台湾地区中小企业融资状态研究
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摘要
自九0年代以来,多数人认为当前与未来经济发展之重要关键,在于冒险与创新之企业家精神;缺乏此种特质之厂商,势必逐渐淘汰。而经事实证明,代表创新效率与弹性之中小企业,已为各国经济发展带来卓越贡献,俨然成为二十世纪末经济成长之重要推手。然而,由于中小企业融资困难,加上近年各国陆续发生金融危机,中小企业存续与发展刻正面临重大危机。早期相关学术研究偏重于企业实质分析,包含中小企业竞争力与发展研究;近期相关研究重心则在于融资问题之探讨。惟由于中小企业融资之数据除金融机构对中小企业融资占企业总融资之比率,财政部金融局及中央银行定期刊物发布外,其余相关资料搜集不易,以往鲜少有相关实证研究。
本研究为求资料能反映最新现况,搜集2005年至2009年间之现金增资、银行融资等两项企业在直接金融与间接金融方面主要融资资料,并以其年度增加数占该年度资本额与销售额比率情形,观察其与股价指数、逾放比等经济指标之相关性,并各依大企业与中小企业之角度分析其差异性,探讨是否一样获致中小企业在融资取得方面,其占资本额或销售额之比率应较大企业为低之结论;另外,本研究再深入解析中小企业融资在公开发行与未公开发行、上市柜与未上市柜、行业别、资本额、销售额之差异性。并探讨其银行融资与中小企业信用保证基金融资金额、保证金额之关联性,以了解中小企业信用保证基金对中小企业融资之贡献度。
壹、谨将上述实证分析结果之发现,归纳后:
一、全体企业(包含大企业及中小企业)之现金增资,不论在占资本额比率或销售额比率方面,皆与股价指数间呈正向关系,但中小企业之相关程度,较大企业为弱。
二、全体企业(包含大企业及中小企业)之银行融资,不论在占资本额比率或销售额比率方面,皆与银行逾放比呈反向关系,但中小企业之相关程度,较大企业为弱。
三、大企业在现金增资、银行融资占资本额及销售额比率均较中小企业为高。
四、大企业在有担保、无担保银行融资占资本额及销售额比率均较中小企业为高,尤其无担保银行融资方面之比率差距更大。
五、中小企业信用保证基金对中小企业银行融资有显着贡献,五年度之信保融资金额占有担保银行融资比率分别高达:47.46%、47.11%、47.75%、46.29%、47.24%。
六、中小企业未公开发行公司在有担保银行融资占资本额及销售额比率均较公开发行公司为高,其原因系来自于中小企业信用保证基金的显着贡献。
七、中小企业公开发行公司在无担保银行融资占资本额及销售额比率均较未公开发行公司为高。
八、中小企业上市柜公司在现金增资占资本额及销售额比率均较未上市柜公司为高。
九、现金增资、银行融资占资本额及销售额比率在中小企业行业别、资本额别及销售别间均有差异。
贰、谨就上述实证分析结果之发现,提出建议事项如下:
一、对政府当局之建议
(一)另外筹设一资本市场专供中小企业筹募资金用,或重新对降低上市、上柜门坎标准做一可行性研究,使具有未来发展潜力之中小企业得以获得充分资金挹注投资,扩大经营层次与规模。
(二)在中小企业信用保证基金方面:
1.政府宜在财政许可范围,尽量编列预算捐助,或依中小企业发展条例规定要求银行捐助,以大幅提高基金规模。
2.为有效协助中小企业在短期营运资金之取得,建议研究,由中小企业信保基金指拨专款,开办中小企业发行本票之融资保证制度之可行性。
3.中小企业信保基金增加提拨资金办理总额三百万以下中小企业小额周转金贷款,以满足规模较小,而其融资方式以民间标会或期票为主的中小企业之资金需求。
(三)研究增加中小企业创新育成中心在资金方面的功能,宜否由行政院开发基金指拨专款,办理对进驻中小企业创新育成中心之健全而具竞争力的中小企业提供创业投资,以解决中小企业因发展与创新而资金缺乏的问题。
(四)鼓励中小企业参与信用评等评鉴,对其信用评等支出给予补助。
(五)对台湾中小企业企业主或财务人员,提供教育训练之机会及场所,藉以提高财务报表之正确透明化及提升其财务操作能力。
二、对金融业之建议
(一)银行制订授信决策时,宜注意中小企业融资需求空间,订定适当授信金额比率,办理中小企业融资。
(二)银行除应加强培训产业分析与总体经济人才外,并应分析较细之行业动态,以降低银行对中小企业授信,过于依赖担保品之偏颇现象。
(三)金融机构可利用因特网,整合相关服务,形成单一窗口服务,以提升服务质量,嘉惠中小企业。
三、对中小企业的建议
(一)聘请正式会计人员以强化会计制度,消除以两套帐来规避税负陋习,增加财务报表之可信度与透明度。
(二)中小企业宜运用多元化之财务融资工具,采取发行股票、票券或债券等方式,以降低融资成本。
(三)金融机构合并法已通过,中小企业应适度调整往来银行对象,使金融机构合并可能造成融资之影响降到最低。
Since 1990, entrepreneurship has been widely regarded as the key to present and future the economic development. Without it, firms are gradually eliminated through market competition. Experience shows us that small and medium enterprises (SMEs) are more efficient and flexible and are becoming increasingly important players in national economic development. SMEs are facing serious difficulties in regards to their continued existence and operations, however, as a result of their inability to attain financing as well as recent banking crises that have taken place in various countries. Early academic research emphasized substantial business analysis, including studies on the competitive strength and development of SMEs. Recent research focus, however, has shifted to financing SMEs, but few studies have been made due to a lack of SME financing behavior data.
