美国日本创新型企业金融体系建设及对我国的启示

Construction of Financial System of Innovation-oriented Entrepreneurs in America and Japan and Its Enlightenments on China

创新型企业的发展促进经济增长和提供就业岗位,然而其发展受到融资难的束缚。本文旨在探究我国创新型企业融资难的问题并提出相关对策。文章首先分析了创新型企业直接融资和间接融资等金融体系的现状,然后分析创新型企业融资难的原因是信息不对称、经营风险大、抵押品不足、交易成本高、信用问题和财务制度不完善造成的信贷配给。通过借鉴美国日本对创新型企业金融体系建设的经验,结合我国目前实际国情,提供我国对创新型企业金融体系建设的政策和建议。

The development of innovation -oriented firms brings economic growth and jobs. Yet the financing problems lay restriction on the development of those firms. This thesis analyzes the financing problems of China＇ s innovation - oriented firms and then comes up with several coping tactics. With a description of the current situation of direct and indirect financing of those firms, the thesis concludes the following reasons for financing problems of those firms ： information asymmetry, high operational risk, insufficient load collateral, high transaction cost and credit issues as well as incomplete financing system. Those reasons result to credit rationing in China. By learning from American and Japanese innovation -oriented counterparts, the thesis puts forward several coping tactics and suggestions for China＇ s innovation - oriented firms to build a complete financial system.