小企业融资理论及实证研究综述

A Survey of Theoretical and Empirical Study on Small Business Finance

本综述主要围绕小企业融资需求、信贷配给及宏观经济政策冲击三方面的内容展开。严重的信息不对称以及所有者个人与企业的高度融合决定了小企业融资需求与传统理论之间存在着相当的差距 ,信贷配给问题在小企业当中表现突出。但也有观点认为 ,引入决定企业存活的真正因素———人力资本之后 ,新建企业并不存在信贷配给 ,这为相关政策的制定开启了新的思路。最后 ,由于小企业受宏观政策变化的影响较大 ,也需要引起有关部门的足够重视 。

This survey is conducted mainly on the small firm's demand for finance, credit rationing, and the macroeconomic shock to small firms. It is the serious information asymmetry and the high integration that determine the divergence between small business finance and the traditional theory, and the notable credit rationing in small firms. But it also shows that there exists no credit gap in the start-up enterprises if the human capital, as the real factor connected with the firm's survival, is considered, which will open a new train of thought for the policy makers. Finally, the macroeconomic shock to small firms is so large that should be taken into account by government in order to realize the coordinated development of different scale firms.