Data on seasoned equity offerings (SEO) and bank loans (loans) to Taiwan enterprises between 1997 and 1999 was collected for this study. The researchers applied annual increments of SEOs (or loans) to capital (or sales) ratios to establish the relationship between such factors as ratios, stock indices, and NPL ratios. Furthermore, samples were grouped into two types─SMEs and large enterprises, to determine whether or not these ratios are lower in SMEs than in large enterprises. In-depth research was also made into SME financing behavior in various situations to determine any differences, including public vs. private markets, listed vs. unlisted markets, industry categories, capital, and sales.
Furthermore, we investigated the relationships between loans, loans via the SBCGF, and guaranteed amounts offered by the SBCGF to understand to what extent the Small and Business Credit Guarantee Fund (SBCGF) helps SMEs obtain bank loans.
The empirical results of this study are as follows:
1. For enterprises as a whole (including large enterprises and SMEs), a positive correlation exists between SEO/capital ratios and stock indices as well as SEO/sales ratios. The correlation, however, is weaker in SMEs than in large enterprises.
2. For enterprises as a whole, a negative correlation exists between loan/capital ratios and NPL ratios as well as loan/sales ratios. The correlation, however, is weaker in SMEs than in large enterprises.
3. The SEO/capital, SEO/sales, loan/capital, and loan/sales ratios of large enterprises are higher than those of SMEs.
4. Large enterprises have higher secured loan/capital, secured loan/sales, unsecured loan/capital, and unsecured loan/sale ratios than SMEs. Unsecured ratios among large enterprises are especially high as compared to SMEs.
5. The assistance supplied by the SBCGF in providing SMEs in acquiring loans from banks is significant. The ratios of loans to secured loans for the years 2005-2009 are 47.46%、47.11%、47.75%、46.29%and 47.24% respectively.
6. Private SMEs have higher secured loan/capital and secured loan/sales ratios than public ones. This may be attributed to SBCGF assistance.
7. Public SMEs have higher unsecured loan/capital and unsecured loan/sales ratios than private ones.
8. Listed SMEs have higher SEO/capital and SEO/sales than unlisted ones.
9. SEO/capital, SEO/sales, loan/capital and loan/sales vary with industry, capital, and sales categories. Based on the above findings, we would like to offer the following suggestions to government authorities, banks, and SMEs. A. Suggestions for government authorities
1. Establish a new financing market for SMEs or study the feasibility of lowering application standards for listed companies.
2. For the SBCGF (1) Government authorities can consider allocating extra money to the SBCGF or request that banks donate to the SBCGF to increase the scale of the SBCGF. (2) Assist SMEs in obtaining short-term operation funds. We recommend that the SBCGF study the feasibility of establishing a system of credit guarantee using SME promissory notes. (3) The SBCGF can increase the size of revolving funds (under 300 million) given to finance SMEs.
3. Enhance the functions of the SME Innovation Incubation Center. The Executive Yuan Development Fund, for example, can help SMEs solve financing problems.
4. Authorities can subsidize relevant expenditures to encourage SMEs to take credit rating appraisals.
5. Provide educational training opportunities for CEOs and financial officers to enhance the accuracy and transparency of financial reports and financial operation processes. B. Suggestions for the banks
1. When making credit policy, bankers should pay heed to SME loan needs. Officers, for example, can set appropriate credit-granting ratios for SME loan applications.
2. Banks should train employees in industrial and macroeconomic analysis so they can study the dynamics of various industries, thereby eliminating the over-dependency banks have on collateral in credit granting.
3. Banks can make use of the Internet to integrate services into single windows to provide SMEs with better services. C. Suggestions for the SMEs
1. Employ certificated accountants to strengthen their accounting systems, so as to enhance financial statement transparency and creditability.
