我国中小企业吸引风险投资的途径分析

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路。

Abstract: our country small and medium-sized enterprise financing difficult problem is an obvious problem, the risk compared with large enterprises, appear larger, because they find it difficult to get loans from the bank, so, small and medium enterprises to attract venture capital is an important financing channel. 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 important ways to solve the financing difficulties, and puts forward the specific ways to attract the risk investment, in order to help small and medium-sized enterprises seize the opportunity, actively create conditions to show their advantages, attract the risk

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investment, indicate the way to the small and medium-sized enterprises 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一。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。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 opening in China for the development of the national economy played a big role, played a lot of contribution strength. In particular, small and medium-sized

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enterprises in promoting economic growth, create jobs, increase farmers' income, transfer of rural surplus labor, etc. Play an increasingly important role. While the development of small and medium-sized enterprises 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 enterprises in our country has become an inescapable reality. At present, our country small and medium-sized enterprise financing channel is narrow, the fund shortage has been bound with the continue development of small and medium-sized enterprises, has become one of the bottlenecks restricting the development of small and medium-sized enterprises. 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 speed up the transformation of scientific and technological achievements into productivity, promote the development of small and medium-sized enterprises. Can say, the development of venture capital for small and medium-sized enterprises play an important role. However, we should also note that, the risk investment has some problem, we must make risk investment real effective way to solve the problem of financing difficulties.

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一、我国中小企业融资现状及原因分析

A, our country small and medium-sized enterprise financing present situation and reason analysis

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 enterprises in our country is faced with the larger, especially in the current international and domestic continuous fermentation under the condition of financial crisis, our country small and medium-sized enterprise financing situation is not optimistic. With the development of economic globalization, technological innovation in national competitiveness and economic growth plays a more and more important role. At present, in China's economic structure, the innovation system in our country small and medium-sized high-tech enterprises have become the most active, the most effective part. However, investment is seriously insufficient, this greatly limits the smooth development of small and medium-sized enterprises in our

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country. Investigate its reason, small and medium-sized enterprise financing difficult reason has the following several aspects: 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 medium-sized enterprises operating funds are basically rely on self-raised funds, even if there is some financial institutions in the financing of small and medium-sized enterprises, but the number is very small. This is due to the small and medium-sized enterprise credit is low, coupled with information asymmetry, high loan risk, Banks reluctant to lend to avoid risk, are often reluctant to provide loans to small and medium-sized enterprises (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 enterprises to meet the need of a loan credit guarantee system is not sound, this is

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because the small and medium-sized enterprises (smes) once made loans, its assets tend to be difficult to meet the requirements of bank for collateral liquidity and cash, in addition, our country small and medium-sized enterprise strength 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 problems and shortcomings, which makes small and medium-sized enterprise is difficult 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 enterprise loans difficult lies in its communication with bank loan examination and approval department, led to the borrowing costs virtually increased, each big bank loan approval authority taking difficult to adapt to the needs of small and medium-sized enterprises in financial services. Small and medium-sized enterprises in the capital market financing channel utilization is insufficient, because the development of small and medium-sized plate and plate market in China started late,

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unable to meet the needs of the financing of small and medium-sized enterprises.

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 enterprise attract risk investment analysis 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。二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-sized enterprises

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financing difficult problem, this needs us to small and medium-sized enterprises to introduce risk investment channels as soon as possible, in order to maximize the solution to the current small and medium-sized enterprises facing financing difficulties. Should, by appealing to small and medium-sized enterprises risk investment can seize the development opportunity, solve the problem 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-sized enterprises in the process of introducing 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 western developed countries, there is still a large gap. Our country risk investment also not give full play to the personal, business, financial and non-financial institutions to set up an organic risk investment network, risk investment on a smaller scale, capital source channel narrow, seriously hindered the venture investment in small and medium-sized enterprises should play a role. 2 it is to small and medium-sized enterprises of venture capital exit channel is not smooth. The exit of venture capital in our country still is given priority to with company \"equity transferhis kind of means to

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promote enterprise development is very limited, led to the suspension of venture capital circulation. 3 it is to our country small and medium-sized enterprises management level is not high, credit consciousness is not strong, in the event of operational difficulties, often can find ways to interest on loans, and evasion of bank loans, enterprise credit is greatly reduced, resulting in capital for small and medium-sized enterprise 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 and medium-sized enterprise financing difficult problem and introduce risk investment also has certain problem, we must as soon as possible to find out some measures and ways to solve these problems. Otherwise, the uncertain factors in the process of small and medium-sized enterprise financing, credit risk is higher, the market mechanism operation rules is not conducive to small and medium-sized enterprises, financial sector financial prudence principle, etc., will

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bring immeasurable losses to the development of small and medium enterprises and challenges. So, how our country small and medium-sized enterprises on how to attract risk investment? Specifically, the author thinks that, we can to efforts to explore the way to and from the following several aspects:

第一，中小企业要从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 internal efforts to improve their market competitiveness. Small and

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medium-sized enterprises to solve the problem of financing difficulties, attract the risk investment, must consider many factors, such as market prospect, management team, technology, business 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 attention to the information automation, software, Internet, as a representative of the new economy, attempt to achieve growth and innovation in small and medium-sized enterprises. Small and medium-sized enterprises to improve the quality of the enterprise industry background, enterprise management, enterprise management team and business model innovation. In terms of entrepreneurial quality, we should attach importance to cultivate its integrity, vision, and enterprising spirit, mind, honesty is the foundation, vision is the core, the enterprise is the key of mind is the guarantee, the four aspects are indispensable

important

quality

second,

for

small

and

medium-sized enterprises, financing is a major problem, it is a very complicated work, besides to enhance the core competition of the enterprise itself, but also from external proper packing, just right for enterprises to carry out relevant propaganda and promotion. This kind of packing is mainly manifested in the show business plan and

