基于多元化竞争战略探讨我国中小企业的资本结构问题

Exploration on the Capital Structure of SMEs in China Based on the Diversified Competitive Strategy

本文创新性地从竞争战略的视角来研究中小企业资本结构问题,建立了中小企业多元化经营回归模型,设置了多元化变量、财务杠杆变量、国家补贴变量和收益性变量,并根据深圳证券交易创业板所提供的实际数据,运用相关性分析的方法进行了实证研究,结果表明:中小企业的多元化经营与资产负债率指标之间并不显著相关;财务杠杆系数对企业资产负债率呈显著正相关;国家财政补贴扶持对中小企业的效果显著。

This paper innovatively studies the capital structure of small and medium sized enterprises from the perspective of competition strategy,and established diversification regression model,set up plurality variable, financial leverage variable, state subsidies and income variables, and according to the actual data from the Shenzhen stock exchange platform, used the method of correlation analysis to the empirical research, the results show that： it is not significantly carrelated between diversified operation and asset liability ratio index in the small and medium-sized enterprise; financial leverage were significantly correlated with ratio of liabilities to assets; state financial subsidies support to the small and medium-sized enterprise are remarkable effect.