科技型中小微企业融资结构影响因素的实证研究

An Empirical Analysis on Influencing Factors of Science and Technology SMEs' Financing Structure

以山东省科技型中小微企业为样本,采用统计分析、计量模型等方法,从企业角度探讨了不同生命发展阶段的科技型中小微企业融资结构及其影响因素。研究表明:处于不同生命周期阶段的科技型中小微企业融资结构存在明显差异,融资结构呈现出先内后外、由股权融资向债权融资的阶段性特征。企业融资结构与其偿债能力、规模大小及成长性显著相关;股权融资对改善企业的间接融资环境有明显帮助,股权融资与贷款融资具有一定的替代效应,股权融资有助于降低企业贷款成本。

The author took the SMEs of techniques types as a sample, discussed the financing structure of SMEs and their influencing factors in different life developing stages from the enterprises perspective by statistical analysis and measurement model. The result showed that there were obvious differences existed in enterprises financing structure of different life cycle stages. The stage characteristics of financing structure was from inside to outside, and from equity financing to debt financing. The enterprises financing structure was significant correlation with their solvency, size and growth. Equity financing had a significant help in improving the indirect financing environment for enterprises. Equity financing and loan financing have a certain substitution effect. Equity financing helped to reduce corporate loan costs.