摘要
本文利用世界银行对中国1378家中小企业的调查数据,对企业特征与融资约束之间的关系进行了经验分析,以考察中小企业面临的融资约束程度及其影响因素,同时检验了不同类别的企业组之间面临的融资约束存在的差异。研究发现,企业规模、是否公开上市、是否隶属于企业集团是影响中小企业融资约束的重要因素。而且,微小型企业、非上市企业、非集团所属企业与其他类别的企业相比面临着更为严重的信贷约束。本文同时还证实现有的研究中用来分类企业是否受融资约束的一些标准是可行的。
Based on a World Bank survey on 1378 Chinese small and medium -sized enterprises (SMEs), this paper conducts an empirical analysis on the relationship between firm characteristics and financing constraints so as to check the degree and the determinants of SMEs' financing constraints, and also test whether there exists the difference of financing constraints among different kinds of firms. We find that firm size, listed, business -group affiliation are the important factors affecting SMEs' financing constraints. Moreover, micro and small firms, non -listed firms, firms without business -group affiliation are more financially constrained. The results also confirm that some priori classifications of financing constraints are feasible and practical.
出处
《南方经济》
CSSCI
2012年第12期36-48,共13页
South China Journal of Economics
基金
上海市教委科研创新重点项目(13ZS057)
上海财经大学基本科研业务费项目(2012110469)
上海财经大学小企业融资研究中心项目(201103)的资助
关键词
融资约束
企业规模
企业年龄
中小企业
Financing Constraints
Firm Size
Firm Age
Small and Medium Enterprises(SMEs)