II 摘要 改革开放以来，中小企业作为中国经济迅速增长的促进者和得利群体，在整个经 济生活中扮演着越来越重要的角色。本文研究的YFQM汽车公司，正是千千万万中 小企业中的一员。公司从创业初期的小微企业一路发展到成为具有一定规模和当地知 名的中小型企业，公司成长过程中一直面临一个困扰大多数中小企业的发展困境—— 融资困境。通过对YFQM汽车公司的个例分析和查阅相关文献可以看出造成融资困 境的因素来自多个方面。在此背景下，研究各个因素背后的原理，制定有效的应对策 略，可以对广大中小企业应对融资困境带来一定的指导意义。 基于此，本文以YFQM汽车公司为研究对象，从投资者视角分析创新思路，介 绍了生命周期理论、控制权理论、优序理论，为分析影响YFQM汽车公司融资困境 的因素奠定了理论基础。通过分析近十年的财务状况，总结出公司融资成本高、融资 渠道单一、融资政策趋严、融资缺口较大这四大融资困境。在分析了企业成长能力、 风险控制能力、内部积累水平等能力对中小企业融资的影响之后，基于2010~2019 年YFQM汽车公司的财务指标，运用定性定量分析法，进行了上述因素的实证分析。 实证分析结果显示了公司成长能力、公司周转能力、风险控制能力、内部积累水平与 公司融资困境存在显著负相关关系，宏观经济因素各指标与公司融资困境存在相关 性，但显著性弱于自身因素。最后运用实证分析的结论，从公司自身提升、科学制定 融资渠道、积极把握有利政策方面提出融资困境的应对策略。 关键词：YFQM汽车公司；中小企业；融资困境；融资渠道 山东理工大学硕士学位论文ABSTRACT III ABSTRACT Sincethereformandopeningup,smallandmedium-sizedenterprises,asthepromoters andprofitablegroupsofChina'srapideconomicgrowth,playanincreasinglyimportantrole inthewholeeconomiclife.YFQMautomobilecompanystudiedinthispaperisjustoneof thousandsofsmallandmedium-sizedenterprises.Thecompanyhasdevelopedfromsmall andmicroenterprisesintheearlystageofentrepreneurshiptomedium-sizedenterpriseswith acertainscaleandlocalpopularity.Intheprocess,itconstantlyfacesadevelopmentdilemma thatpuzzlesmostsmallandmedium-sizedenterprises-financingdilemma.Throughthecase analysisandliteraturereviewofYFQMcompany,itcanbeseenthatthefactorsthatcause financingdifficultiesoftencomefrommanyaspects.Inthiscontext,thestudyofthe principlesbehindeachfactorandtheformulationofeffectiveresponsestrategiescanbring certainguidingsignificancetothemajorityofsmallandmedium-sizedenterprisestodeal withfinancingdifficulties Basedonthis,thispapertakesYFQMAutomobileCompanyastheresearch object,analyzestheinnovativeideasfromtheperspectiveofinvestors,introducesthelife cycletheory,controlpowertheoryandordertheory,andlaysatheoreticalfoundationfor analyzingthefactorsaffectingthefinancingdifficultiesofYFQMautomobileCompany.By analyzingthefinancialsituationinthepasttenyears,thispapersummarizesfourfinancing difficulties:highfinancingcost,singlefinancingchannels,stricterfinancingpoliciesandlarge financinggap.Afteranalyzingtheimpactofenterprisegrowthability,riskcontrolability, internalaccumulationlevelandothercapabilitiesonsomefinancing,basedonthefinancial indicatorsofYFQMAutomobileCompanyfrom2010to2019,thepapermakesanempirical analysisoftheabovefactorswithqualitativeandquantitativeanalysis.Theempiricalanalysis resultsshowthatthecompany'sgrowthability,companyturnoverability,riskcontrolability andinternalaccumulationlevelaresignificantlynegativelycorrelatedwiththecompany's financingpredicament.Theindicatorsofmacroeconomicfactorsarecorrelatedwiththe company'sfinancingpredicament,butthesignificanceisweakerthanitsownfactors.Inthe end,theconclusionofempiricalanalysisisusedtoputforwardthecopingstrategiesfor financingdifficultiesfromtheaspectsofcorporateself-improvement,scientificestablishment offinancingchannels,andactivegraspoffavorablepolicies. Keywords:YFQMautomobilecompany;Smallandmedium-sizedenterprises; Financingdifficulties;Financingchannel 山东理工大学硕士学位论文目录 1 目录 摘要............................................................................................................................II ABSTRACT......................................................................................................................III 目录.............................................................................................................................1 第一章绪论.......................................................................................................................1 1.1研究背景和意义..................................................................................................1 1.1.1理论意义...................................................................................................1 1.1.2实践意义...................................................................................................2 1.2国内外研究综述..................................................................................................2 1.2.1国外研究现状...........................................................................................2 1.2.2国内研究现状...........................................................................................3 1.3文献述评..............................................................................................................5 1.3.1中小企业融资困境的形成因素...............................................................6 1.3.2中小企业融资困境的解决对策...............................................................6 1.3.3文献评价...................................................................................................6 1.4研究内容和方法..................................................................................................7 1.4.1研究内容...................................................................................................7 1.4.2研究方法...................................................................................................7 1.5研究创新点与研究不足......................................................................................7 1.6研究框架..............................................................................................................8 第二章中小企业融资概述及相关理论...........................................................................9 2.1中小企业融资概述..............................................................................................9 2.1.1中小企业概念界定...................................................................................9 2.1.2中小企业融资特点...................................................................................9 2.1.3中小企业融资渠道..................................................................................10 2.2相关理论............................................................................................................11 2.2.1中小企业生命周期融资理论.................................................................11 2.2.2信息不对称理论.....................................................................................15 2.2.3控制权理论.............................................................................................16 2.2.4优先权融资理论.....................................................................................16 2.2.5金融经济周期理论.................................................................................16 第三章YFQM汽车公司概述及融资困境现状............................................................18 山东理工大学硕士学位论文目录 2 3.1YFQM汽车公司概述........................................................................................18 3.1.1YFQM汽车公司基本情况.....................................................................18 3.1.2YFQM汽车公司财务状况.....................................................................20 3.1.3YFQM汽车公司各阶段融资情况介绍.................................................22 3.2YFQM汽车公司融资困境现状........................................................................24 3.2.1主要的融资渠道单一.............................................................................24 3.2.2行业周期与金融机构融资政策的转变.................................................24 3.2.3融资成本较高....................................................................................