我国中小企业吸引风险投资的途径分析

1、精品文档你我共享investment, indicate the way to the small and medium-sized我国中小企业吸引风险投资的途径分析论文摘要：我国中小企业的融资难问题已经是一个有目共睹的难题, 其经营风险比起大型企业来说，显得更大，因为它们很难从银行获得 贷款，那么，中小企业要吸引风险投资就是一大重要的融资渠道。首先，本文简单介绍了我国中小企业融资难现状及造成的原因分析，并 提出了吸引风险投资是解决融资难的重要途径之一， 并给出了具体的 吸引风险投资的途径，以期能够帮助中小企业抓住机遇，积极创造条 件，展示自己优势，吸引风险投资，给中小企业走出融资困境指明道

2、路。Abstract: our country small and medium-sized en ter prise financing difficult problem is an obvious problem, the risk compared with large enterp rises, app ear larger, because they find it difficult to get loans from the bank, so, small and medium en ter prises to attract ven ture cap ital is an i

3、mp orta nt financing cha nn el. First, the paper simply introduces the present situation of our country small and medium-sized enterprise financing difficulties and causes of the analysis, and proposed to attract risk investment is one of the imp orta nt ways to solve the financing difficulties, and

4、 p uts forward the specific ways to attract the risk investment, in order to help small and medium-sized enterp rises seize the opportuni ty, actively create conditions to show their advantages, attract the risk enterp rises out of financing difficulties.我国中小企业已经成为了我国国民经济中非常重要的组成部分,并且已经越来越占据着重大的地位。这

5、是我国改革开放的伟大成果, 它们对于我国国民经济的发展起到了不小的作用，发挥了不小的贡献 性力量。具体来说，中小企业在促进经济增长、创造就业机会、增加农民收入、转移农村富余劳动力等方面发挥越来越重要的作用。而中 小企业的发展离不开人力、物力和财力等多方面的投入，但是，当前 金融危机的大背景下，我国中小企业的融资难已经成为了一个无法逃 避的现实。当前，我国中小企业融资渠道非常狭窄，资金短缺问题一 直束缚着中小企业的继续发展，已经成为制约中小企业发展的瓶颈之。在这种情况下，中小企业可以通过吸引风险投资来解决当前的融 资难问题，因为风险投资可以大大加快科技成果向生产力的转化速 度，推动中小企业的发展

6、。可以说，风险投资对中小企业的发展起着 举足轻重的作用。但是，我们也要注意到，风险投资也有着一些问题 存在，我们一定要让风险投资成为真正解决融资难问题的有效途径。Our country small and medium-sized enterprises has become a very important part of national economy in our country, and has increasingly dominated the important position. This is the great achievements of the reform and

7、 opening in China for the devel opment of the n atio nal economy p layed a big role, p layed a lot of contribution strength. In particular, small and medium-sized 腹有诗书气自华精品文档你我共享enterp rises in pro mot ing econo mic growth, create jobs, in creasefarmers in come, tran sfer of rural surplus labor, etc

8、. P lay an increasingly important role. While the development of small and medium-sized enterp rises depends on a variety of inputs such as manpower, material and financial resources, but, under the background of the current financial crisis, financing difficulties of small and medium-sized enterp r

9、ises in our country has become anin esca pablereality. Atp rese nt,our country small and medium-sized enterprise financing channel is narrow, the fund shortage has bee n bound with the continue devel opment of small and medium-sized en ter prises, has become one of the bottle necks restrict ing the

10、devel opment of small and medium-sized enterp rises.In this case, the small and medium-sized enterprises can attract risk investment to solve the problem of the current financing difficulties, because vc can greatly sp eed up the tran sformati on of scie ntific and tech no logical achieveme nts into

11、 p roductivity, p romote the devel opment of small and medium-sized enterp rises. Can say, the development of venture capital for small and medium-sized enterp rises p lay an imp orta nt role. However, we should also note that, the risk investment has some problem, we must make risk investment real

12、effective way to solve the problem of financing difficulties.腹有诗书气自华精品文档你我共享A, our country small and medium-sizedenterprise financing、我国中小企业融资现状及原因分析p rese nt situatio n and reas on an alysis当前，我国中小企业面临着较大的融资困难， 尤其是当前国际国 内金融危机持续发酵的情况下，我国中小企业面临的融资状况非常不 乐观。随着经济全球化的发展，技术创新在国家竞争力和经济增长中 扮演着越来越重要的角色。目前，在我

