The Effects of Intangible Assets （IA） on the Loan Interest Rates for Small- and Medium-Sized Enterprises （SMEs） in Taiwan

This study is motivated by the lack of direct empirical research on the relationship between intangible assets （IA） and loan interest rates for small- and medium-sized enterprises （SMEs） in emerging markets. This study uses a multivariate regression to investigate the effects of 1A on loan interest rates by focusing on SMEs. Using a panel sample of 186 publicly-listed SMEs with 952 annual observations in Taiwan from 2001 to 2006, the empirical findings indicate that an SME＇s IA does negatively affect loan interest rates. The main contribution of this study lies in its direct testing of whether IA can affect the loan interest rates for SMEs in an emerging market. The finding provides empirical evidence that an SME with greater IA leads to lower interest rates on bank loans, implying that SMEs should strive to invest in IA and enhance their knowledge management for obtaining more benefits of loan interest rates. Furthermore, the findings may provide empirical evidence for SMEs in emerging markets and can be compared with those for firms in industrialized economies.

CIIE Helps European SMEs Explore the Chinese Market

Many foreign small and medium-sized enterprises (SMEs) have seized opportunities at the CIIE to exhibit their specialties to Chinese consumers while expressing their expectations to penetrate China’s huge market.OVER the past five years,the China International Import Expo (CIIE) has provided a platform for multinationals to exhibit their flagship products and services.It also of-fered a chance for foreign small and medium-sized enterprises (SMEs) to build their presence in the Chinese market.The 2022 CIIE welcomed many new faces of SMEs from Europe,which brought exotic specialties to Chinese consumers as well as opportunities for cooperation.

县域SMEs融资存在的主要问题与对策研究——来自湖南省的调查

通过对湖南省195家县域经济体的SMEs进行问卷调查,发现县域SMEs普遍存在着融资意愿偏好于国有商业银行和信用社;融资途径和结构单一;非正规金融拓展空间受限;融资手续繁琐、抵押率过低等问题。然后,从加快担保体系建设;创新产品和业务开拓县域SMEs信贷市场;建立有效的直接融资体系等3个方面提出建议和措施,缓解了县域SMEs融资难的问题。

Corporate Governance Mechanisms： Evidence From Small- and Medium-Sized Enterprises （SMEs）

This paper aims to investigate the extent to which Malaysian small- and medium-sized enterprises （SMEs） adopted corporate governance （CG） principles and their effects on firm performance. The principles examined included： establishing clear roles and responsibilities; strengthening composition; and reinforcing independence. The paper is based on a questionnaire survey study among 113 SMEs that consisted of 35% （39） of manufacturing and related services and 65% （74） from services including information and communication technology （ICT）, primary agriculture, construction, mining, and quarrying. The analysis of the data indicates that 32% of the respondents said that the primary reason why they have their own business is to have control over their own working life. This fmding appears to confirm the f＇mancing theory that SMEs owners have other goals than profitability. In addition, 30% of SMEs perceived that the most important role played by the board is risk management; hence, these boards have a greater control over financial risks that may lead to better financial performance. The analysis also shows that 81% of the respondents＇ board consisted of internal board members only. These enterprises need to see the important role of external board members as a source of advice providers and experts to them. For policies relating to clear roles and responsibilities of board, only 28% of the respondents established clear functions reserved for the board and those delegated to management; substantial respondents did not draw up policies relating to reinforce board independency （between 75% and 79%） and to strengthen board composition （46%）. Besides, 68% of the respondents have the position of chairman and CEO held by same individuals and 81% of the chairman is an executive member of the board. These findings suggest that SMEs cannot see the importance of strengthening board and having independent board members. Regression analysis also indicates that board independence has a significant and positive impact on firm performance. Hence, SMEs need to appreciate networking advantages, competency, and strategic knowledge that the right board can offer. The governmental ministries and agencies in Malaysia need to take active measures to encourage SMEs to strengthen their board governance, because SMEs are the important economic powers for stimulating national economic growth. This paper contributes to the empirical literatures on the adoption of CG principles and their effects on SMEs＇ firm performance in emerging markets.

