中小企业股权融资和股权再融资研究
|
摘要
中小企业在我国国民经济中正扮演着越来越重要的角色,并逐步形成一个新的经济增长点。但其所获得的资金与它们对国民经济发展所作的贡献相比,极不对称,占金融资源的比重不足20%。我国中小企业同世界其他国家一样,普遍存在着权益资本融资缺口和债务融资缺口,不论股权性融资还是债权性融资都面临着较大困难,企业创新特别是企业新产品的研制、开发更是难以推动,融资始终是中小企业成长与发展的瓶颈。近些年来,尽管中央和地方各级政府先后出台了一些扶持政策,但仍未得到根本性解决。在这种背景下,建立和完善面向中小企业的融资体系,已势在必行。
一方面,中小企业经营规模较小,经营不确定性较大,获取债务融资的成本较高;另一方面,中小企业的高成长性和市场竞争的激烈性等,极需资金扶持,尤其科技型中小企业在创业成长期,更要求以股权融资方式支持企业的增长机会,解决投资不足问题。实践证明,股权融资对保证和满足中小企业的成长性、创新性的资金需求,乃是一种较优的融资方式;且进行后续的股权再融资即增资和配股等对上市中小企业的发展、壮大,作用也非同寻常。能否依据中小企业不同发展阶段的资金需求特点,筹集到适合中小企业创新和发展的股权资金,即企业外部股权融资需求的满足程度,也成为中小企业发展的一大制约因素。
基于上述判断,首先本文以企业融资理论为指导,紧密结合我国中小企业发展实际,全面分析中小企业融资需求的阶段性特点、资金供给的来源、资金供求缺口现状,及中小企业融资方面存在的问题。其次,在此基础上,利用中小企业及中小企业上市公司的统计数据,从理论和实践的结合上,系统阐述了天使资本融资、风险资本融资、公开上市融资等在中小企业股权融资中的优势地位、行为方式及影响作用,并进行了案例剖析和中小企业上市公司资本结构与股权融资影响因素的实证分析。然后,本文又依据外部股权再融资理论,分析探讨了我国股权再融资的特性、现状、问题及其原因,并对中小企业上市公司股权再融资发行方式、经营业绩进行实证分析。最后,提出若干解决的思路和对策。
本文研究的主要内容,概括如下:
1、我国中小企业资金需求的阶段性特征,以及这些特征所反射出来的资金供给的方式类型。分析了中小企业特别是科技型中小企业不同发展阶段的资金需求,包括创业阶段、早期成长阶段、加速成长阶段、稳定成长阶段、成熟阶段等资金需求的不同特征,以及对资金供给的不同要求。
2、我国中小企业资金供给渠道和方式,其中股权融资能为特定成长周期的中小企业提供必要的资金保障。首先,分别阐述了我国中小企业的内部积累、商业信用、银行信贷、发行债券、政府财政金融支持和股权融资等渠道的资金供给特点和现状。然后,通过个案分析和统计分析,揭示了中小企业资会供求缺口问题。最后对股权融资与中小企业成长周期关系进行了重点分析,结果显示,股权融资能为特定成长周期的中小企业提供必要的资金保障。
3、我国中小企业股权融资与股权再融资的来源与形式。中小企业的整个股权融资,包括天使资本融资、风险资本融资、初次公开上市股权融资以及其后续的股权再融资等,表现为一个资金供给的接力过程。本文分别阐述了上述股权融资形式的内涵与特征,分析各自在中小企业融资中的优势地位、融资行为及影响作用,并结合实际进行了案例佐证。
4、中小企业上市公司资本结构与股权融资影响因素、股权再融资发行方式与经营业绩实证。首先对中小企业上市公司资本结构与股权融资影响因素实证分析了,并对后续有股权再融资的部分样本企业进行了进一步分析。其次分析探讨了我国中小企业上市公司股权再融资包括增发新股和配股两种发行方式的特性、现状、问题及其原因,并对中小企业上市公司股权再融资经营业绩进行了理论和实证研究,其中将股权再融资的公司区分为中小企业和大企业上市公司,对股权再融资后业绩变化进行对比分析。
研究表明我国中小企业股权融资跟企业的规模、成长性、盈利性、资产担保价值等存在较大关系,上市后能在近期内进行股权再融资中小企业,都是一些成长性很高、盈利能力很强的中小企业;而且我国大部分中小企业不管上市与否,在我国证券市场对外部股权融资与再融资的约束与监管下,由成长性特点所决定的对外部股权性融资的特别需求,虽然得到了一定的体现,但并没有在实际中得到满足,即我国但发展中小企业外部股权融资的潜力仍很大。另一方面,尽管中小企业上市公司股权再融资后存在经营业绩下降、效率不高等问题,但我国支持中小上市公司进行股权再融资仍然利大于弊。
5、提出改善中小企业股权融资与股权再融资的思路对策。在上述研究基础上,并比较借鉴国际上中小企业股权融资与股权再融资的成功经验,提出了稳妥发展便于我国中小企业股权融资与再融资的天使资本、风险资本市场以及多层次资本市场、适当调整现有股票市场的再融资政策、不断完善中小企业治理结构等相关对策建议。
The Small-medium enterprise (SME) is acting more and more important role in our country national economy, and gradually forms a new economical point of growth. But the fund they obtain occupies is less than 20% proportion of the financial resources, and is extremely asymmetrical compare to the contribution which they make to the national economy development. Our country's SME is like to other countries', generally existing capital financing gap and debt financing gap, both equity financing and debt financing are facing great difficulty, and enterprise's innovation especially enterprise's new product researching, producing and developing is difficult to impel, so financing is bottleneck throughout SME's growth and development. In recent years, although the central government and local governments at all levels have formulated some support policy successively, the problem still has not been solved fundamentally. On this background, it is already very essential to establish and perfect a financing system which oriented to SME.
On the one hand, SME's operating scale is comparable smaller, operating uncertainty is greater, gaining debt financing cost is higher; On the other hand, SME's characteristics of high growth and intense market competition and so on, needs fund support extremely. Especially the science and technology SME during in the imbark growth period, even more requests equity financing to support enterprise's growth opportunity and to solve investment insufficient problem. The practice proved that, equity financing is an optimal financing way to guarantee and satisfy SME's fund demand for characteristics of growth and innovating; Moreover, carrying on the following seasoned equity offering namely right offering and public offering also has unusual function to the listed SME's developing and strengthening. Whether can raise equity capital which suits SME's innovating and developing according to the fund demand characteristics of different development phase, namely that enterprise's exterior equity financing demand satisfied degree, also becomes a great restriction factor of the SME development.
Based on the above judgment, at first, this paper takes enterprise's financing theory as instruction, linking to our country SME's development reality closely, comprehensively analyzes the SME financing demand phase characteristics, fund supplies source, fund supply and demand gap's present situation, and problem existing in SME's financing aspect. Next, on this foundation, using SME and small listed company's statistical data, combining the theory with practice, expounds systematically angel capital financing, venture capital financing, public offering financing and so on in SME's equity financing superiority status, behavior way and influence function, and have carried on case analysis and empirical analysis on the impacting factors of SME listed company's capital structure and equity financing. Then, this paper according to the exterior seasoned equity offering theory, has analyzed and discussed our country seasoned equity offering's characteristics, present situation, existing problem and its reasons, and made empirical analyzed on issuing method and operating performance of SME's seasoned equity offering. Finally, proposes certain solution thinking and countermeasures.
Main researching content of this paper, summarizes as follows:
Part I The fund demand phase characteristics of our country SME, as well as fund supply way type reflected by these characteristics. The paper has analyzed different development phase's fund demand of SME especially the science and technology SME, which including in imbark stage, early growth stage, accelerated growth stage, stable growth stage, mature stage and so on. Different development phase has different fund demand characteristics, as well as request different fund supplies.
Part II Our country SME's fund supply channel and way, among which equity financing can provide essential fund guarantee for the specific growth cycle of SME. At first, expounds respectively the characteristics and present situation of our country SME's fund supply channel, which including internal accumulation, commercial credit, bank credit loan, bonds issuing, government finance supporting and so on. Then, through case analysis and statistical analysis, has revealed the financing gap between the SME's fund supply and demand. Finally, focus on analyzing the relationship between equity financing and SME's growth cycle, as a result, it demonstrated that equity financing can provide essential fund guarantee for the specific growth cycle of SME.
Part III The source and form of our country SME's equity offering and seasoned equity offering. A series of equity financing of SME, including angel capital financing, venture capital financing, initial public offerings and its following seasoned equity offering financing and so on, acting as a fund supplying relay process. The paper expounds the above equity financing form's connotation and characteristics separately, analyzes their superiority status, financing behavior and impact function respectively in SME's financing, then has testified them unifying with the practice case evidence.
Part IV Empirical analyses of the SME listed company's capital structure and equity financing impacting factors, seasoned equity offering's issuing method, and seasoned equity offering's operating performance. At first, this paper has empirically analyzed impacting factors of the SME listed company's capital structure and equity financing, and has done further analyses on some sample enterprise which have carried on the following seasoned equity offering. Next, has analyzed and discussed characteristics, present situation, existing problems and reasons of our country SME listed company's seasoned equity offering's two kinds of issue method including rights offering and public offering. Then has made theory and empirical research on SME listed company's seasoned equity offering's operating performance, in which having differentiated companies into SME and big enterprise listed company, carried on comparison analysis of their operating performance changing after they having seasoned equity offering.