13、国经济结构中，中小高科技企 业已成为我国创新体系中最活跃、最具效率的部分。但是，资金投入 却严重不足，这大大限制了我国中小企业的顺利发展。究其原因，中 小企业融资难的原因有如下几个方面:At Present, the financing difficulty of small and medium-sized enterp rises in our country is faced with the larger, esp ecially in the curre nt in ter nati onal and domestic continu ous ferme ntati on un de

14、r the con diti on of finan cial crisis, our country small and medium-sizedenterp rise financing situati on is notop timistic.With the devel opment of econo mic globalizati on, tech no logical inno vati on in national competitiveness and economic growth plays a more and more imp orta nt role. At p re

15、se nt, i n Chi nas econo mic structure, the inno vati on system in our country small and medium-sized high-tech enterp rises have become the most active, the most effective part.However, i nv estme nt is seriously in sufficie nt, this greatly limits the smooth devel opment of small and medium-sized

16、enterp rises in our腹有诗书气自华精品文档你我共享because the small and medium-sized enterprises (smes) oncefinancing difficult reas on has the followi ng several asp ects:第一，我国中小企业的运营资金基本上依靠自筹资金， 即使有一 些中小企业进行了金融机构的融资，但是，数目是非常小的。这是由 于中小企业信誉低，加上信息不对称，贷款风险高，银行为规避风险 而惜贷，往往不愿向中小企业提供贷款。First, our country small and mediu

17、m-sized enterp rises op erat ing funds are basically rely on self-raised fun ds, eve n if there is some financial institutions in the financing of small and medium-sized enterp rises, but the nu mber is very small. This is due to the small and medium-sized en ter prise credit is low, coupled with in

18、 formatio n asymmetry, high loa n risk, Banks relucta nt to lend to avoid risk, are ofte n relucta nt to pro vide loa ns to small and medium-sized enterp rises (smes).第二，我国中小企业进行贷款所需的信用担保体系不够健全，这 是因为中小企业一旦进行贷款，其拥有的资产往往难以满足银行对于 抵押物流动性和易变现的要求，此外，我国中小企业实力薄弱、资信 度较低，很难获得合格担保人为其担保。我国的担保公司也处于发展 初期，本身管理也存在着

19、很多问题和不足， 这样就使得中小企业很难 贷到款。Second, our country small and medium-sized enterp rises to meet the need of a loan credit guarantee system is not sound, this is made loa ns, its assets tend to be difficult to meet the requireme nts of bank for collateral liquidity and cash, in addition, our countrysmall an

20、d medium-sizeden terprisestre ngth is weak, the competency is low, it is difficult to obtain qualified which the guarantee is a guarantee. The guarantee company also is at the early stage of development, management itself also exist many p roblems and shortco min gs, which makes small and medium-siz

21、ed en terprise is di fficult to borrow money.第三，中小企业的贷款难度还在于其与银行等贷款审批部门的沟 通不畅，导致了贷款成本无形中增加，各大银行贷款审批权限的上收 难以适应中小企业对金融服务的需要。 中小企业对于资本市场这一融 资渠道利用不够，这是因为我国的中小板块和创业板块的市场发展起 步较晚，无法满足广大中小企业融资的需要。Third, small and medium-sized en ter prise loa ns di fficult lies in itscom muni cati onwith bank loa n exam in

22、ati on and approval dep artme nt, led to the borrow ing costs virtually in creased, each big bank loa n appro val authority tak ing difficult to ada pt to the n eeds of small and medium-sized en ter prises in finan cial services. Small and medium-sized enterprises in the capital market financing cha

23、 nnel utilizati on is in sufficie nt, because the devel opment of small and medium-sized plate and plate market in China started late,腹有诗书气自华精品文档你我共享unable to meet the needs of the financing of small andmedium-sized enterp rises.二、我国中小企业吸引风险投资的途径分析Second, our country small and medium-sized en terpri

