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研究中小企业融资要参考的英文文献英文图书和期刊类文献：[1]Allen NBerger,Gregory FUdell,“Relationship Lending and Lines of Credit inSmall FirmFinance,”Journal of Business,V68,(1995),351-381．[2]Aghion,P,Incomplete contracts approach to financial contracting,Review ofEconomics Studies,1992,V59,p473-494．[3]Albertode，M&JulioPDeterminants of capital structure:new evidencefrom Spanish Panel data[J]Journal of Corporate Finance，2001，(7):77-99．[4]ANBerger，NHMiller，MAPetersen，RGRajan，JCStein，2001，“DoesFunction Follow Organizational Form?Evidence from the Lending Practices ofLarge and Small Banks”,Board of Governors of Federal Reserve SystemWorking Paper．[5]Azam,JP,BBiais,MDia and CMInformal and Formal Credit Marketsand Credit Rationing in Cote D’Ivoire,Oxford Review of Economic Policy,2001,17(4),520-[6]Bernanke,BS,MGInside the Black Box:The Credit Channel ofMonetary Policy Transmission[J]Journal of EconomicPerspectives,1995,(9);27-48．[7]Barbosa,E&Moraes,C,Determinants of the Firm’s Capital Structure:theCase of the Very Small Enterprises,Working Paper from Econpapers，2003,366-358。[8]Barton，SL&Gordon，PJCorporate strategy and capital structure[J]Strategic Management Journal，1988，9:623-632．[9]Baxter，ND&Cragg，JGCorporate choice among long-term financinginstruments[J]Review of Economics and Statistics，1970，(52):225-235．[10]Berger,AN,Udell,GF,RelationshipLending andLinesof Credit in SmallFirm Finance[J],Journal ofBusiness,1995,68,351—382．[11]Berger,AN,Udell,and GFThe Economics of Small Business Finance:The Roles of Private Equity and Debts Markets in the Financial GrowthCycle[J]Journal of Banking and Finance,1998,22(6):613-673．137[12]Berger and Udell,Small Business Credit Availability and RelationshipLending:The Importance of Bank Organizational Structure[J],EconomicJournal,2002,112(447)L:32-[13]Booth，Laurence，Varouj Aivazian，Asli Demirguckunt&Vojislav MCapital structures in developing countries[J]Journal of Finance，2001，(56):87-130．[14]Bradley，M，Jarrell，GA，&Kim，EHOn the existence of an optimal capitalstructure:theory and evidence[J]Journal of Finance，1984，(39):857-[15]Brander，JA&Lewis，TROligopoly and financial structure:the limitedliability effect[J]American Economic Review，1986，(76):956-970．[16]Chang CCapital structure as optimal contract[J]North American Journalof Economics and Finance，1999，(10):363-385．[17]Cole,R·A·,Goldberg,L·G·&White,L·J·Cookie-cutter versus character:Themicro structure of small business lending by large and small banks[J]·Journalof Financial and Quantitative Analysis,2004,39,pp227-[18]Collins，JM&Sekely，WSThe relationship of headquarters country andindustry classification to financial structure[J]Financial Management，1983，(3):45-51．[19]David FScott,John DMIndustry Influence on Financial Structure[J]Financila Management,Spring,1975,67-73．[20]DeAngelo，H&Masulis，ROptimal capital structure in corporate and PersonalTJournal of Financial Economics，1980，(8):3-29．[21]Durand,David,1952,Cost of Debt and Equity Funds for Business:Trends andProblems of Measurement,Conference on Research in Business Finance,National Bureau of Economic Research,New York,p215-247．[22]Eli Schwartz and J Richard ASome Surrogate Evidence inSupport of the Concept of Optimal Financial Structure[J]Journal of F22(1):10-18．[23]Enunza，VRDeterminants of financial structure in the central Americancommon market[J]Financial Management，1979，(3):72-77．[24]Fama，E&Jensen，MCAgeney Problem and residual Journal of Lawand Economics，1983，(26):327-349．[25]Frank MZ,GoyalVKTesting the Pecking Order Theory of Capital S138Journal of Financial Economics,67:217-248,[26]Gilson，STansaction cost and capital structure choice:evidences fromfinancially distressed firms[J]Journal of finance,1997，(52):161-195．[27]Grossman，S&Hart，OCorporate financial structure and managerial inincentives[J]In McCall,JEThe economic of information uncertainty[M]Chicago:University of Chicago Press，1982:107-137．[28]Hall，G,Hutchinson，P&Michaelas，NIndustry effects on the determinantsof unquoted SMEs’capital structure[J]International Journal of the Economicsof Business，2000，(7):297-312．[29]Harris，M&Raviv，AThe theory of capital structure[J]Journal of Finance，1991，(46):297-355．[30]Jensen，M&Meckling，WTheory of the firm:managerial behavior，agencycost and capital structure[J]Journal of Financial Economics，1976，3(l):305-360．[31]Jordan，J，Lowe，J&Taylor，PStrategy and financial policy in UK small firms[J]Journal of Business Finance and Accounting，1998，(25):1-27．[32]Jose Lopez-Gracia&Cristina Aybar-AAn empirical approach to thefinancial behavior of small and medium sized companies[J]Small BusinessEconomics，2000，14(l):55-63．[33]Kane，A，Marcus，AJ&McDonald，RLHow big is the tax advantage todebt[J]Journal of Finance，1984，(39):841-853．[34]Kester C WCapital and ownership structure:A comparison of United Statesand Japanese manufacturing corporations[J]FinancialManagement,1986(15):5-[35]Kim W S,Sorensen E HEvidence on the impact of the agency costs of debt incorporate debt policy[J]Journal of Financial and Quantitative Analysis,1986,21:131-[36]Lee RIndustry and Size as Debt Ratio Determinants in ManufacturingInternationally[J]Financial Management,，2002(5),67-78．[37]Long，M&Maltiz，LThe investment-financing nexus:some empiricalevidence[J]Midland Corporate Finance Journal，1985，(3):53-59．[38]Marsh，PThe choice between equity and debt:an empirical study[J]Journal ofFinance，1982，(37):121-144．