Impact of Controllable Factors on Export Performance of SMEs in Jordan

Exporting is of great interest for SMEs in Jordan from both microeconomic and macroeconomic perspective.The objective of this study was to identify to what extent specific internal factors contribute to export success of SMEs in Jordan.This study hypothesized that export performance of SMEs is directly affected by three groups of internal factors.These include firm characteristics,managerial characteristics,and marketing strategy.A multiple case approach is used to conduct this research and a structured interview is developed to collect the data directly from the participants.A pattern matching approach was used to test the hypotheses.The results show that export performance is positively affected by firm characteristics,managerial characteristics,and marketing strategy.Additionally,the demographic characteristics of managers and adaptation of distribution channels are unlikely to have an influence on export performance.This was unexpected,because of the plenty of empirical evidences in the literature that support the impact of these variables on export success.

An Analysis of Influencers of Energy Security for SMEs in the Greater Accra Region of Ghana

Investments in the exploitation of the continent’s raw material reserves have resulted in little (positive) impact on the energy security situation within Africa. This paper attempts to explore factors influencing the level of energy security of Small Medium Enterprises (SMEs) in the Greater Accra Region of Ghana, and from the dimension of availability, affordability, economic efficiency and environmental stewardship or sustainability of energy. The cross-sectional survey design was employed as the design for the collection and analysis of data. The study applied a quantitative research method in examining the indicators of energy security for SMEs in Accra Metropolis in the Greater Accra Region of Ghana. The population covered about 500 SMEs who have about 100 employees and total revenue of $1 million or the equivalence in Ghana Cedis. A sample of 246 was selected through a cluster and simple random sampling. The analysis adopted statistical techniques to conduct descriptive, exploratory and inferential analysis of the data collected. Factors that influence the level of energy security of SMEs are broadly categorized into the environment and economic change, political factors, physical disruptions and market conditions. Ge- nerally, the level of energy security under the availability dimension is medium among the SMEs. Issues of affordability, economic efficiency and environmental stewardship provide high medium interventions on energy security for SMEs. It is recommended that managers of Ghana’s energy sector should ensure prudent management of the country’s energy resources since the disruption of supply lines or sources form the key conditions that influence the energy security level of SMEs. SMEs should adopt energy efficiency measures to ensure that energy is conserved for future use.

Impact of ICTs on Core Competences of SMEs in Bukavu, DRC

Currently, it has been noticed a strong use of ICTs in several companies. The objective of this study was to analyze and measure the impact of the implementation of ICTs on the strategy and structure of management of core competence in SMEs in Bukavu, DRC. The scale used shows the good psychometric properties (χ2 = 75.045;P = 0.16;χ2/ddl = 1.471;CFI = 0.92;IFI = 0.92;RMSEA = 0.049;NFI = 0.79;GFI = 0.94;AGFI = 0.91. This study analyzed primary data collected from 195 SMEs in the city of Bukavu. Data processing was achieved using exploratory and confirmatory factor analysis and flat sorting. The results indicate that the use of ICTs by SME managers in the city of Bukavu has a positive impact on all dimensions of core competence selected in this study. They also reveal that the views of these leaders on the importance attached to the adoption of ICTs were divided and the level of ICT use was above average.

Study on the influence of network marketing to the development of SME under the context of big data

With the rapid development of information networks and the overall development of e-commerce, online marketing has continued to assault the traditional business marketing model and methods of operation, and it makes great effects on existing business concepts and ideas from different angles and levels. For these weaker small and medium-sized enterprises, network marketing with its low cost, wide range of applications, the effect of strong natural advantages becomes marketing approach of small and medium-sized enterprises which they can hold up and afford, which also provides unprecedented opportunity for small and medium-sized enterprises to have the opportunity to compete with large-scale enterprises on the same stage.

科技金融风口下投贷联动机制创新研究

2023年10月,中央金融工作会议明确提出加快建设金融强国的目标,并将科技金融列为五篇大文章之首。作为一种创新性金融服务模式,投贷联动机制深度融合了股权与银行贷款,与科技金融的属性高度契合。本文在分析投贷联动机制内涵、特点及类型的基础上,回顾了我国投贷联动机制的发展历程,剖析了当前我国投贷联动机制面临的发展困境,包括现有法律法规与政策的束缚、投贷双方联动机制的不完善、传统风险管理模式与目标客户的不匹配、股权投资机构发展缓慢及复合型科技金融专业人才匮乏等问题。为此,政府、投贷联动参与主体等各方需要采取更为有效的措施,共同推动投贷联动机制发展,以进一步做好科技金融这篇大文章。

