农村中小企业融资渠道选择及影响因素

The Choice and Factors of Financing Channels for Rural SMEs

农村中小企业从正规金融渠道难以获取资金,非正规融资渠道已经成为其资金来源的主渠道。在农村信贷市场上,农村中小企业因收益能力差异导致其在融资渠道选择上有明显的差异。本文利用对河南省农村中小企业的调查数据,运用Probit模型验证分析了不同收益能力的农村中小企业的融资特征,以及融资渠道选择的情况,得出法人代表受教育年限、从事行业经营年限和企业规模等因素与农村中小企业选择正规金融渠道融资正相关;同时,经营主业和经营资金的缺口对低收益农村中小企业融资渠道选择影响显著,而对高收益的农村中小企业影响较小。

It’s difficult for rural SMEs(small and medium enterprises)to obtain funds from formal financial channels.Informal financial channels have become their main channel.In rural credit market,the difference in earning power of the SMEs lead to the obvious difference in the choice of financing channels.Based on the survey data of the SMEs in Henan Province and the Probit model,this paper examines the financing characteristics and channels choice of the SMEs of different earning power.The conclusion of the paper is that the legal representative’s education years,managing enterprise years,enterprise scale and other factors are positively related to the choice of formal financial channels;meanwhile,the main business and operational funding gap significantly affect the choice of the financing channel of low-earning rural SMEs,but affect the high-earning rural SMEs less.