金融支持文獻綜述及外文文獻資料

1、金融支持文獻綜述及外文文獻資料本份文檔包含：關于該選題的外文文獻、文獻綜述一、外文文獻標題：Internationalization strategy, firm resources and the survival of SMEs in the export market作者：Baum, Matthias期刊:Journal of International Business Studies卷:45 ;期：7 ;頁:821 -841 ;年份：2014The Activation of Technology Finance through Support for Small and Mediu

2、m-SizedEnterprises in KoreaAbstractAs the economy transitions to a knowledge-based paradigm, small and medium-sized enterprises can become more competitive by securing greater technological power, coupled with excellent innovation and flexibility. Thus, the objective of this paper is to gain a bette

3、r understanding of the current situations of Small and medium-sized enterprises in Korea, and to discuss on the activation of technology finance provision systems.Keywords:Small and medium-sized enterprise,Technology finance, Ventures1. IntroductionThe Korean economy grew rapidly until the mid-1990s

4、.Such rapid economic growth was promoted in an economic structure in which large enterprises, rather than small and medium-sized enterprises, were the top priority. However, advanced countries must maintain a high-speed industrial structure based on up-to-date technology and high added value, and su

5、ch structure must be considered subservient to the development of small and medium-sized enterprises characterized by excellent technology innovation and flexibility.In the past, policies and systems designed to support the technological development of small and medium-sized enterprises were not con

6、structed in a generally efficient and organic manner, but were rather pursued in a very complex and makeshift way, in efforts to quickly address changing situations. Beginning in the mid-1990s, Korean economic growth was led by knowledge-based industries, whichexpanded over a short period of time, d

7、uring which a great deal of support was provided to small and medium-sized enterprises in order to nurture knowledge-based enterprises and activate ventures according to the degree of firm growth. Such policies also contributed greatly to price and employment stability, as well as improved internati

8、onal payment balance. However, despite the rapid growth of knowledge-based industries, the majority of technology-driven enterprises in Korea suffer from fund-raising difficulties.Under the present global economic regime, the development of national industries requires the fostering of ventures and

9、the strengthening of their competitiveness based on their technologies and intellectual property rights. In this age of globalization, in which technology finance is becoming increasingly important, the purpose of this paper is to determine the current state of small and medium-sized enterprises, as

10、 well as the actual conditions of technology finance support systems in Korea.2. The Characteristics and Current Situation of Small and Medium-Sized Enterprises in KoreaThe scale of small and medium-sized enterprises is relatively small as compared to large enterprises. In other words, small and med

11、ium-sized enterprises in an economic regime tend to have less capital, technology, and management ability than large enterprises (Jeong, 2009; Moon, 2000). In our world, small and medium-sized enterprises play such a significant role in a national economy and have so great a political and social imp

12、act on the country that the position of small and medium-sized enterprises must be considered of great value to a country ' s economic stability and growth. Generally, small and medium-sized enterprises perform a positive role in establishing the foundation for the stability of the national econ

13、omy, activating the development of the economy, expanding the export base, advancing the industrial structure, achieving balanced growth, enhancing the country 'ability to meet economic challenges, improving the balance of international payments, diversifying consumer choices, innovating relevan

14、t technologies, and activating local economies (Friedman et al., 2000; Kim, 1993).Small and medium-sized enterprises in Korea are facing substantial troubles, both at home and abroad. Their external problems include industrial adjustment-associated restructuring, while their internal problems includ

15、e a rapidly changing international environment, including evolving international political conditions. The Gyeonggi Small and Medium Business Center monitored the on-site difficulties faced by small and medium-sized enterprises, and identified their most prominent problem as financial difficulty, fo

16、llowed by difficulties associated with manpower, rising costs, and markets (including domestic demand and exports). Table 1 below lists these difficulties, which can be considered the top priorities.According to thesurvey results of the lack of small and medium-sized enterprises funds in 2004' p

17、ublished by the Korean Federation of Small and Medium Business, the top difficulty experienced recently by small and medium-sized enterprises is that associated with the supply of and demand for raw materials (%), followed by declining sales (%), delays in collecting money for sales (%), and reducti

18、ons in delivery prices (%). With regard to the difficulty associated with the supply of and demand for raw materials, % more small-sized enterprises experienced a problem than mid-sized ones (% of small enterprises and % of middle enterprises faced the difficulty). % of small and medium-sized enterp

