中国中小板企业上市前融资偏好实证研究  

The Empirical Study of Financial Preference of Small and Medium-sized Enterprises Before Listing

作　　者：金永红 钱雯婷 

机构地区：[1]东理工大学商学院金融创新研究中心,上海市200237

出　　处：《经济与管理研究》2011年第5期85-93,共9页Research on Economics and Management

基　　金：2006年度国家社会科学基金项目“创业风险投资研究”(06CJY006)

摘　　要：本文采取理论分析与实证研究相结合的方法,对中国中小企业板上市公司上市前财务数据进行统计分析。通过研究我们得到结论,中国中小企业上市前偏重内部融资和债权融资,并且债权融资比重不断上升,而股权融资相对比重较小,总的融资顺序不完全符合优序融资理论。本文意在通过对成长性良好的中小板企业上市前的融资行为的研究,分析影响企业选择不同融资结构的因素,给其他中小企业融资提供参考,并且总结改善中小企业融资问题的途径。By taking the technical route of combinating the theorical analysis and empiracal study, this paper analyses statistically the financial data of listed companies in small and medium - sized enterprises board before listing. We draw the conclusion that, in our country, small and medium - sized enterprises prefer internal financing and external debt financing, and the proportion of debt financing rises continuously and the proportion of equity financing falls relatively, so the financial order dosen＇t accord with the optimum order financial theory. The aim of this paper is to analyse the factors of affecting enterprises to select different financial structure by studying the financial behaviors of small and medium - sized enterprises before listing. In the end, the paper concludes the ways to improve the problems of financing of small and medium - sized enterprises.

关 键 词：内源融资 股权融资 债券融资 资本结构 

分 类 号：F275[经济管理—企业管理]