发展完善直接融资体系破解创新型中小企业融资难题  

Developing and Improving the Direct Financing System to Solve the Financing Problems of Innovative SMEs

作　　者：贾利军[1] 郝启晨 Jia Lijun;Hao Qichen(School of Humanities and Social Science,Beijing Institute of Technology)

机构地区：[1]北京理工大学人文与社会科学学院

出　　处：《政治经济学评论》2023年第1期100-116,共17页China Review of Political Economy

基　　金：教育部哲学社会科学研究重大课题攻关项目“数字化时代世界资本主义新变化新问题研究”(项目批准号:22JZD006);工业和信息化部重点课题“数字技术与制造业深度融合推动高质量发展的机制、路径研究”(项目批准号:GXZY2221)的阶段性成果。

摘　　要：创新型中小企业融资难题严峻复杂又亟待破解,需要有新的思路。本文综合运用马克思资本构成理论深入研究了创新型中小企业的资本构成及其变化趋势,发现创新型中小企业特殊的资本构成及其变化特点,导致其在间接融资中存在技术掣肘、动态不可持续性等不利约束,使得其与间接融资产生内在冲突;在直接融资中存在可持续性激励、可得性好、主体偏好匹配等优势因素,使得其与直接融资形成逻辑契合。因此,破解创新型中小企业融资难题,根在在于加强间接融资渠道建设的同时,促进创新型中小企业走“专精特新”之路和大力发展完善直接融资体系。The financing problems of innovative SMEs are severe and complex and need to be solved urgently.This paper develops the capital structure theory of Marx, focusing on the capital structure and its change trend of innovative SMEs.This paper finds out the special capital structure and variation of characteristic of innovative SMEs, which cause the existing difficulties when they decided to finance from indirect financing channel, including technical constraint and dynamic unsustainability.In direct financing channel, there are many advantages which make it easier for innovative SMEs to finance, including sustainability incentives, good availability and subject preference matching.Therefore, to solve the financing problems of innovative SMEs, it is essential to strengthen the construction of indirect financing channels, encourage innovative SMEs to become “Specialized, Fined, Peculiar and Innovative” SMEs and develop the direct financing system.

关 键 词：创新型中小企业 融资难题 资本构成 直接融资 

分 类 号：F276.3[经济管理—企业管理] F275[经济管理—国民经济]