19、rises reported that it was “ difficult ” for them to takdoart from technology financing institutions, which insisted on secured loans and tightened loan examinations, whereas only % replied it was“ not difficultthem to secure a loan. This illustrates the urgent need for improvements in loaning syste

20、ms, such that relevant funds may be supplied to small and medium-sized enterprises in a timely manner. This can be achieved via the activation of guarantee loaning systems that differ from existing systems, allowing money to be lent to small and medium-sized enterprises, and considerably simplifying

21、 and reducing a variety of technology financing procedures. In 2008, small and medium-sized enterprises had less ability to pay because of increases in the prices of crude oil, iron and steel, and other raw materials, coupled with weaker demand in the international market. Additionally, technology f

22、inance instability originating in the USA resulted in the spread of technology finance andobject economy crises and credit crunches all over the world, which in turn caused a substantial deterioration in the finances of small and medium-sized enterprises, which have lower credit ratings than large e

23、nterprises. In particular, the number of new small and medium-sized enterprises in existence has decreased rapidly since October 2008, when unfavorable technology finance conditions seriously aggravated global credit crises and a depression in domestic markets.As can be observed in the data presente

24、d above, small and medium-sized enterprises in Korea are relatively small-scale and profoundly affected by both internal and external factors. Therefore, in order to achieve competitive superiority in this age of internationalization, the enterprises should, first of all, rearrange and reform their

25、systems to promote more efficient technological development, followed by attempts to secure both tangible and intangible technological power.3. Support for Small and Medium-Sized Enterprises in Korea: The Case of Firm KWe consider here the current condition of technology financing support for small

26、and medium-sized enterprises in Korea, with focus placed on a guaranteeing firm (K), which is a semi-governmental organization. K is a fund that has established a comprehensive support system for technology finance, and that leads in technology finance (here, technology finance refers to the demand

27、for and supply of funds required for the technology innovation process, which includes R&D, technology founding, and technology business). Firm K was established in 1989 and has, for the past 19 years, provided technology guarantees worth a total of 149 trillion won to small and medium-sized ent

28、erprises with excellent technology and marketability, so as to improve their technological competitiveness and activate their technology financing.In particular, firm K has established the foundation of a comprehensive support system for technology finance by means of identifying such ventures and i

29、nno-biz enterprises with high growth potential and expanding support for them, and by offering those entities a variety of services connected with technology appraisal. On the basis of the experts appraisal of the enterprises technological power, support has largely been provided to companies with w

30、eak financial structures, but superiortechnological power (% of the firms to which technology appraisal guarantees were offered in 2008 did not have a good financial rating); additionally, appraisal models for the support of company establishments have been developed in order to create jobs, to lay

31、foundations for future growth, and to strengthen support for new technological enterprises. Support for R&D technology finance has also been incrementally expanded in an effort to foster investments in technological development, so as to promote the technological competitiveness of small and med

32、ium-sized enterprises and to create new growth motive powers in the national economy. In order to address the lack of flexibility of small and medium-sized enterprises, an issue which was exacerbated by the economic downturn resulting from the tech finance crisis in the USA, a variety of systems hav

33、e been employed to expand technology guarantees; all such schemes were mobilized expressly to overcome this unprecedented economic crisis. Firm K plays a leading role as a comprehensive technology finance provider by offering intensive support to efforts to establish technology innovation enterprise

34、s such as ventures, inno-biz enterprises, and technological enterprises, allowing for the creation of new economic growth motive powers for the economy, the continual expansion of technology appraisal guarantees, and the active identification and support of innovative small and medium-sized enterpri

35、ses.In 2008, firm K selected and concentrated technological enterprises and ventures that might prove to be future growth motive powers of the national economy and thus might efficiently create jobs. In that year, trillion won (% of the total guarantee support) was provided to technology innovation

36、enterprises (small and medium-sized enterprises equipped with technological powers), representing a trillion won increase over the trillion won (% of the total guarantee support) spent in 2007. The figure of trillion won was % of the total guarantee balance at the end of 2008, and % of that in 2007.

37、 For the exclusive use of ventures, firm K provided trillion won in 2008 (% of the total guarantee support), representing an increase of trillion won (% of the total guarantee support) over the trillion won spent in 2007, and will have providedtrillion won (% of the total guarantee support) in 2009.

