I 摘要 我国的中小企业成长发展，经历了从无到有，从小规模发展到持续壮大，已 经成为了推动我国经济持续中高速增长的重要动力，并且解决了大量的就业岗位， 也为城乡集体经济壮大提供了重要支撑，是我国经济发展能取得现今成就的一股 重要力量。但随着近年世界经济环境的恶化以及中美贸易战、国外主要发达国对 我国进口货物的限制，中小企业的发展遇到了困境，对外需要资金的要求越来越 多，选择民间借贷这一形式也更加普遍。但是民间借贷毕竟由于其自身的高利率、 高风险等特征，以及与从金融机构获得资金相比在法律规范性上具有一定的欠缺， 也经常会给中小企业带来各种各样的问题，一定程度上影响企业的发展。如何对 民间借贷已经给中小企业带来的融资困境进行分析研判并提出一些适当可行的解 决办法，已经是经济领域的一个重要课题。 本文从民间借贷的历史沿革、特点、对经济发展的利弊分析切入，结合中小 企业选择民间借贷融资的动因进行分析。在交代了 A 公司作为中小企业所处的民 间借贷大环境之后，结合 A 公司实际，运用企业生命全周期相关知识对 A 企业从 在其发展各阶段中对民间借贷逐步吸收、大规模采用到最后给公司带来的融资困 境，并将这些困境逐一分析，查找问题背后的原因。在上述基础之上，从公司内 部治理、融资操作等方面提出一些有针对性的解决办法。 本文通过对 A 公司选择民间借贷进行融资时遇到的困境分析，继而引出中小 企业这个群体的困境，根据中小企业内部特点，提出一些切实可行的方法，帮助 中小企业寻找在发展路径上更为可持续的办法。 关键词：中小企业，民间借贷，融资困境ABSTRACT II ABSTRACT China's small and medium-sized enterprises growth and development has gone through a process from scratch, from slow development to gradual growth. It has become a strong driving force for China's sustained economic growth, and has solved a large number of employment opportunities.It also provides important support for the growth of urban and rural collective economy and is an important force for China's economic development to achieve its current achievements. But as the environmental deterioration in the world economy as well as a trade war with China in recent years, the major developed countries abroad restrictions on imported goods in China, the development of small and medium-sized enterprises encountered difficulties, foreign need money demand more and more, choose folk lending this form is also more common, However, private lending, due to its characteristics of high interest rate and high risk, as well as its lack of legal standards compared with obtaining funds from financial institutions, often brings various problems to small and medium-sized enterprises and affects the development of enterprises to a certain extent. How to analyze the problems that private lending has brought to small and medium-sized enterprises and put forward some appropriate and feasible solutions has become an important issue in the economic field. This paper starts from the historical evolution, characteristics, advantages and disadvantages analysis of economic development, and analyzes the motivation of smes to choose private lending financing. In the account for A company as small and medium-sized enterprises of the private lending environment, combining the reality of A company, enterprise life cycle all relevant knowledge in each development stage of A enterprise from the gradually absorbed, large-scale use of private loans to finally bring to the company's financing predicament, and will these difficulties one by one analysis, find the reasons behind the problem. On the basis of the above, from the company's internal governance, financing operations and other aspects of some targeted solutions. This paper analyzes the plight of A company when it chooses private lending for financing, and then leads to the plight of small and medium-sized enterprises. According to the internal characteristics of small and medium-sized enterprises, this paper proposes some practical methods to help small and medium-sized enterprises findABSTRACT III more sustainable ways on the development path. Keywords: Small and medium-sized enterprises，Private lending，Financing difficulties目录 IV 目录 第一章 绪论.................................................................................................................... 1 1.1 选题背景............................................................................................................ 1 1.2 研究内容和意义................................................................................................ 1 1.3 创新与不足........................................................................................................ 2 第二章 相关概念的界定和相关理论基础.................................................................... 3 2.1 中小企业概念界定............................................................................................ 3 2.1.1 中小企业的含义 .................................................................................... 3 2.1.2 中小企业的发展历程和现状 ................................................................ 4 2.2 民间借贷渊源综述............................................................................................ 5 2.2.1 民间借贷的概念发展和表现形式 ........................................................ 5 2.2.2 民间借贷存在的原因 ............................................................................ 6 2.2.3 民间借贷发挥的积极作用和负面作用 ................................................ 7 2.2.4 关于如何规范民间借贷的相关研究综述 ............................................ 9 2.3 中小企业民间借贷融资的理论基础.............................................................. 10 2.3.1 金融缺口理论 ...................................................................................... 10 2.3.2 信息不对称理论 ...................................................................................11 2.3.3 啄序理论 .............................................................................................. 12 第三章 中小企业选择民间借贷的动因及可行性...................................................... 13 3.1 中小企业的融资现状...................................................................................... 13 3.1.1 中小企业的主要融资方式 .................................................................. 13 3.1.2 中小企业融资现状 .............................................................................. 14 3.2 中小企业选择民间借贷融资的动因.............................................................. 16 3.2.1 信息不对称 .......................................................................................... 16 3.2.2 企业内部原因 ...................................................................................... 17 3.3 处于不同生命周期的中小企业从民间借贷融资的可行性.......................... 18 3.3.1 企业创立期 .......................................................................................... 19 3.3.2 企业成长期 .......................................................................................... 20 3.3.3 企业成熟期 .......................................................................................... 20 3.3.4 企业衰退期 .......................................................................................... 20 第四章 A 公司民间借贷融资现状分析...................................................................... 22目录 V 4.1 A 公司的基本情况........................................................................................... 22 4.2 A 公司以民间融资出现的问题分析............................................................... 27 4.2.1 公司内部风控机制不健全 .................................................................. 27 4.2.2 未做到理性民间融资 .......................................................................... 28 4.2.3 过度的资本运作 .................................................................................. 29 4.2.4 未把握开辟新融资渠道时机 .............................................................. 31 4.2.5 A 公司民间借贷融资成本与风险 ....................................................... 31 第五章 A 公司民间融资困境的原因分析.................................................................. 32 5.1 A