The research indicates that our country's SME's equity financing existences great relevance with enterprise's scale, growth, profitability, asset mortgage value and so on. The SME which can carry on seasoned equity offering in the near future after initial public offering, nearly all have high growth and strong profitability. Moreover, most of our country's SMEs no matter having gone to be listed on the market or not, the special demand for external equity financing which is decided by the high growth characteristic, although obtained certain manifesting, still have not be satisfied in reality under the restraint, supervising and managing on the external equity financing by our country's security market; Namely that our country still has great potentiality for developing exterior equity financing of SME. On the other hand, although SME listed company has existed problem of operating performance dropping, lower efficiency and so on, the advantage still greatly exceed shortcomings of our country supporting small listed company to carry on seasoned equity offering.
Part V Puts forward some thinking and countermeasures which improve equity financing and seasoned equity offering of SME. based on the above research foundation, comparing and modeling the success experience of international SME's equity financing and seasoned equity offering , proposes some relevant countermeasures and suggestions such as: Appropriately develop angel capital, venture capital market as well as multi-level capital market which is convenient for our country's SME's equity financing and seasoned equity offering; Suitably adjust the government policy of SME's equity financing and seasoned equity offering; gradually perfect SME's government structure and so on.
一方面,中小企业经营规模较小,经营不确定性较大,获取债务融资的成本较高;另一方面,中小企业的高成长性和市场竞争的激烈性等,极需资金扶持,尤其科技型中小企业在创业成长期,更要求以股权融资方式支持企业的增长机会,解决投资不足问题。实践证明,股权融资对保证和满足中小企业的成长性、创新性的资金需求,乃是一种较优的融资方式;且进行后续的股权再融资即增资和配股等对上市中小企业的发展、壮大,作用也非同寻常。能否依据中小企业不同发展阶段的资金需求特点,筹集到适合中小企业创新和发展的股权资金,即企业外部股权融资需求的满足程度,也成为中小企业发展的一大制约因素。
基于上述判断,首先本文以企业融资理论为指导,紧密结合我国中小企业发展实际,全面分析中小企业融资需求的阶段性特点、资金供给的来源、资金供求缺口现状,及中小企业融资方面存在的问题。其次,在此基础上,利用中小企业及中小企业上市公司的统计数据,从理论和实践的结合上,系统阐述了天使资本融资、风险资本融资、公开上市融资等在中小企业股权融资中的优势地位、行为方式及影响作用,并进行了案例剖析和中小企业上市公司资本结构与股权融资影响因素的实证分析。然后,本文又依据外部股权再融资理论,分析探讨了我国股权再融资的特性、现状、问题及其原因,并对中小企业上市公司股权再融资发行方式、经营业绩进行实证分析。最后,提出若干解决的思路和对策。
本文研究的主要内容,概括如下:
1、我国中小企业资金需求的阶段性特征,以及这些特征所反射出来的资金供给的方式类型。分析了中小企业特别是科技型中小企业不同发展阶段的资金需求,包括创业阶段、早期成长阶段、加速成长阶段、稳定成长阶段、成熟阶段等资金需求的不同特征,以及对资金供给的不同要求。
2、我国中小企业资金供给渠道和方式,其中股权融资能为特定成长周期的中小企业提供必要的资金保障。首先,分别阐述了我国中小企业的内部积累、商业信用、银行信贷、发行债券、政府财政金融支持和股权融资等渠道的资金供给特点和现状。然后,通过个案分析和统计分析,揭示了中小企业资会供求缺口问题。最后对股权融资与中小企业成长周期关系进行了重点分析,结果显示,股权融资能为特定成长周期的中小企业提供必要的资金保障。
3、我国中小企业股权融资与股权再融资的来源与形式。中小企业的整个股权融资,包括天使资本融资、风险资本融资、初次公开上市股权融资以及其后续的股权再融资等,表现为一个资金供给的接力过程。本文分别阐述了上述股权融资形式的内涵与特征,分析各自在中小企业融资中的优势地位、融资行为及影响作用,并结合实际进行了案例佐证。
4、中小企业上市公司资本结构与股权融资影响因素、股权再融资发行方式与经营业绩实证。首先对中小企业上市公司资本结构与股权融资影响因素实证分析了,并对后续有股权再融资的部分样本企业进行了进一步分析。其次分析探讨了我国中小企业上市公司股权再融资包括增发新股和配股两种发行方式的特性、现状、问题及其原因,并对中小企业上市公司股权再融资经营业绩进行了理论和实证研究,其中将股权再融资的公司区分为中小企业和大企业上市公司,对股权再融资后业绩变化进行对比分析。
研究表明我国中小企业股权融资跟企业的规模、成长性、盈利性、资产担保价值等存在较大关系,上市后能在近期内进行股权再融资中小企业,都是一些成长性很高、盈利能力很强的中小企业;而且我国大部分中小企业不管上市与否,在我国证券市场对外部股权融资与再融资的约束与监管下,由成长性特点所决定的对外部股权性融资的特别需求,虽然得到了一定的体现,但并没有在实际中得到满足,即我国但发展中小企业外部股权融资的潜力仍很大。另一方面,尽管中小企业上市公司股权再融资后存在经营业绩下降、效率不高等问题,但我国支持中小上市公司进行股权再融资仍然利大于弊。
5、提出改善中小企业股权融资与股权再融资的思路对策。在上述研究基础上,并比较借鉴国际上中小企业股权融资与股权再融资的成功经验,提出了稳妥发展便于我国中小企业股权融资与再融资的天使资本、风险资本市场以及多层次资本市场、适当调整现有股票市场的再融资政策、不断完善中小企业治理结构等相关对策建议。
The Small-medium enterprise (SME) is acting more and more important role in our country national economy, and gradually forms a new economical point of growth. But the fund they obtain occupies is less than 20% proportion of the financial resources, and is extremely asymmetrical compare to the contribution which they make to the national economy development. Our country's SME is like to other countries', generally existing capital financing gap and debt financing gap, both equity financing and debt financing are facing great difficulty, and enterprise's innovation especially enterprise's new product researching, producing and developing is difficult to impel, so financing is bottleneck throughout SME's growth and development. In recent years, although the central government and local governments at all levels have formulated some support policy successively, the problem still has not been solved fundamentally. On this background, it is already very essential to establish and perfect a financing system which oriented to SME.
On the one hand, SME's operating scale is comparable smaller, operating uncertainty is greater, gaining debt financing cost is higher; On the other hand, SME's characteristics of high growth and intense market competition and so on, needs fund support extremely. Especially the science and technology SME during in the imbark growth period, even more requests equity financing to support enterprise's growth opportunity and to solve investment insufficient problem. The practice proved that, equity financing is an optimal financing way to guarantee and satisfy SME's fund demand for characteristics of growth and innovating; Moreover, carrying on the following seasoned equity offering namely right offering and public offering also has unusual function to the listed SME's developing and strengthening. Whether can raise equity capital which suits SME's innovating and developing according to the fund demand characteristics of different development phase, namely that enterprise's exterior equity financing demand satisfied degree, also becomes a great restriction factor of the SME development.
Based on the above judgment, at first, this paper takes enterprise's financing theory as instruction, linking to our country SME's development reality closely, comprehensively analyzes the SME financing demand phase characteristics, fund supplies source, fund supply and demand gap's present situation, and problem existing in SME's financing aspect. Next, on this foundation, using SME and small listed company's statistical data, combining the theory with practice, expounds systematically angel capital financing, venture capital financing, public offering financing and so on in SME's equity financing superiority status, behavior way and influence function, and have carried on case analysis and empirical analysis on the impacting factors of SME listed company's capital structure and equity financing. Then, this paper according to the exterior seasoned equity offering theory, has analyzed and discussed our country seasoned equity offering's characteristics, present situation, existing problem and its reasons, and made empirical analyzed on issuing method and operating performance of SME's seasoned equity offering. Finally, proposes certain solution thinking and countermeasures.
Main researching content of this paper, summarizes as follows:
Part I The fund demand phase characteristics of our country SME, as well as fund supply way type reflected by these characteristics. The paper has analyzed different development phase's fund demand of SME especially the science and technology SME, which including in imbark stage, early growth stage, accelerated growth stage, stable growth stage, mature stage and so on. Different development phase has different fund demand characteristics, as well as request different fund supplies.
Part II Our country SME's fund supply channel and way, among which equity financing can provide essential fund guarantee for the specific growth cycle of SME. At first, expounds respectively the characteristics and present situation of our country SME's fund supply channel, which including internal accumulation, commercial credit, bank credit loan, bonds issuing, government finance supporting and so on. Then, through case analysis and statistical analysis, has revealed the financing gap between the SME's fund supply and demand. Finally, focus on analyzing the relationship between equity financing and SME's growth cycle, as a result, it demonstrated that equity financing can provide essential fund guarantee for the specific growth cycle of SME.
Part III The source and form of our country SME's equity offering and seasoned equity offering. A series of equity financing of SME, including angel capital financing, venture capital financing, initial public offerings and its following seasoned equity offering financing and so on, acting as a fund supplying relay process. The paper expounds the above equity financing form's connotation and characteristics separately, analyzes their superiority status, financing behavior and impact function respectively in SME's financing, then has testified them unifying with the practice case evidence.
Part IV Empirical analyses of the SME listed company's capital structure and equity financing impacting factors, seasoned equity offering's issuing method, and seasoned equity offering's operating performance. At first, this paper has empirically analyzed impacting factors of the SME listed company's capital structure and equity financing, and has done further analyses on some sample enterprise which have carried on the following seasoned equity offering. Next, has analyzed and discussed characteristics, present situation, existing problems and reasons of our country SME listed company's seasoned equity offering's two kinds of issue method including rights offering and public offering. Then has made theory and empirical research on SME listed company's seasoned equity offering's operating performance, in which having differentiated companies into SME and big enterprise listed company, carried on comparison analysis of their operating performance changing after they having seasoned equity offering.