38、 Additionally, with regard to the guarantees provided by firm K to inno-biz enterprises, 2008 saw a figure oftrillion won (% of the total guarantee support), a trillion won increase as compared to the trillion won (% of the total guarantee support) provided in 2007; trillion won (% of the total guar

39、antee support) will have been provided in 2009. In continually guaranteeing new technology businesses that had been established less than five years ago, so as to vitalize the national economy as well as activating the foundation of small and medium-sized enterprises and creating jobs, firm K provid

40、ed trillion won in 2007 and trillion won in 2008, and will have offered more than trillion won in 2009. After having firmly constructed an appraisal system optimized for the provision of technology finance to technology innovation enterprises, a core factor in technology finance, firm K provided tec

41、hnology innovation enterprises with technology appraisal guarantees worth trillion won, representing a % increase over the amount provided in the previous year ( trillion won) and % of the total guarantee balance.Recently, a survey was conducted with the guaranteed enterprises, and it was revealed t

42、hat 55% of the respondents actually utilized the guarantee to employ workers, and 21% employed 4?6 workers: a total of 90% employed additional workers. It was also demonstrated that the respondents demanded several policies for small and medium-sized enterprises, most notably the multiplication of p

43、olicy funds and guarantee support. Furthermore, the majority of the respondents clearly recognized “ technologyfinance ”s a future efficient means for supporting small and medium-sized enterprises.With regard to our findings concerning technology guarantees, the company has generally played a leadin

44、g role in strengthening the competitiveness of small and medium-sized enterprises via the intensive activation of technology finance, the selection and concentration of technological innovation enterprises (small and medium-sized enterprises with technological powers), and the consolidation of suppo

45、rt for the flexibility of technology-based enterprises.4. ConclusionTechnology finance refers to the demand for and supply of funds required in the technology innovation process, including R&D, technology founding, and technology business. Technology finance is clearly a necessary process, as in

46、tangible assets such as technology and knowledge have become increasingly important factors in the competitiveness of enterprises as the knowledge-based economy has deepened, and technology finance should be increasingly allocated to technology innovation-type small and medium-sized enterprises, the

47、 central axes of the knowledge-based economy, in order to strengthen their innovation capabilities when R&D investments are made primarily by large enterprises.Consequently, the rapidly evolving internal and external management environments require small and medium-sized enterprises to substanti

48、ally adjust the fundamentals of their existence. Speaking from a microscopic viewpoint, important demand variables include the high-grade and diversified domestic demands created by economic development and improved income levels, whereas those of supply include rising raw materials prices, difficul

49、ty in securing technicians, and skyrocketing labor costs. These changes in management environments are a necessary emerging phenomenon in the process of transitioning into an advanced economy; small and medium-sized enterprises can survive such environmental changes only in cases in which they are a

50、ble to secure their own technological competitiveness. It is expected, then, in this present age in which a knowledge-based economic paradigm predominates, that intangible technology assets will create more value than will tangible assets.Comprehensively considering the above-mentioned entirety, the

51、 Korean government-when assessing the future of its national economy-should be ready to make a concerted and continuous effort to foster and unsparingly support innovation-type small and medium-sized enterprises.二、文獻綜述金融支持與中小企業(yè)技術創(chuàng)新文獻綜述摘要：金融是現(xiàn)代經濟的核心，金融對于整個經濟社會 的發(fā)展具有輔助支撐作用，技術創(chuàng)新是中小企業(yè)可持續(xù)發(fā)展 的源泉，而金融支持又是影響

52、技術創(chuàng)新發(fā)展的重要因素。為 深入了解國內外中小企業(yè)技術創(chuàng)新金融支持的發(fā)展狀況，文 章從金融支持立法、金融支持體系、融資機構、融資模式及 風險投資等多方面論述了相關問題的發(fā)展歷程及趨勢。在借 鑒國外、國內發(fā)達地區(qū)成果的基礎上，為構建貧困地區(qū)支持 中小企業(yè)技術創(chuàng)新發(fā)展的金融體系提供理論依據(jù)。關鍵詞：中小企業(yè)；技術創(chuàng)新；金融支持；研究綜述1國外主要研究自熊彼特于20世紀30年代提出技術創(chuàng)新以來，國外該理論的研究已經歷了半個多世紀。國外研究者將組織管理行為理論與數(shù)理統(tǒng)計理論等多種方法應用到技術創(chuàng)新研究 中去，并使研究向綜合化發(fā)展，研究的范圍也從有關專題的 研究走向實用性強的課題。金融立法方面關于中小企

