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1、 英国金融英语硕士毕业论文修改 sample FACULTY OF ECONOMIC AND MANAGEMENT SCIENCES INTERNAL RECORD FORM IN RESPECT OF THE TITLE AND SCOPE OF A SUBJECT (The form must be typed and handed in fully completed) 1. PARTICULARS OF STUDENT Title( (Mr/Mrs/miss): Miss Surname: WANG Christian names:NAN Student number: 2004180
2、093 Tel:.0729964260 E-mail address: Fax: Address: Kings Ridge 72,. King Edward Road Willows, Bloemfontein Code: 9301 Degrees/qualifications already obtained (state when and where): Bachelor degree in Accounting, 2004, China. B.Com. (Honors) in Business Management, 2004, UFS. Occupation: Employer: .
3、 Employers address and telephone nr: 2. DEGREE REGISTERED FOR: M.Com. Department: Business Management Study leader/Promoter: A. Van Aardt Smit Title of study: Access to debt finance of Chinese SMEs in the province of Liaoning 3. DETAILS OF STUDY: 3.1 Necessity for, aims and objectives of the study (
4、Explain the relevance of the study to the subject discipline and indicate what scientific contribution the study is expected to make towards extending existing knowledge of the subjects approximately 100 words) Financing has been identified in many studies as the most important factor determining th
5、e survival and growth of SMEs in both developing and developed countries. Access to finance allows SMEs to undertake productive investments to expand their businesses and to acquire the latest technologies, thus ensuring their competitiveness and that of the nation as a whole. As early as the fiftie
6、s of last century, developed countries began their research and have achieved substantial academic results in SME financing, while China, owing to the long- term strategy which supports the development of large enterprise in the planning economy, SMEs were neglected. Therefore, it lacks the basis fo
7、r the research on the financing problems of SMEs. It was not until the outbreak of Asian financial crisis at the end of the last century that Chinese government, entrepreneurs and scholars realized the importance of SMEs, and the research on the financing problem of SME began. Against this backgroun
8、d, the primary objective of this study is to identify the impediments of access to finance among SMEs in the Liaoning province of China and make a further exploration into the reasons why. Secondary objectives are: identifying the sources of financing available to SMEs globally, assessing the typica
9、l internal and external problems experienced by SMEs in obtaining debt financing, identifying and comparing the typical impediments and reasons why SMEs in China have limited access to debt financing. 3.2 Research problem and hypothesis. (Explain which dilemma/problem/anomaly renders the subject wor
10、thy of research, as well as the stance you intend to take in respect of it. approximately 100 words) The financing problem is a mutual problem that SMEs around the world face. The main issues regarding SME financing internationally are the following: financial institutions assess SMEs as being inher
11、ently high-risk borrowers owing to their low capitalization and limited assets, vulnerability to market fluctuations and high mortality rates. While large firms comply to a large extent with high standards of disclosure requirements, most SMEs do not. Information asymmetry arising from SMEs lack of
12、accounting records, inadequate financial statements or business plans makes it difficult for creditors and investors to assess the credit-worthiness of potential SME proposals. Besides, the significant administrative and transactions costs associated with lending or investing small amounts do not ma
13、ke SME financing a profitable business for private commercial banks. Chinese SMEs do present the problems above; however, SMEs in China have their own constraints and are still facing many financial difficulties due to various reasons, such as lagging in the banking system, an inadequate financial s
14、tructure, lack of a credit guarantee system, weak financial institutions and inadequate public infrastructure. 3.3 Research design and methodology (Provide a brief exposition of the design and arrangement of your study, clearly explaining its methodology, composition and expected course. Indicate wh
15、ich scientific method you intend to use and explain how it will further the realisation of the objective of the study as expounded in 3.1.Approximately 300 words) Research design The study is organized into six chapters. The chapters consist of three sections: introduction, empirical analysis, and t
16、he conclusion section of the study. The chapters are structured as follows: The first chapter introduces the realistic significance of research on SMEs access to finance; the chapter highlights the research problem and objectives of the study. The second chapter introduces sources of financing avail
