本科毕业论文样本 经管类适用(6)

四川大学本科毕业论文 我国中小企业融资问题研究

附录1

主要英文参考文献

1. Is lack of funds the main obstacle to growth? EBRD's experience with small- and medium-sized businesses in central and eastern Europe

Francesca, Pissarides. Journal of Business Venturing, 1999, (5):519-539 Summary

Small- and medium-sized enterprises (SMEs) potentially constitute the most dynamic firms in an emerging economy. They are the ones most likely to move into areas of comparative advantage and high value added, though they often face economic, institutional, and legal obstacles. Obstacles include limited access to working capital and long-term credit, legal and regulatory restrictions, inadequate infrastructure, high transaction costs, and limited managerial and technical expertise. Despite the presence of multiple and often interrelated constraints, however, the widespread belief, on which policies to support SMEs are based, is that the lack of finance constitutes the main obstacle to the growth of SMEs.

Enterprise survey work is the tool generally used to deepen our understanding of constraints affecting SMEs formation and growth. The European Bank for Reconstruction and Development (EBRD) is no exception in this respect: during its early years it drew substantially on a set of enterprise surveys conducted by the World Bank between 1991 and 1993 in Hungary, the Czech and Slovak Federal Republic (CSFR), Poland, and Russia investigating the obstacles faced by SMEs. As the volume and geographical spread of its operations increased, the EBRD felt the need to design and run its own surveys, effectively addressing specific issues encountered in the context of its increasing lending and investment activity in central and eastern Europe (CEE). The findings of this analysis confirmed the belief that credit constraints constitute one of the main obstacles to growth of SMEs and encouraged the EBRD to tailor its financing instruments to the stage of transition of the country in question and the ability of the local financial system to assume key responsibilities.

This paper discusses the shortcomings of the financial system in the CEE countries. It outlines the EBRD policy to support SMEs and the various instruments employed so far and presents selected case studies to throw light on how good project design can help overcome difficult environments and lower the perception of risk connected to indigenous SMEs. A summary of the findings of the survey work conducted by the EBRD in the region is also presented.

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四川大学本科毕业论文 我国中小企业融资问题研究

Conclusion

A number of theories have been used to explain why small firms find it difficult to grow and survive: liquidity constraints, managerial constraints, and transaction costs. However, not much empirical work has been carried out to test the evidence of these barriers to growth. What is clear is that in the case of central and eastern Europe, the weight of the liquidity constraints is so great that even in the more advanced countries the financial system can be blamed for the disappointing growth of the SMEs sector. In this region, improvements in the banking systems brought about by rehabilitation or privatization have helped to improve the level of capitalization and lessen the imbalance between liabilities and assets. However, the newly restructured banks remain cautious towards taking on new small clients. This is true even for the more advanced post-socialist countries (for example, Hungary or Poland) where the revamped financial institutions are rarely and reluctantly taking on the risk of new clients, and where new foreign-owned banks still seem rather indifferent to indigenous SMEs.

The EBRD is striving to correct this market failure by strengthening the local financial sector and providing the badly need equity finance. Data on EBRD financing shows a very encouraging picture: a 250% increase in the cumulative volume of operations directed to SMEs between 1994 and the end of 1997, a nine-fold increase in the number of sub-projects between the end of 1995 and mid-1997, an ever-wide geographical spread of activities and a decreasing size of subprojects, all indicate that the experience of the EBRD in the region is, on the whole, positive. It is, however, too early to draw quantitative conclusions regarding the aggregate performance of these activities based on different type of indicators, since a large part of the loans is still in the grace period, investments are in an early phase and operation performance evaluation reports on this type of operations are still too few.

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四川大学本科毕业论文 我国中小企业融资问题研究

2. The financing preferences and capital structure of micro, small and medium sized firm owners in forest products industry in Turkey

Kadri Cemil Akyuz, Ilker Akyuz, Hasan Serin, Hicabi Cindik. Forest Policy and Economics, 2006, (3):301-311 Abstract

Most theoretical and empirical studies of capital structure focus on large corporations. Only a limited number of studies on capital structure have been conducted on micro, small and medium size enterprises (MSMS), and this deficiency is particularly evident in investigations into factors that influence funding decisions of family business owners. The study aims to explore the capital structure and financing preferences of MSMS firms owners and focuses more narrowly on the debt vs. equity preferences revealed in the initial and ongoing financing of MSMS firms in forest products industry. In this study, financial preferences of MSMS firm owners in forest products industry were investigated in 18 cities across the Black Sea Region in Turkey. Some of the financial characteristics and capital structure of these sectors were identified on the basis of a sample survey of 851 firms. The preliminary results that emerged from the study illustrate that owners of MSMS firms preferred internal financial sources against too high cost capital from external market in initial and ongoing facilities of firms.

Small firms and finance

A lack of capital is frequently the main deterrent to the prospective entrepreneur (Karger, 1981) with undercapitalization recognized as a major weakness of many new and small firms (Barber and Manger, 1997) often leading to their demise (Job, 1983).

