2014 年我国进入“经济新常态”发展阶段，适应和引领我国经济发展新常 态，关键是要依靠科技创新转换为发展动力。科技型中小企业中孕育出的企业家 精神，在市场经济模式中成为了持续发展和创新的不竭之源。然而，当前我国科 技型中小企业普遍存在资金制约科研能力发展的问题，致使出现“重融资、轻偿 还”的风险管理现状，债务融资高成本、高负债；科技创新的不确定性和市场前 景的不明朗；对资金使用规划和投资风险理解不足；对企业风险管理不够精通； 加之汇率风险、利率风险、宏观环境不确定等多种问题，很容易引发科技型中小 企业融资风险问题。因此，新时代背景下，研究科技型中小企业债务融资的独特 风险，建立一整套成熟有效的风险识别体系、识别方法和管理控制措施至关重要。 本文采用“定性理论框架构建+定量实证研究”的研究方法，以科技型中小 企业的特点为线索，结合新时代的融资案例，分析科技型中小企业在选择不同的 债务融资方式时所面临的不同风险，并对该类企业债务融资的风险因素、风险特 征及其识别方法做阐述，得出对科技型中小企业更为合适的二维构象评估体系。 本文研究工作表明加强科技型中小型企业融资风险管理，一方面要在自身企 业结构、能力、经营管理等方面强化，另一方面要加强对融资行为主要参与者的 防范，从而把融资成本、风险降到最低，达到效益最优化，促进我国科技型中小 企业的可持续发展。本文研究工作在于基于新时代所赋予的科技型中小企业的特 征，注重科技型中小企业新形势下风险管理的特殊性，立足于企业性质和融资风 险因素对科技型中小企业进行融资风险识别，研究并形成一整套科学的债务融资 风险评估步骤和方法。 关键词，科技型中小企业，债务融资，融资风险，风险管理 论文类型，应用研究浙江工业大学硕士学位论文 科技型中小企业债务融资风险及防范对策研究——以昆明 XSF 公司为例 II RESEARCH ON DEBT FINANCING RISK OF SCIENCE AND TECHNOLOGY SMES AND ITS COUNTERMEASURES ——TAKING KUNMING XSF COMPANY AS A CASE ABSTRACT In 2014, China entered the development stage of “new economic normal”, adapting and leading the new normal of China's economic development. The key is to rely on scientific and technological innovation to transform development momentum. The entrepreneurial spirit fostered by small and medium-sized enterprises in science and technology has become an inexhaustible source of sustainable development and innovation in the market economy model, representing a new trend in the development of world science and technology and industry. However, at present, China's high-tech SMEs generally have the problem of restricting the development of scientific research ability, resulting in the risk management status of heavy financing, light repayment and high debt financing costs and high liabilities. The uncertainty of technology innovation and the uncertainty of market prospect; Insufficient understanding of capital use planning and investment risk; insufficient proficiency in enterprise risk management; Many problems, such as exchange rate risk, interest rate risk, and macro-environmental uncertainty, can easily lead to financing risks for SMEs. Therefore, under the background of the new era of “new normal economy” and “Internet + finance”, we will study the unique risks of debt financing of small and medium-sized enterprises, and establish a set of mature and effective risk identification systems and identification methods. Scientific and effective management control is essential. This paper adopts the research method of “Qualitative Theory Framework Construction + Quantitative Empirical Research”, taking the characteristics of SMEs as a clue, combining the financing cases of “new bicycle”, “China-US trade war” and artificial intelligence, etc. The risk factors, risk characteristics and identification浙江工业大学硕士学位论文 科技型中小企业债务融资风险及防范对策研究——以昆明 XSF 公司为例 III methods of debt financing of this type of technology-based SMEs are elaborated. On this basis, analyze the different risks faced by SMEs in choosing different debt financing methods, and obtain a more suitable two-dimensional conformation evaluation system for SMEs. Identify and accurately assess unique risks and build risk management solutions. The research work in this paper shows that strengthening the financing risk management of small and medium-sized enterprises in science and technology should be strengthened in terms of their own corporate structure, capabilities, and management. On the other hand, it is necessary to strengthen the prevention of major players in financing activities, thereby reducing financing costs. It is adjusted to the lowest level, the risk is reduced to the minimum, the benefit is optimized, and the sustainable development of China's science and technology small and medium-sized enterprises is promoted. Research work in this paper is based on the characteristics of SMEs given by the new era, paying attention to the particularity of risk management in the new situation of SMEs, and forming a set of scientific steps and methods for risk assessment of debt financing, based on the nature of enterprises and financing, and the risk factors for the financing risk identification of SMEs. KEY WORDS: Technology-based SMEs；Debt financing；Financing risk；Risk management TYPE OF DISSERTATION / THESIS: Application Research浙江工业大学硕士学位论文 科技型中小企业债务融资风险及防范对策研究——以昆明 XSF 公司为例 IV 目 录 1 绪论 ................................................... 1 1.1 研究背景和意义 ................................................ 1 1.1.1 研究背景 ..................................................1 1.1.2 研究意义 .................................................. 2 1.2 国内外研究综述 ................................................ 3 1.2.1 国外研究综述 .............................................. 3 1.2.2 国内研究综述 .............................................. 5 1.2.3 研究评述 .................................................. 