發(fā)布時間：2018-11-27 08:42

【摘要】：近年來,我國中小企業(yè)數(shù)量在不斷蓬勃發(fā)展,其在國民經(jīng)濟(jì)和社會發(fā)展中的戰(zhàn)略作用不容忽視。然而由于中小企業(yè)自身的特點約束、借貸雙方的信息不對稱,融資難問題已經(jīng)成為困擾中小企業(yè)發(fā)展壯大的瓶頸。中小企業(yè)融資難的背后存在著什么原因?融資難問題與中小企業(yè)信用風(fēng)險之間具有什么聯(lián)系?而在中小企業(yè)信用風(fēng)險中,除了評價其償債能力外,了解其償債意愿也至關(guān)重要。本文從中小企業(yè)融資難開始層層抽絲剝繭,首先在文獻(xiàn)回顧的基礎(chǔ)上指出了其根本原因來自于信息不對稱,信息不對稱意味著對中小企業(yè)信用風(fēng)險的無法識別或不夠了解,然而現(xiàn)有對中小企業(yè)信用風(fēng)險的評價都主要集中在對其償債能力的考察,而鮮有對償債意愿的探究;其次,本文關(guān)注于中小企業(yè)償債意愿的問題,分析了其意愿薄弱的原因,并論述了目前對于中小企業(yè)償債意愿的研究方法。接著,本文考慮決策者不完全理性和研究方法的便捷直觀,引入前景理論和多智能體仿真方法,剖析了基于前景理論下影響中小企業(yè)償債意愿的三大因素,并構(gòu)建了多智能體仿真模型。最后,關(guān)系型貸款是一類有效緩解中小企業(yè)融資難的模式,本文將中小企業(yè)償債意愿嵌入關(guān)系型貸款,分析了償債意愿與關(guān)系型貸款的作用。研究發(fā)現(xiàn),償債意愿并非都隨著變量的變化完全呈線性變化。為更有效地識別和提升中小企業(yè)的償債意愿,銀行等債權(quán)方不僅應(yīng)該了解中小企業(yè)的投資期望利潤率,還應(yīng)該引導(dǎo)中小企業(yè)追逐合理的利潤目標(biāo);同時,在設(shè)定合理的貸款利率的前提下,加大違約的懲戒力度,提高其違約成本;另外,應(yīng)該了解并重視其所在中小企業(yè)圈內(nèi)整體的償債情況。除此外,分析認(rèn)為對中小企業(yè)償債意愿的識別有助于銀企實現(xiàn)關(guān)系型貸款,而關(guān)系型貸款模式也在一定程度上能夠提高中小企業(yè)的償債意愿,二者相得益彰。本文擬通過對中小企業(yè)融資難問題及其償債意愿的探究,期望為債權(quán)方提供識別中小企業(yè)償債意愿的一類方法,為緩解中小企業(yè)融資難問題給出進(jìn)一步的思考。
[Abstract]:In recent years, the number of small and medium-sized enterprises in China is booming, its strategic role in the national economy and social development can not be ignored. However, due to the constraints of SMEs' own characteristics and the asymmetric information between the lenders and borrowers, the difficulty of financing has become the bottleneck that puzzles the development and growth of SMEs. What are the reasons behind the financing difficulties of SMEs? What is the connection between the financing problem and the credit risk of SMEs? In the credit risk of small and medium-sized enterprises, it is also important to know their willingness to pay debt in addition to evaluating their solvency. This paper begins with the difficulty of financing for small and medium-sized enterprises. Firstly, based on the review of the literature, the author points out that the fundamental reason is information asymmetry, which means that the credit risk of small and medium-sized enterprises can not be identified or understood. However, the existing evaluation of the credit risk of small and medium-sized enterprises is mainly focused on the investigation of their solvency, but rarely on the willingness to repay debt. Secondly, this paper focuses on the problem of SMEs' willingness to repay debt, analyzes the reasons for their weak willingness, and discusses the current research methods of SMEs' willingness to repay debt. Then, considering the incomplete rationality of decision-makers and the convenient and intuitive research methods, this paper introduces the foreground theory and multi-agent simulation method, and analyzes the three factors that affect the willingness of SMEs to repay debt based on the prospect theory. The simulation model of multi-agent is constructed. Finally, relational loan is a kind of effective model to alleviate the financing difficulties of small and medium-sized enterprises. This paper embed the willingness to repay debt of small and medium-sized enterprises into relational loans, and analyzed the role of willingness to repay debt and relational loans. It is found that the willingness to repay debt is not entirely linear with the change of variables. In order to identify and enhance the willingness of SMEs to repay debt more effectively, banks and other creditors should not only understand the expected profit margin of SMEs, but also guide them to pursue reasonable profit targets. At the same time, under the premise of setting a reasonable loan interest rate, we should increase the punishment of default and increase the cost of default. In addition, we should understand and attach importance to the whole debt service situation in the circle of small and medium-sized enterprises. In addition, it is concluded that the identification of SMEs' willingness to repay debt is helpful for the realization of relational loans, and the relational loan model can improve the willingness of SMEs to repay debt to a certain extent, which complement each other. This paper aims to provide a method to identify the willingness of small and medium-sized enterprises to repay debt by exploring the problem of financing difficulties and their willingness to repay debt of small and medium-sized enterprises, and to provide further consideration for alleviating the problem of financing difficulties of small and medium-sized enterprises.
【學(xué)位授予單位】：電子科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.4;F276.3

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本文編號：2360094