信用制度变迁下的票据市场功能演进与中小企业融资模式选择

商业信用是信用制度的基础,票据则是在商业信用基础上所产生的最有代表性的信用工具。随着信用制度的发展变迁,票据发展出汇兑、支付、结算、融资等功能。在发达市场经济条件下,票据的核心功能最终演化为融资。中国票据市场服务于中国经济市场化转型的需要,在解决中小企业融资方面发挥了重要作用,但票据市场制度体系也需要与时俱进进行修复调整。票交所作为票据市场重要的制度创新,推动票据市场从区域分割、信息不透明、以纸质票据和线下操作为主的传统市场向全国统一、安全高效、电子化的现代市场转型。在我国经济从高速增长阶段转向高质量发展阶段,需要进一步加强票据市场基础设施建设和制度建设,深化票据市场为实体经济服务的功能,尤其是发挥好为中小企业融资的作用。     

中小企业关系型贷款的价值与发展对策

关系型贷款是一种有助于增进银企双方价值的金融中介活动.对于中小企业来说,关系型贷款是缓解银企间信息不对称、改善企业融资状况的有效途径之一.我国应大力发展中小企业关系型贷款.     

对中小企业融资困境及政策性融资行为的调查与思考

中小企业政策性金融是缓解中小企业弱势群体融资难、担保难的特殊制度安排。在对河南中小企业融资现状、融资困境成因及政策性融资行为调查研究的基础上,提出构建以中小企业政策性银行为核心、以中小企业信用担保机构为基本手段、以中小企业发展基金为必要补充,以中小企业融资服务机构为信息保障的中小企业政策性金融体系。     

Splitting Accountability Hairs: Anomalies in the Adaptation of IFRS for SMEs in the UK and Ireland

Abstract

Recent years have witnessed a significant shift in the financial reporting frameworks available in the UK and Ireland affecting entities of all sizes with the Financial Reporting Council issuing three financial reporting standards replacing the extant UK GAAP. This paper reports the results of a content analysis of 151 comment letters sent to the standard-setter in response to its policy proposal. The paper explains why the standard-setter stepped back from its controversial proposal to enforce IFRS for SMEs based on the absence of public accountability. Additionally, the standard-setter addressed all concerns positively apart from two, representing two anomalies. First, despite being opposed by the majority of the respondents, the standard-setter published a new framework for wholly-owned subsidiaries of listed companies allowing them to make substantially less disclosure. Second, the standard-setter is yet to respond to the call by the accounting profession and the Not-for-profit sector to publish a sector-specific framework.     

中国中小企业成长的影响因素研究——基于中国东北地区中小企业的实证研究

本文从中小企业的成长动机——企业家导向、成长能力——企业创新能力、成长资源基础——企业内部资源和企业的资源外取、成长机会——企业环境四个角度．构建中小企业成长影响因素分析模型。通过我国东北地区235家中小企业的实证数据对理论模型及相关假设进行验证。数据分析结果表明企业的风险趋向、企业环境的不确定性、企业创新实现能力和创新推广能力都会直接激发和推动我国中小企业的成长：而企业的先动性和企业环境的动态性则被证实会恶化中小企业的短期成长：充足的金融资源和高水平的企业网络通过对其他因素的作用间接提升了中小企业的成长绩效．但其对中小企业成长的直接影响尚需进一步的细化研究。     

Organizational Culture,Leadership Behaviors,and Employee Attitude in Chinese SMEs＂ Empirical Evidence

This study examines the impact of organizational culture on leadership behaviors, as well as the influence of leadership behaviors on employee attitude in Chinese small and medium-sized enterprises （SMEs）. Based on previous researches, this study establishes a conceptual model that indicates the two types of influential relationship. Data are collected from 515 subordinates of 23 SMEs in Chengdu of Sichuan province. By using statistical methods, findings of this study are concluded. Directions for future research are also discussed.     

基于可交易排污许可证的中小企业环境规制工具分析

本文构建一个基于可交易排污许可证的环境规制政策工具分析模型,探究许可证价格的决定机制,分析许可证市场的短期均衡和长期均衡,探讨可交易排污许可对中小企业利润和产量的影响,并引入创新机制,考察加入补贴的环境规制工具对中小企业的影响。研究表明,初始免费可交易排污许可证+补贴(特别是差额补贴)的工具组合能够以较低的规制成本激发中小企业创新,而且在长期内,创新收益能够弥补规制成本。     

提升河北省中小企业创新能力的制约因素分析及对策

现实中存在许多制约因素,使河北省中小企业的创新能力受到不同程度的影响,进而在一定程度上限制了企业的发展壮大。本文从河北省中小企业创新能力提升过程中存在的主要问题出发分析了影响中小企业创新的内外部因素,并针对中小企业的发展从产权制度创新、治理结构和管理模式创新、市场品牌创新、战略创新等方面提出对策建议。     

Effects of hiring former employees of multinationals in the absorptive capacity of local firms

The attraction of foreign direct investment seeks, among other things, to increase the productivity of local companies through knowledge spillovers. However, the empirical evidence in this regard is contradictory. One influential factor is the absorptive capacity of the local companies. This article analyzes the effect of the presence of former employees of multinational corporations as employees of local companies, on the absorptive capacity of said companies. The study was done in Costa Rica, a country known for its successful strategy in the subject matter. The data come from a survey applied to 1167 companies by the Observatorio Costarricense de las Pymes in 2011. It was found that the hiring of former employees of multinational corporations by local companies has a positive effect on the index of absorptive capacity of companies in all productive sectors. Specifically, this hiring of former employees increases the index of absorptive capacity by nine percentage points, with differences by sector and the size of the company.     

中小企业融资难的新解读

中小企业融资难问题已成为制约我国市场经济体制改革的重要因素。对主要发达国家经验的梳理,可以得到解决该问题的一般规律。基于我国中小企业发展的特点、金融系统结构失衡、政府职能错位三个方面的解读,可以发现我国中小企业融资难问题具有特殊性。本文提出的建议,包括构建"银政合作"模式,推进金融体制改革,创建中小型金融机构。