The research indicates that our country's SME's equity financing existences great relevance with enterprise's scale, growth, profitability, asset mortgage value and so on. The SME which can carry on seasoned equity offering in the near future after initial public offering, nearly all have high growth and strong profitability. Moreover, most of our country's SMEs no matter having gone to be listed on the market or not, the special demand for external equity financing which is decided by the high growth characteristic, although obtained certain manifesting, still have not be satisfied in reality under the restraint, supervising and managing on the external equity financing by our country's security market; Namely that our country still has great potentiality for developing exterior equity financing of SME. On the other hand, although SME listed company has existed problem of operating performance dropping, lower efficiency and so on, the advantage still greatly exceed shortcomings of our country supporting small listed company to carry on seasoned equity offering.
Part V Puts forward some thinking and countermeasures which improve equity financing and seasoned equity offering of SME. based on the above research foundation, comparing and modeling the success experience of international SME's equity financing and seasoned equity offering , proposes some relevant countermeasures and suggestions such as: Appropriately develop angel capital, venture capital market as well as multi-level capital market which is convenient for our country's SME's equity financing and seasoned equity offering; Suitably adjust the government policy of SME's equity financing and seasoned equity offering; gradually perfect SME's government structure and so on.
引文
[1]Berger,A.N.and Udell,G.F.The economics of small business finance:the roles of private equity and debt markets in the financial growth cycle[J].Journal of Banking and Finance,1998(22):613-673.
[2]Smith,W.Jr..1977.Alternative methods for raising capital:rightsvs.Underwritten offer.Journal of financial economics5,273-307.
[3]Louhran,Tim,J.Ritter.The operating performance of firms conducting seasoned equity offerings [J].Journal of Finance,1997,52:P1845-1850.
[4]原红旗.股权再融资之“谜”及其理论解释[J].会计研究,2003(05).
[5]陈晓红、刘剑,不同成长阶段下中小企业融资方式选择研究[J].管理科学研究,2006(1).
[6]张传州.中小企业股权结构、成长性、业绩与资本结构的研究[J].统计教育,2006(7):34-36.
[7]范秀峰,李建中.资本结构与中小企业股权融资的实证分析[J].宁夏大学学报(人文社会科学版),2005(3):97-98.
[1]、[3]高正平,中小企业融资新论[M].北京:中国金融出版社,2004.
[2]国家经济贸易委员会 国家发展计划委员会 财政部 国家统计局联合颁布的《中小企业标准暂行规定》,文号:国经贸中小企[2003].143号,2003年2月。
[4]Modigliani,Franco,and Merton Miller,1958,"The cost of capital,corporation finance and the theory of investment"[J].American Economic Review 48:261-275.
[5]Modigliani,Franco,and Morton Miller,1963,"Corporate income taxes and the cost of capital"[J].America Economic Review 53:433-443.
[6]Myers,Stewart C.and Nicholas S.Majluf,1984,"Corporate financing and investment decisions when firms have information that investors do not have"[J].Journal of Financial Economics 13,187-221.
[7]S.C.Myers.The capital structure puzzle[J].Journal of Finance.34(3),1984.:575-592.
[8]Berger,A.N.and Udell,G.F.The economics of small business finance:the roles of private equity and debt markets in the financial growth cycle[J].Journal of Banking and Finance,1998(22):613-673.
[1]胡海峰,陈闽.创业资本运营[M].北京:中信出版社,1999(7):54.
[2]张玉明.资本结构优化与高新技术企业融资策略[M].上海:上海三联书店,2003(6):291-295.
[3]、[4]张玉明.中小企业融资策略[M].济南:山东大学出版社,2004(12).
[5]Berger,A.N.and Udell,G.F.The economics of small business finance:The roles of private equity and debt markets in the financial growth cycle[J].Jorunal of Banking and Finance,1998(22):613-673.
[6]J.Fred Weston,Scott Besley,Eugene F.Brigham,Essentials of managerial finance(Eleventh edition)韦斯顿和布里格姆,财务管理精要(英文版.第11版)北京,机械工业出版社,1998.10.
[1]、[2]程剑鸣,孙晓岭.中小企业融资[M].北京:清华大学出版社,2006年3月.
[3]郭斌,刘曼路.民间金融与中小企业发展:对温州的实证分析[J].经济研究,2002(10).
[4]梁冰,我国中小企业发展及融资状况调查报告[J].金融研究,2005(5).
[5]陈晓红,刘剑.中小企业融资调查(2003).
[6]李杨,杨思群.中小企业融资与银行[J].上海财经大学出版社,2001年版,第90页.
[7]李军.企业融资[M].北京:民主和建设出版社,2001:51.
[8]范秀峰,中小企业外部股权融资研究,2005,中国优秀硕士学位论文全文数据库,http:://lsg.cnki.net/Grid20/detail.aspx.
[1]刘曼红.天使投资与民间资本[M].北京:机械工业出版社,2003.
[2]刘曼红.中国中小企业融资问题研究[M]..北京:中国人民大学出版社,2003年6月版,第20页.
[3]1995年统计学家对英国新英格兰地区的新生高科技企业的融资历史的调查.
[4]汪华.天使投资与中小企业融资.商场现代化,2005(18):37页.
[5]New Hampshire大学的Freear教授于1995年对美国新英格兰地区的284个新生的高新科技企业作了融资过程方面的调查结果.
[6]搜狐引入风险投资案例分析.慧聪网http://www.media.hc360.com/,2006.11.28 董事会.
[7]蒙牛借风险投资快跑成行业领袖.中国投资理财网.风险投资案例与故事,2006.12.02.
[1]、[3]、[8]2005年度中国风险投资年度调研报告.中国风险投资研究院,2005.
[2]王莉,孙强.简析风险投资的退出方式[J].科技创业月刊,2007(07).
[4]孙瑞华.MBO之于VC,无奈却有利的选择[J].新经济导刊,2003(7).
[5]王松奇,王国刚.2002年中国创业投资发展报告[R].2002.
[6]李丽霞,徐海俊,孟菲.我国中小企业融资体系的研究[M].科学出版社,2005.
[7]王铁军,胡坚.中国中小企业融资28种模式成功案例[M].北京:中国金融出版社,2006.
[9]中国统计年鉴1993-2004,中国统计出版社.
[1]娄建文.境内企业到境外直接上市,[N].证券时报,2006年3月7日.
[2]中小企业板块为民营经济发展提供新契机[N].证券报,2004年6月17日.
[3]、[4]王铁军,胡坚.中国金融出版社中国中小企业融资28种模式成功案例[M].北京:中国金融出版社,2006年7:174.
[5]陈晓红、刘剑,不同成长阶段下中小企业融资方式选择研究[J].管理科学研究,2006(1).
[6]范秀峰、李建中,资本结构与中小企业股权融资的实证分析[J].宁夏大学学报(人文社会科学版),2005(3):97-98.
[1]、[4].原红旗.股权再融资之“谜”及其理论解释[J].会计研究,2003(05).
[2].Smith,.W.Jr.1977.Alternative methods for raising capital:rightsvs.Underwritten offer[J].Journal of financial economics5,273-307.
[3].何晓彬,赵婷.上市公司配股融资经营业绩实证研究[J].财会通讯学术版,2006(5):10-11.
[5].Louhran,Tim,J.Ritter.The operating performance of firms conducting seasoned equity offerings [J].Journal of Finance,1997,52:1845-1850.
[1]深交所中小企业板官方网站 http://www.szse.cn main/default.aspx,并经过资料整理所得.
[2]蒋建华,王书贞,陆桂琴.完善中小企业板块,建立我国二板市场[J].南京社会科学,2005(11):45.
[3]杨晓舫,朱冰.建设多形态资本市场体系 促进社会经济建设和谐发展[J].中国科技投资2007(10).
[4]卢铮.产交所期望产权交易“嫁接”OTC,中国证券报·中证网,http://www.cs.com.cn/cqzk/,2008-3-31.
1.(美)贾斯廷·朗格内克,卡洛斯·穆尔,小威廉·佩蒂著,Justin G.Longenecker,Carlos W.Moore,J.William Petty;郭武文等译.小企业管理:创业之门:an entrepreneurial emphasis[M].北京:人民邮电出版社,2006.
2.(英)欧阳著;张青龙译中小企业境外上市指南:a guide for Chinese enterprises seeking international capital[M].北京:中信出版社,2007.
3.埃伦费尔德著,唐少清,陈恒译.创业[M].北京:人民邮电出版社,2005.
4.巴曙松.多层次资本市场与经济体制改革.国研网,2003-10-30.
5.蔡根女,鲁德银.中小企业发展与政府扶持[M].中国农业出版社,2005:48-50.
6.陈红辉,赵正堂.天使投资:我国的现状、问题与对策[J].市场周刊,2004(08).
7.陈焕英,崔和瑞.浅议技术创新与风险投资[J].中国农学通报,2006(01).
8.陈湘君.浅析我国天使投资的发展对策[J].时代经贸(理论版),2006,(04).
9.陈晓红,黎璞.中小企业融资结构影响因素的实证研究[J].系统工程,2004 a(1):60.
10.陈晓红,刘剑.我国中小企业融资结构与融资方式演进研究[J].中国软科学,2003 b(12).
11.陈晓红,刘剑.不同成长阶段下中小企业融资方式选择研究[J].管理科学研究,2006 c(1).
12.陈晓红.中小企业融资与成长[M].北京:经济科学出版社,2007d.
13.陈颖峥,苏宁.企业买壳上市研究[J].价值工程,2006(7):144-147.
