关注中小企业融资的集合债券模式

第四次全国金融工作会议提出,做好新时期的金融工作,要坚持金融服务实体经济的本质要求,从多方面采取措施,确保资金投向实体经济,有效解决实体经济融资难、融资贵问题。实体经济的融资难、融资贵,一直以来以中小企业尤为突出。中小企业融资问题的解决,需要政策的引导,更需要创新的思维。本期一线话题关注近年来实践中的中小企业集合债券融资模式:2009年推出的中小企业集合票据和2011年试点的中小企业区域集优直接债务融资模式。本期访谈嘉宾中国银行间市场交易商协会副秘书长杨农、中国人民银行潍坊市中心支行行长刘福毅和中国人民银行佛山市中心支行行长彭化非将围绕这两种融资模式的制度设计和实践展开讨论。     

大力推进“数字外管”和“安全外管”建设 访国家外汇管理局科技司司长、外汇业务数据监测中心主任 张铁成

《中国外汇》:2019年,为解决中小企业融资难、银行风控难和监管难问题,外汇局推出了跨境金融区块链服务平台。上线试点快1年来,区块链平台的效果怎么样?张铁成:近年来,外汇局高度重视金融科技的创新与应用,大力推进“数字外管”和“安全外管”建设。从2017年开始,外汇局按照党中央、国务院有关金融服务实体经济、解决中小企业融资难的工作部署,密切跟踪新技术发展,推进区块链在监管科技中的创新应用。2018年下半年,外汇局围绕跨境金融领域融资难、融资贵方面的痛点问题,进行了专题调研摸底,提出了利用区块链技术探索解决跨境融资难、融资贵问题的初步构想.     

关于中小企业融资难、融资贵问题的思考

中小企业融资难融资贵是个世界性难题,我国的中小企业融资难融资贵问题则又带有鲜明的中国特色。中小企业天生具有融资难和融资贵的特点,信息不对称更会加剧此问题。无论是发达国家还是发展中国家都将解决中小企业融资难融资贵问题提升到战略高度给予重视,也构建了各具特色的政策扶助体系,力图弥补市场机制的缺陷。我国应借鉴国外的成熟经验,并结合国内金融改革的路径、金融市场发展的思路以及实体经济发展的总体特点,制定一个兼顾短期、中期和长期的发展战略,从法治、产业、财政和金融等多方面对中小企业融资环境进行综合改革。     

中小企业融资的信息不对称问题研究

中小企业为政府创造了高达60%的GDP、为财政创收40%的收入、解决了我国75%的就业问题,为我国经济的发展做出了非常大的贡献。然而,中小企业"融资难"、"融资贵"问题仍然是企业发展面临的主要问题,并且到目前为止仍未建立起与之相适应的融资体系与机制。本文进行深入探讨中小企业融资难、融资贵的问题,主要是从信息不对称视角出发,从三个方面来说明信息不对称的原因。然后在我国中小企业融资难、融资贵的现实背景的基础上,提出了与之发展相适应的解决办法和政策建议。     

构建县域中小企业金融支撑体系的思考

中小企业融资难、融资贵问题一直是制约中小企业发展的"瓶颈",尤其在虚拟经济盛行、实体经济萎缩的当下,解决这个问题显得异常迫切。安徽省舒城县金融创新工作成效显著,各项指标在全省县区类考评中名列前茅,课题组成员在对舒城县金融机构和相关中小企业、乡镇等单位实地调研后,历时半年整理成文。提出了构建县域中小企业融资支撑体系的相关政策建议,以期切实解决中小企业发展中的融资问题。     

改善融资服务环境 促进中小企业发展——对中小企业融资难问题的调查分析

解决中小企业融资难是一个事关经济发展的大课题，如何做好这个课题并实现多赢，需要银企双方及社会各方面的共同努力。基于此，本文从银行、企业、社会等各方面就当前对中小企业融资难造成的影响进行了多角度分析，并对解决中小企业融资难应采取的措施进行了有益的探讨，以期建立新形势下适应中小企业发展的融资服务机制，促进中小企业健康发展。     

