我国中小企业融资方式选择影响因素研究
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摘要
我国中小企业正面临着严重的融资问题。调查数据显示,在国内商业银行全部贷款余额中,中小企业只占22.5%,实行从紧的货币政策以后,这一比例更下降到15%：在全部资金来源中,中小企业直接融资仅占2%,它们所需资金的大部分主要依靠商业银行间接融资、自我积累或通过民间借贷取得。与大企业相比,中小企业的融资方式选择范围十分狭窄,选择融资方式的能力较低,在很大程度上阻碍了其持续、健康发展,特别是在目前全球性金融危机环境下,中小企业融资方式选择问题则更加突出。因此,必须厘清影响中小企业融资方式选择的主要因素,这对政府融资政策制定和中小企业融资选择决策都具有重要的理论和实践意义。
本文以MM理论、融资优序理论、信息不对称理论、金融周期理论、金融渗透理论和制度变迁理论为基础,提出了中小企业融资方式选择影响因素的研究命题。首先对国内外研究成果进行了综述和简评；然后从资金供给与需求的影响因素为切入点,分析了我国金融制度变迁、中小企业治理结构、企业类型、区域性差异、所有制形式、企业成长性等特质,信息因素以及融资成本和融资风险对中小企业融资方式选择的影响,揭示了不同个体特质的中小企业融资方式选择的基本特征；接着以美国和日本为例进行了融资方式选择的国际比较分析,总结和归纳了中小企业融资方式选择的基本规律；最后以我国中小板上市公司为例,运用描述性统计方法和回归分析方法对影响我国中小企业融资方式选择的因素进行实证分析和检验。
运用描述性统计分析,探讨了我国中小板上市公司融资方式选择的行业性、地区性、所有制及成长性差异,以及融资成本对我国中小上市公司融资偏好形成的影响,揭示了我国中小上市公司融资方式选择的行业性、地区性、所有制和成长性特点；建立多元回归模型,运用2006年12月31日以前在深圳中小企业板上市的80家公司2006-2008年的面板数据,本文检验了中小企业成长性对内源融资、银行信贷融资和股权融资的影响,其中主要检验了总资产周转率、净资产收益率、主营业务收入增长率、总资产增长率等成长性指标对内源融资、银行信贷融资和股权融资的影响,还检验了企业规模以及行业和地区对内源融资、银行信贷融资和股权融资的影响,分析了这些因素之间的关系。回归结果表明,成长性影响中小上市公司融资方式选择,但对不同的融资方式有不同的影响。内源融资与净资产收益率和主营业务收入增长率正相关,与总资产增长率和企业规模负相关；银行信贷融资与净资产收益率和企业规模正相关；股权融资与总资产周转率和净资产收益率负相关。回归结果还显示,中小上市公司融资方式选择具有明显的行业性与地区性差异。西部地区的中小上市公司内源融资高于东、中部地区,制造业则高于信息技术业；制造业比信息技术业更倾向于选择银行信贷融资方式,而信息技术业较制造业更偏好于外部股权融资。
检验了风险因素对股权融资的影响,还检验了信息不对称因素对银行信贷融资的影响。结果显示,股权融资与资产负债率负相关,与利息费用率负相关,与每股经营净现金流量负相关；银行信贷融资与固定资产率和无形资产率正相关,与公司上市交易年数负相关。
Small and medium-sized enterprises in China are facing the serious financing problems. According to the survey, the SME bank loan makes up only 22.5% of the loan balances of PRC commercial banks, after the tight monetary policy, the proportion is down to 15%; the direct financing of SME is about 2% of its total funds. The funds required for the majority of small and medium-sized enterprises depend on their own accumulation or getting from the folk lending. Compared with large enterprises, the financing options range of SME is very narrow, the choice ability of financing is very limited, so that heavily hamper their rapid development, especially in the current global financial crisis, the problem of SME' financing options is becoming more prominent. So, clarifying the main factors impacting on SME financing options has the theoretical and practical significance for government finance policy formulation and SME financing decision-making.