14.程剑鸣,孙晓岭.中小企业融资[M].北京:清华大学出版社,2006年3月:218-227.
15.程苓峰.谁是你的“Angel”?[J].中国企业家,2006(07).
16.戴淑庚.高科技产业融资理论.模式.创新[M].北京:中国发展经济出版社,2005年1月.
17.邓发祥,我国增发新股市场表现研究[博士学位论文].中国优秀博硕士学位论文全文数据库,http://ckrd.cnki.net/grid20/Navigator.aspx,2005(7):7-9.
18.范秀峰,李建中.资本结构与中小企业股权融资的实证分析[J].宁夏大学学报(人文社会科学版),2005(3):97-98.
19.傅元略.企业资本结构优化理论研究[M].大连:东北财经大学出版社,1999.
20.高正平,中小企业融资实务[M].北京:中国金融出版社,2006a.
21.高正平,中小企业融资新论[M].北京:中国金融出版社,2004b:34-35、50-52、79-80.
22.郭跃显,李惠军中小企业融资结构与模式研究[M].哈尔滨:哈尔滨工程大学出版社,2007.
23.国家发展和改革委员会中小企业司.中国中小企业发展报告[M].北京:机械工业出版社,2007.
24.韩博印.中小企业融资的制度经济学分析[J].商业研究,2006(02).
25.何晓彬,赵婷.上市公司配股融资经营业绩实证研究[J].财会通讯学术版,2006(5):10-11.
26.胡海峰,陈闽.创业资本运营[M].北京:中信出版社,1999(7):54.
27.胡援成.企业资本结构与效益及效率关系的实证研究[J].管理世界 2002(10).
28.胡竹枝.中国中小企业融资:供求、效率与机制分析[M].北京:中国经济出版社,2006
29.华玲,陈留平,孙爱民.浅析风险投资的发展与退出机制[J].商业时代,2007(25).
30.黄明.发展多层次资本市场是当务之急[J].首都经济贸易大学学报,2007(04).
31.黄小花.中小企业直接融资的障碍与对策[J].企业研究,2007(09).
32.姜宝山.高科技中小企业融资实务[M].北京:中国经济出版社,2007年2月.
33.蒋建华,王书贞,陆桂琴.完善中小企业板块,建立我国二板市场[J].南京社会科学,2005(11):45.
34.荆新,王化成,刘俊彦.财务管理学[M].北京:中国人民大学出版社,1999(7):562.
35.科斯.企业、市场与法律[M].上海三联书店1990年版.
36.孔曙东.国外中小企业融资经验及启示[M].北京:中国金融出版社,2007.
37.黎样平.高新技术企业的融资策略[J].福建财会管理干部学院学报2003(1).
38.李军.企业融资[M].北京:民主和建设出版社,2001年版:51.
39.李丽霞,徐海俊,孟菲.我国中小企业融资体系的研究[M].科学出版社,2005:
40.李丽霞,徐海俊,孟菲.我国中小企业融资体系的研究[M].科学出版社,2005:4-5.
41.李伟.中小企业发展与金融支持研究[M].北京:中国经济出版社,2004
42.李小燕,钱伟.科技中小融资困境与对策[J].财会通讯,20007(04).
43.李扬,杨思群.中小企业融资与银行[M].上海:上海财经大学出版社,2001:90.
44.梁冰.我国中小企业发展及融资状况调查报告[J].金融研究,2005(5).
45.梁莱歆.高新技术企业融资策略与方法[M].北京:经济科学出版社,2003.
46.林汉川,魏中奇,中小企业存在和发展[M].上海财经大学出版社,2001.
47.刘超.高科技创业企业的融资渠道:天使投资研究[J].技术经济,2006(02).
48.刘丁已,余嘉明,吕任远.天使投资--科技创业企业融资新途径[J].商业研究,2006(03).
49.刘曼红,中国中小企业融资问题研究[M].北京:中国人民大学出版社,2003 a:4、51.
50.刘曼红.天使投资与民间资本[M].北京:机械工业出版社,2003 b.
51.刘曼红.中国中小企业融资问题研究[M].北京:中国人民大学出版社,2003:4.
52.马宁.中小企业融资渠道:风险投资[J].合作经济与科技,2006(04):44-45.
53.谬家文.创业融资实战[M].北京:经济科学出版社,2004.
54.牟文华.从生命周期浅谈高新技术企业融资策略[J].价值工程,2005(11):33-34.
55.欧阳文和.中小企业公司治理:理论与实务[M].北京:经济管理出版社,2006.
56.潘莉芳.搭建民间资本与中小企业融资的桥梁--天使投资[J].当代经济,2007(10):128-129.
57.琼·罗宾逊,不完全竞争经济学[M].商务印书馆1964年版.
58.全丽萍.非对称信息下中小企业融资问题研究[J].管理世界,2002(6):63.
59.施东辉.股权结构、公司治理与绩效表现[J].世界经济 2000(12).
60.宋力,胡颖.上市公司股权结构与再融资行为研究[J].商业研究,2004(18):133-135.
61.苏淑艳.大力发展“天使投资”,拓展中小企业融资渠道[J].对外经贸财会,2006(04).
62.汤丽春.风险投资的国际比较及其在我国的发展[J].投资论坛2007(03):20-22.
63.唐志道.多层次资本市场体系的国际比较及借鉴[J].统计与决策,2006(16):117-118.
64.涂峰.天使投资与风险投资基金的比较分析[J].科学创业月刊,2006(06).
65.万力,杨宁.企业增长机会与股权再融资股价反应相关性分析[J].北京工商大学学报(社会科学版),2007(05):36.
66.汪华.天使投资与中小企业融资[J].市场现代化,2005(18):36-37.
67.王春梅.我国上市公司配股资金使用效率[J].经济论坛2006(19):111-113.
68.王国刚.建立和完善多层次资本市场体系.国研网,http://www.drcnet.com.cn/,2004-04-26.
69.王海涛.我国发展风险投资事业的困境选择[J].理论界,2006(01).
70.王化成.财务管理研究[M].北京:中国金融出版社,2006年:56.
71.王俊.中小企业金融成长周期及经验论证[J].黑龙江社会科学,2005(4),58.
72.王立荣.天使投资助力梦想起飞[J].投资北京,2006(01).
73.王庆成,郭复初.财务管理学[M].北京:高等教育出版社,2000年.
74.王铁军,胡坚.中国中小企业融资28种模式成功案例[M].北京:中国金融出版社,2006年7月a:169-174.
75.王铁军.中国中小企业融资28种模式,[M].北京:中国金融出版社,2004年b:292.
76.韦海.天使投资中小企业的钱袋子[J].中外管理,2005(09).
77.魏开文.中小企业融资效率模糊分析[J].金融研究 2001(6)
78.吴彦.天使投资:民间资本投资新形式[J].上海商业,2005(04).
79.武巧珍,刘扭霞.中国中小企业融资:理论·借鉴·融资体系的建立[M].北京:中国社会科学出版社,2007.
80.肖凌.中小企业理财[M].北京:清华大学出版社,2006.
81.肖胜萍.资本运营[M].北京:中国纺织出版社,2002.
82.肖玉航.中小企业选择资本市场上市的路径分析,中小企业境内外上市研究2006(7),中国财经网 http://www.Fec.com.cn..
83.肖作平.资本结构影响因素与双向效应动态模型--来自中国上市公司面板数据的证据[J].会计研究,2004(2).
84.徐磊,张祥建.利润操纵、股权再融资与资本配置效率研究[J].上海管理科学,2007(2).
85.徐良平.股权融资与创新型中小企业成长[J].证券市场导报,2004(1)a,74-75.
86.徐良平.中小企业创新融资与创业板市场[M].上海:上海交通大学出版社,2007b.
87.杨蓓.中国中小企业融资渠道的拓宽:一个实证分析[J].青海金融,2005(12):28-31.
88.杨晓舫,朱冰.建设多形态资本市场体系 促进社会经济建设和谐发展[J].中国科技投资2007(10).
89.姚梅芳,张丽琨.基于高新技术企业生命周期的融资方式优序研究[J].吉林大学社会科学学报,2006(1).
90.俞建国.中国中小企业融资[M].北京:中国计划出版社2002年:268-269.
91.原红旗.股权再融资之“谜”及其理论解释[J].会计研究,2003(05):16-18.
92.张吕彩.中小企业的融资优化决策[J].中国科技投资,2006(04).
93.张传州.中小企业股权结构、成长性、业绩与资本结构的研究[J].统计教育,2006(7):34-36.
94.张刚.轮回的“天使”[J].中国新时代,2006(05).
95.张捷,王霄.中小企业金融成长周期与融资结构变化[J].世界经济,2002,(9):63-69.
96.张维,邱勇,熊熊.天使投资在中国的发展环境研究[J].科技管理研究2007(06):57-58.
97.张玉明.资本结构优化与高新技术企业融资策略[M].上海:上海三联书店出版社,2003:6 月b:291、423.
98.张玉明.中小企业融资策略[M].济南,山东大学出版社,2004年12月a:68-75、130、162.
99.张远吕.上市指引[M].北京:中国纺织出版社,2002.
100.张兆国,中国上市公司资本结构治理效应研究[M].北京:中国财政经济出版社,2004.
101.章卫东.股权分置条件下中国上市公司股权再融资市场业绩的实证研究[J].经济评论,2007a (1):94-97.
102.章卫东.上市公司增配长期财务业绩实证研究[J].青海社会科学,2007b(4):1-5.
103.郑兵云,叶平.我国中小企业融资缺口分析与对策[J].中国风险投资,2005(02).