24、se attract risk inv estme nt an alysis of the way当前，我国中小企业面临融资难的问题，这就急需我们中小企业 尽快引入风险投资渠道，以期来最大限度地解决当前中小企业面临的 资金困境。应该来说，中小企业通过吸引风险投资能够紧紧抓住发展 的机遇，更多地解决资金少问题，为中小企业的发展提供了非常有利 的条件和发展机遇。但是，当前我国中小企业在引进风险投资的过程 中，还面临着不少的问题和困难。具体表现为：一是我国中小企业的 风险投资机构规模偏小，与西方发达国家相比，仍然存在较大的差距。我国的风险投资还没有充分发挥出个人、企业、金融和非金融机构等 来共同建立

25、一个有机的风险投资网络， 造成风险投资规模较小，资金 来源渠道窄，严重阻碍了风险投资在中小企业中应该发挥的作用。是中小企业的风险投资资金退出渠道不够顺畅。 我国风险投资的退出 方式仍然以公司 股权转让”为主，这种方式对于企业发展的促进作用 十分有限，导致风险投资循环中断。三是我国中小企业的管理水平不 够高，信用意识还不够强，一旦发生经营困难，往往会想方设法拖欠 贷款利息、逃废银行贷款，极大地降低了企业的信用，这就导致了中 小企业的资本信用水平偏低。At Present, our country small and medium-sizedenterprises腹有诗书气自华精品文档你我共享fi

26、nancing difficult p roblem, this n eeds us to small and medium-sizedenterprises to introduce risk investment channels as soon as po ssible, in order to maximize the solutio n to the curre nt small and medium-sized en ter prises facing financing difficulties. Should, by appealing to small and medium-

27、sized enterprises risk investment can seize the devel opment opportuni ty, solve the p roblem of less money, more to the development of small and medium-sized enterprises (smes) provides a very favorable conditions and opportunities for development. However, the current our country small and medium-

28、sized enterp rises in the p rocess of i ntroduc ing risk investment, is also facing many problems and difficulties.Embodied in: first, the small scale of small and medium-sized enterprises risk investment institutions in China, compared with wester n devel oped coun tries, there is still a large gap

29、. Our country risk inv estme nt also not give full p lay to the person al, bus in ess, financial and non-financial institutions to set up an organic risk investment network, risk investment on a smaller scale, capital source cha nnel n arrow, seriously hin dered the ven ture inv estme nt in small an

30、d medium-sized enterp rises should p lay a role. 2 it is to small and medium-sized enterp rises of ven ture cap ital exit cha nnel is not smooth. The exit of ven ture cap ital in our country still is give n priority to with company equity transfer, this kind of means to腹有诗书气自华精品文档你我共享pro mote enterp

31、 rise devel opmentis very limited, led to the腹有诗书气自华sus pension of ven ture cap ital circulati on. 3 it is to our country smalland medium-sized en ter prises man ageme nt level is not high, creditcon scious ness is not strong, in the eve nt of op erati onal difficulties,ofte n can find ways to in te

32、rest on loa ns, and evasi on of bank loa ns,en terprise credit is greatly reduced, result ing in cap ital for small andmedium-sized enterp rise credit level is low.针对当前这种中小企业融资难问题以及引入风险投资中也存在一定的问题，我们必须尽快寻找出一些解决这些问题的措施和途径。否则，中小企业融资过程中的不确定因素，信用风险较高，市场机制的运行规则不利于中小企业，金融业的谨慎原则所使然等情况， 都会给中小企业的发展带来不可估量的损失和

33、挑战。 那么,我国中小企业到底该如何来吸引风险投资呢？具体来说， 笔者认为，我们可以从以下几个方面来努力和开拓途径:In view of the current this kind of small andmedium-sizeden terprise financing di fficult p roblem and in troduce risk inv estme ntalso has certa in p roblem, we must as soon as p ossible to find outsome measures and ways to solve these pr ob

34、lems. Otherwise, theuncertain factors in the process of small and medium-sizedenterprise financing, credit risk is higher, the market mechanismoperation rules is not conducive to small and medium-sizedenterp rises, finan cial sector finan cial p rude nee p ri nciple, etc., will精品文档你我共享medium-sized e

35、nterprises to solve the problem of financingmedium enterp rises and challe nges. So, how our country small and medium-sized enterprises on how to attract risk investment?Sp ecifically, the author thi nks that, we can to efforts to explore the way to and from the follow ing several asp ects:第一，中小企业要从

