金融支持文献综述及外文文献资料

金融支持文件综述及外文文件资料金融支持文件综述及外文文件资料金融支持文件综述及外文文件资料金融支持文件综述及外文文件资料本份文档包括：对于该选题的外文文件、文件综述一、外文文件标题:Internationalizationstrategy,firmresourcesandthesurvivalofSMEsintheexportmarket作者:Baum,Matthias期刊:JournalofInternationalBusinessStudies卷:45；期:7；页:821-841；年份:2014TheActivationofTechnologyFinancethroughSupportforSmallandMedium-SizedEnterprisesinKoreaAbstractAstheeconomytransitionstoaknowledge-basedparadigm,smallandmedium-sizedenterprisescanbecomemorecompetitivebysecuringgreatertechnologicalpower,coupledwithexcellentinnovationandflexibility.Thus,theobjectiveofthispaperistogainabetterunderstandingofthecurrentsituationsofSmallandmedium-sizedenterprisesinKorea,andtodiscussontheactivationoftechnologyfinanceprovisionsystems.Keywords:Smallandmedium-sizedenterprise,Technologyfinance,Ventures1.IntroductionTheKoreaneconomygrewrapidlyuntilthemid-1990s.Suchrapideconomicgrowthwaspromotedinaneconomicstructureinwhichlargeenterprises,ratherthansmallandmedium-sizedenterprises,werethetoppriority.However,advancedcountriesmustmaintainahigh-speedindustrialstructurebasedonup-to-datetechnologyandhighaddedvalue,andsuchstructuremustbeconsideredsubservienttothedevelopmentofsmallandmedium-sizedenterprisescharacterizedbyexcellenttechnologyinnovationandflexibility.Inthepast,policiesandsystemsdesignedtosupportthetechnologicaldevelopmentofsmallandmedium-sizedenterpriseswerenotconstructedinagenerallyefficientandorganicmanner,butwereratherpursuedinaverycomplexandmakeshiftway,ineffortstoquicklyaddresschangingsituations.Beginninginthemid-1990s,Koreaneconomicgrowthwasledbyknowledge-basedindustries,whichexpandedoverashortperiodoftime,duringwhichagreatdealofsupportwasprovidedtosmallandmedium-sizedenterprisesinordertonurtureknowledge-basedenterprisesandactivateventuresaccordingtothedegreeoffirmgrowth.Suchpoliciesalsocontributedgreatlytopriceandemploymentstability,aswellasimprovedinternationalpaymentbalance.However,despitetherapidgrowthofknowledge-basedindustries,themajorityoftechnology-drivenenterprisesinKoreasufferfromfund-raisingdifficulties.Underthepresentglobaleconomicregime,thedevelopmentofnationalindustriesrequiresthefosteringofventuresandthestrengtheningoftheircompetitivenessbasedontheirtechnologiesandintellectualpropertyrights.Inthisageofglobalization,inwhichtechnologyfinanceisbecomingincreasinglyimportant,thepurposeofthispaperistodeterminethecurrentstateofsmallandmedium-sizedenterprises,aswellastheactualconditionsoftechnologyfinancesupportsystemsinKorea.2.TheCharacteristicsandCurrentSituationofSmallandMedium-SizedEnterprisesinKoreaThescaleofsmallandmedium-sizedenterprisesisrelativelysmallascomparedtolargeenterprises.Inotherwords,smallandmedium-sizedenterprisesinaneconomicregimetendtohavelesscapital,technology,andmanagementabilitythanlargeenterprises(Jeong,2009;Moon,2000).Inourworld,smallandmedium-sizedenterprisesplaysuchasignificantroleinanationaleconomyandhavesogreatapoliticalandsocialimpactonthecountrythatthepositionofsmallandmedium-sizedenterprisesmustbeconsideredofgreatvaluetoacountry’seconomicstabilityandgrowth.Generally,smallandmedium-sizedenterprisesperformapositiveroleinestablishingthefoundationforthestabilityofthenationaleconomy,activatingthedevelopmentoftheeconomy,expandingtheexportbase,advancingtheindustrialstructure,achievingbalancedgrowth,enhancingthecountry’abilistytomeeteconomicchallenges,improvingthebalanceofinternationalpayments,diversifyingconsumerchoices,innovatingrelevanttechnologies,andactivatinglocaleconomies(Friedmanetal.,2000;Kim,1993).Smallandmedium-sizedenterprisesinKoreaarefacingsubstantialtroubles,bothathomeandabroad.Theirexternalproblemsincludeindustrialadjustment-associatedrestructuring,whiletheirinternalproblemsincludearapidlychanginginternationalenvironment,includingevolvinginternationalpoliticalconditions.TheGyeonggiSmallandMediumBusinessCentermonitoredtheon-sitedifficultiesfacedbysmallandmedium-sizedenterprises,andidentifiedtheirmostprominentproblemasfinancialdifficulty,followedbydifficultiesassociatedwithmanpower,risingcosts,andmarkets(includingdomesticdemandandexports).Table1belowliststhesedifficulties,whichcanbeconsideredthetoppriorities.Accordingto‘thesurveyresultsofthelackofsmallandmedium-sizedenterprisesfundsin2004’publishedbytheKoreanFederationofSmallandMediumBusiness,thetopdifficultyexperiencedrecentlybysmallandmedium-sizedenterprisesisthatassociatedwiththesupplyofanddemandforrawmaterials(%),followedbydecliningsales(%),delaysincollectingmoneyforsales(%),andreductionsindeliveryprices(%).Withregardtothedifficultyassociatedwiththesupplyofanddemandforrawmaterials,%moresmall-sizedenterprisesexperiencedaproblemthanmid-sizedones(%ofsmallenterprisesand%ofmiddleenterprisesfacedthedifficulty).%ofsmallandmedium-sizedenterprisesreportedthatitwas“difficult”forthemtotakeloanoutafromtechnologyfinancinginstitutions,whichinsistedonsecuredloansandtightenedloanexaminations,whereasonly%replieditwas“notdifficultthemtosecurealoan.Thisillustratestheurgentneedforimprovementsinloaningsystems,suchthatrelevantfundsmaybesuppliedtosmallandmedium-sizedenterprisesinatimelymanner.Thiscanbeachievedviatheactivationofguaranteeloaningsystemsthatdifferfromexistingsystems,allowingmoneytobelenttosmallandmedium-sizedenterprises,andconsiderablysimplifyingandreducingavarietyoftechnologyfinancingprocedures.In2008,smallandmedium-sizedenterpriseshadlessabilitytopaybecauseofincreasesinthepricesofcrudeoil,ironandsteel,andotherrawmaterials,coupledwithweakerdemandintheinternationalmarket.Additionally,technologyfinanceinstabilityoriginatingintheUSAresultedinthespreadoftechnologyfinanceandobjecteconomycrisesandcreditcrunchesallovertheworld,whichinturncausedasubstantialdeteriorationinthefinancesofsmallandmedium-sizedenterprises,whichhavelowercreditratingsthanlargeenterprises.Inparticular,thenumberofnewsmallandmedium-sizedenterprisesinexistencehasdecreasedrapidlysinceOctober2008,whenunfavorabletechnologyfinanceconditionsseriouslyaggravatedglobalcreditcrisesandadepressionindomesticmarkets.Ascanbeobservedinthedatapresentedabove,smallandmedium-sizedenterprisesinKoreaarerelativelysmall-scaleandprofoundlyaffectedbybothinternalandexternalfactors.Therefore,inordertoachievecompetitivesuperiorityinthisageofinternationalization,theenterprisesshould,firstofall,rearrangeandreformtheirsystemstopromotemoreefficienttechnologicaldevelopment,followedbyattemptstosecurebothtangibleandintangibletechnologicalpower.3.SupportforSmallandMedium-SizedEnterprisesinKorea:TheCaseofFirmKWeconsiderherethecurrentconditionoftechnologyfinancingsupportforsmallandmedium-sizedenterprisesinKorea,withfocusplacedonaguaranteeingfirm(K),whichisasemi-governmentalorganization.Kisafundthathasestablishedacomprehensivesupportsystemfortechnologyfinance,andthatleadsintechnologyfinance(here,technologyfinancereferstothedemandforandsupplyoffundsrequiredforthetechnologyinnovationprocess,whichincludesR&D,technologyfounding,andtechnologybusiness).FirmKwasestablishedin1989andhas,forthepast19years,providedtechnologyguaranteesworthatotalof149trillionwontosmallandmedium-sizedenterpriseswithexcellenttechnologyandmarketability,soastoimprovetheirtechnologicalcompetitivenessandactivatetheirtechnologyfinancing.Inparticular,firmKhasestablishedthefoundationofacomprehensivesupportsystemfortechnologyfinancebymeansofidentifyingsuchventuresandinno-bizenterpriseswithhighgrowthpotentialandexpandingsupportforthem,andbyofferingthoseentitiesavarietyofservicesconnectedwithtechnologyappraisal.Onthebasisoftheexpertsappraisal’oftheenterprisestechnological’power,supporthaslargelybeenprovidedtocompanieswithweakfinancialstructures,butsuperiortechnologicalpower(%ofthefirmstowhichtechnologyappraisalguaranteeswereofferedin2008didnothaveagoodfinancialrating);additionally,appraisalmodelsforthesupportofcompanyestablishmentshavebeendevelopedinordertocreatejobs,tolayfoundationsforfuturegrowth,andtostrengthensupportfornewtechnologicalenterprises.SupportforR&Dtechnologyfinancehasalsobeenincrementallyexpandedinanefforttofosterinvestmentsintechnologicaldevelopment,soastopromotethetechnologicalcompetitivenessofsmallandmedium-sizedenterprisesandtocreatenewgrowthmotivepowersinthenationaleconomy.Inordertoaddressthelackofflexibilityofsmallandmedium-sizedenterprises,anissuewhichwasexacerbatedbytheeconomicdownturnresultingfromthetechfinancecrisisintheUSA,avarietyofsystemshavebeenemployedtoexpandtechnologyguarantees;allsuchschemesweremobilizedexpresslytoovercomethisunprecedentedeconomiccrisis.Firmplaysaleadingroleasacomprehensivetechnologyfinanceproviderbyofferingintensivesupporttoeffortstoestablishtechnologyinnovationenterprisessuchasventures,inno-bizenterprises,andtechnologicalenterprises,allowingforthecreationofneweconomicgrowthmotivepowersfortheeconomy,thecontinualexpansionoftechnologyappraisalguarantees,andtheactiveidentificationandsupportofinnovativesmallandmedium-sizedenterprises.In2008,firmKselectedandconcentratedtechnologicalenterprisesandventuresthatmightprovetobefuturegrowthmotivepowersofthenationaleconomyandthusmightefficientlycreatejobs.Inthatyear,trillionwon(%ofthetotalguaranteesupport)wasprovidedtotechnologyinnovationenterprises(smallandmedium-sizedenterprisesequippedwithtechnologicalpowers),representingatrillionwonincreaseoverthetrillionwon(%ofthetotalguaranteesupport)spentin2007.Thefigureoftrillionwonwas%ofthetotalguaranteebalanceattheendof2008,and%ofthatin2007.Fortheexclusiveuseofventures,firmKprovidedtrillionwonin2008(%ofthetotalguaranteesupport),representinganincreaseoftrillionwon(%ofthetotalguaranteesupport)overthetrillionwonspentin2007,andwillhaveprovidedtrillionwon(%ofthetotalguaranteesupport)in2009.Additionally,withregardtotheguaranteesprovidedbyfirmKtoinno-bizenterprises,2008sawafigureoftrillionwon(%ofthetotalguaranteesupport),atrillionwonincreaseascomparedtothetrillionwon(%ofthetotalguaranteesupport)providedin2007;trillionwon(%ofthetotalguaranteesupport)willhavebeenprovidedin2009.Incontinuallyguaranteeingnewtechnologybusinessesthathadbeenestablishedlessthanfiveyearsago,soastovitalizethenationaleconomyaswellasactivatingthefoundationofsmallandmedium-sizedenterprisesandcreatingjobs,firmKprovidedtrillionwonin2007andtrillionwonin2008,andwillhaveofferedmorethantrillionwonin2009.Afterhavingfirmlyconstructedanappraisalsystemoptimizedfortheprovisionoftechnologyfinancetotechnologyinnovationenterprises,acorefactorintechnologyfinance,firmKprovidedtechnologyinnovationenterpriseswithtechnologyappraisalguaranteesworthtrillionwon,representinga%increaseovertheamountprovidedinthepreviousyear(trillionwon)and%ofthetotalguaranteebalance.Recently,asurveywasconductedwiththeguaranteedenterprises,anditwasrevealedthat55%oftherespondentsactuallyutilizedtheguaranteetoemployworkers,and21%employed4??6workers:atotalof90%employedadditionalworkers.Itwasalsodemonstratedthattherespondentsdemandedseveralpoliciesforsmallandmedium-sizedenterprises,mostnotablythemultiplicationofpolicyfundsandguaranteesupport.Furthermore,themajorityoftherespondentsclearlyrecognized“technologyfinance”asafutureefficientmeansforsupportingsmallandmedium-sizedenterprises.Withregardtoourfindingsconcerningtechnologyguarantees,thecompanyhasgenerallyplayedaleadingroleinstrengtheningthecompetitivenessofsmallandmedium-sizedenterprisesviatheintensiveactivationoftechnologyfinance,theselectionandconcentrationoftechnologicalinnovationenterprises(smallandmedium-sizedenterpriseswithtechnologicalpowers),andtheconsolidationofsupportfortheflexibilityoftechnology-basedenterprises.4.ConclusionTechnologyfinancereferstothedemandforandsupplyoffundsrequiredinthetechnologyinnovationprocess,includingR&D,technologyfounding,andtechnologybusiness.Technologyfinanceisclearlyanecessaryprocess,asintangibleassetssuchastechnologyandknowledgehavebecomeincreasinglyimportantfactorsinthecompetitivenessofenterprisesastheknowledge-basedeconomyhasdeepened,andtechnologyfinanceshouldbeincreasinglyallocatedtotechnologyinnovation-typesmallandmedium-sizedenterprises,thecentralaxesoftheknowledge-basedeconomy,inordertostrengthentheirinnovationcapabilitieswhenR&Dinvestmentsaremadeprimarilybylargeenterprises.Consequently,therapidlyevolvinginternalandexternalmanagementenvironmentsrequiresmallandmedium-sizedenterprisestosubstantiallyadjustthefundamentalsoftheirexistence.Speakingfromamicroscopicviewpoint,importantdemandvariablesincludethehigh-gradeanddiversifieddomesticdemandscreatedbyeconomicdevelopmentandimprovedincomelevels,whereasthoseofsupplyincluderisingrawmaterialsprices,difficultyinsecuringtechnicians,andskyrocketinglaborcosts.Thesechangesinmanagementenvironmentsareanecessaryemergingphenomenonintheprocessoftransitioningintoanadvancedeconomy;smallandmedium-sizedenterprisescansurvivesuchenvironmentalchangesonlyincasesinwhichtheyareabletosecuretheirowntechnologicalcompetitiveness.Itisexpected,then,inthispresentageinwhichaknowledge-basedeconomicparadigmpredominates,thatintangibletechnologyassetswillcreatemorevaluethanwilltangibleassets.Comprehensivelyconsideringtheabove-mentionedentirety,theKoreangovernment-whenassessingthefutureofitsnationaleconomy-shouldbereadytomakeaconcertedandcontinuousefforttofosterandunsparinglysupportinnovation-typesmallandmedium-sizedenterprises.二、文件综述金融支持与中小公司技术创新文件综述纲领：金融是现代经济的核心，金融对于整个经济社会的发展拥有协助支撑作用，技术创新是中小公司可连续发展的源泉，而金融支持又是影响技术创新发展的重要因素。为深入认识国内外中小公司技术创新金融支持的发展情况，文章从金融支持立法、金融支持系统、融资机构、融资模式及风险投资等多方面阐述了有关问题的发展历程及趋势。在借鉴外国、国内发达地域成就的基础上，为建立贫困地域支持中小公司技术创新发展的金融系统供应理论依据。重点词：中小公司；技术创新；金融支持；研究综述外国主要研究自熊彼特于20世纪30年月提出技术创新以来，外国该理论的研究已经历了半个多世纪。外国研究者将组织管理行为理论与数理统计理论等多种方法应用到技术创新研究中去，并使研究向综合化发展，研究的范围也从有关专题的研究走向合用性强的课题。金融立法方面对于中小公司技术创新，在金融立法方面，美国出台最有代表性的立法是《:中小公司资本形成法》、《机会均等法》、《中小公司贷款增加法》、《中小公司投资奖赏法》等；韩国宣告了《中小公司中兴法》、《韩国信用提保基金法》等；日本先后宣告了《中小公司现代化资本助成法》、《公民金融公库法》、《中小公司公库法》等；印度宣告了《地域金融公司法》、《印度工业银行法》等法律条规；法国在此问题上也从法律法例方面保证中小公司的发展。专设政策性融资机构在金融支持中小公司技术创新的机构建立方面，各个国家有所不同样：美国，主要由小公司管理局负责推行中小公司技术创新融资，政策倾斜主要表现在政府采买方面，而银行贷款只供应担保和少量直接性的特别贷款；韩国，主要建立韩国输进出银行和韩国兴业银行等；日本，主要由中小公司金融公库、公民金融公库等机构组成；德国，依赖隶属经济技术部的中小公司局，专门负责解决中小公司融资问题；英国，专门建立小公司服务局，为小公司供应咨询和信息服务等。建立融资担保机构为完满中小公司担保贷款的信用保证制度，很多国家建立了投资担保公司、信用担保基金和互帮基金等多种形式的信用保证机构。美国主要经过小公司管理局进行信用担保，日本是由政府直接出资建立信用保证机构——信用保证协会，而意大利推行互帮担保制度。韩国的融资担保业务有间接融资保证、直接融资保证、公司信用交易保证等众多种类。建立风险投资基金风险投资能将风险资本、创新成就和创业人才有机地联合，为公司和研发机构之间搭建平台。它向拥有成长潜力的中小公司技术创新供应股权资本，是支持中小公司技术创新最有效的方式之一。有的政府经过建立风险投资基金，向中小公司供应政策性贷款和商业性贷款担保，帮助中小公司的发展，比方，美国风险投资家仅在硅谷就注入了37亿美元的资本，并且每年有4000多家风险投资公司为10000多家高科技公司供应资本支持。国内主要研究有关融支持中小公司技术创新金方面的研究，我国起步比较晚，始于上世纪80年月，所以在理论上缺乏系统性，数据上也缺乏完满性。改革开放以来，中小公司迅速发展，为我国中小公司融资问题的有关理论研究确立了基础。特别近几年,我国以发达国家的发展经验为借鉴，联合国家及各地区发展的实质情况，在此方面获取了显然的研究成就。国内研究金融支持中小公司技术创新问题的文件方向比很多，大多集中在以下三个方面。金融支持中小公司技术创新系统的研究我国有郑艳、姚禄仕、秦嗣毅、熊帆等学者对中小公司技术创新金融支持系统的问题进行研究，主要研究成就如下：第一，研究比较外国金融支持系统及对中国的启迪郑艳（2002）、钟维兆与温立勇（2005）等学者在比较美国、德国、日本等国家中小公司金融支持系统的基础上，分析了中、美在银行系统、资本市场、信用担保系统细风险投资系统等方面的差别，并提出：完满中小公司信用担保系统、健全社会融资法律系统、建立专业金融机构、创立创业板市场和发展风险投资及健全和规范中小公司管理服务机构等建议。同时，姚顺先、李焱与覃谊（2003）就日本在中小公司融资服务系统的建设进行分析，也从融资渠道、信用保证制度、外面帮助系统和建立专门政策性融资服务机构等方面提出自己的看法。而秦嗣毅（2004）经过研究，也认为当前外国中小公司融资系统主要表现在融资创新、融资渠道和融资系统担保制度三个方面。第二，详细研究我国中小公司技术创新金融支持专门针对我国中小公司技术创新金融支持系统问题的研究，主要集中在完满融资系统方面。姚禄仕等（2003）提出了建立以公司为主导的技术进步系统、建立以市场配置资本为基础的新式融资系统和完满有利于国有公司技术创新的制度环境等对策建议。龚晓菊（2008）在中小公司自主创新的财政金融支持系统建立的研究中，认为风