摘要
中小企业融资是一个公认的世界性难题，中小企业与生俱来的小规模和高风
险与金融机构所追求的高效益和低风险形成了难以调和的先天性矛盾，在解决这
个矛盾的过程中往往呈现出政策和市场失灵并存、市场有效和市场无效并存的问
题

中小企业相对大企业来说规模小、经营变数多、风险高、信用差；而资金是
一种特殊的服务性商品，容易在出租或委托经营过程中受到侵蚀，因此一般资金
所有者或金融机构在资金融通上往往非常谨慎，有关政府部门也要求其对资金的
投放要谨慎，这成为了中小企业的融资难的先天原因。而且，资金也具有一般商
品的特点就是零售成本要高于批发成本，中小企业的融资规模要远小于大型企业，
导致其不仅融资成本高，对于资金所有者来说其对资金的投放成本也高

但即便融资代价高，多数中小企业也融资无门。本文从理论研究开始，一一
列举了中小企业可以尝试的融资渠道。并通过分别以各类不同中小企业为案例，
详尽阐述了中小企业相应的融资方式和效果。本文期望以详实的案例分析和概念
介绍，来为中小企业的融资提供切实可行、行之有效的融资手段。使中小企业不
再为资金缺乏而望洋兴叹，错失发展机会。但也同时不断提示所有中小企业一定
要摒弃不诚信、不讲信用的陋习，从一开始就树立规范经营，长期经营并科学管
理的管理理念

关键词：中小企业，境内融资方式，境外上市融资II
ABSTRACT
Small and medium-sized enterprises (SMEs) face difficulties when seeking
finance, which is considered as a worldwide problem. The native small-scale and high
risk of SMEs is in innate contradiction with financial institutions’ wish to pursue high
profits at low risks. In the process of solving this conflict, problems emerged: market
and policy failures and the coexistence of market effectiveness and ineffectiveness.
Relative to large enterprises, SMEs have small-scale and volatile and high-risk
business operation and poor credit. as well as capital is a special commodity, which is
subject to erosion when it is leased or entrusted to SMEs and may become bad debts
without any return and compensation. Therefore, capital owners or financial
institutions are prudent in funding SMEs or are required to be so by relevant
government departments. This predetermines the difficulties faced by SMEs in
financing. Furthermore, like any other commodity, the retail cost of capital is higher
than its wholesale cost. SMEs seek finance in a much smaller scale than large
enterprises and so have to pay a higher price, also the cost of funding to SMEs is
higher.
Most SMEs, however, cannot find ways to obtain the money they need even at a
higher price.This thesis begins with theory review and then lists financing options for
SMEs. By studying cases of different types of SMEs, this thesis illustrates the
financing means and effects for each type of them. Based on the detailed case and
literature analysis, this thesis provides possible means for SMEs to obtain finance so
that they won’t miss development opportunities. It also reminds SMEs to maintain
integrity and good credit and to undertake proper business operation and pursue
sustainable development in the first place.
KEY WORDS：Small and medium-sized enterprises, SMEs Domestic financing,
SMEs Going public overseasIII
目 录
中文摘要I
ABSTRACT.....II
第 1 章 绪论......1
1.1 选题背景.........1
1.2 研究目的与意义.........2
1.3 文献综述.........2
1.3.1 国外研究现状2
1.3.2 国内研究现状3
1.3.3 文献综评........3
1.4 研究方法.........3
1.5 研究思路.........3
第 2 章 中国中小企业融资方式介绍..5
2.1 中小企业境内融资方式介绍.5
2.1.1 银行贷款........5
2.1.2 国际贸易融资7
2.1.3 应收账款融资9
2.1.4 资产典当融资..........10
2.1.5 小额贷款融资..........11
2.1.6 融资租赁融资..........11
2.1.7 供应链融资..13
2.1.8 股权融资......13
2.1.9 众筹融资......16
2.1.10 资产证券化融资......16
2.1.11 境内上市融资..........18
2.2 中小企业境外上市融资介绍.........19
2.2.1 美国上市融资..........19
2.2.2 香港上市融资..........21
2.2.3 英国上市融资..........22
2.2.4 新加坡上市融资......22
2.2.5 澳大利亚上市融资..22IV
第 3 章 中小企业融资方式选择的适用性分析........25
3.1 银行贷款融资的适用性分析.........25
3.2 国际贸易融资的适用性分析.........27
3.3 应收账款融资的适用性分析.........27
3.4 资产典当融资的适用性分析.........28
3.5 小额贷款融资的适用性分析.........28
3.6 供应链融资的适用性分析.29
3.7 众筹融资的适用性分析.....29
3.8 资产证券化融资的适用性分析.....30
3.9 中小企业境内上市融资的建议.....30
3.10 中小企业境外上市的研究.32
第 4 章 不同发展阶段的中小企业的融资方式选择37
4.1 创立期中小企业的融资方式选择.37
4.2 成长期中小企业的融资方式选择.38
4.3 成熟期中小企业的融资方式选择.39
4.4 衰退期中小企业的融资方式选择.40
第 5 章 案例分析...........
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