中小企业与大企业竞争优势比较

中小企业虽然在产品的规模、生产产品的速度、生产技术和银行的融资上没法和大企业抗衡,但是中小企业也有其自身的优点,相对大企业来讲,中小企业拥有的就是产品的规模小,投资的成本带来的承担的风险小的优势,中小企业的规模小在管理决策方面比较灵活的优势,中小企业生产产品比较单一在生产的专业化方面的优势,这些都是相对大企业来讲,中小企业的自身优势,也是中小企业吸引投资者的原因。     

地区金融规模、结构与中小企业融资——基于浙江省11个地市面板数据的实证分析

本文运用浙江省11个地级市的面板数据,实证研究了金融结构、金融规模对中小企业融资的影响。实证结果表明,资本市场对中小企业融资有显著的正向影响,且影响程度最大;银行集中度对中小企业融资有显著的负向影响,影响程度其次;金融规模对中小企业融资有显著的正向影响,影响程度最小。由此建议:改善资本市场制度,让更多的中小企业进入资本市场融资是解决中小企业融资难问题的重要途径。     

中小企业财务结构与债务融资——基于浙江的实证研究

本文以浙江省中小企业为研究对象,主要讨论三方面内容:(1)全面分析中小企业财务结构与融资特征,并与大企业作比较,得出部分中小企业在偿债能力、营运能力和盈利能力等方面均不逊色于大企业;(2)从微观角度,对中小企业主要债务融资作实证分析,识别影响中小企业债务融资的显著因素。同时根据回归结果证实中小企业主要债务融资的成本比较优势依次为:银行贷款、商业信用和非正规融资;(3)利用Kruskal-Wallis非参数检验方法判定行业因素对中小企业债务融资具有显著差异,而宏观经济周期变化对其影响却不显著。本文结论的另一重要性在于,填补主流文献仅从金融机构或政府金融体制建设等方面寻求破解中小企业融资难的答案,从企业自身经营和财务管理角度解释中小企业融资难的原因。     

多银行贷款池合约的风险分散和激励研究

由于单笔贷款成本、经营风险以及由信息不对称而导致的认知风险均比较高,中小企业较难获得大银行的贷款;但一般认为,小银行在解决上述信息不对称方面及小规模贷款的成本方面较之于大银行更有优势。不过,由于这类银行总资产规模小、抗风险能力差,使得其对中小企业的贷款依然面临困难。本文试图通过构建多个小银行贷款池的方式,分散小银行由于资产规模小造成的非系统风险,同时也能避免资产出售造成的逆向选择问题。我们设计了多个银行贷款池风险分担合约,获得了封闭解,并进一步讨论了该合约的特征。结果表明,这种分担合约保留了小银行信息优势,同时有效地分散了风险,为中小企业贷款难的问题提供了一个解决方案。     

中小企业融资障碍及对策研究

基于相关金融理论和企业融资理论,研究如何解决中小企业融资难问题。从中小企业融资需求理论加以探讨:中小企业是否存在信贷配给、其程度如何;货币政策、金融自由化、银行业合并及结构调整等宏观经济政策是否对中小企业融资产生巨大的影响等。同时,从国家政策、银行金融创新等方面加以探讨:商业银行应以金融创新在破解中小企业融资难的同时促进自身的发展;利用典当的特点和优势来开辟中小企业融资的新渠道等。     

银行供应链金融在解决中小企业融资困难方面的探析

银行供应链金融的提出为解决中小企业发展融资困难开辟了新道路,其融资模式为中小企业的融资理念和技术创新提供了解决方案;也为中小企业和银行接纳和稳定高端客户提供了新渠道;缓解了中小企业融资困难的困境,使其经济效益增加,同时也一定程度上解决了银行和中小企业信息不对称问题。银行供应链金融也在国内外各大商业银行中得到实践,其效果显著。     

企业资产规模、信贷市场结构与中小企业融资

对企业可抵押资产规模、信贷市场类型与中小企业融资的关系问题进行了研究.在道德风险框架下,考虑到企业可抵押资产规模,针对垄断性和竞争性借贷市场分别构建了相应的抵押贷款模型,并刻画了最优合约的特征.结果表明,银行收益不仅受信息结构的影响,同时还受到企业可抵押资产规模与信贷市场结构的制约.进一步地,在垄断性借贷市场中,可抵押资产存在一个临界阈值,低于该阈值的企业将面临信贷配给.而在竞争性借贷市场,银行会降低对于企业的抵押品要求,从而使中小企业融资难问题得到缓解.最后,对于当前中小企业融资难问题提供了理论解释和启示.     

