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论文编号：	375
作者编号：	22449
上传时间：	2008/1/7 9:03:27
中文题目：	中小企业成长性与融资结构研究
英文题目：	The Study on Small and Medium-
指导老师：	刘志远
中文关键字：	关键词：中小企业 成长性 融资
英文关键字：	Key Words: The Small and Med
中文摘要：	中文摘要 成长性是衡量企业发展的一个重要因素，具有较高成长性的中小企业，对资金的需求更大，而中小企业内源融资远远不能够满足成长性对资金的需求，因此，外源融资中权益融资受资本市场的限制，大多数中小企业只有通过债务融资方式来解决资金的不足，对中小企业成长性与融资结构（包括各种负债融资工具以及期限）的研究具有重要意义。 企业成长性一直是作为资本结构影响因素进行研究的，关于资本结构影响因素的研究文献相当丰富，多数是实证研究，中小企业融资结构的研究成果也相当丰富，但对中小企业成长性和融资结构的研究却缺乏统一系统的研究成果，因此，本文将研究对象界定在中小企业，将中小企业成长性与融资结构，特别是负债融资工具、负债期限等联系起来，采用问卷调查的方法对中小企业的融资结构进行了研究，利用深圳中小板块上市公司的数据实证检验了成长性与融资结构的关系，得出了研究结论，并针对中小企业融资难的现状提出了相应的政策性建议。论文共分为七章，具体内容如下： 第一章导论。提出了本文研究的问题、研究意义和研究目的；对关键概念进行了界定，确立了本研究的研究框架结构以及论文可能创新之处。第二章文献综述。对资本结构理论、成长性与资本结构、债务期限结构研究文献进行了梳理和评论。第三章中小企业成长性与融资结构理论。对中小企业成长性理论，中小企业成长中经营特征、金融特征、和金融成长周期理论以及中小企业融资方式与融资缺口理论进行了梳理。第四章中小企业成长与融资制度背景分析。第五章成长性与融资结构实证分析。利用深圳中小企业板块上市公司作为样本，从理论上分析了影响中小企业融资结构的因素以及与成长性之间的理论预期符号，并实证检验了成长性与融资结构的关系发现，成长性与总资产负债率和流动资产负债率正相关，与理论预期不相符，成长性与长期资产负债率负相关，与理论预期相符合。第六章成长性与债务融资分析。利用问卷调查的结果对中小企业融资顺序进行了分析，成长性是影响中小企业资金需求的最主要因素，短期贷款是中小企业采取的最主要的债务融资工具。第七章是研究结论与政策性建议。 本文创新点：（1）通过与中小企业成长性相关的融资结构的界定，结合实证研究发现，商业信用是我国中小企业成长过程中融资结构的重要组成部分。在对中小企业成长性与融资结构研究中，除了资产负债率和长期资产负债率以外，通过对流动负债结构深入的剖析发现，在中小企业负债结构中更多的是商业信用。同时，结合访谈掌握的信息进一步发现，商业信用并非通常意义上的恶意拖欠，而是中小企业在长期商业合作中形成的一种相互支持的、互惠的信誉形式。商业信用在融资结构中的较大比重，也正说明了中小企业（即便是上市公司）通过正常渠道获得资金的困难性，这一研究结论丰富了中小企业成长性融资结构的研究成果。 （2）满足中小企业成长性的融资结构具有内源与外源相互交错的顺序特征。传统财务理论对企业融资顺序的界定是先内源融资，后外源融资。本文的研究发现，我国非上市中小企业成长发展过程中融资结构顺序为：商业信用－短期借款－内源融资－长期贷款－股票和债券，具有内源与外源相互交错的特点，这也正说明了在较多成长机会面前，中小企业成长性的融资结构顺序仅仅依靠内源融资无法得到满足，只有通过外源性的负债融资实现。 （3）融资租赁和票据业务是中小企业成长发展中外源融资结构的重要选择。理论上，企业的成长性应该通过股权融资来满足，由于我国资本市场的限制，中小企业在成长过程中只有以融入短期债务资金的方式来维持，加大了企业的财务风险。与此同时，中小企业对诸如融资租赁、票据业务等融资方式重视程度远远不够，因此，发展融资租赁和票据业务等外源融资方式成为中小企业发展过程中融资结构的重要甚至是必然选择。
英文摘要：	Abstract Growth is an important factor used to weigh an enterprise’s development. The Small and Medium-Sized Enterprises （SMEs） with higher growth require more capital, but SMEs’ internal financing can not satisfy the demand of capital for SMEs’ growth . Moreover, as for the way of external financing, equity financing is restricted by capital market and the most of SMEs can only resolve the shortage of capital through the means of debt financing. Therefore, the research on the growth and the financing structure of SMEs （including debt financing instruments and liability duration）is of great importance. Enterprise growth has always been studied as a factor influencing capital structure. There are abundant literatures about the influencing factors of capital structure, most of which are empirical research. The accomplishments of studies on the financing structure of SMEs are also fairly rich. It is, however, that studies on the growth and financing structure of SMEs are lack of unified and systematic results. By restricting the object studies on SMEs, meanwhile bringing the growth and the financing structure of SMEs, especially debt financing instruments and the liability duration are taken into consideration. By using questionnaire methods, this dissertation does a research on the financing structure of SMEs, which testifies the relationship between the growth and financing structure of SMEs by using data of listed companies on the SMEs’ board in Shenzhen and draws a conclusion, which also provides some corresponding policy suggestions exclusively for SMEs’ financing problem. The dissertation consists of seven chapters. The detailed contents are as follows: Chapter 1 is the introduction, which brings forward the object, the meaning and purpose of this research, gives a definition to key concepts and establishes the structure of the dissertation and its innovation. Chapter 2 is the literatures review. This chapter summarizes and makes some comments on the theory of capital structure and growth, capital structure and debt maturity structure. Chapter 3 is the theory of SMEs’ growth and financing structure. This chapter summarizes the theory of SMEs’ growth, the operational characteristics, financial characteristics and financing growing cycle theory during the development of SMEs, and financing