| Summary: | 台灣的中小企業一直以來都是台灣經濟發展不可或缺的基石之一，不論是在穩定社會民生或是在促進總體經濟成長上可謂功不可沒。然由於企業體規模小，無法如一般大型企業得以發行股票、公司債等直接金融方式取得資金，大多數仍仰賴金融機構授信方式取得融資。相關文獻與調查顯示，中小企業最需政府協助者首推融資，尤其是在取得資金週轉的部分。本研究主要探討台灣中小企業融資之問題，分析我國對中小企業融資之措施及成效，並介紹美國、日本、及韓國之中小企業融資之情形，及新巴塞爾資本協定的實施對中小企業融資之影響。
本研究發現，中小企業向金融機構申請融資困難，主要原因為金融機構與中小企業間存在資訊不對稱的現象，而企業所編製的財務報表嚴重失真，使得金融機構在融資審核上產生不信任感，無法提升融資意願；國外如美國、日本、及韓國為因應國內外經濟環境的變化，推出信用評分模型、貸款證券化、信用保險制度、及設立技術信用保證基金，以解決中小企業融資問題為最大職責。
依據研究結果，對政府機關的建議為：制定適合中小企業使用的會計制度，建立完整的中小企業資料庫，推行中小企業評等制度，充實信保基金的資金及對創新、知識經濟產業加強融資，政府應持續鼓勵金融機構對中小企業融資的措施；對金融機構的建議為：加強行員對中小企業及新興產業的融資訓練，銀行應積極推動誘因型融資契約以拓展中小企業之授信，建立信用評分模型，並推行中小企業貸款證券化；及對中小企業的建議為：中小企業應編製正確財務報表，應維持主力銀行的關係，中小企業應充分瞭解金融機構的授信制度。
=== The small and medium enterprises (SMEs) in Taiwan have played an indispensable role in the nation’s economic development. However, given their small size, most of SMEs rely on the financial institutions to get loans by credit facilities in stead of raising funds directly like large enterprises through issuance of stocks or corporate bonds. Related surveys show that the most critical issue requiring government’s assistance for SMEs is financing, particularly obtaining revolving capital. This study mainly examines the financing problems of Taiwan’s SMEs, analyzes the government’s financing measures for the SMEs and the effects, introduces the financing conditions of the SMEs in U.S., Japan and Korea, and provides suggestions based on the compiled and analyzed data.
This study finds that information asymmetry between financial institutions and SMEs is the major reason explaining why SMEs have difficulties in obtaining loans from financial institutions. Also, serious distortion of the financial statements prepared by SMEs raises financial institutions’ distrust when examining SMEs’ applications for financing, which consequently lead to the unwillingness of loan approval. In other countries, such as the U.S., Japan and Korean, to cope with the change in the domestic and foreign economic environments, the credit rating model, loan securitization, credit insurance system and the technology credit guarantee fund have been applied to solve the financing problem of the SMEs.
The results of this study suggest the followings: 1)For government agencies: design an accounting system suitable for SMEs, build an intact database of SMEs, promote the SME rating system, enrich the capital of credit guarantee agencies, reinforce financing to the knowledge economy industry, and continue to encourage financial institutions to provide loans to SMEs. 2) For financial institutions: enhance the personnel training pertaining to the financing for SMEs and emerging industries, promote the incentive-based financing contracts to expand credit business, establish a credit rating model, and introduce the SME loan securitization. 3) For SMEs: provide true and correct financial statements, deal with their major banks, and understand the credit system of financial institutions.
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