自从2014年9月在夏季达沃斯论坛上国务院总理李克强公开发出“大众创 业、万众创新”的号召，“双创”这个词就开始在各地流行开来。在几个月以后， “双创”又被写进了李克强总理2015年政府工作报告中，并要求积极推进“双 创”。自此扶持小微企业的各项政策也陆续出台，不仅给小微企业减税降费，还 通过定向降准等措施帮助小微企业解决融资难的问题。在此背景下各个银行也纷 纷成立普惠金融部门，为小微企业融资不仅在手续上提供便捷，在利息上给予优 惠，部分银行还推出了信用贷，解决很多小微企业融资的问题。 本文通过问卷调查了解到，虽然目前小微企业融资难问题有所缓解，但是许 多小微企业想要发展壮大，需要长期、大额资金依然无法得到满足。通过数据统 计和分析发现，造成小微企业融资难问题的原因主要有两大方面。企业内部原因 主要是小微企业管理能力薄弱，特别是财务力量缺乏，导致融资决策不合理。其 次财务信息不完整，没有经过外部审计，没有信用记录。还有小微企业本身企业 规模小，缺乏抵押物。外部环境遇到的问题主要有资本市场不健全，公开市场融 资门槛高。其次小微企业和金融机构之间存在信息不对称，缺乏信息沟通平台。 还有小微企业和民间资本对接不通畅，相关平台管理滞后。这些都是制约小微企 业融资的原因。根据深入调研杭州YX公司融资案例，发现跟调查问卷发现的问 题一样，YX公司无法获得长期大额银行贷款，并且在公开市场及其他资本市场 也没办法融资。 针对YX公司在融资过程中遇到的问题，本文从企业内部对策和外部环境改 善两个方面提出建议。首先企业自身要加强财务建设，合理安排融资需求。其次 在此基础上选择合适融资渠道，降低企业融资成本，同时企业还需要完善财务信 息，充分真实的反映企业发展状况。而外部环境需要提高的地方有建立信用信息 “双创”背景下小微企业融资问题研究——以YX公司为例 平台，促进小微企业和金融机构之间的信息沟通。其次健全融资对接渠道，加强 各类融资平台监管。最后需要升级“双创”帮扶政策，持续服务小微。 关键词：双创，小微企业，信息不对称 “双创”背景下小微企业融资问题研究——以YX公司为例 RESEARCH ON FINANCING OF SMALL AND MICRO ENTERPRISES UNDER THE BACKGROUND OF "DOUBLE CREATIONS" —— TAKE YX CO., LTD. AS AN EXAMPLE ABSTRACT Since Li Keqiang, Premier of the State Council, publicly issued the call of "mass entrepreneurship and innovation" at the Summer Davos Forum in September 2014, the word "double creation" has become popular. A few months later, it was pushed forward by an unprecedented report on the work of the government in 2015. Since then, various policies to support small and micro enterprises have been introduced, not only to reduce taxes and fees for small and micro enterprises, but also to help small and micro enterprises solve the problem of financing through targeted reduction measures. Under this background, various banks have set up inclusive financial sector, which not only provides convenience for financing small and micro enterprises, but also offers preferential interest rates. Some banks have also introduced credit loans to solve the financing problems of many small and micro enterprises. According to the questionnaire survey, although the financing difficulty of small and micro enterprises has been alleviated, many small and micro enterprises want to grow and need long-term and large amount of funds, which can not be satisfied. Through data statistics and analysis, it is found that there are two main reasons for the financing difficulties of small and micro “双创”背景下小微企业融资问题研究——以YX公司为例 enterprises. The main internal reason is the weak management ability of small and micro enterprises, especially the lack of financial power, which leads to the unreasonable financing decision. Secondly, the financial information is incomplete without external audit and credit record. There are also small and micro enterprises with small scale and lack of collateral. The main problems encountered in the external environment are the imperfection of the capital market and the high threshold of financing in the open market. Secondly, there is information asymmetry between small and micro enterprises and financial institutions, lacking information communication platform. There are also small and micro enterprises and private capital docking is not smooth, and related platform management lags behind. These are the reasons that restrict the financing of small and micro enterprises. According to the in-depth investigation of the financing cases of Hangzhou YX company, it is found that, like the problems found in the questionnaire, YX company is unable to obtain long-term large-scale bank loans and is unable to finance in the open market and other capital markets. In view of the problems encountered in the financing process of YX company, this paper puts forward suggestions from two aspects: internal countermeasures and external environment improvement. First of all, enterprises should strengthen financial construction and arrange financing needs reasonably. Secondly, on this basis, choose the appropriate financing channels to reduce the financing cost of enterprises. At the same time, enterprises also need to improve financial information, fully and truly reflect the development of enterprises. The external environment needs to be improved by establishing a credit information platform to promote information communication between small and micro enterprises and financial institutions. Secondly, we will improve the financing docking channels and strengthen the supervision of various financing platforms. Finally, we need to upgrade the "mass entrepreneurship and innovation" assistance policy and continue to serve microenterprises. “双创”背景下小微企业融资问题研究——以YX公司为例 KEY WORDS: double creations, small and micro enterprises, asymmetric information “双创”背景下小微企业融资问题研究——以YX公司为例 目 录 第一章?引言...........................................1 第一节 研究背景..................................................1 第二节 研究目的和意义............................................2 一、研究目的....................................................2 二、研究意义....................................................2 第三节 研究的内容和方法..........................................4 一、研究内容....................................................4 二、研究方法....................................................6 第二章 国内外文献综述及相关理论.......................7 第一节 国外文献综述..............................................7 第二节 国内文献综述..............................................8 第三节 小微企业融资相关理论.....................................10 一、信息不对称理论.............................................10 二、信贷配给理论...............................................11 三、信号传递理论...............................................11 第三章 小微企业定义及概况............................13 第一节 小微企业的定义...........................................13 第二节 小微企业的特点及作用.....................................14 一、小微企业的主要特点.........................................14 二、小微企业的主要作用.........................................15 第三节 “双创”背景下政府对小微企业的帮扶.......................16 一、政府出台的“双创”优惠政策.................................16 二、“双创”优惠政策对小微企业的影响...........................18 第四章 “双创”背景下小微企业融资现状调查............20 第一节 小微企业的基本概况.......................................20 “双创”背景下小微企业融资问题研究——以YX公司为例 第二节 小微企业融资概况及存在问题...............................21 一、小微企业融资状况...........................................21 二、小微企业融资过程中遇到的问题...............................24 第三节 小微企业融资难问题原因分析...............................27 一、企业自身原因分析...........................................27 二、外部环境原因分析...........................................29 第五章 杭州YX公司融资案例研究........................32 第一节 杭州YX公司基本情况.......................................32 一、杭州YX公司简介.............................................32 二、杭州YX公司财务情况分析.....................................32 三、杭州YX公司内外部环境分析...................................35 第二节 杭