CAJ | 학술논문

资本市场融资是解决中小企业融资困境的重要路径。中小企业在上市前往往以内生性增长为主,通过自身积累不断增加产能以实现企业扩张,但内生性增长到一定阶段都不可避免地会遇到发展瓶颈。资本市场融资是快速提升中小企业特别是中小科技企业实力的重大举措,有利于中小科技企业产品升级和自主创新,有利于中小科技企业治理结构的完善和竞争力的提升,有利于中小科技企业产业结构调整和规模发展,有利于促进区域经济的可持续发展。
자본시장융자시해결중소기업융자곤경적중요로경。중소기업재상시전왕왕이내생성증장위주,통과자신적루불단증가산능이실현기업확장,단내생성증장도일정계단도불가피면지회우도발전병경。자본시장융자시쾌속제승중소기업특별시중소과기기업실력적중대거조,유리우중소과기기업산품승급화자주창신,유리우중소과기기업치리결구적완선화경쟁력적제승,유리우중소과기기업산업결구조정화규모발전,유리우촉진구역경제적가지속발전。
The important way to solve middle and small sci-tech enterprises＇ financing problems is the capital market financing. Before listing, the development mode of most of the sci-tech enterprises is the endogenous growth, which means increasing ca- pacity through their own accumulation to achieve enterprise expansion. However, the enterprise with a certain extent of the en- dogenous growth will inevitably meet development bottleneck. The capital market financing is the major method of improving enterprise strength, which is in favor of product upgrading and independent innovation, will help to improve the governance structure and the competitive ability, and also will benefit the industrial structure adjustment and scale development, even will improve the sustainable development of the regional economy in its favor.