技术与中小企业物流金融的耦合机理;最后,指出区块链技术与物流金融业务功能耦合与技术耦合可有效推动中小企业物流金融业务的进展。