中小企业融资渠道选择优序及影响因素实证研究——基于温州地区中小企业的调查数据

An Empirical Research on the Financing Channel Selection Order and the Influencing Factors Based on the Wenzhou's Small and Medium-sized Enterprises Research Data

本文就温州中小企业融资决策进行调查研究,对融资渠道选择优序及影响因素进行实证分析。结论表明温州中小企业普遍存在从内部集资到外源融资的强制性优序融资行为,验证了企业资产、销售规模对股权、债务融资都有正向影响,利润规模对股权融资正向影响,对债务融资负向影响,企业年限对两者影响不显著。据此,我们从政府政策实践、金融机构业务营运和企业经营管理三个层面提出了有关建议。

The paper investigates the financing decision-making of small and medium-sized enterprises in Wenzhou,and empirically analyzes the optimal order of financing channels and its influencing factors.The conclusion shows that Wenzhou SMEs have a mandatory pecking order financing from internal fund-raising to external financing,examines the positive effects of enterprise assets and sales scale on equity and debt financing, the positive effects of profit scale on equity financing,the negative effects on debt financing,and the influence of enterprise years on both is not significant.Accordingly,we put forward suggestions from three aspects:government policy practice,financial institution operation and enterprise management.