中小企业直接融资体系构建研究

　　摘 要

    随着改革开放政策的深入贯彻，我国已经确立起新型的社会主义市场经济体制，经济建设取得世人瞩目的伟大成就，尤其是成功应对了国际金融海啸的冲击，并以此为契机加快转变发展方式。然而，由于一些体制和机制问题的制约，中国金融市场发展不平衡问题依旧显着，直接融资市场发展依旧迟缓是其中最显着的表现之一。

　　改革开放以来，中国金融市场体系建设取得了一定的成就，直接融资比重稳定提高，但相对于其他国家，我国直接融资市场发展水平依旧较低，多层次的资本市场尚未完全建立起来，并因此派生出一系列问题，不仅不利于金融市场的改革与发展，也在很大程度上抑制了金融支持实体经济发展的效力发挥。

　　为此，中共十八届三中全会提出了“提高直接融资比重”的战略部署，提出了健全多层次资本市场，对股票的发行注册进行改革，增加股权投资渠道，健康健全债券市场，以提高直接融资的比重措施，中国金融市场的直接融资迎来了一个快速的发展期。

　　本文在概要交代研究背景及意义的基础上，系统性的介绍了相关研究理论背景，对国内外资本市场尤其是直接融资市场的发展实践及经验教训做出了综合比较分析，同时立足中国国情，就中国直接融资市场健康发展，服务于中小企业暨实体经济发展给出了一些对策建议。具体包括：完善正式股权融资市场，大力发展风险投资，规范和完善非正式股权融资市场，加强金融业的改革创新，同时为中小企业扩展直接融资的渠道。此外，构建中小企业直接融资体系是一项复杂的系统工程，其实现过程还需要一定的支持体系作为支撑，来配合该体系的构建。

　　关键词：金融改革，直接融资，实体经济，场外市场

　　Abstract

    With the reform and opening policy being thoroughly carried out, China'seconomic construction has made great achievements; the socialist market economicsystem has been established. We successfully coped with the impacts of theinternational financial tsunami, and took the opportunity to accelerate the economictransformation. However, the unbalanced development of financial market is stillsignificant in China, the slow developing of direct financing market being one of themost remarkable problems.

　　After the reform and opening up, China has made great achievements in theconstruction of the financial market system; the proportion of direct financing hasbeen improving stably. But compared with other countries, the development level ofChina's direct financing market is still rather low, and the multi-level capital markethas not been fully established, which causes a series of problems. This is not onlyunfavorable to the reform and development of the financial market, but also notconducive to the development of the real economy through financial support.

　　Therefore the Third Plenary Session of the Eighteenth Central Committee of theCPC proposed the strategic deployment of raising the proportion of direct financing,and put forward such measures as improving the multi-level capital market,promoting the reform of stock issuing and registration, adding channels to promoteequity investment, and standardizing the bond market. China’s direct financingmarket has been growing rapidly ever since.

　　After a brief account of the research background and significance, this articlesystematically introduces the related theoretical background. Through acomprehensive analysis of the experience and lessons of the development practice ofdomestic and foreign capital markets, especially the direct financing markets, thisarticle gives some countermeasures and suggestions on the healthy development ofChina’s direct financing market, especially on how it can better serve the small andmedium sized enterprises and the real economy. The suggestions include improvingthe formal equity financing market, vigorously developing the risk investment,standardizing and improving the informal equity financing market, strengthening thereform and innovation of financial industry, and expanding direct financing channelsfor small and medium enterprises. In the meanwhile, the construction of directfinancing of SMEs is a complicated systematic project; to implement it, somesupport system is needed.

　　Keywords：financial reform, directly financing, the real economy, over-the-counter market
 

　　目 录

　　摘 要

　　ABSTRACT

　　目 录

　　第 1 章 绪论

　　1.1 研究背景

　　1.2 研究意义

　　1.3 国内外研究综述

　　1.4 研究方法

　　1.5 研究内容

　　第 2 章 研究的基础

　　2.1 相关概念界定

　　2.2 融资活动的理论解释

　　2.3 直接融资与经济发展的关系

　　2.4 融资的市场结构体系

　　第 3 章 美、日直接融资市场发展的启示与借鉴

　　3.1 美国的直接融资市场

　　3.2 日本的直接融资市场

　　3.3 国外直接融资市场发展的启示与借鉴

　　第 4 章 中国直接融资市场发展的现状分析

　　4.1 中国金融市场发展现状

　　4.2 中国直接融资市场发展现状

　　4.3 中国直接融资市场发展中存在的主要问题

　　第 5 章 发展直接融资服务于实体经济的建议

　　5.1 宏观建议

　　5.2 微观建议

　　结 论

　　参考文献

　　致 谢