供应链金融升级创新的途径——以中小企业创新融资为例

供应链金融是银行围绕核心企业,管理上下游中小企业的资金流和物流,并把单个企业的不可控风险,转变为供应链企业整体的可控风险,通过获取各类信息,将风险控制在最低的金融服务。随着生产专业化水平的逐步提高,供应链金融在企业发展过程中的作用日益突显,利用供应链中的金融工具降低融资风险,从而提高中小企业的融资能力,开拓新型融资渠道,最终达到逐步完善我国金融市场的目标。     

对我国中小企业的发展现状及融资困境分析

中小企业对我国国民经济的发展起着不容忽视的重要作用,是国民经济增长的主要力量。然而,目前中小企业融资难的问题已经成为制约我国经济持续健康发展的瓶颈之一。要搞活中小企业,发展中小企业,必须改善中小企业面临的融资困境。本文在分析了中小企业的发展现状和融资困境的基础上,提出了改善中小企业的融资困境的途径,即发展中小银行市场,提高大银行市场竞争水平,从而优化中小企业的融资效率。     

产融结合与企业融资约束——基于上市公司参股银行的实证研究

产融结合对于提升企业经营绩效和优化金融资源配置具有重要意义。本文以2005-2013年上市公司参股银行为例,研究了产融结合影响企业融资约束的作用机理和实际后果。研究发现,由于存在信息效应和决策效应,上市公司参股银行能够显著缓解其融资约束状况。进一步研究发现,相对于国有控股、规模较大和行业竞争度较低的企业而言,民营控股、规模较小和行业竞争度较高的企业参股银行带来的融资约束缓解作用更加明显,并且参股银行的融资约束缓解作用在货币政策紧缩时期以及在金融欠发达地区更为明显。本研究丰富了产融结合、参股银行及融资约束的研究成果。     

Firm Size and Wages

In this article the authors analyse the evidence found in several countries that large firms pay more than firms categorised as small. Firstly, this study discusses the factors which, according to previous theoretical research, explain the firm size-wage differential. Secondly, the different theoretical arguments are tested empirically. As a data base the authors use the individual and longitudinal data of the first four waves of the German Socio-Economic Panel. In the empirical investigation the instruments of variance, correlation and regression analysis, including the estimations of fixed-effects and random-effects odels are applied. The empirical analysis clearly demonstrates that positive effects of firm size on wages persist after controlling for

• — labour quality
• — differences in working conditions
• — employment tenure and rates of fluctuation
• — monetary fringe benefits of firms
• — heterogeneity of employese
• — monopoly power and ability to pay of firms.

The article concludes with some proposals for future research.     

Size,Skill and Sorting

Abstract. The rise in inequality between the 1970s and the 1990s and the persistent gap in pay between large and small employers are two of the most robust findings in the study of labor markets. Mainstream economists focus on differences in observable and unobservable skills to explain both the overall rising inequality and the size–wage gap. In this paper we model how increasing returns to skill can affect the size–wage gap both with constant sorting and with size‐biased, skill‐biased technological change (e.g. if large firms always had access to computers, but small firms gained access to computers with the rise of affordable personal computers). We analyze the Current Population Surveys from 1979 to 1993 to determine whether large and small employers are converging in terms of mean wages (the employer size–wage effect), wage structures by occupation and education, characteristics of employees, and wage structures by region. We find mixed evidence of convergence and no consistent support for any single version of human capital theory.     

Informational Size and Incentive Compatibility

We examine a general equilibrium model with asymmetrically informed agents. The presence of asymmetric information generally presents a conflict between incentive compatibility and Pareto efficiency. We present a notion of informational size and show that the conflict between incentive compatibility and efficiency can be made arbitrarily small if agents are of sufficiently small informational size.     