139[39]Mcmillan,J,Woodruff,CInterfirm Relationships and Informal Credit inVietnam[J]Quaterly Journal of Economics,1999,114(4):1285-1320．[40]Mian,S,and CWSAccounts Receivable Management Policy:Theoryand Evidence,Journal of Finance,1992,47:169-[41]Ming fang Li&Roy LSEnvironmental dynamism，capital structure andinnovation:an empirical test[J]The International Journal of OrganizationalAnalysis，2002，(10):169-179．[42]Modigliani，F&Miller，MHThe cost of capital，corporation finance and thetheory of investment[J]American Economic Review，1958(58),261-297．[43]Mreton HMDebt&TThe Journal of Finance,VXXXII,N2,May 1977,261~275．[44]Myers，SC，Determinants of corporate borrowing[J]．Journal of FinancialEconomics5,1977，146-75．[45]Myers，SThe capital structure puzzle[J]Journal of Finance，1984，39(3):575-．[46]Myers，S&Majlu，NCorporate financing and investment decisions whenfirms have information that investors do not have[J]Journal of FinancialEconomics，1984，13(l):187-221．[47]Ng,Chee ,JKSmith,RISEvidence on the Determinants of CreditTerms Used in Interfirm Trade[J]Journal of Finance,1999,(54);1109-1129．[48]Petersen,MAand RGRThe Benefits of Lending Relationships:Evidence from Small Business Data,the Journal of Finance,1994,XLIX,3-[49]Petersen,MAand RGRTrade Credit:Theories and Evidence,theReview of Financial Studies,1997,VNo 3,661-[50]Piero SThe Works and Correspondence ofDavid Ricardo:Volume 1[M]Cambridge:AtThe University Press,1951．[51]Rajan，RG&Zingales，LWhat do we known about capital structure?Someevidence from international data[J]Journal of Finance，1995，(l):1421-1461．[52]RobertM Bowen,et al,1982,Evidence on The Existence and Determinants ofInter-Industry Differences in Leverage[J]Financial MWinter:10-[53]RThe determination of financial structure:The incentive signalingapproach,Bell Journal of Economics,1977,V8,p23-40．[54]Saring,Oded HBargaining with a Corporation and the Capital Structure ofBargaining Firm[J]Journal of Financial Economics,1984,(17)[55]Scott，JHBankruptcy，secured debt and optimal capital structure[J]Journalof Finance，1977，(32):1-[56]Smith,CW,andRLWatts,The Investment opportunity set and corporatefinancing,dividend and compensation Polices[J],Journal of FinancialEconomics3,1992,20-27[57]Stiglitz，J&Weiss，ACredit rationing in the market with imperfectinformation[J]American Economic Review，1981，73(3):393-409．[58]Stultz RManagerial discretion and optimal financing policies[J]JournalofFinancialEconomics,1990,(26):3-27．[59]Taggart，RAA model of corporate financing decisions[J]Journal of Finance，1977，(32):1467-[60]Taub，AJDeterminants of the firm’s capital 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Automatically translated text: The definition of lease financing Finance leases (Financial Leasing) also known as the Equipment Leasing (Equipment Leasing), or modern leasing (Modern Leasing), and is essentially transfer ownership of the assets of all or most of the risks and rewards of the The ultimate ownership of assets to be transferred, or may not It refers to the specific content of the lessee to the lessor under the lease object and the specific requirements of the supplier selection, vendor financing to purchase rental property, and the use of leased to a lessee, the lessee to the lessor to pay instalments rent, the lease term lease ownership of objects belonging to the lessor of all, the tenant has the right to use the leased Term expired, and finished the lessee to pay rent under the lease contract financing to fulfil obligations in full, leasing objects that vesting ownership of all the Despite the finance lease transactions, the lessors have the identity of the purchase of equipment, but the substantive content of the purchase of equipment suppliers such as the choice of the specific requirements of the equipment, the conditions of the purchase contract negotiations by the lessee enjoy and exercise, lessee leasing object is essentially the , Is a finance lease extension of loans and trade and technology updates in the new integrated financial Because of its extension of loans and combination of features, there is a problem in leasing companies can recycling, treatment of leasing, and so the financing for the enterprise credit and secured the main requirement, it is very suitable for SME In addition, the leasing of sheet financing, not reflected in the financial statements of the enterprise liability, does not affect the credit status of This multi-channel financing needs of SMEs in terms of it is very Leasing and financing lease of a traditional nature of the difference is: traditional lease to the tenant leasing the use of objects of the time rent, and finance lease financing costs to the tenant occupying the time of The market economy develops to a certain stage and the adaptation of a strong financing, in the 1950s in the United States have a new type of trading, as it adapted to the requirements of modern economic development, in the 60 to 70 the rapid development in the world, and today has become a business update equipment one of the main means of financing, known as the "sunrise " China in the early 1980s after the introduction of this operational modalities for over 10 years has been the rapid development, compared with developed countries, the advantages of leasing is far from being played out, the market potential is [Edit] the main characteristics of the leasing The main