104.郑红梅.美国OTC多层次市场的发展和借鉴[J].特区经济,2007(08):120-121.
105.郑家喜,我国家族企业资本结构研究.[博士学位论文].武汉:华中农业大学图书馆,2005.
106.郑江淮.产权制度约束下的非国有企业资金供给[J].经济管理.新管理,2001(4).
107.中国科技产业.中小企业改制上市的意义与优势[J].中国科技产业,2006(12).
108.中国人民银行研究局课题组,中国中小企业金融制度调查[N].金融时报.2004(06-22).
109.中国中小企业发展报告.[R].北京:社会科学文献出版社,2005.
110.周伟民、吕长春译.创业企业融资[M].华夏出版社,2002(1):57-58.
111.周运兰,蔡根女.中小上市公司股权再融资理论综述[J].财会通讯,2008 b(4):117-119.
112.周运兰,上市公司股权再融资发行方式新探,内蒙古科技与经济,2006 a(16).
113.周运兰.浅议中小企业融资理论与融资阶段性,财政监督,2007c(2):30-31.
114.朱开悉.增发新股与配股对上市公司的影响分析[J].南华大学学报(社会科学版)2001(9):18.
115.Aghion,P.,and P.Bolton,1992,"An Incomplete Contract Approach to Financial Contracting,"[J].Review of Economic Studies 59:473-494.
116.Agrawal A,Knoebe rR.C."Firm performance and mechanisms to control agency problems between managers and shareholders".Journal of Financial and Quantitative Analysis,1996(31).
117.Allen.N.Berger,Gregory.F.Udell,The economics of small business finance:The roles of private equity and debt markets in the financial growth cycle[J].Journal of Banking & Finance 1998(22):632-633.
118.Amit,R.,Glosten,L.,Muller,E.,Entrepreneurial ability,venture investments,and risk sharing[J].Management Science 36,1990:1232-1245.
119.Bai,Chongen,and Shah,Li,2000,"Capital structure and product market strategy",Annals of Economics and Finance 1,383-402.
120.Barbara Cornelius,Olle Persson,Who's who in venture capital research[J].Technovation,Volume 26,Issue 2,February 2006:142-145.
121.Bob Ziber:How Venture Capital works?",Harvard Business Review,November-December 1998.
122.Bradley,Michael,George A.Jarrell,and E.Han Kim,1984," On the existence of an optimal capital structure:theory and evidence"[J].Journal of Finance 39:857-880.
123.Colin.M.,Mason,R.Ichard,T.Hart,Ison.The Size of The Informal Venture Cap ital Market in The United Kingdom[J].Small Business Economics,2000,15:137-1481.
124.Coutarelli,Spiro A."Venture Capital in Europe",Publishers,Inc.1977.
125.D.Katherine Spiess,John Affleck-Graves.Underperformance in long-run stock returns following seasoned equity offerings[J].Journal of Financial Economics,1995,38:266-267.
126.David R.Williams,W.Jack Duncan and Peter M.Ginter,Structuring deals and governance after the IPO:Entrepreneurs and venture capitalists in high tech start-ups[J].Business Horizons,Volume 49,Issue 4,July-August,2006:303-311.
127.Diamond,D.,1984,"Financial Intermediation and Delegated Monitoring,"[J].Review of Economic Studies51:393-414.
128.Fenn,G.W.,Liang,N.,New resources and new ideas:Private equity for small business[J].Journal of Banking and Finance 22,1998,1077-1084.
129.Gomper P.A.and Lerner,J.An Ananysis of Compensation of in the US Venture Capital Partnership,Journal of financial economics,1998,Vol.52.
130.Gordon C.Murray:"Evoluation and Change.An analysis of the first decade of the UK venture capital industry",Journal of Business Finance and Accounting,22.1995.
131.Gorman,M.,Sahlman,W.A.,What do venture capitalists do?[J].Journal of Business Venturing 4,1989:213-248.
132.Grossman,Sanford J.and Oliver Hart.1982,Corporate financial structure and managerial incentives,in J.McCall,ed:The Economics of Information and Uncertainty,Chicago:[M].University of Chicago Press,1982.
133.Harris,Milton,and Artur Raviv,1988,"Corporate control contests and capital structure"[J].Journal of Financial Economics 20,55-86.
134.Hei Wai Lee.A free cash flow explanation for the wealth effect of seasoned equity Offerings[J].American Business Review,1998,(6):100-108.
135.J.Fred Weston,Scott Besley,Eugene F.Brigham,Essentials of managerial finance(Eleventh edition)韦斯顿和布里格姆,财务管理精要(英文版.第11版)北京,机械工业出版社,1998.
136.J.S.O steryong,D.L.davies:"Small firm finance",Harcourt Brace & Company,1997.
137.Jeffrey.E.,Soho.The US Angel and Venture Cap italMarket:Recent Trends and Developments [J].Journal of Private Equity,2003,6(2):7-17.
138.Jensen,Michael C.1986,"Agency costs of free cash flow,corporate finance,and takeovers"[J].American Economic Review 76,323-339.
139.Josh Lerner,Venture capital &.Private equity,1999,John Wiley & sons,Inc.
140.Jun Cai,Tim Loughran.The performance of Japanese seasoned equity Offerings,1971-1992[J].Pacific-Basin Finance Journal 1998,(6):420-425.
141.Kaplan,Steven N.and Per Stromberg,2004,Characteristics,contracts,and actions:Evidence from venture capitalist analyses[J].Journal of finance,59:2177-2210.
142.Leland,H.,and D.Pyle:"Information Asymmetries,Financial Structure,and Financial Intermediation"[J].Journal lf Finance 32,1977:371-388.
143.Louhran T,J.Ritter.The new issue puzzle[J].Journal of Finance,1995,23-52.
144.Louhran,Tim,J.Ritter.The operating performance of firms conducting seasoned equity offerings [J].Journal of Finance,1997,52:1845-1850.
145.Mad.Ill,J.J,Ha Ines,JR,Ghr,Id,Inga,L.The Role of Angels in Technology SMEs:A Link to Venture Cap ital[J].Venture Cap ital,2005,7(2):107-1291.
146.Manigurt,S.,Strugf,C.,Financing high technology startaps in Belgium:an explorative study[J]. Small BusinessEconomics 1997, 9 (2), 125-135.
147. Manjeet. S. Dhatt,Yong H. Kim、 Sandip Mukherji. Seasoned equity issues: The Korean experience [J]. Pacific-Basin Finance Journal,1996 (4): 40-42.
148. Masulis, Ronald W. 1988, The Debt/Equity Choice [M].Ballinger Publishing Company.
149. Megginson, William, L., Corporate Finance Theory [M].Addison-Wesley Educational Publishers Inc, 1997b.
150. Megginson,W.L.,Weiss,K.A.,Venture capitalist certification in initial public offerings [J]. Journal of Finance 46,1991a: 903-979.
151. Michael C. Jensen and William H. Meckling. Theory of the firm: Managerial behavior,agency costs and ownership structure [J].Journal of Financial Economics, 1976,Volume 3(10): 355-356.
152. Myers, Stewart C. and Nicholas S. Majluf.1984, "Corporate financing and investment decisions when firms have information that investors do not have" [J].Journal of Financial Economics 13, 187-221.
153. Neil C. Churchill, Virginia L. Lewis. The five stages of small business growth [J]. Harvard Business Review, 1983(5-6): 30-50.
154. Prem G. Mathew, Long-horizon seasoned equity offerings performance in Pacific Rim markets [J]. Review of Financial Economics,2002 (11): 326-329.
155. Rajan G. Raghuram, and Luigi Zingales, 1995," What do we know about capital structure? Some evidence from international data" [J]. Journal of Finance 50, 1421-1460.
156. Ross,Stephen,1977,"The determinants of financial structure: The incentive signaling approach" [J]. Bell Journal of Economics 8: 23-40.
157. S.C. Myers. The capital structure puzzle [J]. Journal of Finance. 34 (3), 1984. 575-592.
158. Smith,.W.Jr.1977. Alternative methods for raising capital: rights vs. Underwritten offer [J].Journal of financial economics,5,273～307.
159. Stephen. Prowse.Angel investors and the market for angel investments [J]. Journal of Banking&Finance, 1998 (22): 785-792.
160. The Small Business Economy [R]. For Data Year 2005- A Report to the President", United States Government Printing Office, Washington, 2006.
161.Titman, Sheridan, and Roberto Wessels, 1988, "The determinants of capital structure choice", [J] .Journal of Finance,43:1 -19.
162. Townsend, R.M., 1979, "Optimal Contracts and Competitive Markets with Costly State Verification." [J]. Journal of Economic Theory, 21: 265-293.
163. Toy, Norman, Arthur Stonehill, Lee Remmers, Richard Wright, and Theo Beekhuisen, 1974, "A comparative international study of growth profitability, and risk as determinants of corporate debt ratios in the manufacturing sector", Journal of Financial and Quantitative Analysis 9, 875-886.
164. Tyebjee, T.T., Bruno,A.V,A model of venture capitalist investment activity [J]. Management Science 30, 1984, 1051-1066.
165. Viswanath, P. V., Strategic considerations, the pecking order hypothesis, and market raction to equity financing [J]. Journal of Financial and Quantitative Analysis, 1993,28,213-234.
166.Wald John K.,How firm characteristics affect capital structure:international comparison[J].Journal of financial research 22:161-187.
167.Wald,John K.1999,"How firm characteristics affect capital structure:an international comparison",Journal of Financial Research 22(2),161-187.
168.Weston,J.P.competition on the Nasdaq and the Impact of Recent Reform[J].The Jounal of Finance,55,2000.