The determination of growth and profitability in large corporate firms is a well researched area (Eatwell, 1970; Sawyer, 1985). Most theoretical and empirical studies of capital structure focus on large corporations. Similar studies of small independent firms which are owner-managed (Dobson and Gerrard, 1998; Reid, 1993) are much less common in the economics literature because firm owners have the majority of the firms assets in MSMS firms, control of capital and final decisions about activities of firms are made by firms owners. Only a limited number of studies on capital structure have been conducted on micro, MSMS, and this deficiency is particularly evident in investigations into factors that influence funding decisions of family business owners.

Financial opportunities and capital markets are developed for large corporations. Several studies have noted smaller firms’ lack of access to the capital markets (Gaskill et al., 1993). The difficulties associated with smaller firms’ acquisition of capital can result in illiquidity and cash

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四川大学本科毕业论文 我国中小企业融资问题研究

flow problems. The financial distress caused by the constraints and obstacles of capital acquisition results in many smaller firms being unable to respond to market demands, and ultimately, facing bankruptcy or discontinuance (Van Auken, 2001). Several authors have also linked financial distress to poor managerial skills (Hasweel and Holmes, 1989). The inaccessibility of the financial markets has resulted in some small firms carrying high levels of debt and stretching accounts payable (Carter and Van Auken, 1990).

The characteristics of MSMS firms have an important impact on their ability to raise capital. Factors such as stage of product development, risk, availability of capital, firm type, ownership structure, and amounts of capital that are the most appropriate to pursue (Timmons, 1997). Barton and Mathews (1989) suggest that managerial preferences, risk tolerance, and firm characteristics are important factors affecting the firm’s acquisition of capital. Petty and Bygrave (1993) believe that life style preferences may be as important as wealth maximization in the owner’s decisions to seek and acquire capital. Thorne (1989) believes that the entrepreneur’s ability to arise capital beyond the traditional sources of funds often identifies the entrepreneurial character of the new business owner. Van Auken and Neeley (1997) found that ownership structure and type of firm have a significant impact on the use of bootstrap financing. Barbar and Manger suggest that the owner/ manager generally has total control of resources determining resources allocation, with “the managerial ego that of traditional accounting control”. In addition, the success of the operator’s search for capital will be jointly determined by the investment preferences of the capital providers (Van Auken, 2001). Theory indicates that there is a complex array of factors that influence MSMS owner-managers financing decisions. Recent family business literature suggests that these processes are influenced by firm owners’ attitudes toward the utility of debt as a form of funding as moderated by external environmental conditions (e.g., financial and market considerations) (Romano et al., 2000).

Because financial structure and debt opportunities are very important for MSMS firms, there is some debate in the literature over the extent to which leverage levels vary with the size of firm. International comparative studies by Remmers et al. (1974) and Peterson and Schulman (1987) reached different conclusions. The first of these studies found the debt/ total assets ratio to be independent of firm size. In contrast Peterson and Schulman reported debt/total assets ratio to first rise and then fall with size of firm. While much depends on the precise definition of what is to be treated as debt, it is accepted that small owner managed companies operate with higher levels of debt than do larger firms (Holmes and Kent, 1991) and have a particularly high reliance on short-term debt. One possible explanation for this resort to debt is that it is externally imposed, reflecting a persistent gap in the capital market, which denies small firms access to more appropriate forms of finance (e.g. equity and long-term debt). Such a gap was first identified in

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四川大学本科毕业论文 我国中小企业融资问题研究

1931 (MacMillan Committee, 1931) and has been rediscovered in many subsequent inquiries (Stanworth and Gray, 1991; Hamilton and Fox, 1998).

Over 15 years ago, Myers (1984) stated that financial theories do not adequately explain financing behavior. Despite this acknowledgement, the key determinants of capital structures of MSMS do not appear much clearer today (Chaganti et al., 1995). Obviously, without a clear appreciation of the magnitude and direction of relationships between antecedent organization and owner-manager characteristics and capital structure, researchers are unable to explicate satisfactorily how family business owners choose between different types of finance. For example, based on anecdotal evidence, Ward (1987) declared that family business owners typically reinvest most, if not all, of their funds during the early stages of the life cycle of their business. However, in later years, because of families’ growing financial demands, owners tend to use company profits rather than reinvesting capital for additional growth. The concept of life cycle financing captures the important relationship between the firm’s stage of development and the most viable sources of capital. Start-up firm typically relies on personal equity, friends and relatives, and loans from financial institutions.

Defining the small firms

Definition of what actually qualifies a small firms as “small” is a fundamental problem that must be addressed (Stokes, 1995) if more is to be understood about small firms and the ways in they which operate. Defining the small firms is perceived as difficult (Stanword and Curran, 1981), with no consensus in the literature as to what constitutes a “small” firm (McCartan-Quinn and Carson, 2003). SIS (1992) grouping is as follows: Micro: 0–9 employees Small: 10–49 employees. Medium: 50–250 employees.

The criteria used to classify a firm as “small” include, in addition to size by number of employees, are sales volume, asset size, type of customer and capital requirements and sheer organizational size or industry market share.

For this paper we define the MSMS firms as: an independent owner/managed business organization of limited significance within the industry, employing less than 250 employees, where the owner/manager’s omnipresence creates a highly personalized management style.

Conclusions

Firms, both large and small, have a major impact on our lives and are the context for global interchange, culturally and economically. The impact on society that firms have is wider and

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