36、内部努力提升自己的市场竞争力。 中小企业 要解决融资难问题，吸引风险投资，就要综合考虑多种因素，比如说 市场前景、管理团队、技术、商业模式和财务状况等。中小企业要顺 应时代发展潮流，建立各种风险投资机构，更多地关注以信息化、软 件、互联网、自动化为代表的新经济，努力实现中小企业的成长性和 创新性。中小企业还要提高企业行业背景、企业管理者素质、企业管 理团队能力和商业模式创新。就企业家素质而言，我们要重视培养其 诚信、眼光、进取心、胸怀，诚信是基础、眼光是核心、进取心是关 键、胸怀是保证，这四个方面是不可或缺的重要素质第二，对于中小 企业来说，融资是一个较大的难题，它是一个颇为复杂的工作，除了

37、要提高企业自身的核心竞争力以外， 还要从外部进行适当的包装，恰 到好处地对企业进行相关宣传和推广。这种包装主要体现在展示给投资人的商业计划书和企业在投资机构面前进行的项目路演两方面。中 小企业应该要撰写高质量的商业计划书，项目路演要恰到好处地推广 企业，要做到井然有序。First, the small and medium-sized enterprises from the internalefforts to improve their market competitiveness.Small and difficulties, attract the risk inv estme nt,

38、 must con sider many factors, such as market prosp ect, man ageme nt team, tech no logy, bus in ess model and financial conditions, etc. Small and medium-sized enterprises want to keep up with the trend of The Times development, the establishment of various risk investment institutions, pay more att

39、ention to the information automation, software, Intern et, as a rep rese ntative of the new economy, atte mpt to achieve growth and innovation in small and medium-sized enterprises. Small and medium-sized enterprises to improve thequality of theenterp risein dustrybackgro und,enterp rise man ageme n

40、t, enterp rise man ageme nt team and bus in ess model innovation. In terms of entrepreneurial quality, we should attach importanee to cultivate its integrity, vision, and enterprising spirit, mi nd, hon esty is the foun dati on, visio n is the core, the en terprise is the key of mind is the guarante

41、e, the four aspects arein dis pen sableimp orta nt quality sec ond, for small and medium-sized enterp rises, financing is a major p roblem, it is a very comp licated work, besides to enhance the core comp etiti on of the enterp rise itself, but also from exter nal proper p ack ing, just right for en

42、terp rises to carry out releva nt prop aga nda and pro moti on. This kind of p ack ing is main ly mani fested in the show bus in ess plan and 腹有诗书气自华精品文档你我共享corpo rate inv estors before the inv estme nt in stituti ons of the project road shows two aspects. Small and medium-sized enterprises should w

43、rite high quality bus in ess plan, p roject a roadshow to prop erly pro mote the enterp rise, to be orderly.第三，中小企业要解决融资难的问题，就要引入恰当的风险投资。般来说，我国风险投资的来源往往是政府部门、项目业主、中介机 构、朋友和股东推荐等。通过这些渠道，中小企业可以节省时间、精 力和成本，应该根据自身发展状况，弄清楚自己所处的发展阶段，在 最佳时机引进风险投资。此外，中小企业还应该引进最合适的风险投 资，选择适合企业自身的风投机构会有助于企业的长期发展。Third, the sm

44、all and medium-sized enterp rises to solve the p roblem of financing difficulties, will be the introduction of appropriate risk investment. In general, the source of venture capital in China is often, project owners to government departments, intermediary orga ni zati ons, frien ds, and shareholders

45、 and recomme nd. Through these cha nn els, small and medium-sized enterp rises can save time, effort, and cost, should according to their own development con diti on, find out on eselfs stage of devel opmen t, i n the best timeto in troducerisk inv estme nt.In additi on, the small and medium-sized e

46、nterp rises also should in troduce the most suitable investment risk, choose suitable for their own vc institutions will help the Ion g-term devel opment of the en terprise.第四，中小企业要认识到风险投资在融资过程中的重要作用， 其 有利于解决普遍存在的融资难问题。 能提供增值服务，有利于中小企 业的技术创新，有利于企业治理结构的优化和管理水平的提高。 那么, 我们就要充分利用好这种作用，进一步完善相关法律，加大政策扶持 力

47、度，积极探索多渠道退出机制，实现风险投资资金来源渠道的多元 化，优化风险投资的宏观环境，建立政策性的风险投资基金、创业中 心、孵化器”制定政府采购实施细则，实施面向全球的高新技术产 业人才战略，多方面完善中小企业融资活动支持体系。Fourth, small and medium-sizedenterp risesto realize the importance of risk inv estme nt in the financing p rocess, it is helpful to solve the pr oblems of financing difficulties gen er

