浙江温州民营企业融资方式的探讨

浙江温州民营企业融资方式的探讨
 
摘 要：温州市的民营经济已经走过了20年的路程，对拉动经济增长、拓宽就业渠道、优化所有制结构、启动民间投资、推动城市化和工业化进程都起到了极其重要的作用。同时温州的民营企业却面临着各种各样的成长困难，其中最大的问题是融资难，融资问题已经成为制约温州民营企业发展的瓶颈因素。本文以温州民营企业为研究对象，根据企业不同的成长阶段，分析内、外源融资的特点和所遇到的诸如由于银企之间信息不对称所导致的银行“惜贷”以及温州民营企业具有大量的“制度秘密”而不愿意公开上市等融资障碍，探寻温州民营企业的资金需求状况、融资来源和融资障碍与企业不同成长阶段的关系，深人讨论企业从银行贷款的主要障碍，并用企业融资理论和成长周期理论对温州民营企业在不同成长阶段融资方式的变化做出了解释，在此基础上提出如建立中小企业信用担保体系等针对性较强的政策建议和应对措施。

关键词：融资瓶颈；成长周期；风险投资；中小企业信用担保体系；区域性资本市场

Research on the Financing Pattern of Privately Operated Enterprises in Wenzhou
 

Abstract：The private operated economy in Wenzhou, Zhejiang Province has already passed through 20 years distance. It has played an extremely important part in spurring economic growth, expanding employment channels, optimizing the ownership structure, and encouraging private investment, promoting urbanization and industrialization. Simultaneously private enterprises in Wenzhou are facing various growth difficulties, in which the most major problem is actually financing. The financing question has become the bottleneck factor, which restricts the development of private enterprise. The dissertation takes privately operated enterprise as research object, analyzes the characteristics of each kind of financing channels and the financing barriers according to the different growth periods, probes into the relationships between different growth stages and  financing demand, financing sources, financing barriers. Discusses the relationship between each financing channels, the dominating difficulty in bank financing and the relationship between banks and enterprises, and explains the rules based on correlative theories, puts forward the suggestions, policies and measures.

Keywords: Financing Barriers ; Growth Cycle ; Venture Capital ; Mid-and Small-scale Enterprise Credit-guarantee system ; Regional Capital Market