西方资本结构理论在我国中小企业应用探讨

Probing into western capital structure theory application in China small and medium enterprise

中小企业的生存和发展与其能否获得足够的资金支持密切相关,然而,融资渠道峡窄,融资成本过高,资本结构不合理,已严重制约着中小企业的健康发展,特别是2011年下半年以来,温州等地不断曝出高利贷泛滥、资金链断裂,甚至借款人"跑路"等消息,使上述问题更加严重,本文通过阐述并评析西方具有代表性的资本结构理论及在我国中小企业的应用情况,以期对我国中小企业融资决策提供有益借鉴。

The subsistence and development of SMEs is closely connected with captial.However,narrow financing channel,high financing costs and irrational capital structure seriously hampered the healthy development of SMEs.Especially,since the second half of 2011,flood of usury,breaks of funding strand,running away of borrowers exposed continuously in Wenzhou and other places,made the problems above more serious.Through explaining the representative capital structure theory of Wester and its application in domestic SMEs,the paper wants to provide some useful reference for decision making of domestic SMEs＇financing.