投资水平与中小企业投资决定的影响因素

The Investment Level and the Factors to Affect SME Investment Decision

本文研究不同投资水平的中小企业投资决定的影响因素。研究结果表明,现金流对投资水平较低的中小企业影响比较显著;而企业的销售收入、负债、利率、企业存续年限、GDP和上期投资水平等因素对投资水平较高的中小企业的影响比较显著。在解释中小企业投资行为的主要理论中,新古典主义理论更适用于解释投资水平较高中小企业的投资行为,而自由现金流理论和代理理论能够更好地解释投资水平较低中小企业的投资行为。

This paper presents an analysis of the impacts of investment level on SME investment decision. The conclusions of the paper show that the impacts of cash flow on the low-investment-level SMEs are significant, and the impacts of sale revenue, liabilities, interest rates, firm existence year, GDP, the last-term investment-level of firms on high-investment-level SMEs are significant. Among the main theories to explain the SME investment decision, the neoclassical theory is more suitable to explain the investment decision of high-investment-level SMEs, and the free cash flow theory and agency theory can explain the investment decision of low-investment-level SMEs better.