中小企业财务结构与债务融资——基于浙江的实证研究

本文以浙江省中小企业为研究对象,主要讨论三方面内容:(1)全面分析中小企业财务结构与融资特征,并与大企业作比较,得出部分中小企业在偿债能力、营运能力和盈利能力等方面均不逊色于大企业;(2)从微观角度,对中小企业主要债务融资作实证分析,识别影响中小企业债务融资的显著因素。同时根据回归结果证实中小企业主要债务融资的成本比较优势依次为:银行贷款、商业信用和非正规融资;(3)利用Kruskal-Wallis非参数检验方法判定行业因素对中小企业债务融资具有显著差异,而宏观经济周期变化对其影响却不显著。本文结论的另一重要性在于,填补主流文献仅从金融机构或政府金融体制建设等方面寻求破解中小企业融资难的答案,从企业自身经营和财务管理角度解释中小企业融资难的原因。

Financial Structure and Debt Financing for SMEs: An Empirical Study on Zhejiang Companies

In this paper,we study Zhejiang SMEs in three aspects as follows:(1) we analyze the financial structure and liabilities features of SMEs,and by comparison with large enterprises,conclude that SMEs’ solvency,operating capacity and profitability are not inferior to large enterprises;(2) from the microscopic point of view,we make an empirical analysis of SMEs debt financing,and single out the significant factors that affect the debt financing.Model results also prove the optimal debt financing strategy: bank loans,commercial credit and non-formal finance;(3) using nonparametric hypothesis testing method to validate industry factors and macroeconomic factors that affect SMEs’ debt financing.The result shows that different industries have different debt financing,but the economic cycle is not significant.Another importance of this paper lies in that it explains the SMEs’ financing constraints from their own operations and financial management.