| 小企业债务融资的成本偏好：来自铜陵的经验证据 |
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| 引用本文： | 许友传,何晓光,张红军.小企业债务融资的成本偏好：来自铜陵的经验证据[J].北京航空航天大学学报(社会科学版),2008,21(1):17-20. |
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| 作者姓名： | 许友传 何晓光 张红军 |
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| 作者单位： | 1. 上海交通大学,安泰经济管理学院,上海,200030
2. 广东商学院,金融学院,广州,510320 |
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| 摘 要： | 小企业信息的意会知识特性和不同金融制度安排的不同信息获取和实施机制，内生地决定了非正规金融的低交易成本。在正规金融的融资安排中，地方性金融机构融资的交易成本通常低于全国性金融机构。小企业融资偏好的市场选择行为表明，融资的直接成本不是决定小企业融资偏好的最主要因素，而交易成本在小企业融资偏好决策中影响甚重。
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| 关 键 词： | 融资偏好 交易成本 小企业融资 |
| 文章编号： | 1008-2204(2008)01-0017-04 |
| 修稿时间： | 2006年12月29 |
Cost Preferences of Small Enterprise Debt Financing: Empirical Evidences from Tongling |
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| XU You-chuan,HE Xiao-guang,ZHANG Hong-jun.Cost Preferences of Small Enterprise Debt Financing: Empirical Evidences from Tongling[J].Journal of Beijing University of Aeronautics and Astronautics(Social Sciences Edition),2008,21(1):17-20. |
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| Authors: | XU You-chuan HE Xiao-guang ZHANG Hong-jun |
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| Institution: | XU You-chuan , HE Xiao-guang, ZHANG Hong-jun (1. Antai College of Economics and Management, Shanghai Jiaotong Univerdity, Shanghai 200030, China; 2. Finance Department, Guangdong University of Business Studies, Guangzhou 510320, China) |
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| Abstract: | The paper gives some theoretical analysis and empirical research on cost preferences of small enterprise debt financing from the angle of information and transaction cost.It finds that it is the transaction cost,not the direct accrual expenditure cost,that is the most important factor and determines the financing preference decision-making of small enterprises.From the marketable selection behaviors of small enterprises,the paper concludes that it has weaker and weaker financing preference series as follows: informal finance,regional formal finance and national formal finance. |
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| Keywords: | financing preference transaction cost small enterprise financing |
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