科技型中小企业融资障碍因素研究——以创业板上市科技型中小企业为例

本文以100家创业板上市科技型中小企业为样本,分析影响其融资障碍因素主要有企业规模、企业成长性、企业担保价值、企业盈利能力、市场竞争等。企业的资产负债率与企业规模呈正相关关系,与市场竞争呈负相关关系。企业的流动负债率和企业的成长性、市场竞争呈负相关关系。研究表明:企业自身因素是影响企业融资的主要障碍,盈利能力和市场竞争能力直接影响着负债能力。在扩大中小金融机构规模,拓宽企业融资渠道的同时,努力提高自主创新能力和经营效益显得尤为重要。

This paper selects 100 GEM technology - oriented small and medium - sized enterprises to analyze the main factors affecting the financing obstacles, including the size of enterprises, the growth potential of listed companies, corporate collateral val- ue, evaluating profitability and market competitiveness. Asset - liability ratio of enterprises have a positive correlation with firm size, which is negatively correlated with market competition. Current liabilities ratio of enterprises is negatively corre- lated with growth potential of listed companies and market competitiveness. This paper suggests that the main obstacle of corporate financing is their own factors of enterprises, and the profitability of enterprises and market competitiveness direct- ly affect the debt capacity. In expanding the scale of small financial institutions and broadening the financing channels for enterprises, the most important thing is to strive to improve the capability of independent innovation and operational effi- ciency.