中小企业融资结构与企业成长——以我国中小上市公司为样本

Relationship between SMEs' Financial Structure and Growth—Taking Listed Companies in China for Examples

采用Z值模型衡量中小企业存在的融资风险,实证研究中国中小上市公司融资结构与成长性的关系。实证结果表明,当Z>2.4时的中小上市公司即债务融资风险小的公司,这些公司的融资结构与成长性显著正相关,这些公司适合采用债务融资;而当Z<2.09时的中小上市公司即债务融资风险大的公司,这些公司的融资结构与成长性显著负相关,这些公司不适合采用债务融资。

This paper uses Z value model to measure the SME financing risks,and empirically study the relationship between the financial structure and growth of Small and Medium-sized Listed Companies in China.The results show that as for the small and medium-sized listed companies whose Z2.4, debt financing risk is low,that there is a significantly positive correlation between their financial structure and their growth,and that these companies are appropriate for the use of debt financing;as for the small and medium-sized listed companies whose Z2.09,debt financing risk is high,that there is a significantly negative correlation between their financial structure and their growth,and that these companies are not appropriate for the use of debt financing.