从行为金融学的视角探析中小企业融资难问题

引言 中小企业在世界各国的经济体系中都占有重要的地位,我国中小企业更是为促进国民经济的增长发挥着举足轻重的作用,但制约中小企业发展的因素依然存在,尤其是融资难的问题.为了缓解中小企业融资难的问题,政府有关部门相继出台了《关于鼓励和促进中小企业发展的若干意见》、《中小企业促进法》、《银行开展小企业贷款业务指导意见》、《银行间证券市场非金融企业债务中小企业融资工具管理办法》等规章制度改善中小企业的融资环境,拓宽融资渠道.然而,中小企业外部融资环境的改善并没有解决中小企业融资难的本质问题.外部融资环境只是制约中小企业融资的一个因素,本文认为中小企业管理者在决策过程中,会受到认知偏差的影响,表现出决策的非理性,也成为融资难问题的原因之一.     

欠发达地区动产融资创新发展的实践与思考——以普洱市为例

本课题在国家大力推进供给侧结构性改革的大背景下,从解决中小企业融资难这一"降成本"举措切入,认为我国中小企业融资难很大程度上是因为银行所推行的授信方式与中小企业所具备的条件不匹配,如果能够通过改善银行授信方式,创新发展动产融资,中小企业融资难、融资贵的问题就能够逐步得到缓解。然后以普洱市为例,阐述了辖内金融机构开展动产融资业务的基本情况及其创新实践,深入分析了辖内金融机构开展动产融资业务存在的障碍,并有针对性地提出了解决问题的政策建议,以充分发挥供给侧结构性改革中的金融角色。     

新疆小额贷款公司发展现状及对中小企业融资问题的启示

中小企业融资难已成为制约中小企业发展的核心问题之一，为解决中小企业融资问题，促进中小企业进一步发展，中国人民银行、中国银监会通过金融组织机构创新设立小额代款公司。本文通过对新疆小额贷款公司现状分析，阐述了小额贷款公司对解决中小企业融资问题的作用及启示，并提出了解决中小企业融资问题的建议。     

我国中小企业融资难的原因分析及对策

融资问题是制约我国中小企业进一步发展壮大的主要因素。要解决中小企业融资难的问题,促使其进一步做大做强,就必须解决制约发展的症结入手,对症下药,标本兼治,创新金融制度,完善融资方式,拓宽融资渠道,建立符合市场经济规律、适应企业发展需要的政策扶持和服务体系,为中小企业融资创业添注生机和活力。     

关注大众之所关注（金融篇）

作为13亿人口的大国，作为世界第二大经济体，对于中国大众来说，金融再也不是以往在银行存钱这样简单的事情，而是涉及到诸多方面的民生大问题。今年“两会”期间，《国际融资》杂志记者采访了多位全国政协委员，围绕着金融话题，请他们从各自的专业角度发表看法，请看本栏目文章《为P2P网贷建立专有信息生产保障体系势在必行》、《鼓励商业银行跨境金融服务创新》、《金融改革破题之年如何破题》、《强化金融服务功能助推实体经济发展》、《新常态下金融风险防范刻不容缓》、《注册制要创造条件循序渐进》和《推进债券市场与养老金制度体系改革》。     

关注大众之所关注（环保篇）

在中国工业文明已经迅速发展的今天，环保问题不仅事关工业发展如何转型的问题，而且事关每个人的身心健康，已经是重大的民生问题，特别是大气的治理更是为大众所关注。今年“两会”期间，《国际融资》杂志记者采访了几位全国政协委员，聆听了他们对环保问题的看法，请看本栏目文章《建设碳期货市场乃大势所趋》、《运用经济杠杆内生长效机制治理雾霾》、《中国经济新的增长极在移动能源产业》。     

Limited attention by lenders and small business debt financing: Advertising as attention grabber

Developing predictions by drawing upon the limited attention perspective, we investigate if small firms may use advertising as an attention grabber to increase their opportunities to access debt financing. Using a sample of over a million observations, we find that small firms with higher advertising expenditure are more likely to gain access to debt financing, thus increasing their financial leverage. Our tests show that lenders constrained by a limited attentional capacity are more likely to be attracted by small firms with higher advertising expenditure, and that small firms with financial constraints are not found to use advertisement intentionally to acquire resource.     