53、業(yè)技術創(chuàng)新，在金融立法方面，美國出臺最 有代表性的立法是 :中小企業(yè)資本形成法、機會均等法、中小企業(yè)貸款增加法、中小企業(yè)投資獎勵法等；韓國 頒布了中小企業(yè)振興法、韓國信用提保基金法等；日 本先后頒布了中小企業(yè)現(xiàn)代化資金助成法、國民金融公庫法、中小企業(yè)公庫法等；印度頒布了地區(qū)金融公司 法、印度工業(yè)銀行法等法律條規(guī)；法國在此問題上也從 法律法規(guī)方面確保中小企業(yè)的發(fā)展。專設政策性融資機構在金融支持中小企業(yè)技術創(chuàng)新的機構設立方面，各個國 家有所不同：美國，主要由小企業(yè)管理局負責實施中小企業(yè) 技術創(chuàng)新融資，政策傾斜主要體現(xiàn)在政府采購方面，而銀行 貸款只提供擔保和少量直接性的特別貸款；韓國，主要設立 韓國

54、輸出入銀行和韓國興業(yè)銀行等；日本，主要由中小企業(yè) 金融公庫、國民金融公庫等機構組成；德國，依靠隸屬經濟 技術部的中小企業(yè)局，專門負責解決中小企業(yè)融資問題；英 國，專門設立小企業(yè)服務局，為小企業(yè)提供咨詢和信息服務建立融資擔保機構為完善中小企業(yè)擔保貸款的信用保證制度，許多國家建 立了投資擔保公司、信用擔?；鸷突ブ鸬榷喾N形式的 信用保證機構。美國主要通過小企業(yè)管理局進行信用擔保，日本是由政府直接出資成立信用保證 機構 信用保證協(xié)會，而意大利實施互助擔保制度。韓國 的融資擔保業(yè)務有間接融資保證、直接融資保證、企業(yè)信用 交易保證等眾多種類。設立風險投資基金風險投資能將風險資本、創(chuàng)新成果和創(chuàng)業(yè)人才有

55、機地結合，為企業(yè)和研發(fā)機構之間搭建平臺。它向具有成長潛力的 中小企業(yè)技術創(chuàng)新提供股權資本，是支持中小企業(yè)技術創(chuàng)新 最有效的方式之一。有的政府通過建立風險投資基金，向中小企業(yè)提供政策性貸款和商業(yè)性貸款擔保，扶持中小企業(yè) 的發(fā)展，例如，美國風險投資家僅在硅谷就注入了37億美元的資金，并且每年有 4000多家風險投資公司為 10000多 家高科技企業(yè)提供資金支持。2國內主要研究有關融支持中小企業(yè)技術創(chuàng)新金方面的研究，我國起步 比較晚，始于上世紀 80年代，因而在理論上缺乏系統(tǒng)性， 數(shù)據(jù)上也缺乏完整性。改革開放以來，中小企業(yè)快速發(fā)展， 為我國中小企業(yè)融資問題的相關理論研究奠定了基礎。尤其近幾年,我國以

56、發(fā)達國家的發(fā)展經驗為借鑒，結合國家及各地區(qū)發(fā)展的實際情況，在此方面取得了顯著的研究成果。國內 研究金融支持中小企業(yè)技術創(chuàng)新問題的文獻方向比較多，大 多集中在以下三個方面。金融支持中小企業(yè)技術創(chuàng)新體系的研究我國有鄭艷、姚祿仕、秦嗣毅、熊帆等學者對中小企業(yè) 技術創(chuàng)新金融支持體系的問題進行研究，主要研究成果如 下：第一，研究比較外國金融支持體系及對中國的啟示鄭艷（2002 ）、鐘維兆與溫立勇（2005）等學者在對比 美國、德國、日本等國家中小企業(yè)金融支持體系的基礎上， 分析了中、美在銀行體系、資本市場、信用擔保體系和風險 投資體系等方面的差異，并提出：完善中小企業(yè)信用擔保體 系、健全社會融資法律體系、建立專業(yè)金融機構、創(chuàng)建創(chuàng)業(yè) 板市場和發(fā)展風險投資及健全和規(guī)范中小企業(yè)管理服務機 構等建議。同時，姚順先、李焱與覃誼（2003）就日本在中小企業(yè)融資服務體系的建設進行分析，也從融資渠道、信用 保證制度、外部扶持體系和設立專門政策性融資服務機構等 方面提出自己的見解。而秦嗣毅（2004 ）經過研究，也認為 目前國外中小企業(yè)融資體系主要體現(xiàn)在融資創(chuàng)新、融資渠道和融資體系擔保制度三個方面。第二，具體研究