中小企业资本形成过程

2003.04.0700711198619891989199819931996199820012000911OECD2001505045075582083348Email:[e-mail]21.20702.3.1980198619951982D50434.205.6.7.8.1990i..............................................1............................................3.30............................31............41................5562........62........73D504........83........90100...100.........105........117....122......126131...........131.........141.............148ii...............153.....1561...................160..........................................165..............................................1701207019995234SMEsMarket620011020835%3.212.5%11.532.2%1/82000JADSAQAIM22032070701918202418406193510032.6%195422.4%193620021.2919689.36195551.9%197746.5%195855%197752.5%70197664(theOfficeofAdvocacy)197041019702070()19735,,2070OECD20809095%50%GDP66%64.3%61.8%57.2%57%48%34.9%30.3%12060%19862.38612090OECDGDP96.045.023.099.772.0n.a.99.860.057.298.877.856.799.552.6n.a.99.969.061.899.765.734.999.573.827.199.285.640.099.749.040.599.573.857.099.857.050.099.079.066.099.563.764.399.856.0n.a.99.079.3n.a.99.967.230.399.753.748.0OECD1997bKeithNewtonCruise:ManagementSkillsforSmallBusiness,AReportSubmittedtoSmallBusinessPolicyBranch,IndustryCanada.March30th,2001,(MacmillanGap)20017SBS200052%50%41%194882000619481953(1)198040%52%199425%33%(2)2.53.25(3)10%20%(4)2-41.625%(5)196359.61974103.319812001987270.819913971995667SBA19921400011000SBA10019531991SBA626711991200043.59469198019861995(WhiteHouseConferenceonSmallBusinessWHCSB)604201419171582.7%781/424%3826562101Reducepersonalandcorporatetaxrates.2Establishasimplifiedacceleratedcostrecoverysystem.3Reviseestateandgifttaxlaws.4Establishadirecttaxcreditforinitialinvestment.5Createanewsecuritycalledasmallbusinessparticipatingdebenture.6Revisefederalprocurementpolicies.7Utilizeaformalreportingandgoal-settingsystemrequiringalldepartmentstospecifyresourcestheyplaytomakeavailabletosmallbusiness.8Provideset-asideforminoritysmallbusiness;enhanceauthorityofAssociateAdministratorforsmallbusiness.9Adoptaspecialinvestmenttaxcreditforsmall10businessinvestmentcompanies(SBICs)andminoritysmallbusinessinvestmentcompanies(MESBICs).10EstablishanationalMinorityEconomicCommission.1064579Bullen,MariaLombardi;Hemanson,RogerH.;Mott,RonaldT.:Howwillsmallcompaniesfareinthelateeighties?Business,Atlanta,Jul-Aug-Sep1988.3101234567Davis-Bacon30Davis-Bacon891011Resource:TRalphBlackmanandJamesH.Thompson:the1986WhiteHouseConferenceonSmallBusiness,JournalofSmallBusinessManagement,January1987.IssueBriefsandFactsTheWhiteHouseConferenceonSmallBusiness(1980)andTheWhiteHouseConferenceonSmallBusinessFinalRecommendations(1986)(Washington,D.C.:GovernmentPrintingOffice.)415914065401k912924224100500143139016112[8(a)]25751002013928TheProcessandAnalysisBehindACE-Net,(1994-2001)(SmallBusinessRegulatoryEnforcementFairnessActSBREEA)301982(TheSECsGovernment-BusinessForumonSmallBusinessCapitalFormation)1320011996SEC2019801019801SEC2SEC3SEC4SEC519826SEC25001455119829JohnS.R.Shad11199291011Scottsdale9587J.CarterBeeseThomasP.Kerester12199399107064ErskineBowles13199498983EdwardH.FleischmanJereW.Glover14199591314Providence1314202866260MarkSchultzJereW.Glover1519969262767JereW.GloverPhilipLader1619979181975JereW.Glover1719989242582JereW.Glover151819999131471NormanS.JohnsonJereW.Glover19200091112SanAntonioJereW.Glover202001967Arlington261592DavidMartinJereW.Glover21200292627Arlington2002OTCBBBBXRoelC.CamposDeanShahinianSusanWoodwardThomasSullivan210SEC:FinalReportoftheSECGovernment-BusinessForumonSmallBusinessCapitalFormation,:4000400025011020001001011420001500019301967720100193535196515106171961400(TheOver-the-counterMarket)NASDAQ1030001964D19712NASDAQNASDAQ198250006.7301/52000200236491.997OTCBBOTCBB1990NASD66131999420006OTCBB300020023742200210OTCBBBBX1820901991199920002019851999117131601.69164343920176662412.531990200269.8221.521.69521042220.5170293116.22000398099%60%43%60%9076.6%75%5199928.9%181513l4191199928.9%1/41/31/51/80.0%10.0%20.0%30.0%40.0%()20211090001400050001998231980(UnlistedSecuritiesMarketUSM)1996USM20901995AIM1996(EASDAQ)(NasdaqEurope)(NouveauMarche)(NeuerMarkt)(NuevoMercato)(Euro-NewMarket)19967KOSDAQ19995234SMEsMarket6200032420011020835%3.212.5%11.532.2%1/82070198220016OTCMESDAQ1234ITNASDAQKOSDAQ25OTCNASDAQ1971250KOSDAQ1996OTC300JASDAQ1963JASDAQOTC3320351983OTCOTC111JASDAQ9391999200217419902080GDP19891691720021023989.3%519620028691120GDP7.2%12005002602000-500071.4%50001000023.6%IT80%20011000171.43%500-500073%10%60%2619900108AIMJASDAQJASDAQ50005000