On the Size Distribution of Macroeconomic Disasters

The coefficient of relative risk aversion is a key parameter for analyses of behavior toward risk, but good estimates of this parameter do not exist. A promising place for reliable estimation is rare macroeconomic disasters, which have a major influence on the equity premium. The premium depends on the probability and size distribution of disasters, gauged by proportionate declines in per capita consumption or gross domestic product. Long‐term national‐accounts data for 36 countries provide a large sample of disasters of magnitude 10% or more. A power‐law density provides a good fit to the size distribution, and the upper‐tail exponent, α, is estimated to be around 4. A higher α signifies a thinner tail and, therefore, a lower equity premium, whereas a higher coefficient of relative risk aversion, γ, implies a higher premium. The premium is finite if α > γ. The observed premium of 5% generates an estimated γ close to 3, with a 95% confidence interval of 2 to 4. The results are robust to uncertainty about the values of the disaster probability and the equity premium, and can accommodate seemingly paradoxical situations in which the equity premium may appear to be infinite.     

Size and Characteristics of Foreign Immigration in Italy

ABSTRACT During the 1980s, Italy radically changed its position in the international migration system, from supplier of labour to user of foreign labour. But the nature of Italian immigration is different from that which has marked the post-war process of European development: new immigration flows are no longer an instrument of quantitative rebalancing of labour markets, but instead acquire a function of qualitative rebalancing in sectors where there appears to be a lack of labour supply in particular jobs and qualifications. This paper combines the information available from official sources with those obtainable by the numerous special surveys which have been carried on the phenomenon in the last few years. This framework allows us to underline — even with the limitations due to still-backward documentation — the characteristics of present immigration, by now firmly rooted in the country but still far from reaching a stable and definitive arrangement.     

公司规模与信息披露的交易量反应

本研究以年报信息披露为事件,考察了交易量反应的公司规模效应。我们的统计分析和统计检验结果表明,与国外发达市场一样,我国股票市场对信息披露不仅在反应大小上与公司规模负相关,而且在持久性上也与公司规模负相关。这意味着市场对不同规模公司的信息披露反应是不相同的,小公司的信息披露含量高于大公司。     

基金规模与市场波动的模拟实验研究

本文采用真人被试的金融实验方法,研究了模拟基金的规模与股价波动的关系。我们进行了四次对比实验,发现由资产规模不同的模拟基金构成的市场波动性较大,而由资产规模相同的基金构成的市场波动性较小,其价格方差相差362倍。还模拟了市场如有超大规模基金存在的情况,发现它很容易给市场带来更大的波动。根据研究结论,建议可通过调节基金规模结构改善市场的稳定性,如有超大规模基金存在,应该防止其操纵市场行为。     

基于预期网络规模的双寡头质量竞争

考虑一种具有网络效应特征的产品,本文研究当产品预期网络规模主要受质量影响时,双寡头企业如何进行质量竞争。本文建立了一个两阶段博弈模型的方法分析了这种问题。结果表明,市场领导者获得大于其预期网络规模的市场份额,而市场跟随者获得小于其预期网络规模的市场份额。对于弱网络效应产品,随着网络效应的增强, 两企业的产品质量分化加剧,价格及利润差异随之扩大。当网络效应的强度足够低时,市场跟随者利用后发优势得到较大利润。而对于强网络效应产品,市场领导者利用先发优势得到更大利润。     

The Role of Firm Size and Performance Pay in Determining Employee Job Satisfaction Brief: Firm Size,Performance Pay,and Job Satisfaction

Abstract. Job satisfaction reflects the on‐the‐job utility of workers and has been found to influence both the behavior of workers and the productivity of firms. Performance pay remains popular and widely used to increase worker productivity and more generally align the objectives of workers and firms. Yet, its impact on job satisfaction is ambiguous. Whereas the increased earnings increase job satisfaction, the increased effort and risk decreases job satisfaction. This paper finds empirical evidence that on net performance pay increases job satisfaction but does so largely among union workers and males in larger firms.     

Profit Sharing and the Firm‐Size Wage Premium

This study analyzes the relationships among wages, firm size, and profit sharing schemes. We develop a simple theoretical model and explore the relationship empirically using high‐quality panel data. The theoretical model shows that the firm‐size wage premium decreases in the presence of profit sharing. The empirical results based on rich matched employee‐employer data for private sector wage earners in Finland show that the firm‐size wage premium is modest, and it becomes negligible when we account for profit sharing and covariates describing assortative matching and monopsony behavior. The analysis suggests that profit sharing schemes embody effects of firm‐specific unobservables that raise productivity, support rent sharing, and boost wages.