characteristics of the leasing is: the ownership of objects as leasing is the lessor in order to control the risk of the tenant rent reimbursement taken a form of ownership, at the end of the contract could eventually be transferred to the lessee, the lease purchase items from lease people choose, maintenance from the tenant responsible for the lessor to provide financial services Rent calculation principles are: to lease the lessor objects based on the purchase price, occupied by the lessee to the lessor of funds based on time, according to a mutually agreed rental It is essentially dependent on the traditional leasing financial transactions, is a special kind of financial [Edit] the type of lease financing Simple financing lease Financing lease is a simple, by the lessee choose to purchase the rental property, the lessor on the lease project through risk assessment after the rental lease to the lessee the use of Throughout the lease period the lessee does not enjoy the right to use the title, and is responsible for repair and maintenance of leasing The lessor's lease is good or bad thing without any liability, equipment depreciation in the tenant Leveraged lease financing Leveraged leasing practices similar to syndicated loans, is a specialized leasing to large-scale projects with the tax benefits of lease financing, mainly led by a leasing company as a trunk, and for the lease of a very large project First set up a leasing company from the operation of the main institutions - a project-based fund management company set up projects to provide more than 20% of the total amount of funds, and the remaining part was the main source of funds banks and social absorb idle idle funds, the use of 100 percent enjoy low tax benefits "in the eight Bo" leverage for the leasing project large amount of The remaining financing and leasing practices are basically the same, but because of the complexity of the contract covers a wide range and even As can enjoy tax benefits, operating norms, comprehensive benefits, and recovery of rent safe, low-cost, and are generally used for aircraft, ships, communications equipment and large complete sets of equipment lease Commissioned by the Financial Leasing Is a way to have the funds or equipment entrusted to non-bank financial institutions in the financing lease, the lessor is also the first client, the second is the trustee of the lessor at the same The lessor to accept the client's money or lease of the subject matter, according to the client's written by the client designated for the lessee of the leasing In the subject of the lease term lease of the property of the client, the lessor only charges, not to take Such leasing commissioned a major characteristic is not to lease the right to operate the enterprise, "by the right" E-commerce is on the lease by lease rental as a business The second is the lessor or lessee commissioned by the lease purchase of a third person, the lessor under the contract to pay the purchase price, also known as commissioned by the lease purchase Project finance leasing Lessee to project their own property and to ensure efficiency, and the lessor signed a finance lease contract, the lessor to the lessee of the property and other projects without recourse to the proceeds, we can only rent charged to the project's cash flow and profitability to The seller (that is leasing goods manufacturers) through their holding leasing companies to promote their products in this way, and expand market Communications equipment, medical equipment, transportation equipment, or even the right to operate highway can be used this Others, including the return of leasing, also known as sale and leaseback financing leasing; financing to leasing, also known as the financing to [Edit] the risk of lease financing Finance leases from the risk of many uncertain factors, is multifaceted and interrelated, in the full understanding of the operational activities of the characteristics of various risks can be comprehensive, scientific analysis of risks to formulate corresponding The risk of financing leasing main categories as follows: (1) product market In the market environment, regardless of the financing lease, loan or investment, as long as the funds used to purchase equipment or to carry out technological transformation, first of all, should consider leasing equipment products market risks, which need to know to sell the products, market share rate and occupancy, product trends in the development of the market, the consumption structure and the mentality of the consumers and consumption If these factors are not fully understand, the survey are not careful, and may increase the market (2) financial For the leasing of a financial nature, financial risks throughout the entire business The lessor, the biggest risk is that the lessee is also rent capacity, it has a direct impact on the operation of leasing companies and survival, therefore, the risk of also rent from the project began, it should be cause for Currency also have risks, especially international payments, methods of payment, payment date, time, the remittance channels and means of payment options improperly, will increase the (3) Trade For the leasing of a trade properties, the risks of trade negotiations to orders from the acceptance testing there is a The merchandise trade in the modern development of a