试析我国中小企业的融资困境与融资对策

一、我国中小企业的融资困境 虽然这些年来,我国中小企业融资问题已经被不断地得到重视,国家也相应采取了一些措施,如,四大国有商业银行已建立了中小企业信贷部;今后也可能建立专门的中小企业银行;为解决股权融资问题,建立风险投资基金及其它担保机构等等。特别是2003年,我国政府在积极颁布、实施《中小     

债权融资唱主角

股市持续低迷,房企IPO举步维艰,增发受阻;公司债等曾经的非主流融资工具被重新拾起——"截至6月13日,已经有93家上市公司宣布通过发债方式融资,‘排队’的就有不少上市房地产公司!"一位在证券行业工作的朋友告诉记者。此前万科发布公告称,经证监会审核,其     

浅析高校融资困境

高校融资作为我国高校筹集教育经费的补充渠道,是我国高等教育实现跨越式发展的必然选择,是高校发展和适应高等教育市场化、社会化的需要,对于推动我国教育事业的发展具有重要的现实意义。随着高等教育有限投入与社会需求不断增长的矛盾日益突出,发展性融资成为高等院校改善办学条件的重要资金来源渠道。但与此同时,高校还应从重视融资风险、处理好建设与发展的关系、广开财源、保持规模优势、创新融资方式等方面增强风险的防范能力。     

Normative rationality in venture capital financing

We examine whether venture capitalists (VCs) make investments based on normative rationality, which is derived from habitual and embedded norms and traditions indicative of a macroculture. Syndication and social and professional relations facilitate the development of shared decision-making frameworks. Using a four step methodology and a unique dataset of 139VC decisions and 82 independent VC assessments of those decisions, we find that the VC industry exhibits collective investment decision-making preferences, reflecting normative rationality. We offer implications for theory, practice, and future research.     

Convertibles and milestones in staged financing

This paper investigates a popular financing strategy whereby the manager of a firm uses convertibles in staged financing. Staged financing is particularly popular in corporate finance, even although it has potential incentive and risk problems. This paper identifies many interesting properties of convertibles in staged financing, including the fact that staged financing using convertibles can almost achieve the first best. We also find that risks can reduce agency costs by putting pressure on the manager to perform. These results may explain why convertibles are a popular instrument in staged financing in reality.

中小企业融资问题研究

改革开放以来,我国的中小企业取得骄人成绩,但随着市场经济改革的不断深化和企业竞争的不断加剧,中小企业的进一进发展又普遍面临着融资困境.文章分析了中小企业融资存在的问题及其原因,研究了解决中小企业融资困境.这对中小企业突破融资瓶颈,实现规模化、集团化、国际化的发展目标具有十分重要的现实意义.     

中小企业融资问题研究

改革开放以来,我国的中小企业取得骄人成绩,但随着市场经济改革的不断深化和企业竞争的不断加剧,中小企业的进一进发展又普遍面临着融资困境。文章分析了中小企业融资存在的问题及其原因,研究了解决中小企业融资困境。这对中小企业突破融资瓶颈,实现规模化、集团化、国际化的发展目标具有十分重要的现实意义。     

企业售后回租融资研究

售后回租作为一种国际上通行的租赁交易形式,有着其独到之处。文章从售后回租的运作模式入手,在对其交易特点进行分析的基础上,运用净现值方法对售后回租融资成本和融资决策进行了分析,最后还就企业在具体运用售后回租时提出了一些注意事项。     

中国上市公司股权融资偏好与融资成本研究

企业可以通过股权方式或债务方式来筹集资金,这两种融资方式又会引发公司资本结构和资本成本等一系列问题。本文研究了我国上市公司的融资行为和融资成本,结果发现,上市公司普遍存在着“股权融资偏好”,上市公司的真实股权融资成本要远高于债务融资成本,因此,过低的融资成本只是股权融资偏好的表层原因,特殊的股权结构和严重的委托-代理问题才是其内因。     

水电项目的融资筹划

在水电项目的建设中,需要对融资进行筹划,以防范风险和降低成本,文章从信用体系、融资结构和担保3个方面对水电项目的融资筹划进行了分析,并提出了建议。     

MBO的融资渠道选择

MBO即管理层收购,是指管理层为了控制公司而收购公司部分或大部分股份从而获得控制权的行为.     

