摘要
世界许多国家融资模式的横比表明,内部融资是企业资金的最重要的来源,融资的瓶颈在于外部融资;而外部融资中最重要的是以银行贷款为主的间接融资。这种特点在中小企业融资中更为突出。各种中小企业融资理论从多种方面分析了融资收益和风险的匹配关系对中小企业资金供求的影响,并给出了争议与共识并存的政策建议。
The international comparison of many countries＇financing patterns shows that internal financing is the main source of finn＇s fund, whilst external financing, mainly comprised of indirect funds （dominated by bank loans） , is bottleneeked. This pattern is especially significant in small and medium - sized enterprises （ SMEs for short ）. From various perspectives respectively, the paper presents several SMEs financing theories and different impacts of the risk and return matching modes on the fund demand and supply. The paper also propose diverse policies involving both consensus and controversies.
出处
《商业研究》
北大核心
2007年第3期143-149,共7页
Commercial Research
基金
北京大学光华管理学院民营经济研究院的研究项目<中小企业融资:国际经验对我国的启示>的部分成果
关键词
中小企业融资
信用担保
风险投资
SMEs financing
credit guarantee
venture investment