数字营销何以激发中小企业创新——基于信息动态能力的中介作用

数字营销作为当今一种主流的营销方式,为中小企业创新活动带来了颠覆性变革。本文选取2011—2020年创业板制造业上市公司为研究样本,首次实证检验了数字营销对中小企业创新的影响效果及内在作用。研究结果表明,数字营销显著激发了中小企业创新,其激励效应主要体现在策略性创新而非实质性创新。依靠Heckman两阶段法、工具变量估计和倾向性得分匹配法等一系列稳健性检验后依然成立。作用机制研究显示,数字营销主要通过提升信息捕捉、信息吸收和信息整合等三维信息动态能力,最终促进中小企业创新。异质性分析表明,在高市场竞争、高博彩文化、非国有和无政治关联的企业中,数字营销的创新激励效果更为明显。本文基于信息动态能力的新视角打开了数字营销赋能企业创新的“黑箱”,为中小企业有效实现数字化转型和创新能力提升的“双赢”提供了一定启示。

外华内实:基于市场-品牌混合导向赋能中国中小企业竞争力

在当今市场竞争日趋激烈的环境下,中国中小企业亟待转型升级,以应对市场压力和品牌建设的双重挑战。本研究针对中国中小企业在市场导向战略与品牌导向战略融合过程中遇到的挑战,提出了一个整合市场与品牌导向的企业战略框架。研究发现,中小企业在追求市场竞争力的同时,需重视品牌价值的长期投资与维护。通过构建市场-品牌混合导向战略模型,本文提出了战略协同、策略协同和执行协同三大层次的协同体系,以及数据分析支持和评价与反馈两大模块。这一模型旨在帮助中小企业在满足市场需求的同时,构建并传播独特的品牌形象,从而实现高质量竞争力的发展。研究表明,通过有效整合市场与品牌导向,中小企业能够提升其市场竞争力和持续发展能力,为实现企业竞争力的高质量发展提供有力的理论支持。本研究为中国中小企业在市场导向与品牌导向融合中提供了明确的路径和策略,对于我国实施质量兴国战略和经济高质量增长具有重要意义。

贷款市场报价利率(LPR)对企业投资决策的影响探究

本文深度剖析了贷款市场报价利率(LPR)的形成背景及其深远意义,详细解释了贷款市场报价利率(LPR)的概念,并分析了其在宏观经济、企业微观层面以及创新领域的深远影响,探讨了贷款市场报价利率(LPR)的变动与企业的投资决策之间的紧密联系。本文运用投资决策理论框架,结合实际案例,采用定量和定性研究方法,从宏观经济、企业微观层面以及LPR调整机制等多个角度,深入挖掘了贷款市场报价利率(LPR)对企业投资决策的潜在影响,并提出了一系列企业应对贷款市场报价利率(LPR)调整变化的策略。本文研究的成果不仅丰富了贷款市场报价利率(LPR)的理论研究体系,还为企业在实际操作中的决策提供了有益的参考和借鉴。

基于知识图谱的银行中小企业营销模型构建

为了提高银行对优质中小企业的识别效率,让数据驱动业务提升,改变银行传统的对公客户营销中存在的信息不对称、以重点大客户为主、过于依赖专家经验等问题,提出了一种基于知识图谱的中小型企业营销模型。通过构建企业间关系网络,形成营销图谱网络,并利用企业图谱特征和评分卡特征筛选优质企业,最后挖掘出潜在的优质企业名单。在相关数据集上的模型训练和实验表明,该模型表现优异,可广泛应用于金融行业客户营销领域。

推进我国高收益债券市场建设——基于国内高收益债券的实证分析

发展高收益债券市场是支持中小企业融资、缓和优质资产稀缺现状、优化我国金融市场风险层次结构不可或缺的策略路径。我国的高收益债券市场发展起步较晚,但近年在违约的常态化趋势下,伴随着国内高收益债券市场法规政策与基础设施的持续完善,正展现出稳步向前的发展态势。本文首先系统性回顾了成熟市场中高收益债券的定义与界定标准,厘清贴合我国实际的高收益债券定义方法;其次,系统梳理全球高收益债券市场演变历程,剖析发展我国高收益债券市场的必要性及紧迫性;而后,从技术角度出发,聚焦违约风险与回收价值这两大核心要素,利用分位数回归构建了一套高效的违约预警模型,探索并提出了适合我国高收益债的回收率评估方法;最后,基于我国高收益债券发展现状和最新监管趋势,结合海外成熟市场经验,提出了系列政策建议,为推进我国高收益债券市场高质量发展提供参考。