relatively complete, the community is also supporting the establishment of corresponding institutions and preventive measures, such as a letter of credit, transport insurance, commodity inspection, commercial arbitration and the risk of credit counseling have taken precautions and remedial measures, but because people's awareness and understanding of the risks of different degrees, and some means of a commercial nature, coupled with the inexperience of the management of enterprises and other factors, all of these instruments have not been used, making trade risk still (4) technical One of the benefits of lease financing before other enterprises is the introduction of advanced technology and In the actual course of the operation, or advanced technology, advanced technology is mature, mature technology for the legal rights and interests of others, is an important risk a technical Serious, due to technical problems so that equipment in a state of Other risks include the economic environment, force majeure, and so [Edit] the accounting treatment of lease financing [Edit], the tenant on the accounting treatment of lease financing 1, the start of the lease accounting treatment At the start of the lease, the tenant will usually be the start of the lease rental assets in the original book value of the minimum lease payments and the present value of the lower of the two leased assets as recorded value of the minimum lease payments as a long-term payables recorded value, and the difference between the two records is not recognised financing However, if the assets of the leasing assets of the enterprise small proportion of the total, the tenant may be the start of the lease in the minimum lease payment records of assets and long-term rent This time, the "proportional" not usually refers to fixed assets financed by leasing the lessee total assets total less than 30% (including 30%) Under such circumstances, rent for the financing of long-term assets and the determination of the amount due, the tenant may, at its option, which can be used minimum lease payments, and can also be used leasing assets in the original book value of the minimum lease payments and the present value of the two in the Then what "leasing the original book value of assets" refers to the start of the lease rental, as reflected in the accounts, the book value of the leased Lessee in the calculation of the minimum lease payments at the current value, if the lessor that the interest rate implicit in the lease, the lessor should be used as the interest rate implicit in the discount rate, otherwise, shall be stipulated in the lease contract interest rate as the discount rate If the lessor's interest rate implicit in the lease and rental rates stipulated in the contract are not available, it should be used over the same period interest rates on bank loans as the discount Which is implicit in the lease rates, in the inception of the lease, the minimum lease payments and the present value of the unsecured portion of the residual value of the current value of assets and equivalent to the original book value of the discount 2, the initial direct costs of the accounting treatment Initial direct costs refer to the lease negotiations and the signing of the lease agreement occurred in the course of the lease can be directly attributable to the cost of the Lessee in the initial direct costs usually have stamp duty, commission, attorney fees, travel expenses, such as the costs of Lessee in the initial direct costs should be recognised as an expense in the current Accounts for its handling: debit "management fees" and other subjects, credited to "bank" and other 3, no finance charge assessed In the finance lease, the lessee to the lessor to pay the rent, include the repayment of principal and interest in two Lessee to pay rent, on the one hand to reduce long-term payables, on the other hand, while not confirmed by the leasing costs for a certain method to confirm the current financing costs, the first rent (that is, initially matching each rental payment) Under the circumstances, the lease term is the first phase of rent paid no interest, should only reduce the long-term payments, not to confirm the current financing Not sharing in the finance costs, the lessee should be used to calculate certain According to the guidelines, the lessee can be used in real interest rates, the straight-line method can also be used and the number of years of combined In using the effective interest method, in accordance with the inception of the lease is a lease assets and liabilities are recorded based on the value of different financing costs assessment rate options are also No finance charge assessed specific divided into the following types: (1), leasing assets and liabilities to a minimum lease payments accounted for the present value of value to the investor and the interest rate implicit in the lease for the discount Under such circumstances, investors should be the interest rate implicit in the lease for the assessment (2), leasing assets and liabilities to a minimum lease payments for the present value of recorded value, and to lease contract provides for the interest rate as the discount In such circumstances, should be stipulated in the lease contract as the rate of assessment (3), leasing assets and liabilities to the original book value of the leased asset