债务融资、商业信贷与中小企业投资——来自非上市制造业企业的证据被引量：15

Debt Financing,Trade Credit and SMEs' Investment:Evidence from Unlisted Manufacturing SMEs in China

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摘要文章利用中国4 522家非上市中小企业的财务数据,运用面板分析方法考察了内部资金和外部资金对中小企业投资的影响,并检验了各种融资因素对中小企业投资的贡献度。通过对不同所有制中小企业投资受融资因素影响的比较分析,文章认为中小企业投资受债务资金约束,而且所有制因素在一定程度上制约了中小企业的融资,不过商业信贷可以在一定程度上替代银行贷款而缓解中小企业的融资难问题。 Based on the financial data of 4522 unlisted manufacturing SMEs in China,this paper studies the impacts of internal funds and external funds on SMEs＇ investment by panel analysis,and tests the contribution of financing factors to SMEs＇ investment. Moreover, by the comparative analysis of the impacts of financing factors on SMEs＇ investment with different ownership,it suggests that SMEs＇ investment is constrained by debt financing and ownership structure has negative impacts on SMEs＇ financing, but trade credit could substitute for bank loans to solve SMEs＇ financing to some extent.

作者郭丽虹马文杰

机构地区上海财经大学金融学院

出处《财经研究》 CSSCI 北大核心 2011年第3期136-144,共9页 Journal of Finance and Economics

基金国家社会科学基金项目(09CJL015) 上海财经大学"211"三期项目小企业融资研究中心的资助

关键词中小企业投资现金流量长期负债商业信贷 SMEs investment cash flow long-term debt trade credit

分类号 F275 [经济管理—企业管理]

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参考文献13

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