我国中小企业融资模式的综合评价研究——基于融资效率视角

Comprehensive Review of Financing Model for Small and Medium-sized Enterprises of China——Based on the Perspective of Financing Efficiency

如何选择合适的融资模式以解决中小企业的融资困境,对于促进中小企业的快速发展及国民经济的持续增长具有重要的意义;基于融资效率的视角,从融资成本、资金利用率、偿付能力、融资风险、融资主体自由度和市场成熟度共6个层面衡量中小企业的融资效率;进一步构建了基于层次结构和灰色关联度的综合评价模型对不同融资模式展开比较研究;研究结果显示,对于中小企业而言,融资模式的优先顺序依次为内源融资、银行贷款、民间借款、发行股票和私募股权。

How to select a proper financing model to solve the problems of small and medium-sized enterprises in financing predicament is of important significance to boost the rapid development of small and medium-sized enterprises and continuous growth of national economy. Based on the perspective of financing efficiency, this paper measures the financing efficiency of the small and medium-sized enterprises from such six aspects as financing cost, capital exploitation ratio, payment capacity, financing risk, liberalized degree of financing main body and the market maturity degree, and furthermore, constructs comprehensive evaluation model based on hierarchic structure and grey association degree to conduct comparative research on different financing models. Research results show that with regard to small and medium-sized enterprises, the preferential order of financing model is endogenously financing, bank loan, civilian borrow-lend, issuing stock shares and private equity.