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corporate investors before the investment institutions of the project road shows two aspects. Small and medium-sized enterprises should write high quality business plan, project a roadshow to properly promote the enterprise, 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。一般来说，我国风险投资的来源往往是部门、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 small and medium-sized enterprises to solve the problem 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 organizations, friends, and shareholders and recommend. Through these channels, small and medium-sized enterprises can save time, effort, and cost, should according to their own development condition, find out oneself's stage of development, in the best time to introduce risk investment. In addition, the small and medium-sized enterprises also should introduce the most suitable investment risk, choose suitable for their own vc institutions will help the long-term development of the enterprise.

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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，加大扶持力度，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，建立性的风险投资基金、创业中心、“孵化器”，制定采购实施细则，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-sized enterprises to realize the importance of risk investment in the financing process, it is helpful to solve the problems of financing difficulties generally. Can provide value-added services to small and medium-sized enterprise technology innovation, is advantageous to the optimization of the corporate governance structure and the improvement of management level. , then, we will make full use of good this effect, further perfect the relevant laws, strengthen policy support, actively explore multi-channel exit mechanism, realize the diversification of risk investment fund sources, optimization of the macro environment of risk investment, establish the policy of risk investment fund, entrepreneurship center, \"incubator\formulated the government procurement detailed rules for the implementation, the implementation of the global high-tech industry talent strategy,

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improve the small and medium-sized enterprises financing support system in many aspects.

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 financial crisis background, to fully realize the risk investment is the best choice for small and medium-sized enterprise financing. So-called risk investment, it is to point to by professional financier into the emerging and rapid development, have great potential competition of small and medium-sized enterprises in a kind of equity capital. Risk investment has the following characteristics:

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high risk, high income; Investors to participate in management; Risk investment is a long-term equity investment; The ultimate goal of venture capital investment is profit; Venture capital mainly adopts a syndicate, high success rate. The rapid development of venture capital for small and medium-sized enterprises (smes) using the risk investment has brought opportunities, small and medium-sized enterprises (smes) should actively create conditions to attract risk investment, solve the problem of small and medium-sized enterprise financing difficulties, choose good profit forecast and prospect of the project, especially high and new technical projects, choose the best profit model, shaping the image of outstanding entrepreneur and entrepreneurial teams. Project should have a certain amount of up-front investment, establishment good business plans, finding and risk investment institutions that can meet the needs of enterprise development, paying attention to contact channels of venture capitalists. Once investment, the enterprise can use vc funds and mature management experience to gain rapid development.

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

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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 addition to small and medium-sized enterprises understand that venture capital for small and medium-sized enterprises to provide an effective financing way, to improve the management level of small and medium-sized enterprises, to promote technology innovation of small and medium-sized enterprises (smes) and optimal allocation of resources, and other function, but also understand the feasibility of small and medium enterprises to attract venture capital. In general, has a strong supply of venture capital in China, small and medium-sized enterprises (smes) is the most suitable investment risk investment. These are to small and medium-sized enterprises in our country to introduce risk investment provides the necessary conditions. From the enterprise level, small and medium-sized enterprises to improve the quality of the managers, establish a modern enterprise organizational structure and innovation and good faith as the core of enterprise culture. From the government level, and improve the small and medium-sized enterprise financing laws and regulations,

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and effectively implement and improve the financial intermediary service system for small and medium-sized enterprises (smes). 总之，中小企业当前面临着内忧外患的困境，要突破这种重围，就要尽快解决融资难的问题。这就要求中小企业结合我国国情，开辟金融机构、生产性企业、民间资本、专业风险投资机构等多元化的投资渠道。通过拓宽风险投资的资金来源渠道，实行投资主体多元化。无论是金融机构的风险融资，生产性企业的风险融资，民间资本的风险融资，专业风险投资机构的融资等，都要做到尽善尽美。中小企业要建立有效和便捷的风险投资退出机制，加强中小企业信用担保体系建设，使得风险投资成为中小企业实施的有目的的长期性的战略举措，并在成功融资以后，坚持以战略的高度统领资本，从源头上改善资本效率，促进资本增值，达到“资本跟着战略走”的境界。 All in all, small and medium-sized enterprises currently faced with the plight of the problems we face at home and abroad, to break through the tight encirclement, will solve the problem of financing difficulties as soon as possible. Which requires the small and medium-sized enterprises (smes) in combination with China's national conditions, set up financial institutions, production enterprises, private capital, professional risk investment institutions and diversified investment channels. By broadening the capital source channel of venture capital, sources of investment must be diversified. Whether the risk of financial institutions financing,

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productive enterprises risk financing, risk financing of private capital, professional risk investment institutions in the financing, etc., to do the best. Small and medium-sized enterprises to establish an effective and convenient of venture capital exit mechanism,

strengthen

the

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medium-sized enterprise credit guarantee system, makes the risk investment of small and medium-sized enterprises to implement targeted long-term strategic moves, and after successful financing, adhere to the height of the strategy at the head of the capital, from the source to improve capital efficiency, promote capital appreciation, attaining the state of \"capital follow strategy\".