中小企业的权益融资

Equity Financing of Small and Medium Enterprises

中小企业的外部融资面临着信息不对称问题,在现金流和资产价值可观察但不可验证的情况下,不同的企业组织形式,投资者参与约束和企业外部权益融资约束皆有所差异。研究表明,私营公司制企业比合伙制企业对企业外部权益融资约束程度更低,更有利于中小企业的外部权益融资,同时外部权益融资的折价率较低,甚至可以溢价融资。

Outside financing of small and medium enterprises are faced with the problem of asymmetric information. In the background of observable but non-verifiable cash flow and assets value, both investor＇s participation constraint and outside equity constraint are difference with the organization forms of enterprise. The research shows that private corporation faces less financing constraints than partnership firm, and is more conducive to financing from outside investors. Moreover, the private corporation could be financing with lower discount, even premium financing.