17、able to SMEs. Chapter three focuses on main financing difficulties that SMEs are facing on an international basis. Chapter four is devoted to explore SMEs difficult access to finance in the Chinese context, as identifying and analyzing these problems are the main objective of the study. Chapter five
18、 will be the research approach utilized in conducting the study. Chapter six presents the conclusion of the entire study with results from empirical analysis, and recommendations for SMEs in Liaoning province of China regarding to access to debt finance. Methodology This study will use secondary dat
19、a, such as those in published and unpublished reports, articles, academic journals, books, the Internet, and other publications. This information will be used to analyze typical impediments of access to debt financing and determine the impact of limited access to debt financing on SMEs. Sampling In
20、this study, non-probability sampling will be used with reliance on available subjects. This is justified in that the researcher has access to the specified target population and that the target population is sufficiently homogeneous, all respondents are all for-profit, non-financial, non-farm SMEs w
21、ith fewer than 500 employees, those SMEs selected in Liaoning province of China having difficulties in debt finance for a number of reasons. A sufficiently large sample would translate into a sample size of at least 30 units. In this study 40 SMEs in Liaoning province of China will take part in the
22、survey, exceeding the target. Research instrument A cross-sectional survey design will be used to achieve the research objectives. The response to this survey forms the basis for an empirical analysis and descriptive study. These questionnaires will be distributed to the related staff or owners of S
23、MEs selected in the province of Liaoning in china. All eligible firms will be sent a worksheet to facilitate written responses. The survey is augmented by a qualitative study that comprised in-depth personal and telephone interviews for an average of 45 minutes. 3.4 Preliminary study (Briefly descri
24、be the preliminary study and exploratory research you have already done. Approximately 100 words) In the course of preliminary study, the majority of the literatures on financing have been expanded by many theoretical and empirical contributions. Information on financing of SMEs is collected from pu
25、blished and unpublished reports, articles, academic journals, books, the Internet, and other publications. Much emphasis has been placed on debt finance and equity finance, available financing instruments for SMEs internationally, capital structure theory, significance of financing to SMEs, in parti
26、cular by taking into some realities about difficult access to debt finance of SMEs both globally and in the Chinese context. 3.5 Key words and concepts (Characterise the study and its subject fields in a few key words and concepts that best describe it) SMEs, Financing, Capital Structure, Debt Finan
27、ce, Equity Finance, Financing Difficulties Access to sufficient and adequate capital to grow and further develop their activities is a difficulty faced by many SMEs. This situation is compounded by the difficulties in accessing finance as SME financing is considered by many financial providers as a
28、high risk activity that generates high transaction costs and/or low returns on investment, especially compared to the financing of larger businesses and well-established businesses. However, SMEs in China have their own constraints and are still facing many financial difficulties due to various reas
29、ons, such as lagging in the banking system, an inadequate financial structure, lack of a credit guarantee system, weak financial institutions and inadequate public infrastructure. Therefore, the objective of this study is to identify the impediments of access to finance among SMEs in Liaoning provin
30、ce of China and make a further exploration into the reasons why. Expected date of completion: December 2007. Signature of student: NAN WANG. Date:2007-03- 04. Signature of study leader: Date:. ACCESS TO DEBT FINANCE OF CHINAS SMES we still need to think about the title 1.1 PROBLEM STATEMENT Small an
31、d Medium-Size Enterprises (SMEs) are receiving substantial attention all over the world. SMEs play a critical role in providing job opportunities, enhancing the quality of human resources, nurturing a culture of entrepreneurship, fostering creativity and opening up new business opportunities. (Julie
32、t, Kimball, 2003:3) SMEs achievements are the focus of world attention. As rapid globalization and emerging new technologies reduce the importance of economies of scale in many activities, the potential contribution of SMEs has increased. However, many of the problems traditionally facing SMEs, such
