摘要
This article tries to introduce the perspective of the “heterogeneity” of the neighbor enterprise into the research on the problem of the financing efficiency of the small and medium sized enterprises (SMEs). It takes enterprises in the China industrial enterprises database from 2005 to 2007 as the object of the research and defines the neighbor enterprise at a town (village, street) scale. This article selects the financing efficiency, enterprise scale, technical innovation of enterprise as the indexes to measure the “heterogeneity” of the neighbor enterprise, and examines whether they have a significant relationship with the enterprises themselves or not. Through building panel data model and the empirical analysis, this article finds that the financing efficiency and the degree of technological innovation of the neighbor enterprise are positively related to the financing efficiency of enterprises themselves, and the scale of the neighbor enterprise has a negative correlation with the financing efficiency of enterprises themselves. What’s more, this paper distinguishes the neighbor enterprise from the industry unusual neighbor according to whether enterprises are belong to the same industry or not at the same town(village, street), finding the neighbor enterprises which are the same industry have a great more relationship with the financing efficiency of SMEs than the neighbor enterprises which are the non trade.
This article tries to introduce the perspective of the “heterogeneity” of the neighbor enterprise into the research on the problem of the financing efficiency of the small and medium sized enterprises (SMEs). It takes enterprises in the China industrial enterprises database from 2005 to 2007 as the object of the research and defines the neighbor enterprise at a town (village, street) scale. This article selects the financing efficiency, enterprise scale, technical innovation of enterprise as the indexes to measure the “heterogeneity” of the neighbor enterprise, and examines whether they have a significant relationship with the enterprises themselves or not. Through building panel data model and the empirical analysis, this article finds that the financing efficiency and the degree of technological innovation of the neighbor enterprise are positively related to the financing efficiency of enterprises themselves, and the scale of the neighbor enterprise has a negative correlation with the financing efficiency of enterprises themselves. What’s more, this paper distinguishes the neighbor enterprise from the industry unusual neighbor according to whether enterprises are belong to the same industry or not at the same town(village, street), finding the neighbor enterprises which are the same industry have a great more relationship with the financing efficiency of SMEs than the neighbor enterprises which are the non trade.
