企业规模与融资来源的实证研究--基于小企业银行融资抑制的视角

Firm Size and Financing Sources:the Perspective of SMEs' Constrained Bank Finance

本文运用静态、动态面板模型和横截面Tobit模型,检验了企业规模对融资来源的影响。我们发现,企业规模越小,不仅银行融资占其总资产的比重越小,而且银行融资相对于股权融资的比例越小。与股权融资相比,银行融资对小企业更加抑制。不同于传统文献中小企业的融资难题由其自身因素所致,本文实证结果表明,小企业受到的融资抑制也与它们所处环境的宏观金融体系相关。

This paper utilizes static and dynamic panel model and Tobit model to test firm size＇s effect on finan- cing sources. We find that the smaller a firm is, the smaller bank financing is and the relative scale of bank fi- nancing to equity financing is. SMEs are more subject to the financial restriction of bank financing compared with equity financing. Not focusing on the internal characteristics of SMEs, our results show that SMEs＇ finan- cial restrictions are also correlated with the macro- financial system.