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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/88301
Title: | 中國民營企業融資困境的研究 The Study of Financing Dilemma of Chinese Private Enterprises |
Authors: | 耿志偉 Zhiwei Geng |
Advisor: | 陳坤志 Kun-Chih Chen |
Keyword: | 民營企業,融資困難,信貸市場,資本市場, Private enterprises,financing difficulties,credit market,capital market, |
Publication Year : | 2023 |
Degree: | 碩士 |
Abstract: | 隨著時代的快速發展,中國民營企業的地位和影響力日益凸顯,現已成為我國經濟社會增長的重要支撐。然而,由於企業資金限制,許多優秀的民營企業未能充分發揮自身的能效,從而阻礙了我國市場經濟的蓬勃發展。[1]中國民營企業突破發展的瓶頸就需要解決融資困難的問題。
中國民營企業融資以信貸融資為主,而中國的信貸市場貸款主體以國有商業銀行為主。造成中國民營企業發展融資難的主要原因在於,作為信貸市場上的貸款主體的國有商業銀行對民營企業的歧視。這意味著中國的信貸市場存在著國有商業銀行與民營企業的制度不匹配。因此,在中國金融體系下,不進行改革是解決不了民營企業融資難問題的,改革的方向除了信貸市場之外,還要發展資本市場。此外,民營企業也應該就進入資本市場進行相關的自我變革。 資本市場與信貸市場的根本區別在於,信貸市場的金融資源配置是由政府來決定的,而資本市場的金融資源配置主要是由市場參與者來決定的,政府部門所起的作用主要是一個誰能“准入”的問題。資本市場相較信貸市場更加市場化,從而更加有利於民營企業融資。隨著全面註冊制的執行,政府部門的這種權力也會相應的弱化。這就是資本市場比信貸市場更加有助於民營經濟突破金融約束、實現有效發展的根源所在。 With the rapid development of the times, the status and influence of China's private enterprises have become increasingly prominent and have become an important support for China's economic and social growth. However, due to the limitation of enterprise funds, many excellent private enterprises failed to fully exert their energy efficiency, thus hindering the vigorous development of China's market economy. China's private enterprises need to solve the problem of financing difficulties to break through the bottleneck of development. The financing of Chinese private enterprises is mainly credit financing, while the main subject of loans in Chinese credit market is state-owned commercial banks. The main reason for the difficulty in financing of Chinese private enterprises is that the state-owned commercial banks, as the main subject of loans in the credit market, discriminate against private enterprises. This means that there is a mismatch between the system of state-owned commercial banks and Chinese private enterprises in Chinese credit market. Therefore, in China's financial system, it is impossible to solve the financing problem of private enterprises without reform. The direction of reform is to develop the capital market in addition to the credit market. In addition, private enterprises should also carry out relevant self-reform on entering the capital market. The fundamental difference between the capital market and the credit market is that the allocation of financial resources in the credit market is determined by the government, while the allocation of financial resources in the capital market is mainly determined by market participants. The role of the government department is mainly a question of who can "access". The capital market is more market-oriented than the credit market, which is more conducive to the financing of private enterprises. With the implementation of the comprehensive registration system, the power of government departments will also be weakened accordingly. This is the reason why the capital market is more helpful to the private economy to break through financial constraints and achieve effective development than the credit market. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/88301 |
DOI: | 10.6342/NTU202300894 |
Fulltext Rights: | 未授權 |
Appears in Collections: | 臺大-復旦EMBA境外專班 |
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