accounted for the value of the lessee does not exist residual value guarantees and preferential purchase right to In such circumstances, should be re-calculation of the cost-sharing rate Financing cost-sharing rate refers to the inception of the lease, the minimum lease payments equal to the present value of lease assets in the original book value of the discount In the lessee or related to the leased asset residual value of the third-party security situation, and the similar, the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reduced to (4), leasing assets and liabilities to the original book value of the leased asset accounted for the value of the lessee does not exist guaranteed residual value, but there is preferential option to In such circumstances, should be re-calculation of the cost-sharing rate At the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reduced to (5), leasing assets and liabilities to the original book value of the leased asset value accounted for, and the existence of the lessee guaranteed residual Under such circumstances, the cost-sharing should be re-financing Related to the lessee or third parties on the residual value of leased assets as security has been provided or not at the end of the lease renewal and to pay a penalty of circumstances, the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reduced to the guaranteed residual value, or to be paid by the Lessee shall pay each of the rent shall be the amount of rent paid, debit "long-term payables - to finance leases," subjects, credited to "bank" subjects, if payment of rent, which includes compliance costs, At the same time debit should be "manufacturing costs", "management fees" and other At the same time should be recognized in accordance with the current amount of the finance charge, debit "financial costs" subjects, credited the "no finance charge" 4, the leased asset depreciation Provision Tenants should finance the lessee Provision for depreciation of fixed assets, should address two main issues: (1), depreciation policy Provision for asset depreciation, lease, the tenant should be its own assets Provision line depreciation If the lessee or third parties relating to the leased asset security has been provided, should be credited for the amount of depreciation on fixed assets, and the inception of the lease accounting residual value after deducting the value of the If the lessee or third parties relating to the leased asset residual value of the security has been provided, the total amount of depreciation should be credited for the start of the lease value of fixed assets (2), the depreciation period Identify the leased asset depreciation period, should be in accordance with the lease If reasonable certainty that the lessee at the end of the lessee will obtain ownership of the leased asset, the lessee can be identified with all of the assets of the remaining useful life, and should therefore be the start of the lease to lease the remaining useful life of assets as depreciation period; If you can not reasonably determine whether the lease to the lessee at the end of the lease ownership of the assets to be made to the lease period and the remaining useful life of the leased asset in the shorter of the two as the depreciation 5, the accounting treatment of compliance costs Many types of compliance costs, rent for the financing of fixed assets improved expenditure, technical advice and service charges, fees should be increased staff training credited to the extension of sharing costs, debit "long-term prepaid expenses," and "accrued expenses" , "manufacturing costs", "management fees" and other subjects, the fixed assets regular maintenance, insurance, can be directly charged to expense in the current period, debit "manufacturing costs," and "operating expenses" and other subjects, credited to "bank deposits, "wait until the 6, or the accounting treatment of rent Since the rent or the amount of uncertainty, unable to adopt a rational approach to its system for sharing, in the actual event, debit "manufacturing costs," and "operating expenses" and other subjects, credited to "bank" and other 7, at the end of the lease accounting treatment At the end of lease, the tenant on the lease is usually the disposition of the assets of three circumstances: (1), the return of the leased Debit "long-term payables - to finance leases," and "accumulated depreciation" subjects, credited "fixed assets - fixed assets financed by leasing all" (2), renewable lease concession If the lessee to exercise the right to choose renewable concession, the lease shall be deemed to have been made the presence of the corresponding accounting If no expiry of renewal, to the lessor under the lease contract to pay a penalty, debit "operating expenses" subjects, credited to "bank" and other (3), stay purchase the leased In the lessee enjoy preferential purchase right to choose, purchase price paid, debit "long-term payables - to finance lease," credited "bank" and other subjects at the same time, will be fixed assets from "all fixed assets financed by leasing" Details Details of the other subjects into 字数太多，翻译另答~~~~~~
