不同成长阶段下中小企业融资方式选择研究

本文通过实证研究检验了在经济转轨时期我国中小企业的融资行为符合西方成熟国家的金融成长周期理论,即中小企业的融资结构随着中小企业生命成长阶段的不同,其呈现周期变化趋势.同时,发现中小企业权益融资与债务融资的渠道多种多样,不同的发展阶段也必定有不同的来源.最后通过回归分析,对我国中小企业融资方式的选择进行了实证研究.

The Research on the Finance Structure and Modes of Small and Medium Enterprises in the Different Growing Periods

The paper uses the practice data of China to demonstrate that the finance behaviors of small and medium sized enterprises are matched with the finance growing cycle theory,which the finance structures will vary with the development of the periods of the small and medium sized enterprises.Meanwhile,we find that the small and medium sized enterprises' financial characters in different growing periods.Furthermore,we find that the finance modes are evolved when they are growing.