选择权贷款应对中小企业融资难——基于企业的收益成本分析  

Using Option Loans to Solve the Financing Problem of SME:Based on Benefits and Costs Analysis of Enterprise

作　　者：郑超[1] 

机构地区：[1]中央财经大学管理科学与工程学院

出　　处：《投资研究》2012年第7期151-157,共7页Review of Investment Studies

摘　　要：中小企业融资难已经成为学术界和实业界的普遍共识,银行融资的选择性和资本市场融资的局限性导致中小企业难以合理的成本融资用于发展。选择权贷款是将银行贷款与资本市场融资相结合的新型金融产品,能够克服商业银行贷款短视性和收益局限性,提高中小企业融资能力。本文总结选择权贷款的特性,并对中小企业从选择权贷款中获得的收益和成本进行详细分析,还提出了中小企业在使用选择权贷款中还需要考虑的其他因素。Small and medium-sized enterprise financing has become the common understanding of the academic and industrial fields, and selectivity of bank financing and limitation of capital market make the small and medium-sized enterprise difficult to get reasonable financing cost for development. Option loans are is a new financial product which combined bank loans and capital market financing. It can overcome commercial shortsighted and income limitations of bank loans, and improve the abili- ty of small and medium-sized enterprise financing. This paper summarizes the characteristics of option loans, and makes de- tailed analysis of the benefits and costs of small and medium-sized enterprises from option loans, also refer to other factors small and medium-sized enterprises need to consider in using an option loans.

关 键 词：中小企业融资 选择权贷款 收益成本分析 

分 类 号：F276.3[经济管理—企业管理] F832.4[经济管理—国民经济]