Director attention and firm value

In this article, we show that exogenous director distraction affects board monitoring intensity and leads to a higher level of inactivity by management. We construct a firm-level director “distraction” measure by exploiting shocks to unrelated industries in which directors have additional directorships. Directors attend significantly fewer board meetings when they are distracted. Firms with distracted board members tend to be inactive and experience a significant decline in firm value. Overall, this article highlights the impact of limited director attention on the effectiveness of corporate governance and the importance of directors in keeping management active.     

Managerial incentives for attracting attention

This paper studies the mechanisms which motivate managers to engage in cheap talk and attract the market's attention in a credible way. We consider stock split announcements, voluntary earnings forecasts, and press releases issued by firms to the media as proxies for managerial cheap talk. We show that: (a) managerial performance‐related pay contracts incentivize executives to attract attention; (b) analysts increase their coverage of firms following cheap talk; and (c) chief executive officers are punished for attracting attention when market prices do not increase following cheap talk. The results are stronger for firms which are most in need of attention.     

Targeted information and limited attention

We examine the implications of limited consumer attention for the targeting decisions of competing firms. Limited attention alters the strategic role of information provision as firms may become incentivized to behave as mass advertisers, despite perfect targeting abilities. We analyze the consequences of limited attention for targeting, strategic pricing, market shares, attention competition between firms, and the value of marketing data to firms. Accounting for limited attention in an otherwise standard targeting framework can explain several recent key issues from the advertising industry, such as consumer-side information overload or the increased usage of ad blocking tools.     

Getting the attention you need

Employees have an enormous amount of business information at their fingertips--more specifically, at their desktops. The floodgates are open; profitable possibilities abound. But having to handle all that information has pushed downsized staffs to the brink of an acute attention deficit disorder. To achieve corporate goals, business leaders need their employees' full attention--and that attention is in short supply. Authors Thomas Davenport and John Beck have studied how companies manage the attention of their employees and their site visitors. In this article, they analyze the components of attention management through three lenses--economic, psychobiological, and technological--and offer guidelines for keeping employees focused on crucial corporate tasks. Their lessons are drawn from the best practices employed by today's stickiest Web sites and by traditional attention industries such as advertising, film, and television. The authors say executives must manage attention knowing that it's a zero-sum game (there's only so much to go around). Managers should also consider capitalizing on the basic survival and competitive instincts we all have that help determine how much attention we pay to certain things. For instance, the threat of corporate demise--and the consequent loss of jobs and livelihoods--undoubtedly focuses workers' attention on the need to change. Likewise, internal competition among business units may give employees added incentive to pay attention to a profit or sales goal. Leaders today need to pay more attention to attention because it's widely misunderstood and widely mismanaged, the authors conclude.     

CEO overconfidence and IRS attention

We examine the likelihood that the US Internal Revenue Service (IRS), in its enforcement role, will accord particular attention to firms that are managed by CEOs who exhibit over-confidence, given that such CEOs may be more aggressive in their tax policies and strategies. Using data from 7757 firms, we find that this is indeed the case. Such attention is even more pronounced in the instance of overconfident CEOs whose firms are financially constrained and/or financially distressed. We also find that the IRS has augmented its audit processes to give more attention to overconfident CEOs during and post financial crisis. This may be due to the increased vulnerability of their firms to external shocks, which consequently increases the incentives to embark on tax avoidance strategies, value-destroying investments, and/or highly biased financial reporting (and forecasting responses) to tax authorities. Our results are robust after accounting for the possibility of endogeneity and using a wide range of specifications, measures, and econometric models.