33、 as lack of financing, difficulties in exploiting technology, constrained managerial capabilities, low productivity and a heavy regulatory burden, have become more acute in a globalizing, technology-driven environment. (Developmental Challenges to Small and Medium Scale Industrial Enterprises in the
34、 Peoples Republic of China: Results of a 2001 National Sample Survey, No. 63 / 2002) source can be shorter Financing has been identified in many studies as the most important factor determining the survival and growth of SMEs in both developing and developed countries. Access to financing allows SME
35、s to undertake productive investments to expand their businesses and to acquire the latest technologies, thus ensuring their competitiveness and that of the nation as a whole. (Yanzhong, 2004:36) Despite their dominant numbers and importance in job creation, SMEs have traditionally faced difficulty
36、in obtaining formal credit or equity. Bankers are undoubtedly the most important link in the business finance chain. (Christian S, 2004:26) The maturities of commercial bank loans extended to SMEs are often limited to a period far too short to pay off any sizeable investment. Although debt finance h
37、as an important part to play, banks like security. They will lend in relatively low-risk, low-return segments of the market, but will be cautious of a new business with a brilliant idea for an untried technology with few assets and no track record. (Sharpe, Lorna, 2004:38-41) Access to competitive i
38、nterest rates is reserved for only a few selected blue-chip companies while interest rates offered to SMEs remain high. Banks in many developing countries have traditionally lent overwhelmingly to the government, which offered less risk and higher returns. These preferences and tendencies have exace
39、rbated the lack of financing for SMEs. Traditional commercial banks and investors have been reluctant to service SMEs for a number of reasons. (Yanzhong, 2004:37) The main issues regarding SME financing internationally are the following: (Yanzhong, 2004:38) Financial institutions assess SMEs as bein
40、g inherently high-risk borrowers owing to their low capitalization and limited assets, vulnerability to market fluctuations and high mortality rates. While large firms comply to a large extent with high standards of disclosure requirements, most SMEs do not. Information asymmetry arising from SMEs l
41、ack of accounting records, inadequate financial statements or business plans makes it difficult for creditors and investors to assess the credit-worthiness of potential SME proposals. The significant administrative and transactions costs associated with lending or investing small amounts do not make
42、 SME financing a profitable business for private commercial banks. However, the ENSR survey (The ENSR Survey is carried out in the frame of the Observatory of European SMEs, see http:/europa.eu.int/comm/enterprise/enterprise_policy/analysis/observatory.htm) among European SMEs shows that access to f
43、inance is an important constraint for SMEs. And, although in the last three-year period, as much as three out of four SMEs that asked for a bank loan actually received the loan, access to debt financing can still be difficult. This is particularly caused by additional collateral requirements or high
44、 interest rates. This holds for all sectors of activity but the reasons for not obtaining bank financing differ between size classes: lack of collateral mostly affects micro and small enterprises, while poor business performance and insufficient http:/ information are the main reasons for medium-siz
45、ed enterprises. (Bosma, 2004:6) The financing problem is a mutual problem that SMEs around the world face during their development. As early as the fifties of last century, developed countries began their research and have achieved substantial academic results in SME financing, while China, owing to
46、 the long-term strategy which supports the development of large enterprise in the planning economy, SMEs were neglected. Therefore, it lacks the basis for the research on the financing problems of SMEs. It was not until the outbreak of Asian financial crisis at the end of the last century that Chine
47、se government, entrepreneurs and scholars realized the importance of SMEs, and the research on the financing problem of SME began. (Shiye, 2004:2) SMEs are important parts of any nations economy, and a crucial force to push it forward. Ever since the policy of reform and opening up has been in place
48、, SMEs have developed quickly in China. The data indicates that, presently, among the businesses in China, 99% are SMEs. Moreover, 50% of Chinas GDP, 60% of total export and 43% of revenue are contributed by SMEs. They are the main body to solve employment problems, which absorb above 75% of the township labor force. (Wang Jun, 2004:2) However, SMEs in China have their own constraints and are still facing many financial