Dynamics of fiscal financing in the United States

General equilibrium models that include policy rules for government spending, lump-sum transfers, and distortionary taxation on labor and capital income and on consumption expenditures are fit to US data under rich specifications of fiscal policy rules to obtain several results. First, the best-fitting model allows many fiscal instruments to respond to debt. Second, responses of aggregates to fiscal policy shocks under rich rules vary considerably from responses where only non-distortionary fiscal instruments finance debt. Third, in the short run, all fiscal instruments except labor taxes react strongly to debt, but long-run intertemporal financing comes from all components of the government’s budget constraint. Fourth, debt-financed fiscal shocks trigger long-lasting dynamics; short-run and long-run multipliers can differ markedly.     

Firm financing and growth in the Arab region

This paper documents how firms in Arab countries use equity, corporate bond and syndicated loan markets to obtain financing and grow. Working with a new dataset on issuance activity in domestic and international markets and firm performance, the paper finds that capital raising through these markets has grown rapidly since the early 1990s and involved an increasing number of firms. Whereas the amounts raised in equity and loan markets (relative to gross domestic product) stand well relative to international standards, bond issuance activity lags behind. However, bond financing has gained importance over time. Equity issuances take place primarily in domestic markets, whereas bonds and loans are mostly issued internationally, display long maturities and entail low levels of credit risk. Issuing firms from the Arab region are very large compared to international standards. They also tend to be larger, faster growing and more leveraged than non-issuing firms in Arab countries.     

Capital-tax financing and scale economies in public-input production

Contrary to the dominant view of inefficient tax competition, Oates and Schwab (1991) show that capital-tax financing of public inputs leads to efficiency when the supply of these inputs is conditioned on business investment (Oates, W.E., Schwab, R.M., 1991. The allocative and distributive implications of local fiscal competition). This paper demonstrates that the cost structure of public-input production is relevant to their proposition on efficient capital-tax financing. That proposition holds if the per-unit cost of public inputs is exogenously fixed; however, it does not hold if public-input production exhibits scale economies. Also, this paper compares our analysis with the Zodrow-Mieszkowski model. That comparison illustrates the importance of the way public inputs are rationed to private firms.     

我国高等教育融资中存在的问题及对策探讨

文章在综述国内外有关高等教育融资问题研究成果的基础上,深入分析了我国高等教育融资中存在的诸多问题,并提出了实现我国高等教育融资多元化的对策建议。     

南宁市中小企业融资服务现状分析

南宁市在中小企业融资服务方面加强中小企业投融资服务,创新中小企业融资服务模式,加强中小企业信用担保体系建设,增加担保公司实力,加大财政扶持力度,推进工业重大项目建设和促进中小企业发展等促进了融资服务的发展,缓解企业资金不足的问题。     

依法理财依法行政情况好转财政财务管理问题不容忽视

2003年6月23日至28日,第十届全国人民代表大会常务委员会第三次会议在北京召开。25日,审计署审计长李金华受国务院委托,作了题为《关于2002年度中央预算执行和其他财政收支的审计工作报告》,全国人大常委会组成人员对该报告进行了认真的审议。     

浅议应收款项融资

应收款项融资是国际金融市场上常见的一种融资方式。文章简单介绍了应收款项融资产生的原因、内容和作用,重点介绍了应收款项融资业务主要的3种基本方式:应收票据贴现、应收账款抵借和应收账款让售。     

政府应放宽融资渠道

深圳去年房价暴涨,有人说是因为实行了土地招拍挂出让.我们不同意这个观点.万科做房地产拿到的第一块土地就是招拍挂竞买来的.……