研究中小企业融资要参考的英文文献英文图书和期刊类文献：[1]Allen NBerger,Gregory FUdell,“Relationship Lending and Lines of Credit inSmall FirmFinance,”Journal of Business,V68,(1995),351-381．[2]Aghion,P,Incomplete contracts approach to financial contracting,Review ofEconomics Studies,1992,V59,p473-494．[3]Albertode，M&JulioPDeterminants of capital structure:new evidencefrom Spanish Panel data[J]Journal of Corporate Finance，2001，(7):77-99．[4]ANBerger，NHMiller，MAPetersen，RGRajan，JCStein，2001，“DoesFunction Follow Organizational Form?Evidence from the Lending Practices ofLarge and Small Banks”,Board of Governors of Federal Reserve SystemWorking Paper．[5]Azam,JP,BBiais,MDia and CMInformal and Formal Credit Marketsand Credit Rationing in Cote D’Ivoire,Oxford Review of Economic Policy,2001,17(4),520-[6]Bernanke,BS,MGInside the Black Box:The Credit Channel ofMonetary Policy Transmission[J]Journal of EconomicPerspectives,1995,(9);27-48．[7]Barbosa,E&Moraes,C,Determinants of the Firm’s Capital Structure:theCase of the Very Small Enterprises,Working Paper from Econpapers，2003,366-358。[8]Barton，SL&Gordon，PJCorporate strategy and capital structure[J]Strategic Management Journal，1988，9:623-632．[9]Baxter，ND&Cragg，JGCorporate choice among long-term financinginstruments[J]Review of Economics and Statistics，1970，(52):225-235．[10]Berger,AN,Udell,GF,RelationshipLending andLinesof Credit in SmallFirm Finance[J],Journal ofBusiness,1995,68,351—382．[11]Berger,AN,Udell,and GFThe Economics of Small Business Finance:The Roles of Private Equity and Debts Markets in the Financial GrowthCycle[J]Journal of Banking and Finance,1998,22(6):613-673．137[12]Berger and Udell,Small Business Credit Availability and RelationshipLending:The Importance of Bank Organizational Structure[J],EconomicJournal,2002,112(447)L:32-[13]Booth，Laurence，Varouj Aivazian，Asli Demirguckunt&Vojislav MCapital structures in developing countries[J]Journal of Finance，2001，(56):87-130．[14]Bradley，M，Jarrell，GA，&Kim，EHOn the existence of an optimal capitalstructure:theory and evidence[J]Journal of Finance，1984，(39):857-[15]Brander，JA&Lewis，TROligopoly and financial structure:the limitedliability effect[J]American Economic Review，1986，(76):956-970．[16]Chang CCapital structure as optimal contract[J]North American Journalof Economics and Finance，1999，(10):363-385．[17]Cole,R·A·,Goldberg,L·G·&White,L·J·Cookie-cutter versus character:Themicro structure of small business lending by large and small banks[J]·Journalof Financial and Quantitative Analysis,2004,39,pp227-[18]Collins，JM&Sekely，WSThe relationship of headquarters country andindustry classification to financial structure[J]Financial Management，1983，(3):45-51．[19]David FScott,John DMIndustry Influence on Financial Structure[J]Financila Management,Spring,1975,67-73．[20]DeAngelo，H&Masulis，ROptimal capital structure in corporate and PersonalTJournal of Financial Economics，1980，(8):3-29．[21]Durand,David,1952,Cost of Debt and Equity Funds for Business:Trends andProblems of Measurement,Conference on Research in Business Finance,National Bureau of Economic Research,New York,p215-247．[22]Eli Schwartz and J Richard ASome Surrogate Evidence inSupport of the Concept of Optimal Financial Structure[J]Journal of F22(1):10-18．[23]Enunza，VRDeterminants of financial structure in the central Americancommon market[J]Financial Management，1979，(3):72-77．[24]Fama，E&Jensen，MCAgeney Problem and residual Journal of Lawand Economics，1983，(26):327-349．[25]Frank MZ,GoyalVKTesting the Pecking Order Theory of Capital S138Journal of Financial Economics,67:217-248,[26]Gilson，STansaction cost and capital structure choice:evidences fromfinancially distressed firms[J]Journal of finance,1997，(52):161-195．[27]Grossman，S&Hart，OCorporate financial structure and managerial inincentives[J]In McCall,JEThe economic of information uncertainty[M]Chicago:University of Chicago Press，1982:107-137．[28]Hall，G,Hutchinson，P&Michaelas，NIndustry effects on the determinantsof unquoted SMEs’capital structure[J]International Journal of the Economicsof Business，2000，(7):297-312．[29]Harris，M&Raviv，AThe theory of capital structure[J]Journal of Finance，1991，(46):297-355．[30]Jensen，M&Meckling，WTheory of the firm:managerial behavior，agencycost and capital structure[J]Journal of Financial Economics，1976，3(l):305-360．[31]Jordan，J，Lowe，J&Taylor，PStrategy and financial policy in UK small firms[J]Journal of Business Finance and Accounting，1998，(25):1-27．[32]Jose Lopez-Gracia&Cristina Aybar-AAn empirical approach to thefinancial behavior of small and medium sized companies[J]Small BusinessEconomics，2000，14(l):55-63．[33]Kane，A，Marcus，AJ&McDonald，RLHow big is the tax advantage todebt[J]Journal of Finance，1984，(39):841-853．[34]Kester C WCapital and ownership structure:A comparison of United Statesand Japanese manufacturing corporations[J]FinancialManagement,1986(15):5-[35]Kim W S,Sorensen E HEvidence on the impact of the agency costs of debt incorporate debt policy[J]Journal of Financial and 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试论现代企业内部控制制度: 随着时代的发展，越来越多的大公司正在逐渐接受这样一种观点，即实体不仅要对它的股东负责，还要对不同的利益相关者--顾客、供货商、雇员、政府、当地团体和社会整体负责。 股东需要股利和资本增值，因此传统意义上公司的业绩是用它所创造的利润来衡量。但假如考虑其他利益相关者，公司的运行就必须包括：提供公平的报酬和可接受的工作环境、及时的支付购货价款、最小化由于公司行为而引起的对环境损害和通过提供就业机会或其他方式等对公众做出贡献。 其中出于环境因素对于公司运行措施的影响，环境报告应运而生。 一般来说，环境报告是指在公布的年报中或是在其他什么地方，披露公司的运营对自然环境造成影响的有关信息。现在有相当多的激励措施，鼓励公司采取控制污染、使用再生资源、选用可更新物质以及发展对环境有利产品等保护环境方式。 研究表明，公众对于环境保护的热情主要从以下两个方面影响公司经营：公司可能会为自己的行为遭受直接的损失，比如他们可能受法律规定性或推定性的强迫而支付弥补环境损失的费用；或者当他们引起污染时，他们不得不支付额外的税收或遭受财务惩罚。另一方面，假如一个实体被确信引起了环境污染或有其他不道德的行为，它一定会应起相当多的公众敌意，这将导致顾客的减少。相反，积极方面可能是：一个实体假如有"绿色"的形象，就有可能吸引更多的顾客，这也就是现在为什么会有很多商品都打上环保品牌的原因。