中小企业与资本市场.ppt

中国中小企业发展与资本市场 Development of Small and Medium Enterprises and Capital Market in China 蒲勇健教授、博导 重庆大学 Prof. Yongjian Pu, Chongqing Univ. 一、资本市场与企业发展1 Capital Market and running of Enterprise 资本市场对企业发展的作用： Function of Capital Market on the running of Enterprise 扩大融资渠道 excavating channels of financing 强化激励约束 intensifying constraints of stimulus 规范公司运作 regulating the running of business 扩大公司影响 enlarging the influences of enterprises 一、资本市场与企业发展 1 Capital Market and running of Enterprise 目前中小企业数量已经占全国企业总数的99%以上，创造的国内生产总值、税收及外贸出口额都占一半以上，并提供了75%以上的新增就业岗位。发展中小企业直接关系到我国工业化、城镇化、现代化进程，成为构建和谐社会国家战略的必然要求。 At present, over 99% of enterprises in China are comprised by small and medium businesses, which contribute half of overall GDP, tax and export as well as 75% employment. Developing small and medium businesses thus directly relates to our national strategies in terms of industrialization, urbanization, modernization, and a significant requirement of constructing harmony society. 一、资本市场与企业发展 1 Capital Market and running of Enterprise 资本市场对中小企业发展的作用 Function of Capital Market on the running of Small and Medium Enterprises 融资效应 Effects on financing 稳定、长期的资金来源, 持续稳健规范经营，就可以从资本市场获取充裕的发展资源。 Stable and long-term asset, regulated running, and then, obtaining abundant resources. 资源配置效应 Effects on resource distribution 将使符合产业政策、经营业绩良好的中小企业的发展获得充足的资金支持，促进优势行业和企业的发展。 Those small and medium enterprises which accord industrial policies and whose business performance is excellent will obtain abundant resource, and thus prompt the development of industries and enterprises with great advantages. 一、资本市场与企业发展 1 Capital Market and running of Enterprise 规范效应 Effects on regulation 一、资本市场与企业发展 1 Capital Market and running of Enterprise 激励与约束效应 Effects on stimulation and constraint 企业上市后强化了对企业的激励与约束，股权与期权的激励、资本市场工具创新的应用、高度市场化促使公司提高市场反应敏感度与创新动力。 广告效应 Effects on advertisement 上市公司的企业品牌会得到极大的提升，具有很大的广告宣传效应，有助于提升企业影响力和信