169.Williamson,Oliver,1988,"Corporate finance and corporate governance",Journal of Finance 43,567-591.
170.Wiwattanakantang,Yupana,1999,"An empirical study on the determinants of the capital structure of Thai firms",Pacific-Basin Finance Journal 7,371-403.
171.ZhouYunlan.Discussion on Stock Equity Financing and Seasoned Equity Offering of Small-Medium Enterprise,2006年管理科学与工程国际会议论文,2006(10),ISTP检索.
172.Zoltan.J.,Acs,Fred,A,Tarpley,Jr.The Angel Cap ital Electronic Network[J].Journal of Banking & Finance,1998,22:793-797.
[2]Smith,W.Jr..1977.Alternative methods for raising capital:rightsvs.Underwritten offer.Journal of financial economics5,273-307.
[3]Louhran,Tim,J.Ritter.The operating performance of firms conducting seasoned equity offerings [J].Journal of Finance,1997,52:P1845-1850.
[4]原红旗.股权再融资之“谜”及其理论解释[J].会计研究,2003(05).
[5]陈晓红、刘剑,不同成长阶段下中小企业融资方式选择研究[J].管理科学研究,2006(1).
[6]张传州.中小企业股权结构、成长性、业绩与资本结构的研究[J].统计教育,2006(7):34-36.
[7]范秀峰,李建中.资本结构与中小企业股权融资的实证分析[J].宁夏大学学报(人文社会科学版),2005(3):97-98.
[1]、[3]高正平,中小企业融资新论[M].北京:中国金融出版社,2004.
[2]国家经济贸易委员会 国家发展计划委员会 财政部 国家统计局联合颁布的《中小企业标准暂行规定》,文号:国经贸中小企[2003].143号,2003年2月。
[4]Modigliani,Franco,and Merton Miller,1958,"The cost of capital,corporation finance and the theory of investment"[J].American Economic Review 48:261-275.
[5]Modigliani,Franco,and Morton Miller,1963,"Corporate income taxes and the cost of capital"[J].America Economic Review 53:433-443.
[6]Myers,Stewart C.and Nicholas S.Majluf,1984,"Corporate financing and investment decisions when firms have information that investors do not have"[J].Journal of Financial Economics 13,187-221.
[7]S.C.Myers.The capital structure puzzle[J].Journal of Finance.34(3),1984.:575-592.
[8]Berger,A.N.and Udell,G.F.The economics of small business finance:the roles of private equity and debt markets in the financial growth cycle[J].Journal of Banking and Finance,1998(22):613-673.
[1]胡海峰,陈闽.创业资本运营[M].北京:中信出版社,1999(7):54.
[2]张玉明.资本结构优化与高新技术企业融资策略[M].上海:上海三联书店,2003(6):291-295.
[3]、[4]张玉明.中小企业融资策略[M].济南:山东大学出版社,2004(12).
[5]Berger,A.N.and Udell,G.F.The economics of small business finance:The roles of private equity and debt markets in the financial growth cycle[J].Jorunal of Banking and Finance,1998(22):613-673.
[6]J.Fred Weston,Scott Besley,Eugene F.Brigham,Essentials of managerial finance(Eleventh edition)韦斯顿和布里格姆,财务管理精要(英文版.第11版)北京,机械工业出版社,1998.10.
[1]、[2]程剑鸣,孙晓岭.中小企业融资[M].北京:清华大学出版社,2006年3月.
[3]郭斌,刘曼路.民间金融与中小企业发展:对温州的实证分析[J].经济研究,2002(10).
[4]梁冰,我国中小企业发展及融资状况调查报告[J].金融研究,2005(5).
[5]陈晓红,刘剑.中小企业融资调查(2003).
[6]李杨,杨思群.中小企业融资与银行[J].上海财经大学出版社,2001年版,第90页.
[7]李军.企业融资[M].北京:民主和建设出版社,2001:51.
[8]范秀峰,中小企业外部股权融资研究,2005,中国优秀硕士学位论文全文数据库,http:://lsg.cnki.net/Grid20/detail.aspx.
[1]刘曼红.天使投资与民间资本[M].北京:机械工业出版社,2003.
[2]刘曼红.中国中小企业融资问题研究[M]..北京:中国人民大学出版社,2003年6月版,第20页.
[3]1995年统计学家对英国新英格兰地区的新生高科技企业的融资历史的调查.
[4]汪华.天使投资与中小企业融资.商场现代化,2005(18):37页.
[5]New Hampshire大学的Freear教授于1995年对美国新英格兰地区的284个新生的高新科技企业作了融资过程方面的调查结果.
[6]搜狐引入风险投资案例分析.慧聪网http://www.media.hc360.com/,2006.11.28 董事会.
[7]蒙牛借风险投资快跑成行业领袖.中国投资理财网.风险投资案例与故事,2006.12.02.
[1]、[3]、[8]2005年度中国风险投资年度调研报告.中国风险投资研究院,2005.
[2]王莉,孙强.简析风险投资的退出方式[J].科技创业月刊,2007(07).
[4]孙瑞华.MBO之于VC,无奈却有利的选择[J].新经济导刊,2003(7).
[5]王松奇,王国刚.2002年中国创业投资发展报告[R].2002.
[6]李丽霞,徐海俊,孟菲.我国中小企业融资体系的研究[M].科学出版社,2005.
[7]王铁军,胡坚.中国中小企业融资28种模式成功案例[M].北京:中国金融出版社,2006.
[9]中国统计年鉴1993-2004,中国统计出版社.
[1]娄建文.境内企业到境外直接上市,[N].证券时报,2006年3月7日.
[2]中小企业板块为民营经济发展提供新契机[N].证券报,2004年6月17日.
[3]、[4]王铁军,胡坚.中国金融出版社中国中小企业融资28种模式成功案例[M].北京:中国金融出版社,2006年7:174.
[5]陈晓红、刘剑,不同成长阶段下中小企业融资方式选择研究[J].管理科学研究,2006(1).
[6]范秀峰、李建中,资本结构与中小企业股权融资的实证分析[J].宁夏大学学报(人文社会科学版),2005(3):97-98.
[1]、[4].原红旗.股权再融资之“谜”及其理论解释[J].会计研究,2003(05).
[2].Smith,.W.Jr.1977.Alternative methods for raising capital:rightsvs.Underwritten offer[J].Journal of financial economics5,273-307.
[3].何晓彬,赵婷.上市公司配股融资经营业绩实证研究[J].财会通讯学术版,2006(5):10-11.
[5].Louhran,Tim,J.Ritter.The operating performance of firms conducting seasoned equity offerings [J].Journal of Finance,1997,52:1845-1850.
[1]深交所中小企业板官方网站 http://www.szse.cn main/default.aspx,并经过资料整理所得.
[2]蒋建华,王书贞,陆桂琴.完善中小企业板块,建立我国二板市场[J].南京社会科学,2005(11):45.
[3]杨晓舫,朱冰.建设多形态资本市场体系 促进社会经济建设和谐发展[J].中国科技投资2007(10).
[4]卢铮.产交所期望产权交易“嫁接”OTC,中国证券报·中证网,http://www.cs.com.cn/cqzk/,2008-3-31.
1.(美)贾斯廷·朗格内克,卡洛斯·穆尔,小威廉·佩蒂著,Justin G.Longenecker,Carlos W.Moore,J.William Petty;郭武文等译.小企业管理:创业之门:an entrepreneurial emphasis[M].北京:人民邮电出版社,2006.
2.(英)欧阳著;张青龙译中小企业境外上市指南:a guide for Chinese enterprises seeking international capital[M].北京:中信出版社,2007.
3.埃伦费尔德著,唐少清,陈恒译.创业[M].北京:人民邮电出版社,2005.
4.巴曙松.多层次资本市场与经济体制改革.国研网,2003-10-30.
5.蔡根女,鲁德银.中小企业发展与政府扶持[M].中国农业出版社,2005:48-50.
6.陈红辉,赵正堂.天使投资:我国的现状、问题与对策[J].市场周刊,2004(08).
7.陈焕英,崔和瑞.浅议技术创新与风险投资[J].中国农学通报,2006(01).
8.陈湘君.浅析我国天使投资的发展对策[J].时代经贸(理论版),2006,(04).
9.陈晓红,黎璞.中小企业融资结构影响因素的实证研究[J].系统工程,2004 a(1):60.
10.陈晓红,刘剑.我国中小企业融资结构与融资方式演进研究[J].中国软科学,2003 b(12).
11.陈晓红,刘剑.不同成长阶段下中小企业融资方式选择研究[J].管理科学研究,2006 c(1).
12.陈晓红.中小企业融资与成长[M].北京:经济科学出版社,2007d.
13.陈颖峥,苏宁.企业买壳上市研究[J].价值工程,2006(7):144-147.
14.程剑鸣,孙晓岭.中小企业融资[M].北京:清华大学出版社,2006年3月:218-227.
15.程苓峰.谁是你的“Angel”?[J].中国企业家,2006(07).
16.戴淑庚.高科技产业融资理论.模式.创新[M].北京:中国发展经济出版社,2005年1月.
17.邓发祥,我国增发新股市场表现研究[博士学位论文].中国优秀博硕士学位论文全文数据库,http://ckrd.cnki.net/grid20/Navigator.aspx,2005(7):7-9.
18.范秀峰,李建中.资本结构与中小企业股权融资的实证分析[J].宁夏大学学报(人文社会科学版),2005(3):97-98.
19.傅元略.企业资本结构优化理论研究[M].大连:东北财经大学出版社,1999.
20.高正平,中小企业融资实务[M].北京:中国金融出版社,2006a.