2. Use various financial instruments, such as issuing stocks, bills, and corporate bonds to reduce the cost of financing, to obtain financing.
3. As the Financial Institution Mergence Law is now in effect, SMEs should accordingly make adjustments in their relationships with the banks they deal with to minimize any potential impact.
本研究为求资料能反映最新现况,搜集2005年至2009年间之现金增资、银行融资等两项企业在直接金融与间接金融方面主要融资资料,并以其年度增加数占该年度资本额与销售额比率情形,观察其与股价指数、逾放比等经济指标之相关性,并各依大企业与中小企业之角度分析其差异性,探讨是否一样获致中小企业在融资取得方面,其占资本额或销售额之比率应较大企业为低之结论;另外,本研究再深入解析中小企业融资在公开发行与未公开发行、上市柜与未上市柜、行业别、资本额、销售额之差异性。并探讨其银行融资与中小企业信用保证基金融资金额、保证金额之关联性,以了解中小企业信用保证基金对中小企业融资之贡献度。
壹、谨将上述实证分析结果之发现,归纳后:
一、全体企业(包含大企业及中小企业)之现金增资,不论在占资本额比率或销售额比率方面,皆与股价指数间呈正向关系,但中小企业之相关程度,较大企业为弱。
二、全体企业(包含大企业及中小企业)之银行融资,不论在占资本额比率或销售额比率方面,皆与银行逾放比呈反向关系,但中小企业之相关程度,较大企业为弱。
三、大企业在现金增资、银行融资占资本额及销售额比率均较中小企业为高。
四、大企业在有担保、无担保银行融资占资本额及销售额比率均较中小企业为高,尤其无担保银行融资方面之比率差距更大。
五、中小企业信用保证基金对中小企业银行融资有显着贡献,五年度之信保融资金额占有担保银行融资比率分别高达:47.46%、47.11%、47.75%、46.29%、47.24%。
六、中小企业未公开发行公司在有担保银行融资占资本额及销售额比率均较公开发行公司为高,其原因系来自于中小企业信用保证基金的显着贡献。
七、中小企业公开发行公司在无担保银行融资占资本额及销售额比率均较未公开发行公司为高。
八、中小企业上市柜公司在现金增资占资本额及销售额比率均较未上市柜公司为高。
九、现金增资、银行融资占资本额及销售额比率在中小企业行业别、资本额别及销售别间均有差异。
贰、谨就上述实证分析结果之发现,提出建议事项如下:
一、对政府当局之建议
(一)另外筹设一资本市场专供中小企业筹募资金用,或重新对降低上市、上柜门坎标准做一可行性研究,使具有未来发展潜力之中小企业得以获得充分资金挹注投资,扩大经营层次与规模。
(二)在中小企业信用保证基金方面:
1.政府宜在财政许可范围,尽量编列预算捐助,或依中小企业发展条例规定要求银行捐助,以大幅提高基金规模。
2.为有效协助中小企业在短期营运资金之取得,建议研究,由中小企业信保基金指拨专款,开办中小企业发行本票之融资保证制度之可行性。
3.中小企业信保基金增加提拨资金办理总额三百万以下中小企业小额周转金贷款,以满足规模较小,而其融资方式以民间标会或期票为主的中小企业之资金需求。
(三)研究增加中小企业创新育成中心在资金方面的功能,宜否由行政院开发基金指拨专款,办理对进驻中小企业创新育成中心之健全而具竞争力的中小企业提供创业投资,以解决中小企业因发展与创新而资金缺乏的问题。
(四)鼓励中小企业参与信用评等评鉴,对其信用评等支出给予补助。
(五)对台湾中小企业企业主或财务人员,提供教育训练之机会及场所,藉以提高财务报表之正确透明化及提升其财务操作能力。
二、对金融业之建议
(一)银行制订授信决策时,宜注意中小企业融资需求空间,订定适当授信金额比率,办理中小企业融资。
(二)银行除应加强培训产业分析与总体经济人才外,并应分析较细之行业动态,以降低银行对中小企业授信,过于依赖担保品之偏颇现象。
(三)金融机构可利用因特网,整合相关服务,形成单一窗口服务,以提升服务质量,嘉惠中小企业。
三、对中小企业的建议
(一)聘请正式会计人员以强化会计制度,消除以两套帐来规避税负陋习,增加财务报表之可信度与透明度。
(二)中小企业宜运用多元化之财务融资工具,采取发行股票、票券或债券等方式,以降低融资成本。
(三)金融机构合并法已通过,中小企业应适度调整往来银行对象,使金融机构合并可能造成融资之影响降到最低。
Since 1990, entrepreneurship has been widely regarded as the key to present and future the economic development. Without it, firms are gradually eliminated through market competition. Experience shows us that small and medium enterprises (SMEs) are more efficient and flexible and are becoming increasingly important players in national economic development. SMEs are facing serious difficulties in regards to their continued existence and operations, however, as a result of their inability to attain financing as well as recent banking crises that have taken place in various countries. Early academic research emphasized substantial business analysis, including studies on the competitive strength and development of SMEs. Recent research focus, however, has shifted to financing SMEs, but few studies have been made due to a lack of SME financing behavior data.