Based on the traditional theories, such as "MM Theory", "Pecking order theory", "Asymmetric Information Theory", " Financing Cycle Theory", "Financial Penetration Theory"and"Institution Change Theory", this thesis puts forward an influence factors of the financing choice proposition. Firstly, it reviews and gives a brief comment on domestic and foreign literatures; secondly the article, considering the main factors which influence capital supply and demand as the point of tangency, analyses the influences of financial system change, corporate governing structure, type of enterprise, regional differences, corporate growth, ownership form, information production and financing risk as well as financing cost to SME'financing choices, revealing basic characteristics of different firm individual traits in selecting financing ways. Then, the paper makes the financial choices of international comparative analysis taking the United States and Japan for example; lastly, checking the influences of financing options with the descriptive statistical methods and regression analysis, taking the small and medium board listed companies for example.
Referring to the descriptive statistical analysis, this paper studies the differences of China's listed companies in profession, regional, ownership and growth, as well as the financing preference affected by financing costs. The study reveals their profession regional, ownership and growth characteristics of financing choices. Referring to the regression analysis, this paper checks the influences of the enterprises'growth to endogenous financing and equity financing with a multiple regression model, based on the panel data from 2006 to 2008 of 80 enterprises listed on the Shenzhen Stock Exchange before December 31,2006. This paper mainly examines the impacts of growth index, such as total asset turnover, return on equity rate, main business revenue growth, total assets growth rate, on endogenous financing, bank credit and equity financing. The article also tests the effects of size, industry and regions to these financing methods, and analyses the relationships between the financing ways and factors related above. The regression results indicate that growth impacts financing choices of medium and small listed companies, but the impacts are different on different financing modes. There is positive relationship between endogenous financing and return on equity rate net, as well as main business revenue growth rate. And endogenous financing is negatively related to total assets growth rate and firm size. There is positive relationship between bank credit and net capital gains rate, the same to firm size. Equity financing is negatively correlated to total asset turnover and net assets yield rate. The regression results also show that financing options of small listed companies have obvious differences in industry-based and regional. Endogenous financing of companies in the western region is higher than that in the eastern and central regions. And the manufacturing industries are higher than the information technology industry. Endogenous financing of the manufacturing is higher than the information technology industry. The former tend to choose bank credit, and the latter is more preferred than the manufacturing in the external equity financing.
This paper checks the influences of risk factors to equity financing and the influences of information asymmetry factors on bank credit financing. Results showed that equity financing is negatively related to asset-liability ratio, interest expense ratio and net operating cash flow per share. Bank credit financing is positively related to the fixed assets and intangible assets, but negatively related to to listing years of transactions.
本文以MM理论、融资优序理论、信息不对称理论、金融周期理论、金融渗透理论和制度变迁理论为基础,提出了中小企业融资方式选择影响因素的研究命题。首先对国内外研究成果进行了综述和简评；然后从资金供给与需求的影响因素为切入点,分析了我国金融制度变迁、中小企业治理结构、企业类型、区域性差异、所有制形式、企业成长性等特质,信息因素以及融资成本和融资风险对中小企业融资方式选择的影响,揭示了不同个体特质的中小企业融资方式选择的基本特征；接着以美国和日本为例进行了融资方式选择的国际比较分析,总结和归纳了中小企业融资方式选择的基本规律；最后以我国中小板上市公司为例,运用描述性统计方法和回归分析方法对影响我国中小企业融资方式选择的因素进行实证分析和检验。
运用描述性统计分析,探讨了我国中小板上市公司融资方式选择的行业性、地区性、所有制及成长性差异,以及融资成本对我国中小上市公司融资偏好形成的影响,揭示了我国中小上市公司融资方式选择的行业性、地区性、所有制和成长性特点；建立多元回归模型,运用2006年12月31日以前在深圳中小企业板上市的80家公司2006-2008年的面板数据,本文检验了中小企业成长性对内源融资、银行信贷融资和股权融资的影响,其中主要检验了总资产周转率、净资产收益率、主营业务收入增长率、总资产增长率等成长性指标对内源融资、银行信贷融资和股权融资的影响,还检验了企业规模以及行业和地区对内源融资、银行信贷融资和股权融资的影响,分析了这些因素之间的关系。回归结果表明,成长性影响中小上市公司融资方式选择,但对不同的融资方式有不同的影响。内源融资与净资产收益率和主营业务收入增长率正相关,与总资产增长率和企业规模负相关；银行信贷融资与净资产收益率和企业规模正相关；股权融资与总资产周转率和净资产收益率负相关。回归结果还显示,中小上市公司融资方式选择具有明显的行业性与地区性差异。西部地区的中小上市公司内源融资高于东、中部地区,制造业则高于信息技术业；制造业比信息技术业更倾向于选择银行信贷融资方式,而信息技术业较制造业更偏好于外部股权融资。
检验了风险因素对股权融资的影响,还检验了信息不对称因素对银行信贷融资的影响。结果显示,股权融资与资产负债率负相关,与利息费用率负相关,与每股经营净现金流量负相关；银行信贷融资与固定资产率和无形资产率正相关,与公司上市交易年数负相关。
