影响中小企业融资因素实证分析

Empirical Analysis on Factors Affecting Financing of SMEs

为了从多维度分析影响中小企业融资水平的因素,选取代表企业融资规模、营运抵偿、内部积累、偿债获利等相关财务指标,利用从华泰证券数据库里采集到的最新数据,建立解释企业融资能力的多元回归模型,并检验模型。实证发现在中小企业融资的11个影响因素中,代表中小企业偿债能力的速动比率对融资水平的影响最大,是提高融资水平的重要指标,企业的总资产和总资产净利润率也是融资能力不可忽略的因素。

In order to analyze the factors affecting the financing level of small and medium-sized enterprises from multiple dimensions,the relevant financial indicators representing the financing scale,operation compensation,internal accumulation,debt repayment profit and so on are selected,and the latest data collected from Huatai Securities database are applied to establish a multiple regression model to explain the financing ability of enterprises and test the model.It is found that among the 11 factors affecting enterprise financing,the quick ratio representing the solvency of small and medium-sized enterprises has the greatest impact on the financing level,which is an important indicator to improve the financing level.The total assets and net profit margin of total assets are also the factors that can not be ignored.