直接融资渠道

拓宽企业直接融资渠道已经迫在眉睫。

Broaden the financing channels of enterprise directly is imminent .

资本市场发展缓慢，直接融资渠道不畅；

Slow development capital market and lack of smooth and direct financing channels ;

缺乏直接融资渠道等。在分析了以上问题的基础上，提出了相应的七项对策。

Based on the analysis of these problems , seven countermeasures were suggested .

在企业直接融资渠道中，股票融资和债券融资是最主要的方式。在国际资本市场上，债券融资已日益取代了股票筹资，逐渐成为国际直接融资中占统治地位的筹资渠道。

Stocks and corporate bonds are widely used in the direct financing instruments .

外源融资又可分为直接融资渠道和间接融资渠道。

External financing can be divided into direct financing channels and indirect financing channels .

直接融资渠道缺失与资本市场缺乏层次。

Direct financing channels are short and the capital market is short of administrative levels .

在企业的直接融资渠道中，股票融资和债券融资是最主要的方式。

Stocks and corporate bonds are the major means of the enterprises ' direct financing .

作为直接融资渠道的资本市场能否有效配置资本关系到我们的经济增长的速度和质量。

Whether capital market can allot capital efficiently or not determines the rate and quality of economic growth .

资本市场不发达，企业难以通过直接融资渠道吸收资金；

The capital market is under developed , so the companies can not directly get enough money through the market ;

建立适应民营科技企业的金融支持系统，开通民营科技企业的直接融资渠道。

Building financial support system adapted to private high-tech enterprises , chan - nel the direct financing of private high-tech enterprises .

中小企业由于信用度不高，直接融资渠道的缺乏以及间接融资渠道的单一，使其面临着融资困难的局面。

Medium & small enterprises face the difficulty of financing because of low credit and default of direct and indirect financing methods .

以内源融资和银行信贷为主，直接融资渠道不畅的融资模式导致了中小企业融资困难，融资成本过高，严重阻碍了中小企业的健康发展。

Lacking of directed financing modes such as enterprises bond financing and equity financing from capital market makes SMEs ' financing cost so highly .

债券市场作为我国的主要直接融资渠道之一，在金融市场中的地位和作用日渐突出。

As one of the major ways of direct financing in china , the role of bond market in financial market is becoming more and more important .

文章分别从企业自身、间接融资渠道、直接融资渠道、政府服务体系等四个方面逐一进行深入细致的分析。

This paper analyzes the causes from the angles of enterprises themselves , indirect financing channels , direct financing channels and financing services offered by government deeply .

所有制歧视、信用和担保服务体系建设落后、企业治理结构不完善、金融体制改革不深入、融资制度安排不合理、直接融资渠道不畅等是其融资难的特殊原因。

The special causes are the un - advanced development of credit and guarantee service system , the un - ideal arrangement of financial system and the direct financial .

国外对中小企业资金援助的方式主要包括：税收优惠、财政补贴、贷款援助、风险投资和开辟直接融资渠道等。

Nowadays financing patterns of small-and-medium-sized enterprises overseas mainly involve tax preference , finance subsidy , loan aid , venture capital investment as well as opening direct financing channel .

对民营企业的融资困境进行了分析，认为目前民营企业融资存在直接融资渠道不畅、间接融资空间狭窄、缺乏全方位的金融服务等问题。

The financing issue of people run enterprise is analyzed and there exist problems such as inconvenient direct financing , narrow channel of indirect financing , lack of comprehensive financial service .

中方将扩大直接融资渠道，包括股票、债券和私人股本，以更好地满足多样化的投融资需求。

China will increase the use of direct financing channels , including stocks , bonds and private equity , to better satisfy the diverse demands in its economy for investment capital and financing .

在中国，主板、创业板的推出和完善，以及新三板市场的扩容，高科技企业的直接融资渠道已日趋丰富和完善。

Introduced and improved in China , the Main Board and GEM , as well as the expansion of three new board , direct financing channels for hi-tech enterprises has become increasingly rich and perfect .

制度选择导致我国企业直接融资渠道发展不平衡，股票市场的发展远快于企业债券市场的发展，同时制度安排导致企业进入直接融资渠道需要支付市场准入成本。

Meanwhile it is difficult for corporations to get money from banks . ( 3 ) system selection causes the lopsided development of corporations ' direct financing channels . Stock market goes farther than bond market .

⑷提出了整合优势业务上市的思路，并制定了相关方案，以打通直接融资渠道，为成都建工的持续发展提供财力支撑。

⑷ Put forward the idea of integrating the advantaged business to be listed , and designed relative programs , to open the direct financing channel , and provide financial support to the sustained development of CCEC .

中国直接融资渠道的快速发展使商业银行这种金融中介受到冲击，这一现象引起学术界争论，焦点在于资本市场是否会替代商业银行？

The fast development of direct financing in China has affected on the commercial bank of China . This phenomenon made the academic circles dispute , and the focus is whether the capital market could substitute the commercial bank ?

而中、西部地区应该扩大直接融资渠道，尤其是从资本市场获得资金，这样可以在短时间内扩大企业的规模，同时分散企业的经营风险。

The real estate enterprises in the middle and western area expand direct financing channels and actively obtain money from capital markets which can enlarge the scale of the enterprise in a short time and also decentralize the management risk of the enterprise .

对于中小企业而言，融资途径有很多种，有直接融资渠道也有间接融资渠道，但是直接融资如债券市场和资本市场的要求较高，因此银行贷款就成了中小企业资金来源的主要途径。

There are many financing channels for SMES , including direct financing and indirect financing . But the direct financing such as bonds and capital markets are strict in entrance requirement , so bank loans have become the main means of financing channels .

日本的中小企业对银行贷款具有较强的依赖性，而企业自有资本的低比率和直接融资渠道的不发达决定了日本的中小企业以外部融资和间接融资为主。

The low ratio of businesses ' self-owned capital and the shortage of direct financing channels , however , have forced the small businesses of Japan to rely on external and indirect financing as a result of Japanese small businesses ' heavy dependence upon bank loans .

通过文献综述，发现资本市场这个直接融资渠道的匮乏是造成我国科技型中小企业融资困难的重要原因。

Through the literature review , we find that lack of direct capital market financing channels is an important reason which caused SME financing difficulties . Therefore , the first half of the article analyzes the current financing difficulties faced by SME and the reasons for this situation .

REITs&中国房地产企业直接融资的新渠道

REITs & the New Way of Real Estate Enterprises ' Financing Directly

企业上市是实现直接融资的重要渠道，是优化资源配置和推动产业业结构调整的重要平台。

Listing of an enterprise is an important channel to realize the direct financing , and an important platform to optimize the allocation of resources and promote the industry structural adjustment .

长期以来，它不仅担负着城乡居民数万亿存款的存管任务，而且它还是我国数万企业直接融资的骨干渠道。

They have long not only undertaken the tasks of keeping hundreds of millions savings of urban and rural dwellers , but also been the main direct financing channel of millions of business .

为解决这一矛盾，有部分集群内的企业借助集群的优势在融资模式方面得到拓展，以集群融资的形式突破了资本市场的门槛，打通了直接融资的新渠道，缓解了资金困境。

To resolve the contradictions , some enterprises in clusters expanded financing pattern with the aid of advantages of clusters . They broke through the barrier of capital market and obtained the direct financing .