21.高正平,中小企业融资新论[M].北京:中国金融出版社,2004b:34-35、50-52、79-80.
22.郭跃显,李惠军中小企业融资结构与模式研究[M].哈尔滨:哈尔滨工程大学出版社,2007.
23.国家发展和改革委员会中小企业司.中国中小企业发展报告[M].北京:机械工业出版社,2007.
24.韩博印.中小企业融资的制度经济学分析[J].商业研究,2006(02).
25.何晓彬,赵婷.上市公司配股融资经营业绩实证研究[J].财会通讯学术版,2006(5):10-11.
26.胡海峰,陈闽.创业资本运营[M].北京:中信出版社,1999(7):54.
27.胡援成.企业资本结构与效益及效率关系的实证研究[J].管理世界 2002(10).
28.胡竹枝.中国中小企业融资:供求、效率与机制分析[M].北京:中国经济出版社,2006
29.华玲,陈留平,孙爱民.浅析风险投资的发展与退出机制[J].商业时代,2007(25).
30.黄明.发展多层次资本市场是当务之急[J].首都经济贸易大学学报,2007(04).
31.黄小花.中小企业直接融资的障碍与对策[J].企业研究,2007(09).
32.姜宝山.高科技中小企业融资实务[M].北京:中国经济出版社,2007年2月.
33.蒋建华,王书贞,陆桂琴.完善中小企业板块,建立我国二板市场[J].南京社会科学,2005(11):45.
34.荆新,王化成,刘俊彦.财务管理学[M].北京:中国人民大学出版社,1999(7):562.
35.科斯.企业、市场与法律[M].上海三联书店1990年版.
36.孔曙东.国外中小企业融资经验及启示[M].北京:中国金融出版社,2007.
37.黎样平.高新技术企业的融资策略[J].福建财会管理干部学院学报2003(1).
38.李军.企业融资[M].北京:民主和建设出版社,2001年版:51.
39.李丽霞,徐海俊,孟菲.我国中小企业融资体系的研究[M].科学出版社,2005:
40.李丽霞,徐海俊,孟菲.我国中小企业融资体系的研究[M].科学出版社,2005:4-5.
41.李伟.中小企业发展与金融支持研究[M].北京:中国经济出版社,2004
42.李小燕,钱伟.科技中小融资困境与对策[J].财会通讯,20007(04).
43.李扬,杨思群.中小企业融资与银行[M].上海:上海财经大学出版社,2001:90.
44.梁冰.我国中小企业发展及融资状况调查报告[J].金融研究,2005(5).
45.梁莱歆.高新技术企业融资策略与方法[M].北京:经济科学出版社,2003.
46.林汉川,魏中奇,中小企业存在和发展[M].上海财经大学出版社,2001.
47.刘超.高科技创业企业的融资渠道:天使投资研究[J].技术经济,2006(02).
48.刘丁已,余嘉明,吕任远.天使投资--科技创业企业融资新途径[J].商业研究,2006(03).
49.刘曼红,中国中小企业融资问题研究[M].北京:中国人民大学出版社,2003 a:4、51.
50.刘曼红.天使投资与民间资本[M].北京:机械工业出版社,2003 b.
51.刘曼红.中国中小企业融资问题研究[M].北京:中国人民大学出版社,2003:4.
52.马宁.中小企业融资渠道:风险投资[J].合作经济与科技,2006(04):44-45.
53.谬家文.创业融资实战[M].北京:经济科学出版社,2004.
54.牟文华.从生命周期浅谈高新技术企业融资策略[J].价值工程,2005(11):33-34.
55.欧阳文和.中小企业公司治理:理论与实务[M].北京:经济管理出版社,2006.
56.潘莉芳.搭建民间资本与中小企业融资的桥梁--天使投资[J].当代经济,2007(10):128-129.
57.琼·罗宾逊,不完全竞争经济学[M].商务印书馆1964年版.
58.全丽萍.非对称信息下中小企业融资问题研究[J].管理世界,2002(6):63.
59.施东辉.股权结构、公司治理与绩效表现[J].世界经济 2000(12).
60.宋力,胡颖.上市公司股权结构与再融资行为研究[J].商业研究,2004(18):133-135.
61.苏淑艳.大力发展“天使投资”,拓展中小企业融资渠道[J].对外经贸财会,2006(04).
62.汤丽春.风险投资的国际比较及其在我国的发展[J].投资论坛2007(03):20-22.
63.唐志道.多层次资本市场体系的国际比较及借鉴[J].统计与决策,2006(16):117-118.
64.涂峰.天使投资与风险投资基金的比较分析[J].科学创业月刊,2006(06).
65.万力,杨宁.企业增长机会与股权再融资股价反应相关性分析[J].北京工商大学学报(社会科学版),2007(05):36.
66.汪华.天使投资与中小企业融资[J].市场现代化,2005(18):36-37.
67.王春梅.我国上市公司配股资金使用效率[J].经济论坛2006(19):111-113.
68.王国刚.建立和完善多层次资本市场体系.国研网,http://www.drcnet.com.cn/,2004-04-26.
69.王海涛.我国发展风险投资事业的困境选择[J].理论界,2006(01).
70.王化成.财务管理研究[M].北京:中国金融出版社,2006年:56.
71.王俊.中小企业金融成长周期及经验论证[J].黑龙江社会科学,2005(4),58.
72.王立荣.天使投资助力梦想起飞[J].投资北京,2006(01).
73.王庆成,郭复初.财务管理学[M].北京:高等教育出版社,2000年.
74.王铁军,胡坚.中国中小企业融资28种模式成功案例[M].北京:中国金融出版社,2006年7月a:169-174.
75.王铁军.中国中小企业融资28种模式,[M].北京:中国金融出版社,2004年b:292.
76.韦海.天使投资中小企业的钱袋子[J].中外管理,2005(09).
77.魏开文.中小企业融资效率模糊分析[J].金融研究 2001(6)
78.吴彦.天使投资:民间资本投资新形式[J].上海商业,2005(04).
79.武巧珍,刘扭霞.中国中小企业融资:理论·借鉴·融资体系的建立[M].北京:中国社会科学出版社,2007.
80.肖凌.中小企业理财[M].北京:清华大学出版社,2006.
81.肖胜萍.资本运营[M].北京:中国纺织出版社,2002.
82.肖玉航.中小企业选择资本市场上市的路径分析,中小企业境内外上市研究2006(7),中国财经网 http://www.Fec.com.cn..
83.肖作平.资本结构影响因素与双向效应动态模型--来自中国上市公司面板数据的证据[J].会计研究,2004(2).
84.徐磊,张祥建.利润操纵、股权再融资与资本配置效率研究[J].上海管理科学,2007(2).
85.徐良平.股权融资与创新型中小企业成长[J].证券市场导报,2004(1)a,74-75.
86.徐良平.中小企业创新融资与创业板市场[M].上海:上海交通大学出版社,2007b.
87.杨蓓.中国中小企业融资渠道的拓宽:一个实证分析[J].青海金融,2005(12):28-31.
88.杨晓舫,朱冰.建设多形态资本市场体系 促进社会经济建设和谐发展[J].中国科技投资2007(10).
89.姚梅芳,张丽琨.基于高新技术企业生命周期的融资方式优序研究[J].吉林大学社会科学学报,2006(1).
90.俞建国.中国中小企业融资[M].北京:中国计划出版社2002年:268-269.
91.原红旗.股权再融资之“谜”及其理论解释[J].会计研究,2003(05):16-18.
92.张吕彩.中小企业的融资优化决策[J].中国科技投资,2006(04).
93.张传州.中小企业股权结构、成长性、业绩与资本结构的研究[J].统计教育,2006(7):34-36.
94.张刚.轮回的“天使”[J].中国新时代,2006(05).
95.张捷,王霄.中小企业金融成长周期与融资结构变化[J].世界经济,2002,(9):63-69.
96.张维,邱勇,熊熊.天使投资在中国的发展环境研究[J].科技管理研究2007(06):57-58.
97.张玉明.资本结构优化与高新技术企业融资策略[M].上海:上海三联书店出版社,2003:6 月b:291、423.
98.张玉明.中小企业融资策略[M].济南,山东大学出版社,2004年12月a:68-75、130、162.
99.张远吕.上市指引[M].北京:中国纺织出版社,2002.
100.张兆国,中国上市公司资本结构治理效应研究[M].北京:中国财政经济出版社,2004.
101.章卫东.股权分置条件下中国上市公司股权再融资市场业绩的实证研究[J].经济评论,2007a (1):94-97.
102.章卫东.上市公司增配长期财务业绩实证研究[J].青海社会科学,2007b(4):1-5.
103.郑兵云,叶平.我国中小企业融资缺口分析与对策[J].中国风险投资,2005(02).
104.郑红梅.美国OTC多层次市场的发展和借鉴[J].特区经济,2007(08):120-121.
105.郑家喜,我国家族企业资本结构研究.[博士学位论文].武汉:华中农业大学图书馆,2005.
106.郑江淮.产权制度约束下的非国有企业资金供给[J].经济管理.新管理,2001(4).
107.中国科技产业.中小企业改制上市的意义与优势[J].中国科技产业,2006(12).
108.中国人民银行研究局课题组,中国中小企业金融制度调查[N].金融时报.2004(06-22).
109.中国中小企业发展报告.[R].北京:社会科学文献出版社,2005.
110.周伟民、吕长春译.创业企业融资[M].华夏出版社,2002(1):57-58.
111.周运兰,蔡根女.中小上市公司股权再融资理论综述[J].财会通讯,2008 b(4):117-119.
112.周运兰,上市公司股权再融资发行方式新探,内蒙古科技与经济,2006 a(16).
