目前，我国的中小企业在国民经济中发挥了越来越重要的作用， 然而由于我国金融体系的不健全，中小企业融资渠道非常狭窄，融资 难问题一定程度上限制了中小企业的快速发展。 夹层融资作为一种结合了股权融资和债券融资特点的融资模式， 在欧美发达国家已经比较成熟，很大程度上解决了欧美中小企业的融 资需求，这对于我国也具有很大的参考价值。 在这个前提背景下，本文希望通过对夹层融资模式的研究，来探 讨夹层融资在我国的发展的前景和可行性。本文对夹层融资的特点、 形式、适用条件进行阐述，并详细比较了夹层融资和股权融资的差异， 从而分析我国中小企业运用夹层融资的前景和动因，并且结合两个实 践案例，加以佐证说明。最后，通过欧美发达国家经验，对我国夹层 融资的发展提出建议。 关键词：夹层融资 中小企业FEASIBILITY ANALYSIS OF USING MEZZANINE FINANCE IN CHINESE SMEs ABSTRACT At present, China's small and medium enterprises (“SMEs”) play an increasingly important role in the national economy. However, due to the limitation of China's financial system, the financing channel of SMEs is really narrow. The problem of difficulty in financing, to a certain extent, restricts the rapid development of SMEs. Mezzanine finance combines the characteristics of equity financing and debt financing of the financing model, which is quite mature in in Europe and the United States, largely solve the financing needs of SMEs there. The success experience is a good reference value for us on the same issue. Under such background, we hope to understand the model of mezzanine finance to explore the prospects for using mezzanine finance in China. In this paper, we describe the features, forms，incomes and applicable conditions of mezzanine finance, and make a detailed comparison of between mezzanine finance and equity financing, toanalyze the prospects and motivations for using mezzanine finance by SMEs in China. Also we raise two practical cases to support our opinions. At the end, we make some recommendations for the development of mezzanine finance in China, with the experience from developed countries. KEY WORDS: Mezzanine Finance, Small and Medium Enterprises目录 第 1 章绪论............................................................... 1 1.1 选题背景和研究意义.........................................................................................................1 1.1.1 选题背景..........................................................................................................................1 1.1.2 研究意义..........................................................................................................................1 1.2 国内外文献综述.................................................................................................................2 1.2.1 国外文献综述..................................................................................................................2 1.2.2 国内文献综述..................................................................................................................3 1.3 研究方法.............................................................................................................................4 1.4 研究框架.............................................................................................................................5 第 2 章 夹层融资特点...................................................... 6 2.1 夹层融资特点.....................................................................................................................6 2.1.1 夹层融资的概念和起源..................................................................................................6 2.1.2 夹层融资的结构和投资回报..........................................................................................6 2.1.3 夹层融资和私募股权的区别..........................................................................................7 2.1.4 夹层融资的适用条件......................................................................................................8 2.2 本章小结...........................................................................................................................10 第 3 章 我国中小企业运用夹层融资的前景和动因分析......................... 11 3.1 我国中小企业运用夹层融资的前景分析.......................................................................11 3.2 我国中小企业运用夹层融资的动因分析.......................................................................13 3.2.1 夹层融资融资方需求的动因........................................................................................13 3.2.2 夹层融资投资方供给的动因........................................................................................14 3.3 本章小结..........................................................................................................................15 第 4 章 我国中小企业运用夹层融资实例分析................................. 16 4.1 盛辉工程的夹层融资案例...............................................................................................16 4.1.1 案例背景........................................................................................................................16 4.1.2 夹层融资的引入............................................................................................................16 4.1.3 案例分析........................................................................................................................17 4.2 彭康化学的夹层融资案例...............................................................................................17 4.2.1 案例背景........................................................................................................................17 4.2.2 夹层融资的引入............................................................................................................18 4.2.3 案例分析........................................................................................................................18 4.3 案例引发的问题...............................................................................................................19 4.4 本章小结...........................................................................................................................19 第 5 章 夹层融资在我国发展的障碍分析和欧美的经验启示..................... 20 5.1 夹层融资在我国中小企业发展的障碍分析...................................................................20 5.1.1 资本市场体系障碍........................................................................................................20 5.1.2 法律体系障碍................................................................................................................21 5.1.3 信用评级制度障碍........................................................................................................21 5.1.4 中小企业自身障碍........................................................................................................225.2 欧美国家夹层融资发展的经验和对我们的启示...........................................................22 5.2.1 夹层融资在欧美发达国家发展的经验........................................................................22 5.2.2 对于我国发展夹层融资的启示....................................................................................23 5.3 本章小结...........................................................................................................................24 第六章 结论和展望....................................................... 25 6.1 结论..................................................................................................................................25 6.2 展望..................................................................................................................................25