信息不对称对中小企业融资决策的影响研究——以东莞市中小企业为例

The Impacts of Information Asymmetry on the Financing Decision-making of Small and Medium Sized Enterprises (SMEs): Case Study from SMEs in Dongguan

本文以信息不对称理论所强调的代理成本和资本市场层次理论所强调的信息披露成本为理论出发点,以东莞中小企业为案例,研究表明,我国创业板市场建立的意义不在于它能够彻底地解决中小企业融资过程中的代理成本问题,而在于它使中小企业能够通过融资渠道的选择,降低其融资过程中的代理成本,并且通过衡量不同资本市场层级的融资收益与信息披露成本之间的差额,实现企业价值最大化。

This paper starts from the theories of agent cost emphasized by information asymmetry theory and information disclosure cost emphasized by capital market level theory using cases of SMEs in Dongguan. The result shows that the establishment of Growth Enterprise Market can not only fully address the issue of agent cost during financing process of SMEs, but also lower the agent cost during financing process of SMEs via financing channel selections. It can also maximize the value of the SMEs after weighing the gap between financing benefits in different levels of capital markets and information disclosure cost.