作为这些因素共同作用的结果，许多国外大公司已经披露或是正在积极预备有关自身经营对环境影响的信息。 实际操作中公司主要用两种方式的环境报告手段来公布他们对于自然环境影响的信息： 1)在公布的年度报告(包括财务报表)中披露 2)公布一个独立的环境报告 IAS1鼓励治理当局在相信环境信息将帮助使用者做出经济决策时应该披露环境报告，但并不是强制要求所有公司都这么做。 在1996年《Corporate Reporting》这本杂志发表了题为《香港的公司环境报告》一文，列示了对大约700家香港主要公司的调查结果。调查显示：在被调查的这些公司中，71%是一点都没有披露关于环境的信息，剩余的29%中，几乎有一半也只是在总的报告中大致提到了一点。被抽查的仅仅只有18%左右披露了他们的环境政策、收益和损失。并且即使在这些中，还有很大部分也只是陈述了他们的环境政策，而没有试着去量化他们达到的目标或遭受的损失。他们常见的是用一些非货币性条款，如："我们在美国的工厂已经节约了70%的皱纹纸包装"、"我们已经改装了225辆运输卡车，从使用含铅汽油到使用清洁气体燃烧剂，并且我们已经装了催化剂转化器"等作一些抽象性的说明。被调查到的公司中，几乎没有谁披露了环境成本或是已经提取的环境预备，披露遭受罚金或是承认有与相关规定不符事项的公司也很少。但不管怎样，这项研究究竟可以表明，或多或少做出关于环境信息披露的公司数量在1991到1996这五年间已经差不多是翻了一番的，这点比较令人欣慰。1999年还有一项调查表明，《金融时报》证券交易所100种股票价格指数中有很大一部分上市公司都在年报中作了某种形式的环境信息披露。最常见的是在董事报告中涉及，其后才是财务审计内容。 公布独立环境报告的公司也在逐渐变多。许多大的上市公司现在都在年报和财务报告之外，还单独披露一份环境报告。这份报告通常都和其他社会和环境事项相连，如联合银行、英国电信公司就采取了这种方式。 一家公司公布环境报告的原因可能是多种多样的：以示和竞争者的区别、承认对环境所负的责任、为了证实与规定的一致性或是为了获得社会对其行为的肯定等。 大部分的环境报告都采取把对政策的论证和对自身行为的审阅联系起来的格式，他们覆盖到以下一些论题，如废料治理、污染、对能源的使用情况以及公司的产品和服务对环境的正面影响。通常来说，报告通过对公司的目标和成就在许多种情况下的直接比较来披露两者或是其中之一。他们有可能也披露财务信息，如对环境储备的投资数额等。许多报告非凡具体，有的甚至长达五十多页。 因为这种情况下的环境报告是独立于公布的年报，所以没有规定的内容和统一的操作代码。公司可以发布任何他们愿意发布的信息，并且环境报告并不是一定要求审计的。然而，许多公司其实在他们的报告中还是服从于某种独立的观点或是审计程序的。
中小企业融资问题研究文献综述国外研究现状国外对中小企业融资研究目前主要是从两个方面进行来进行的：一是从企业自身结构特点出发，从企业资本结构角度来进行，虽然其研究对象以大企业居多，但对中小企业也具有很强的理论意义；二是从中小企业对资本的需求角度。资本结构理论所谓资本结构是指企业各种资本的构成和比例关系，是企业融资决策的核心问题。而企业也在致力于寻找最佳资本结构，以期达到企业市场价值最大化。西方资本结构理论也主要是围绕如何形成最佳资本结构展开的，其发展过程大致分为连个个阶段，即早期资本结构理论和现代资本结构理论。早期的资本结构理论企业的目标是实现企业市场价值最大化，企业市场价值一般是由权益资本价值和债务资本价值组成，在企业息税前利润一定的情况下，总资本成本率最低意味着企业市场价值最大化。于是美国的经济学家大卫﹒杜兰特（D Durand ，1952）提出的早期的资本机构理论，他将资本机构理论分为净收益理论、净营业收益理论和传统理论（也称为折衷理论）。净收益理论是以权益资本总可以获取固定不变的收益率且企业总能够以一个固定利率筹集到全部债务资金为假设前提，该理论认为债务资金总是有利的，当企业负债率达到100%时，就可以满足债务资本成本和权益资本成本加权平均资本成本最小化，实现企业市场价值最大化。净营业收益理论是以总资本成本率和负债成本率都是固定不变的为假设前提，该理论认为，无论财务杠杆如何变化，企业加权平均资本成本都是固定的，企业总价值不发生任何变化，企业价值和资本结构不相关，企业不存在最佳资本结构问题。传统理论也就是折衷理论则是介于净收益理论和净营业收益理论之间的资本结构理论，该理论认为，企业的资本成本并不独立于资本结构以外，企业确实存在一个最佳的资本结构，即在加权平均成本由下降转为上升的拐点上，并且这个资本结构可以通过财务杠杆的运用来实现。从上面可以看出，这三个理论均不够成熟，净收益理论重视财务杠杆效应而忽略了财务风险，净营业收益理论则过分的夸大了财务风险，折衷理论则忽略了负债比率同权益资本成本之间的关系。现代资本结构理论早期的资本结构理论建立在经验推断的基础上，没有经过科学的数学推导和数据统计支撑，不够成熟，在实践中会产生偏差。而以MM定理为代表的现代资本结构理论的出现，则使得资本结构理论的研究向前跨出了一大步。（1）MM定理。Modigliani & Miller于1956年在计量经济学年会发表了论文《资本成本、公司财务和投资理论》，后来又发表在《美国经济评论》上，论文上面所提的理论被称为MM定理。MM定理的提出被认为是早期的资本结构理论和现代结构理论的分水岭，也是现代资本结构理论的基石。MM定理在一系列严格假设的条件下，例如完善的资本市场，无公司税和个人所得税等等，经过一系列严格的数学推导，该定理证明，在一定条件下，企业价值与他们所采取的融资方式无关，即无论发行股票还是债券，对企业价值没有影响。该定理前提假设恨苛刻，与现实情况明显不符合。Modigliani & Miller于1963年又发展了他们的理论，放松了没有企业所得税的假设，修正后的MM定理认为，由于债务融资的免税特性，负债率越高的企业将使用越多的债务，即债务的“税盾效应”，企业最佳资本结构即为100%的负债，企业可以通过利用政策来改变其资本结构从而改变市场价值。Miller（1997）建立了一个包括公司所得税和个人所得税在内的模型，分析了负债对企业价值的影响，分析了负债对企业价值的影响，得出了个人所得税在某种程度上抵消了利息的减税作用但并不会完全抵消的结论。该结论与Modigliani & Miller提出的修正的MM定理是一致的。但是他们有着相同的缺陷，都将债券融资放在最优先的位置，而忽略了债务的风险和额外的费用增加，与现实经济不符合。Ang（1991,1992）对中小企业的税盾效应进行了研究，他认为，中小企业一般缺乏此类动机，因为，一方面中小企业大多采取独资和合伙组织形式，公司税和个人所得税紧密结合在一起；而另一方面，弱化的有限责任也使得破产成本至少在局部上依附个人，由于盈利性逊于大企业，中小企业较少使用债务融资的税盾效应（Prttit &1985），而从负债的成本来看，一般认为中小企业面临着更大的破产可能性，因此比大企业使用较少的债务融资。（2）静态权衡理论。MM定理只考虑了债务融资的税盾效应，而没有考虑其所带来的风险和额外费用。本杰明﹒格雷厄姆（1934）在其《有价证券分析》一书中指出，以法律规定的税率纳税，当财务危机可能性不大时，一个价值最大化的企业将不会有税盾效应，然而进行实证分析发现，增加负债率，这些企业就会增加5%的收入。1984年，Myers在MM定理的基础上进一步指出：企业的高负债的增加，使得企业固定费用增加，收益下降，从而企业财务面临的风险越大，财务风险的增大产生了破产成本和代理成本两类成本。企业选择什么样的资本结构取决于他要达到的目标，其中包括在负债的收益和成本之间进行取舍，我们称之为静态权衡理论。最优的资本结构即为负债的免税利益和财务风险带来的成本之间相互平衡的资本融资结构。1990年，Mackie-mason估计了一个公司优序租赁股份的发行的概率模型，她指出，低边际税率的企业（比如具有递延税收损失的公司），与那些面对固定税率的更具有盈利性的公司相比更倾向于发行股份，Mackie-mason 的结果与权衡理论相一致，因为它说明了赋税企业偏好负债。（3）优序融资理论。1984年，Myers & Mujluf在其名篇《Corporate Financing and Investment Decisions when firms Have Information That Investors Do Not Have》中，根据信号传递的原理推出了他们的优序融资假说。其假设条件是：除信息不对称外，金融市场是完全的。其认为，公司偏好于内部融资，如果需要外部融资，公司将首先发行最安全的证券，也就是说，先债务后权益。如果公司内部产生的现金流超过其投资需求，多余现金将用于偿还债务而不是回购股票。随着外部融资需求的增加，公司的融资工具选择顺序将是：从安全的幅务到有风险的债务，比如从有抵押的高级债务到可转换债券或优先股，股权融资是最后的选择。1989年Baskin以交易成本、个人所得税和控制权的研究角度对优序融资理论作出了解释,指出由于留存收益提供的内部资金不必承担发行成本,也避免了个人所得税,因此内部资金要优于外部资金。与权益性资金相比较,负债融资由于具有节税效应,发行成本低,又不会稀释公司的控制权,所以对外融资来说负债融资又优于权益性融资。（4）信号理论。最早将信号引入经济学中的是Michael Spence，他认为尽管市场中存在着信息不对称现象，但是潜在的交易收益依然可以实现。Ross（1977）从信息传递的角度分析，最早将非对称信息引入MM理论模型，分别假设公司的未来收益服从连续型和离散型的分布。假定经理人了解投资收益的分布函数，而投资人不了解， 建立了融资结构的信号传递模型。企业经理人对融资方式的选择向投资者传递了信号。一般来说破产的概率是和公司的质量负相关而与负债水平正相关。破产将给经理人带来损失。因而经理人不会盲目增加负债，在低质量的公司无法通过更多的债权融资来模仿高质量公司的情况下。外部投资者把较高的负债水平作为高质量的一个信号。所以，投资者将企业发行股票融资理解为企业资产质量的恶化，而债务融资则是一种企业资产运作良好的信号，负债率上升表明经营者对企业未来收益有较高的期望，传递了经营者对企业的信心，进而使投资者对企业也充满信心，进而使企业市场价值随之增大。（5）代理理论。代理理论是指企业内部和外部投资者之间潜的冲突决定着最优的资本结构，即企业要在代理成本和其他融资成本之间进行取舍。1976年Jensen & Meckling开创了代理成本理论，即代理理论、企业理论和财产所有权理论来系统地分析和解释信息不对称下的企业融资结构问题的学说，Jensen & Meckling把代理关系解释为委托人授予代理人某些决策权而同时又要求代理人为其提供利益的服务关系。例如公司中所有权与控制权分离而引起的资本所有者与经营者的关系就属于代理关系。由于经营者不是企业的完全所有者（存在外部股权），经营者的工作努力使他承担了全部成本却只能获取部分收益。而当他在职消费时，他却得到了全部的收益却只需承担部分成本。如果委托人和代理人都追求利益最大化，那么代理人就不会总是根据委托人的利益来采取行动的。也就是说经营者将不会努力工作，却热衷于在职消费，这将导致企业的价值小于管理者为企业完全所有者时的价值，这个差额就是外部股权的代理成本，简称股权代理成本。在投资总量和个人财产给定的情况下，增加债务融资的比例将会增加经营者的股权比例，进而降低外部股权的代理成本。但债务融资又会引起另一种代理成本。因为作为剩余索取者，经营者将更倾向于从事高风险项目。如果成功的话，经营者可以从中获取成功的收益；而一旦失败，他便借助有限责任制度将失败的损失推给债权人。经营者的这种行为给企业带来的损失就是债权融资带来的代理成本 ，即债权代理成本。在对股权代理成本和债权代理成本进行分析 的基础之上，Jensen & Meckling认为 ，均衡的企业所有权结构是由股权代理成本和债权代理成本之间的平衡关系来决定的，当两种融资方式的边际代理成本相等的时候，使得总的代理成本达到最小，进而企业便可以实现最佳资本结构。（6）控制权理论。控制权理论主要是从企业经营者对控制权本身的偏好角度探讨了资本结构问题，主要反映了企业通过对资本结构中负债和股权结构的选择而对公司治理结构效率的影响程度。该理论认为，企业融资结构在决定企业收入分配的同时，也决定了企业控制权的分配。也就是说，公司治理结构的有效性在很大程度上是取决于企业融资结构的。Harris & Raviv，主要探讨Jensen & Meckling所提出的所有者与经营者之间利益冲突所引发的代理成本问题，他们分别用静态和动态两个模型说明了经营者在通常情况下是不会从所有者的利益最大化出发的，因而有必要对经营者进行监督，他们认为债务融资有利于强化公 司治理结构中的监督和约束机制。