Small and medium-sized enterprises in China are facing the serious financing problems. According to the survey, the SME bank loan makes up only 22.5% of the loan balances of PRC commercial banks, after the tight monetary policy, the proportion is down to 15%; the direct financing of SME is about 2% of its total funds. The funds required for the majority of small and medium-sized enterprises depend on their own accumulation or getting from the folk lending. Compared with large enterprises, the financing options range of SME is very narrow, the choice ability of financing is very limited, so that heavily hamper their rapid development, especially in the current global financial crisis, the problem of SME' financing options is becoming more prominent. So, clarifying the main factors impacting on SME financing options has the theoretical and practical significance for government finance policy formulation and SME financing decision-making.
Based on the traditional theories, such as "MM Theory", "Pecking order theory", "Asymmetric Information Theory", " Financing Cycle Theory", "Financial Penetration Theory"and"Institution Change Theory", this thesis puts forward an influence factors of the financing choice proposition. Firstly, it reviews and gives a brief comment on domestic and foreign literatures; secondly the article, considering the main factors which influence capital supply and demand as the point of tangency, analyses the influences of financial system change, corporate governing structure, type of enterprise, regional differences, corporate growth, ownership form, information production and financing risk as well as financing cost to SME'financing choices, revealing basic characteristics of different firm individual traits in selecting financing ways. Then, the paper makes the financial choices of international comparative analysis taking the United States and Japan for example; lastly, checking the influences of financing options with the descriptive statistical methods and regression analysis, taking the small and medium board listed companies for example.
Referring to the descriptive statistical analysis, this paper studies the differences of China's listed companies in profession, regional, ownership and growth, as well as the financing preference affected by financing costs. The study reveals their profession regional, ownership and growth characteristics of financing choices. Referring to the regression analysis, this paper checks the influences of the enterprises'growth to endogenous financing and equity financing with a multiple regression model, based on the panel data from 2006 to 2008 of 80 enterprises listed on the Shenzhen Stock Exchange before December 31,2006. This paper mainly examines the impacts of growth index, such as total asset turnover, return on equity rate, main business revenue growth, total assets growth rate, on endogenous financing, bank credit and equity financing. The article also tests the effects of size, industry and regions to these financing methods, and analyses the relationships between the financing ways and factors related above. The regression results indicate that growth impacts financing choices of medium and small listed companies, but the impacts are different on different financing modes. There is positive relationship between endogenous financing and return on equity rate net, as well as main business revenue growth rate. And endogenous financing is negatively related to total assets growth rate and firm size. There is positive relationship between bank credit and net capital gains rate, the same to firm size. Equity financing is negatively correlated to total asset turnover and net assets yield rate. The regression results also show that financing options of small listed companies have obvious differences in industry-based and regional. Endogenous financing of companies in the western region is higher than that in the eastern and central regions. And the manufacturing industries are higher than the information technology industry. Endogenous financing of the manufacturing is higher than the information technology industry. The former tend to choose bank credit, and the latter is more preferred than the manufacturing in the external equity financing.
This paper checks the influences of risk factors to equity financing and the influences of information asymmetry factors on bank credit financing. Results showed that equity financing is negatively related to asset-liability ratio, interest expense ratio and net operating cash flow per share. Bank credit financing is positively related to the fixed assets and intangible assets, but negatively related to to listing years of transactions.
引文
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