instrument, financing gap theory of SMEs. Chapter 4 analyzes the background of SMEs’ growth and financing system. Chapter 5 is an empirical analysis of the growth and the financing structure of SMEs. By using listed companies on the SMEs’ board in Shenzhen as samples, this part theoretically analyzes the influencing factors of the financing structure of SMEs and the theoretical expected signs between the growth and the financing structure , and also testifies the links between these factors and the growth that are represented by growing rate of the main business profit. It is discovered that there is a positive correlation between debt ratio, liquidity debt ratio and growth, which is inconsistent with the theoretical expectation and there is a negative correlation between growth and long-term debt ratio, which is consistent with the theoretical expectation. It shows that equity financing and the internal financing are the main sources of SMEs’ financing. It is difficult for SMEs with a high growth to obtain long-term debt financing. Chapter 6 is the research on the growth, financing pecking order and financing instruments of SMEs, which makes an analysis on the financing pecking order of SMEs using the results of questionnaire. It proves that growth is the most important factor to influence the capital demand of SMEs, and short-term loan is the most important debt financing instrument. Chapter 7 draws the conclusion of the research and provides some policy suggestions. The innovations of this study are as follows: （1）By making a definition of the financing structure related to the growth of SMEs, and considering some experimental researches, this study points out that the commercial credit is an important part of the financing structure in the developing process of China's SMEs. In the research of the growth and financing structure of SMEs, except for the study of the debt ratio and long-term debt ratio, this study makes a thorough analysis of the structure of current liability and discovers that there is more commercial credit in the debt structure of SMEs. At the same time , considering the information gained from the interview, it further discovers that commercial credit is not malicious default on a loan in common sense, but a form of credit formed through SMEs’ long-term business cooperation, in this form, can provide mutual support and enjoy mutual benefits. Commercial credit accounting for a large proportion in the financing structure also shows how difficult it is for SMEs(even listed companies) to obtain funds through the normal financing channels. The result of this research enriches SMEs’ growth and financing structure study. （2）The financing structure in the growth of SMEs has a feature that internal and external financing are interlaced. Financial theory forcasts that the financing pecking order of enterprises is internal financing first and external financing the second. This dissertation shows that the financing sequence in the development of non-listed SMEs of China is: commercial credit - short- term loan - internal financing - long-term loan - stocks and bonds, and it has a feature that internal and external financing are interlaced. This also proves that, facing many growth opportunities, SMEs can not only rely on internal financing, but also on external debt financing. （3）Financial leases and bill transaction business are important choices for the external financial structure in the growth of SMEs. Theoretically, the funds in growth of enterprises should be met through equity financing. It is, however, that because of the regulation of China’s capital market, SMEs can only obtain capital by short-term debt financing, which increases their financial risk. What’s more, SMEs pay far from enough attention to financing ways such as financial leases and bill transaction business. Therefore, turning to external financing ways such as finance leases and bill transaction business are important and even inevitable choice for SMEs to form the financing structure.
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