48、ally. Can pro videvalue-added services to small and medium-sizedenterprise tech no logy inno vati on, is adva ntageous to the op timizati on of the corpo rate gover nance structure and the impro veme nt of man ageme nt level. , the n, we will make full use of good this effect, further p erfect the r

49、eleva nt laws, stre ngthe n p olicy support, actively explore multi-cha nnel exit mecha ni sm, realize the diversificati on ofrisk inv estme ntfund sources,op timizati onof the macro environment of risk investment, establish the policy of risk investment fund, entrepreneurship center, incubator, for

50、mulated the gover nment p rocureme nt detailed rules for the impi eme ntatio n, the imp leme ntatio n of the global high-tech in dustry tale nt strategy, improve the small and medium-sized enterp rises financing support system in many asp ects.第五，中小企业在当前的金融危机背景之下， 要充分认识到风险 投资是中小企业融资的最佳选择。 所谓风险投资，是指由

51、职业金融家 投入到新兴的、迅速发展的、有巨大竞争潜力的中小企业中的一种权 益资本。风险投资有以下特点：高风险、高收益；投资人参与管理;风险投资是一种中长期的股权性投资；风险投资的终极目标是获利;风险投资主要采用辛迪加投资方式，成功率高。风险投资的快速发展 为中小企业利用风险投资带来了机遇， 中小企业要积极创造条件，吸 引风险投资，解决中小企业融资难问题，选择具有良好盈利预期和前 景的项目，特别是高新技术类的项目，选择最佳的盈利模式，塑造优 秀企业家及其创业团队的形象。项目要有一定的先期投入，编制出色 的商业计划书，寻找和企业发展相适应的风险投资机构， 时刻关注沟 通接触风险投资家的渠道。一旦获

52、得投资，企业就可以利用风投机构 的资金和成熟的管理经验获得快速的发展。Fifth, the small and medium-sized enterprises under the current finan cial crisis backgro und, to fully realize the risk inv estme nt is the best choice for small and medium-sized enterprise financing.So-called risk inv estme nt, it is to point to by pro fessi onal

53、 finan cier into the emerging and rapid development, have great potential comp etiti on of small and medium-sized en ter prises in a ki nd of equity capital. Risk investment has the following characteristics: high risk, high in come; Inv estors to p artic ip ate in man ageme nt;Risk inv estme nt is

54、a Ion g-term equity inv estme nt; The ultimate goal of ven ture cap ital inv estme nt is p rofit; Ven ture cap ital mainly adopts a syn dicate, high success rate. The rapid devel opment of ven ture cap ital for small and medium-sized en ter prises (smes) using the risk inv estme nt has brought oppor

55、tun ities, small and medium-sized enterp rises (smes) should actively create con diti ons to attract risk investment, solve the problem of small and medium-sized enterprise financing difficulties, choose good profit forecast and prospect of the project, esp ecially high and new tech ni cal projects,

56、 choose the best profit model, shaping the image of outstanding entrepreneur and entrepreneurial teams. Project should have acertain amount of up-front investment,establishmentgood bus in ess plans, finding and risk inv estme nt in stitutio ns that can meet the needs of enterprise development, payin

57、g attention to con tact cha nn els of ven ture cap italists. Once inv estme nt, the enterp rise can use vc funds and mature man ageme nt exp erie nee to gai n rapid devel opment.第六，中小企业除了要知道风险投资为中小企业提供一条有效的 融资途径，有利于改善中小企业的管理水平， 有利于推动中小企业的 技术创新和资源优化配置等作用以外，还要明白中小企业吸引风险投 资的可行性所在。一般来说，我国有着强大的风险投资供给基础，中

58、腹有诗书气自华小企业是风险投资最适宜的投资对象。 这些都给我国中小企业引入风险投资提供了必要的条件。从企业层面上来看，中小企业要提高管理者的素质，建立现代化的企业组织结构和以创新和诚信为核心的企业文化。从政府层面来看，健全中小企业融资的法律法规，并有效地实施，完善针对中小企业的金融中介服务体系。Sixth, in additi on to small and medium-sized enterp risesunderstand that venture capital for small andmedium-sizedenterp rises to pro vide an effective financing way,to improve themanagement