Data on seasoned equity offerings (SEO) and bank loans (loans) to Taiwan enterprises between 1997 and 1999 was collected for this study. The researchers applied annual increments of SEOs (or loans) to capital (or sales) ratios to establish the relationship between such factors as ratios, stock indices, and NPL ratios. Furthermore, samples were grouped into two types─SMEs and large enterprises, to determine whether or not these ratios are lower in SMEs than in large enterprises. In-depth research was also made into SME financing behavior in various situations to determine any differences, including public vs. private markets, listed vs. unlisted markets, industry categories, capital, and sales.
Furthermore, we investigated the relationships between loans, loans via the SBCGF, and guaranteed amounts offered by the SBCGF to understand to what extent the Small and Business Credit Guarantee Fund (SBCGF) helps SMEs obtain bank loans.
The empirical results of this study are as follows:
1. For enterprises as a whole (including large enterprises and SMEs), a positive correlation exists between SEO/capital ratios and stock indices as well as SEO/sales ratios. The correlation, however, is weaker in SMEs than in large enterprises.
2. For enterprises as a whole, a negative correlation exists between loan/capital ratios and NPL ratios as well as loan/sales ratios. The correlation, however, is weaker in SMEs than in large enterprises.
3. The SEO/capital, SEO/sales, loan/capital, and loan/sales ratios of large enterprises are higher than those of SMEs.
4. Large enterprises have higher secured loan/capital, secured loan/sales, unsecured loan/capital, and unsecured loan/sale ratios than SMEs. Unsecured ratios among large enterprises are especially high as compared to SMEs.
5. The assistance supplied by the SBCGF in providing SMEs in acquiring loans from banks is significant. The ratios of loans to secured loans for the years 2005-2009 are 47.46%、47.11%、47.75%、46.29%and 47.24% respectively.
6. Private SMEs have higher secured loan/capital and secured loan/sales ratios than public ones. This may be attributed to SBCGF assistance.
7. Public SMEs have higher unsecured loan/capital and unsecured loan/sales ratios than private ones.
8. Listed SMEs have higher SEO/capital and SEO/sales than unlisted ones.
9. SEO/capital, SEO/sales, loan/capital and loan/sales vary with industry, capital, and sales categories. Based on the above findings, we would like to offer the following suggestions to government authorities, banks, and SMEs. A. Suggestions for government authorities
1. Establish a new financing market for SMEs or study the feasibility of lowering application standards for listed companies.
2. For the SBCGF (1) Government authorities can consider allocating extra money to the SBCGF or request that banks donate to the SBCGF to increase the scale of the SBCGF. (2) Assist SMEs in obtaining short-term operation funds. We recommend that the SBCGF study the feasibility of establishing a system of credit guarantee using SME promissory notes. (3) The SBCGF can increase the size of revolving funds (under 300 million) given to finance SMEs.
3. Enhance the functions of the SME Innovation Incubation Center. The Executive Yuan Development Fund, for example, can help SMEs solve financing problems.
4. Authorities can subsidize relevant expenditures to encourage SMEs to take credit rating appraisals.
5. Provide educational training opportunities for CEOs and financial officers to enhance the accuracy and transparency of financial reports and financial operation processes. B. Suggestions for the banks
1. When making credit policy, bankers should pay heed to SME loan needs. Officers, for example, can set appropriate credit-granting ratios for SME loan applications.
2. Banks should train employees in industrial and macroeconomic analysis so they can study the dynamics of various industries, thereby eliminating the over-dependency banks have on collateral in credit granting.
3. Banks can make use of the Internet to integrate services into single windows to provide SMEs with better services. C. Suggestions for the SMEs
1. Employ certificated accountants to strengthen their accounting systems, so as to enhance financial statement transparency and creditability.
2. Use various financial instruments, such as issuing stocks, bills, and corporate bonds to reduce the cost of financing, to obtain financing.
3. As the Financial Institution Mergence Law is now in effect, SMEs should accordingly make adjustments in their relationships with the banks they deal with to minimize any potential impact.
引文
中国学术期刊(光盘版)电子杂志社编者注:本文中“中外参考文献”的中文部分中,凡涉及“国立”字样的均删去,凡有“经济部”或“经济部中小企业处”均应加引号。
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