非上市中小企业融资效率影响因素研究——来自制造类非上市中小企业的证据

Research on Influence Factors of Unlisted Small and Medium-sized Enterprise Financing Efficiency——Based on Empirical Evidence of Manufacturing Unlisted Small and Medium-sized Enterprises

基于构建的融资效率计算模型,采用全国425家制造类非上市中小企业2003～2009年财务数据进行动态因子面板数据模型分析,提出影响融资效率的六个组合因素。研究发现,企业自身素质和主营业务情况影响较大;企业盈利能力、短期外源债务资金来源及其规模与流动性、企业偿债能力影响一般;商业信用融资成本影响不显著。全面分析了非上市中小企业融资效率影响因素。

The financing efficiency is defined,then panel data dynamic factor model is adopted to analyze 425 manufacturing unlisted small and medium-sized enterprises＇（ SMEs） from 2003 to 2009 years financial data. Various influence factors affecting financing efficiency are combined into six combination factors. It could be concluded that the enterprise quality and main business have the most significant effect,and profit capability,short-term foreign debt financing source,size and liquidity,debt paying ability have little effect. This paper analyzed influence factors of unlisted SMEs＇ financing efficiency comprehensively,the results could provide theoretical references for unlisted SMEs＇ financing.