风险投资、中小企业板与中小企业成长的良性互动

我国中小企业板的设立不仅为中小企业提供了直接融资的渠道，而且为风险投资提供了退出的最佳路径。风险投资、中小企业板和中小企业成长的良性互动促进了市场经济的微观主体与证券市场协调发展。采用三者之间的良性循环来阐述三者之间的互动关系，并且重点介绍了风险投资促进中小企业成长的微观作用机制。     

科技金融与中小高新技术企业发展的实证分析

科技和金融是现代经济发展的重要构成要素。分别选取政策性科技金融和金融机构科技贷款表示科技金融指标,构建生产函数为基础检验模型,并以1999--2011年大连相关数据对二者的关系检验。结果表明,中小高新技术企业的发展约13％可以归因于政策性科技金融,约56％归于高层次科技人员的投入,但是金融机构科技贷款的波动不利于中小高新技术企业的发展。在因果关系上,只存在金融机构科技贷款与中小型高科技企业发展的单方向Granger因果关系。     

我国农村中小企业融资市场效率差异性分析——基于省级面板数据实证研究

中小企业融资“难”是全球性的普遍难题,而在我国农村尤为显著,拓展融资渠道,提升融资效率成为解决这一难题主要方式之一.文章主要利用2001年～2010年我国东、中、西部农村中小企业融资结构与企业产出10年的面板数据,分析探讨农村中小企业融资结构与企业产出之间的关系.研究结果显示,自有资金对农村中小企业发展具有重要促进作用,同时农村中小企业的融资结构与企业产出之间存在区域差异性.针对研究结果,本文进一步深入分析了区域差异性的原因,并提出相应的政策与建议.     

Firm Shutdown During the Financial and the Sovereign Debt Crises: Empirical Evidence from Portugal

This paper examines Portuguese firms’ survival over the business cycle and investigates whether the effect of firm size varies across the phases of the cycle and with the type of shock associated with periods of economic contraction. Our results show that smaller firms are more likely to shut down than larger firms. Within each size band, however, we found that during the two crises examined, micro firms experienced hazards of closing (relative to large firms) at least similar to those observed in the pre-crisis period, while medium-sized firms were found to have been more vulnerable during the financial crisis period but showed more resilience during the sovereign debt crisis. The results suggest that during the sovereign debt crisis, firms faced a higher probability of closing than they did during the financial crisis.     

平台融资与中小企业信用增级

制度困境是我国中小企业面临融资困境的关键原因。只有将大型金融机构的融资优势与政府的组织优势相结合,通过构建信用促进会,搭建适合中小企业融资的融资平台,增强对借款人风险和信用硬约束、防范风险,弥补制度缺损,提升信用等级,才能从根本上推动我国中小企业融资。     

我国中小企业扶持性政策执行研究态势评析——基于共词分析法

为有效总结我国中小企业扶持性政策执行研究现状,采用共词分析法,运用聚类分析、多维尺度分析和社会网络分析法对该领域相关研究主题进行了定量分析和系统梳理。结果表明,学界对中小企业扶持性政策的研究侧重在技术创新、贷款担保和融资等七个方面,忽略了对中小企业扶持性政策执行的相关研究。所得结论将为后续中小企业扶持性政策执行网络构建和优化研究提供有益启示。     

Environmental sustainability practices and exports: The interplay of strategy and institutions in Latin America

We integrate institutional economics with stakeholder theory to examine the antecedents and outcomes of Environmental Sustainability Practices (ESP) for small and medium enterprises in Latin America. We find that these firms primarily engage in ESP to succeed in export markets. We also find that this is especially true when firms demonstrate organizational agency by adopting complementary strategies such as obtaining international quality certifications to develop credibility among stakeholders. Lastly, their cause receives a further boost when they are based in institutional environments that are known for strong democratic voice and accountability mechanisms. In elucidating the interplay of strategy and institutions, we suggest the need to better integrate organizational agency into institutional theory and institutional environment into stakeholder theory.     

Trade Credit in the Crisis： Selling or Financing？

The work investigates the use of trade credit in Italy for reasons of a financial nature. The analysis considers Italian small and medium-sized enterprises （SMEs） and investigates, over the years of 2009-2011： the existence of functional relationships between the incidence of trade receivables and payables and corporate profitability; the existence of interdependencies between trade credit policy and trade debt policy; and the coexistence of interchangeable and complementary conditions between trade debts and bank loans and other sources of funding. To verify the research hypotheses, linear regression models on a yearly basis are used and these models are put under observation over the years of 2009-2011. We can conclude that there are interdependencies between trade credit policy and trade debt policy and that trade credit is a source of flexible way of financing, also available in periods of crisis, which has a positive effect on the profitability of SMEs and can be utilized as a complementary and substitute source of financing to bank loans.     

Technology upgrading of Small-and-Medium-sized Enterprises (SMEs) through a manpower secondment strategy – A mixed-methods study of Singapore's T-Up program

This paper outlines a scheme that uses manpower from public research institutes to assist the technology upgrading of Small-and-Medium-sized Enterprises (SMEs). The Growing Enterprises through Technology Upgrading (GET-Up) initiative has been successfully implemented in Singapore since 2003. The key program in the initiative is a manpower secondment scheme (i.e. a temporary placement of manpower in a different organization) known as T-Up. We propose that T-Up represents a new approach to technology transfer which additionally maximizes the industrial impact of public sector research. Instead of traditional technology transfer modes which are transactions-based, T-Up utilizes skills and human resource transfer through secondment of public sector researchers. Findings from two surveys conducted in 2005 and 2012 show that the T-Up secondment program had positive impact on the technological capabilities, innovation performance and growth of participating companies. Additionally, case studies highlight that this approach addresses a wide range of challenges faced by local SMEs and is flexible enough to cater to specific needs and requirements.     

温州金融综合改革实验区成立一周年回望与思考

在温州金融综合改革实验区成立一周年之际,回顾了温州金融综合改革实验区成立的背景、过程与意义,进而重点分析过去的一年温州金融综合改革取得的成绩和暴露出的问题,并提出对策建议,以促进温州未来金融业的改革和发展。