113.周运兰.浅议中小企业融资理论与融资阶段性,财政监督,2007c(2):30-31.
114.朱开悉.增发新股与配股对上市公司的影响分析[J].南华大学学报(社会科学版)2001(9):18.
115.Aghion,P.,and P.Bolton,1992,"An Incomplete Contract Approach to Financial Contracting,"[J].Review of Economic Studies 59:473-494.
116.Agrawal A,Knoebe rR.C."Firm performance and mechanisms to control agency problems between managers and shareholders".Journal of Financial and Quantitative Analysis,1996(31).
117.Allen.N.Berger,Gregory.F.Udell,The economics of small business finance:The roles of private equity and debt markets in the financial growth cycle[J].Journal of Banking & Finance 1998(22):632-633.
118.Amit,R.,Glosten,L.,Muller,E.,Entrepreneurial ability,venture investments,and risk sharing[J].Management Science 36,1990:1232-1245.
119.Bai,Chongen,and Shah,Li,2000,"Capital structure and product market strategy",Annals of Economics and Finance 1,383-402.
120.Barbara Cornelius,Olle Persson,Who's who in venture capital research[J].Technovation,Volume 26,Issue 2,February 2006:142-145.
121.Bob Ziber:How Venture Capital works?",Harvard Business Review,November-December 1998.
122.Bradley,Michael,George A.Jarrell,and E.Han Kim,1984," On the existence of an optimal capital structure:theory and evidence"[J].Journal of Finance 39:857-880.
123.Colin.M.,Mason,R.Ichard,T.Hart,Ison.The Size of The Informal Venture Cap ital Market in The United Kingdom[J].Small Business Economics,2000,15:137-1481.
124.Coutarelli,Spiro A."Venture Capital in Europe",Publishers,Inc.1977.
125.D.Katherine Spiess,John Affleck-Graves.Underperformance in long-run stock returns following seasoned equity offerings[J].Journal of Financial Economics,1995,38:266-267.
126.David R.Williams,W.Jack Duncan and Peter M.Ginter,Structuring deals and governance after the IPO:Entrepreneurs and venture capitalists in high tech start-ups[J].Business Horizons,Volume 49,Issue 4,July-August,2006:303-311.
127.Diamond,D.,1984,"Financial Intermediation and Delegated Monitoring,"[J].Review of Economic Studies51:393-414.
128.Fenn,G.W.,Liang,N.,New resources and new ideas:Private equity for small business[J].Journal of Banking and Finance 22,1998,1077-1084.
129.Gomper P.A.and Lerner,J.An Ananysis of Compensation of in the US Venture Capital Partnership,Journal of financial economics,1998,Vol.52.
130.Gordon C.Murray:"Evoluation and Change.An analysis of the first decade of the UK venture capital industry",Journal of Business Finance and Accounting,22.1995.
131.Gorman,M.,Sahlman,W.A.,What do venture capitalists do?[J].Journal of Business Venturing 4,1989:213-248.
132.Grossman,Sanford J.and Oliver Hart.1982,Corporate financial structure and managerial incentives,in J.McCall,ed:The Economics of Information and Uncertainty,Chicago:[M].University of Chicago Press,1982.
133.Harris,Milton,and Artur Raviv,1988,"Corporate control contests and capital structure"[J].Journal of Financial Economics 20,55-86.
134.Hei Wai Lee.A free cash flow explanation for the wealth effect of seasoned equity Offerings[J].American Business Review,1998,(6):100-108.
135.J.Fred Weston,Scott Besley,Eugene F.Brigham,Essentials of managerial finance(Eleventh edition)韦斯顿和布里格姆,财务管理精要(英文版.第11版)北京,机械工业出版社,1998.
136.J.S.O steryong,D.L.davies:"Small firm finance",Harcourt Brace & Company,1997.
137.Jeffrey.E.,Soho.The US Angel and Venture Cap italMarket:Recent Trends and Developments [J].Journal of Private Equity,2003,6(2):7-17.
138.Jensen,Michael C.1986,"Agency costs of free cash flow,corporate finance,and takeovers"[J].American Economic Review 76,323-339.
139.Josh Lerner,Venture capital &.Private equity,1999,John Wiley & sons,Inc.
140.Jun Cai,Tim Loughran.The performance of Japanese seasoned equity Offerings,1971-1992[J].Pacific-Basin Finance Journal 1998,(6):420-425.
141.Kaplan,Steven N.and Per Stromberg,2004,Characteristics,contracts,and actions:Evidence from venture capitalist analyses[J].Journal of finance,59:2177-2210.
142.Leland,H.,and D.Pyle:"Information Asymmetries,Financial Structure,and Financial Intermediation"[J].Journal lf Finance 32,1977:371-388.
143.Louhran T,J.Ritter.The new issue puzzle[J].Journal of Finance,1995,23-52.
144.Louhran,Tim,J.Ritter.The operating performance of firms conducting seasoned equity offerings [J].Journal of Finance,1997,52:1845-1850.
145.Mad.Ill,J.J,Ha Ines,JR,Ghr,Id,Inga,L.The Role of Angels in Technology SMEs:A Link to Venture Cap ital[J].Venture Cap ital,2005,7(2):107-1291.
146.Manigurt,S.,Strugf,C.,Financing high technology startaps in Belgium:an explorative study[J]. Small BusinessEconomics 1997, 9 (2), 125-135.
147. Manjeet. S. Dhatt,Yong H. Kim、 Sandip Mukherji. Seasoned equity issues: The Korean experience [J]. Pacific-Basin Finance Journal,1996 (4): 40-42.
148. Masulis, Ronald W. 1988, The Debt/Equity Choice [M].Ballinger Publishing Company.
149. Megginson, William, L., Corporate Finance Theory [M].Addison-Wesley Educational Publishers Inc, 1997b.
150. Megginson,W.L.,Weiss,K.A.,Venture capitalist certification in initial public offerings [J]. Journal of Finance 46,1991a: 903-979.
151. Michael C. Jensen and William H. Meckling. Theory of the firm: Managerial behavior,agency costs and ownership structure [J].Journal of Financial Economics, 1976,Volume 3(10): 355-356.
152. Myers, Stewart C. and Nicholas S. Majluf.1984, "Corporate financing and investment decisions when firms have information that investors do not have" [J].Journal of Financial Economics 13, 187-221.
153. Neil C. Churchill, Virginia L. Lewis. The five stages of small business growth [J]. Harvard Business Review, 1983(5-6): 30-50.
154. Prem G. Mathew, Long-horizon seasoned equity offerings performance in Pacific Rim markets [J]. Review of Financial Economics,2002 (11): 326-329.
155. Rajan G. Raghuram, and Luigi Zingales, 1995," What do we know about capital structure? Some evidence from international data" [J]. Journal of Finance 50, 1421-1460.
156. Ross,Stephen,1977,"The determinants of financial structure: The incentive signaling approach" [J]. Bell Journal of Economics 8: 23-40.
157. S.C. Myers. The capital structure puzzle [J]. Journal of Finance. 34 (3), 1984. 575-592.
158. Smith,.W.Jr.1977. Alternative methods for raising capital: rights vs. Underwritten offer [J].Journal of financial economics,5,273～307.
159. Stephen. Prowse.Angel investors and the market for angel investments [J]. Journal of Banking&Finance, 1998 (22): 785-792.
160. The Small Business Economy [R]. For Data Year 2005- A Report to the President", United States Government Printing Office, Washington, 2006.
161.Titman, Sheridan, and Roberto Wessels, 1988, "The determinants of capital structure choice", [J] .Journal of Finance,43:1 -19.
162. Townsend, R.M., 1979, "Optimal Contracts and Competitive Markets with Costly State Verification." [J]. Journal of Economic Theory, 21: 265-293.
163. Toy, Norman, Arthur Stonehill, Lee Remmers, Richard Wright, and Theo Beekhuisen, 1974, "A comparative international study of growth profitability, and risk as determinants of corporate debt ratios in the manufacturing sector", Journal of Financial and Quantitative Analysis 9, 875-886.
164. Tyebjee, T.T., Bruno,A.V,A model of venture capitalist investment activity [J]. Management Science 30, 1984, 1051-1066.
165. Viswanath, P. V., Strategic considerations, the pecking order hypothesis, and market raction to equity financing [J]. Journal of Financial and Quantitative Analysis, 1993,28,213-234.
166.Wald John K.,How firm characteristics affect capital structure:international comparison[J].Journal of financial research 22:161-187.
167.Wald,John K.1999,"How firm characteristics affect capital structure:an international comparison",Journal of Financial Research 22(2),161-187.
168.Weston,J.P.competition on the Nasdaq and the Impact of Recent Reform[J].The Jounal of Finance,55,2000.
169.Williamson,Oliver,1988,"Corporate finance and corporate governance",Journal of Finance 43,567-591.
170.Wiwattanakantang,Yupana,1999,"An empirical study on the determinants of the capital structure of Thai firms",Pacific-Basin Finance Journal 7,371-403.
171.ZhouYunlan.Discussion on Stock Equity Financing and Seasoned Equity Offering of Small-Medium Enterprise,2006年管理科学与工程国际会议论文,2006(10),ISTP检索.
172.Zoltan.J.,Acs,Fred,A,Tarpley,Jr.The Angel Cap ital Electronic Network[J].Journal of Banking & Finance,1998,22:793-797.
© 2004-2018 中国地质图书馆版权所有 京ICP备05064691号 京公网安备11010802017129号 地址：北京市海淀区学院路29号 邮编：100083 电话：办公室：(+86 10)66554848；文献借阅、咨询服务、科技查新：66554700 |