小企业融资困境与孵化器制度

Financing Difficulty of Small Enterprises and Incubator System

通过对132家样本小企业的实证分析,揭示出小企业融资困境于宏观融资环境和企业内在特征两个方面的具体成因.说明在资金供给者和小企业之间插入孵化器,是微观层面对治理小企业融资困境的有效制度安排:能够共享融资服务,把分散变成集约,实现资源的优化配置,使小企业融资触角延伸、内在缺陷弥补;又可以实现有效控制,降低资金供给者的风险.进而提出应该深化发展孵化器、服务定位于企业内在特征、把孵化器发展为智能中介产业等建议.

Through the practical study with 132 small enterprises, it concludes that the concrete causes of financing difficulty of small enterprises come from two aspects, namely, the macroscopical financing system and the internal characteristics of small enterprises. It points out that the financing difficulty of small enterprises can be resolved from micro level by inserting incubator system between the credit suppliers and small enterprises. Because the financing services can be shared, decentralization can be changed into intensification, resources can be optimized, so the small enterprises＇ financing feeler can be extended and their internal defect can be made up. Furthermore, the resuhful control can be realized, so the risk of the credit suppliers can be minimized. Finally it puts forward that the development of incubator should be deepened, the service of incubator should be located on the internal characteristics of small enterprises, and incubator should be developed to intelligent intermediary industry, and so on.