7 1.3 研究内容与结构安排 ............................................7 1.4 难点及可能的创新之处 ..........................................8 2 科技型中小企业债务融资风险及其特性 ..................... 9 2.1 科技型中小企业债务融资风险的定义 .............................. 9 2.1.1 科技型中小企业债务融资风险的定义 .......................... 9 2.1.2 科技型中小企业债务融资风险的特征 .......................... 9 2.2 不同债务融资方式存在的风险 ................................... 10 2.2.1 银行融资风险 ............................................. 10 2.2.2 民间融资所存在的风险 ..................................... 11 2.2.3 融资租赁的风险 ........................................... 11 2.2.4 商业信用融资的风险 ....................................... 12 2.2.5 债券融资的风险 ........................................... 13 2.3 科技型中小企业债务融资风险的阶段特性 ......................... 14 2.3.1 风险潜伏期 ............................................... 14 2.3.2 风险发作期 ............................................... 14 2.3.3 风险恶化期 ............................................... 14 2.4 科技型中小企业债务融资风险的概括 ............................. 15 3 科技型中小企业融资风险的成因分析 ...................... 16 3.1 企业层面 ..................................................... 16 3.1.1 盲目投资消耗资金 ......................................... 16 3.1.2 内部控制制度的不完善导致企业整体经济收益低下 ............. 17 3.1.3 缺乏科学的资金管理规划 ................................... 18 3.1.4 不能有效选拔和任用人才 ................................... 18 3.2 银行层面 ..................................................... 19 3.2.1 成本收益不均衡 ........................................... 19浙江工业大学硕士学位论文 科技型中小企业债务融资风险及防范对策研究——以昆明 XSF 公司为例 V 3.2.2 风险收益不对称 ........................................... 19 3.2.3 缺乏风险承受能力 ......................................... 20 3.3 第三方层面 ................................................... 20 3.3.1 政府方面 ................................................. 20 3.3.2 担保公司方面 ............................................. 21 3.3.3 社会中介机构方面 ......................................... 21 3.4 外部环境层面 ................................................. 21 3.4.1 企业与银行信息不对称 ..................................... 21 3.4.2 融资渠道单一 ............................................. 22 4 科技型中小企业债务融资风险评估体系 .................... 23 4.1 科技型中小企业债务融资风险横向评估指标 ....................... 23 4.1.1 偿还资金的能力 ........................................... 23 4.1.2 利用资金的能力 ........................................... 25 4.1.3 资本保值和增值的能力 ..................................... 25 4.1.4 财务结构相应指标 ......................................... 26 4.2 科技型中小企业债务融资风险纵向评估指标 ....................... 27 4.2.1 初创期企业评估融资风险的指标 ............................. 27 4.2.2 成长期企业评估融资风险的指标 ............................. 27 4.2.3 成熟期企业评估融资风险的指标 ............................. 28 4.2.4 衰退期企业评估融资风险的指标 ............................. 28 4.3 科技型中小企业债务融资风险评估方法 ........................... 29 4.3.1 功效系数法的步骤 ......................................... 31 4.3.2 指标的分类与标准值的设定 ................................. 31 4.3.3 指标权重的确定 ........................................... 33 4.3.4 评估指标功效系数计算公式 ................................. 34 4.3.5 融资风险区间的设置 ....................................... 34 5 科技型中小企业融资风险评估实例分析 .................... 36 5.1 企业概况 ..................................................... 36 5.1.1 公司简介 ................................................. 36 5.1.2 公司融资风险管理需求背景 ................................. 36 5.2 债务融资风险评估 ............................................. 38 5.2.1 构建财务指标及其权重系数 ................................. 38 5.2.2 确定同行业财务指标平均值 ................................. 39 5.2.3 计算财务指标实际值 ....................................... 39 5.2.4 计算单项功效系数 ......................................... 40浙江工业大学硕士学位论文 科技型中小企业债务融资风险及防范对策研究——以昆明 XSF 公司为例 VI 5.2.5 综合功效系数 ............................................. 41 5.2.6 评估企业融资风险程度 ..................................... 41 5.3 债务融资风险管理措施强化和落实 ............................... 42 5.3.1 加强 XSF 企业投资规划管理能力 ............................. 42 5.3.2 重视存量融资 ............................................. 43 5.3.3 加强企业市场营销能力 ..................................... 44 6 科技型中小企业债务融资风险管理措施 .................... 45 6.1 规避经营性债务融资风险 ....................................... 45 6.1.1 谨慎投资 ................................................. 45 6.1.2 加强财务管理、完善内部管理制度 ........................... 46 6.1.3 增强内源融资能力 ......................................... 47 6.1.4 使融资资金充分被利用 ..................................... 47 6.1.5 人才的培养与重用 ......................................... 48 6.2 规避支付性债务融资风险 ....................................... 49 6.2.1 选择正确的融资方式 ....................................... 49 6.2.2 资金数量上追求合理性 ..................................... 49 6.2.3 资金使用上追求效益性 ..................................... 50 6.2.4 资金结构上追求配比性 ..................................... 50 6.3 加强对融资行为主要参与者的防范 ............................... 51 6.3.1 正确解读政府有关政策，做好风险防范 ....................... 51 6.3.2 做好对银行、担保机构及其他第三方机构的风险防范 ........... 51 结论.................................................... 52