贸易网络中心性对国际证券资本流动的影响研究——基于全球市场的经验数据

基于1990—2019年全球131个国家(地区)的进出口贸易等数据构建贸易网络中心性测度指标,采用面板回归模型实证检验贸易网络中心性对国际证券资本流动的影响效应。结果表明:贸易网络中心性水平提升,该国国际证券资本(净)流入将受到抑制;抑制作用的机制通过影响股票和债券的国际投资得以实现,次贷危机期间及发达国家所受到的抑制效果更趋明显;抑制作用的强弱受各国的股市波动率、银行业发展水平和贷款风险溢价等因素影响,套利因素将促使资本经由处于贸易网络中心的国家流到边缘国家。我国应结合贸易网络中心优势产生的外部影响力和控制力,优化政策体系,提高国际证券资本配置效率。

银行治理、信贷配给与中小企业融资

中小企业贷款难问题是目前困扰这些企业迅速发展的重要因素,国内外对这一问题成因进行了诸多研究与分析。从我国银行治理结构特点的这一独特视角出发,结合信贷配给理论,对不同治理结构下银行信贷行为进行建模与比较分析发现,银行治理结构通过影响银行信贷选择行为,将会对信贷市场配给程度以及中小企业获得贷款的可能性产生重要影响。

融资困境、知识产权质押贷款与中小企业可持续发展——来自中国的经验

轻资产、抵押物缺乏是中小企业特别是科技型中小企业的显著特点,传统银行信贷难以为其提供充分的融资服务,中小企业融资困境普遍而持续的存在。如何利用中小企业商标权、专利权等无形资产禀赋开发知识产权质押贷款,已成为各地积极探索的创新性融资模式。知识产权质押贷款先行地区如北京、湖南和四川等地的运作经验表明,我国知识产权质押贷款存在两种主要模式——政府推动型和市场驱动型,这两种模式都有一定的缺陷:政府推动型模式可持续性较低,而市场驱动型模式融资规模受到限制。有鉴于此,应该从提高知识产权质押评估水平、加强政策性扶持、构建知识产权交易平台等方面入手,进一步在我国开展知识产权质押贷款工作,尽快缓解中小企业融资困境,促进中小企业可持续发展。

考虑在险价值的中小企业成长性评价研究--基于沪深中小上市公司的实证

评价分析中小企业的成长性有助于中小企业的发展,越来越多的研究从各个角度来评价其成长能力。本文以中小上市公司为样本,在已有的较为成熟的指标体系中加入市场风险的在险价值因素,并通过实证研究对考虑市场风险因素与未考虑市场风险因素两个排名作有效性检验及比较分析,得出考虑市场风险因素的排名结果更为有效。以不同公司作为样本对成长性排名与市场风险做回归分析,发现对总体样本而言,成长性排名与市场风险呈显著负相关关系。

基于银行贷款下的中小企业信用行为的博弈分析

中小企业与商业银行之间的信息不对称 ,致使中小企业在向商业银行申请贷款后有可能采取失信行为 ,进而导致中小企业贷款难 ,可商业银行却“惜贷”严重的现象。用博弈论的方法分析了这种现象产生的动因及约束条件。结论是 ,在静态博弈的条件下 ,中小企业的信用行为受中小企业自身及商业银行的期望效用等因素的影响 ;在一次动态博弈中 ,中小企业有可能产生失信的机会主义行为 ;在无限重复博弈中 ,守信是中小企业的最优策略。建立中小企业“经济档案”、联合征信系统以及“事后惩罚机制”是有效解决中小企业失信及商业银行对中小企业的“惜贷”

基于供应链金融的中小企业信贷市场演化分析

根据演化博弈论,分别构建了供应链金融模式及传统融资模式下中小企业信贷市场的演化博弈模型,比较分析了两种模式下中小企业信贷市场的演化规律,探析了供应链金融对中小企业信贷市场的影响。研究表明,在传统融资模式下,系统不存在稳定汇入点,信贷市场不稳定,中小企业较难获得银行贷款;而在供应链金融模式下,系统的演化将收敛于银行贷款、企业履约的稳定状态,中小企业信贷市场呈良性发展。最后,通过数值分析对模型结论的有效性进一步验证。