Aghion & Bolton于1992年将不完全契约理论引入到融资结构的分析框架，并对债务契约和资本结构之间的关系展开研究。他们认为，在多次博弈的过程中，当出现不容易得到的收益信息时，将控制权转移给债权人是最优的。Davidsson（1989） 在对瑞典中小企业所有者、管理者样本进行分析得出了中小企业增长最重要的是“ 预期金融回报”和“独立性的增长”。 当中小企业扩张与独立发展发生矛盾时，所有者会保持企业的独立性为重。可见控制权在中小企业融资中是很重要的因素。中小企业对资本的需求角度国外从中小企业对资本的需求角度，对中小企业融资问题所作的研究很多，大概主要有以下两个方面：一是微观层面上，企业自身成长周期对资本的需求，以及企业所面临的融资困境角度；二是宏观经济层面，货币政策，银行业合并以及结构化调整等。微观层面（1）企业金融成长周期理论。资本结构理论主要是指企业融资结构问题，并没有考虑到企业不同发展阶段所不同的融资特点，也没有动态的研究企业融资方式的选择对资本结构安排有什么影响。企业金融成长周期理论弥补了这方面不足。Weston &Brigham（1970）根据企业在不同成长阶段融资来源的变化提出了企业金融成长周期理论，并将企业的成长周期分为初期、成熟期和衰退期三个阶段。Weston &Brigham对该理论进行了扩展，将企业的金融成长周期分为六个阶段 ，即创立期、成长阶段Ⅰ、成长阶段Ⅱ、成长阶段Ⅲ、成熟期和衰退期 ，并根据企业的资本结构、销售额和利润等显性特征说明了企业在不同发展阶段的融资来源情况，从长期和动态的角度较好地解释了企业融资结构变化的规律（见下表）Berger & Udell（1998对 We s t o n &B r i g h a m的企业金融成长周期理论进行了修正 ，即将信息约束、企业规模和资金需求等作为影响企业融资结构的基本因素并引入到他们所 构建的企业融资模型中，通过分析得出以下结论：在企业成长的不同阶段 ，随着信息约束 、企业规模和资金需求等约束条件的变化，企业的融资结构也会发生相应的变化。在企业生命周期的不同阶段，需要进行不同的融资安排 。（2）企业融资困境方面早在20世纪30年代初，英国议员Macmillan在向英国国会提供的关于中小企业问题的调查报告中就指出，中小企业融资面临着“金融缺口”，即著名的“麦克米伦缺口”。Macmillan发现，中小企业的长期资本供给存在短缺， 这种短缺尤其明显地发生在那些单靠初始出资人的资金已经不敷运用， 但规模又尚未达到足以在公开市场上融资的企业身上。“麦克米伦缺口”产生的主要原因是市场的失灵，即市场的力量无法使资金向中小企业流动。在市场经济条件下，金融机构也要追求自身利益的最大化，当中小企业无力从金融市场获得直接融资时，只有从银行获得间接融资。和大企业相比，中小企业融资渠道狭窄，所以银行贷款成为中小企业获得资金的唯一途径。这就使得银行具有相对的借贷优势。1981年Stiglitz & Weiss发表了《不完全信息市场中的信贷配给》之后，信息不对称被公认为是造成中小企业融资困难的主要原因。Stiglitz认为，信贷配给源于信贷市场存在信息不对称，并由此导致了信贷合约中的道德风险问题。此问题的发生是基于商业银行不具备监督借款者的能力、借款人与贷款人利益不一致性以及他们之间事前的信息不对称这三个主要因素。Bester(1982)引入了贷款抵押甄别机制，提出了低风险的企业承诺较高的抵押水平而享受较低的贷款利率，而高风险企业则相反，以此缓解信息不对称带来的不利影响。Strahan、Weston（1996）提出了匹配理论，即银行对中小企业的贷款与银行的规模成较强的负相关性。Berger& Udell(1998) 发现，解决信息不对称的问题，成为中小企业融资过程中的关键。而关系型借贷被视为银行和企业双方在关系导向下达成的一种合意合约。如果借、贷者之间保持一种长期的关系，则有利于贷款人获得借款者的相关信息。如：借款者在贷款期限内生产经营状况，其产品市场占有率变化情况，借款者的还款的意愿及能力，是否需要抵押品以及是否需要签订有其他附加条件的合约等。Uzzi& Gillespie（1999）认为，与中小企业贷款直接关联的贷款员，可能较其他人掌握更多的关于中小企业的权威信息。这些贷款员与中小企业主和其雇员保持着长期的关系，了解企业在当地的运行情况和企业的市场份额，甚至该贷款员就生活在当地的社区中。因此对中小企业及其所有者的财务状况非常了解，对其当前及未来的绩效有着比较准确的认识。宏观层面（1）银行业合并及结构调整对中小企业融资影响一般认为， 银行业合并后形成的金融机构不仅规模会增大， 组织结构会更复杂， 行为方式也会发生变化，而这些变化通常不利于关系型贷款的开展。Strahan(1998)认为小银行合并之初，多样化使得合并后的银行抗风险能力增强，从而能够向中小企业提供更多的贷款，但随着规模的进一步扩大，银行开始有能力向大企业提供贷款，并且内部管理也越来越复杂，所以银行对中小企业的贷款比率就会下降;相反，小银行被大银行兼并时，新成立的银行则会减少对中小企业的贷款;同样，当大银行之间发生兼并时，对中小企业的贷款也会减少。Peek& Rosongren发现大银行对小银行的合并或大银行之间的合并倾向于减少对中小企业的贷款。Berger进一步指出银行业并购对中小企业贷款存在4种潜在效应：静态效应、 重组效应、直接效应和外部效应。Sharpe认为，市场力量使银行能够加强它与小企业的隐性长期合约关系，小企业从长远打算，会倾向于和银行保持长期关系。因为企业转换“基础”银行的沉淀成本相对较高，所以当银行与企业保持较长时期的关系后，银行就有可能使企业支付高于完全竞争时期的利率水平，使以前吸引小企业的短期低利率补贴部分得到补偿。Peterson和Rajan的研究发现，当银行的市场力量增加时，信用级别相对较低的小企业也有可能获得贷款支持。（2）宏观经济政策对中小企业的影响货币政策主要有两个传导渠道：货币渠道和信贷渠道。货币渠道指货币政策通过改变利率，进而影响经济部门的真实支出。信贷渠道则又分两种，一种为银行贷款渠道，另一种为资产负债表渠道。银行贷款渠道是指，货币紧缩伴随着银行储备的减少，进而导致贷款供给的减少。。资产负债表渠道是指，货币紧缩通过提高利率损害到企业抵押品的价值，降低企业信用等级，进而削弱了企业获取贷款的能力。因此货币政策改变对中小企业的影响冲击更大。G e r t l e r 和 G i l c h r i s t 在对制造业小企业的经验研究中发现，小型制造业企业不仅直接对利率反应敏感，而且还深受经济周期的间接影响，因此，货币紧缩对小企业的影响要远大于对大企业的影响。Taylor指出，金融自由化不会导致资金供给总量的增加，因为利率提高只会使得资金供给从非正规部门转向正规部门，总的借款额不会出现净的增加。Steel认为，由于较高的交易成本和风险、抵押品的缺乏以及历史渊源等，使得小企业在获取正规部门的贷款时仍将面临着诸多的限制。如果放开金融管制，金融自由化将会使得中小企业的融资环境更加恶劣。国内研究现状目前国内学术界关于中小企业融资问题的研究主要从三个方面进行研究：第一，关于国内中小企业融资渠道方式的选择及相关实证研究；第二，关于国内中小企业融资所面临困境原因以及相应对策的研究；第三、国际上中小企业融资在操作层面上经验介绍以及比较研究。1、贺力平（1999）认为， 妨碍我国银行机构扩大对中小企业信贷支持的主要因素是银行机构缺乏企业客户风险方面的足够信息，从而不能做出适用的风险评级并提供相应的信贷服务，指出可以通过发展非国有金融机构和转变国有金融机构的经营方式来解决贷款者与中小企业借款者之间的信息不对称问题2、周业安实证分析了我国金融抑制政策对企业融资能力的影响，分析表明：信贷市场的利率管制、价格和数量歧视导致了企业的过度负债、逆向选择、寻租等现象，浪费了信贷资源；资本市场的行政管制则增加了企业的直接融资成本。3、樊纲研究员(1999)认为，银行对中小企业的惜贷原因主要是政府一直没有采取发展非国有银行的政策所致。所以作者提出要积极地发展非国有银行。同时为避免人们的‘市场选择’扭曲，提出对非国有银行的存款人提供与国家银行同等的社会担保。4、张杰认为，民营经济的金融困境源于国有金融体制对国有企业的金融支持和国有企业对这种支持的刚性依赖，以及由此形成的信贷资本化。他认为，解除民营经济金融困境的根本出路在于营造内生性金融制度成长的外部环境。5、陈晓红教授(2000)指出：由于大部分的中小企业自身素质差、财力物力有限、设备落后陈旧及生产的都是属于卖方市场的终端产品，而非生产与大企业相配套的中间产品和服务，经营效益随着买方市场的形成和竞争的加剧而变得较差。基于风险和利润的考虑，国有商业银行信贷资金大量向大企业集团倾斜，使中小企业信贷资金严重不足，为解决这种资金关系的不协调，作者认为应从三个方面解决中小企业的融资问题:第一重构商业银行与中小企业的关系，建立中小企业的主办银行制；第二建立政策性中小银行；第三大力发展非国有商业性中小银行。6、魏开文博士(2000)认为，我国市场型的银行和中小企业关系的模式应该是一种契约型的主办银行关系。这种关系模式是建立在市场经济基础上的，用市场经济的一般规则来规范银行和中小企业的行为，并体现契约型的信用关系。7、林毅夫（2001）、 李永军从我国劳动力丰富、资本稀缺的要素禀赋出发，认为我国中小企业进行直接融资的成本较高，企业规模的限制决定了采取编制公开财务报表上市要承担巨大的信息成本；而在间接融资中，大企业在经营活动的透明性、抵押及贷款规模效应等方面原因，大型金融机构更偏好对大企业的贷款。而与大型金融机构所不同的是，中小金融机构比较愿意为中小企业贷款，而从企业的技术类型看，中小企业以劳动密集型为主，解决中小企业融资困难唯一的方法是大力发展中小金融机构。8、白钦先、薛誉华（2001）指出我国由于长期实行赶超战略，强调规模经济的观点占据了政策层的主导地位，忽视了中小企业在经济发展中的比较优势，认识上的差距导致长期以来中小企业融资难的问题没有得到较好的解决。9、杨思群教授(2002)在对国外中小企业与银行关系的研究基础上，认为我国中小企业和银行之间存在“惜贷”、信贷的可歧视性、非长期关系、支付体系及中小金融机构等问题。提出我国银行和企业间问题的缓解思路是：银行“惜贷”一方面是反映中小企业素质及信用程度低的问题，另一方面反映了银行在信贷文化、重视资产的安全性方面有了积极的变化，所以“惜贷”只能是作为短期的特殊环境下采取的临时措施，而从长期看，为保障信贷资产的安全稳定运行，银行必须提高信息的分析能力和信贷担保技术;对于中小企业和银行之间的非长期关系上，建立中小企业的主办银行制;在支付体系上，中小企业存在“多头开户”现象，这不利于银行对中小企业的运营情况和信用状况的了解，所以要减少这种现象并提高银行小额支付体系的效率;在中小金融机构上，片面强调国有化和国有控股，使中小金融机构存在着公司治理结构不良、预算约束不强等体制方面的弊端，为克服这一弊端，需按市场化的准则设立和监管中小企业，同时鼓励中小金融机构在整和过程中进行市场化的兼并和重组。10、张捷教授(2003)通过银行组织结构与中小企业的关系型借贷特点来说明中小银行对中小企业融资的特殊性意义。关系性贷款的基本前提是银行和企业之间必须保持长期、紧密相对封闭的交易关系，即企业固定地与数量极少的(通常一到两家)银行打交道。由于关系型贷款不拘泥于企业能否提供合格的财务信息和抵押品，因而最适合资产抵押品较少的中小企业。也就是说，中小银行在收集和处理公开硬信息(如企业财务数据、信用编码等)处于劣势，但由于其地域性特点，它们通过与中小企业保持长期密切的近距离接触而获得各种非公开的关联信息，具有向信息不透明的中小企业发放关系型贷款优势。由于软信息传递存在成本问题，会在银行内部产生代理问题。与大银行相比，小银行科层结构简单，代理链条短，代理成本也相应地就低。理论研究不足及以后研究方向虽然说企业融资理论经过多年的发展已经相对较为成熟，但是，中小企业融资需求理论在很多问题上尚未达成一致的意见，各种实证检验也经常会得出完全不同的结果。这充分说明小企业的多样性和复杂性使其融资需求理论还远不够完善，还有相当多的问题和争论有待于进一步地解释。尤其在我国，中小企业融资无论是在理论研究还是在实际运作方面，都还处于起步阶段，我国经济形势复杂，今年以来温州，鄂尔多斯相继发生的高利贷崩盘现象，充分的体现了中小企业融资困难的问题，值得我们深思。对于中小企业融资发展方向，应该是多学科交叉，例如将博弈论以及行为经济学加入到中小企业融资问题研究中去，可能会有一定程度的突破。
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