中小企业集合债券的关键特征对其融资效率影响的实证研究——对优化和推动中小企业集合债券产品的启示  

An Empirical Study on the Influence of Key Characteristics of Small-and Medium-Enterprises Assemble Bond on Financing Efficiency——Hint on optimize and promote SME assemble Bond product

作　　者：周颖[1,2] 沙磊[2] 

机构地区：[1]中南大学商学院,湖南长沙410083 [2]中国民生银行,北京100031

出　　处：《管理工程学报》2013年第1期185-190,共6页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金重点项目(70631004);国家软科学项目(052k5007);湖南省社科基金项目(05JD18)

摘　　要：中小企业集合债券作为中国的新型金融创新产品,具有很大的设计优化的空间。本文通过大量实证研究发现:通过优化中小企业集合债券的发行主体,能加快推广速度,有助于缓解中小企业融资难的问题。本文采用统计学方法,对中小企业集合债券的融资企业运营的关联度、差异度、财务的关联度等特征指标与融资效率进行了实证性的相关分析。相关结论对中小企业集合债券的融资企业的选择以及配置优化具有借鉴意义。To optimize the designing of small and median enterprise assemble bond, which is the new financing product in China, we statistically analyze its basic characteristics and discover positive correlation between financing efficiency and characteristics of small and median enterprises＇ （SME） assemble bond. Characteristics investigated in this study include internal operation relationships, corporate difference, the difference of growth ability and internal finance relationship. This means that the optimization for enterprises that issues assemble bonds may improve its financing efficiency and help relieve SME＇ s financing difficulty. The DEA method and some statistical tests are used to compose modeling methodology. Some assumptions are made to fit the problem, and analysis results are explained. Research approaches about financing efficiency of small and median enterprise are illustrated in the beginning. These approaches include comparing company scale, analyzing effecting elements , and financing small and median enterprise in different ways. The third type of research is adopted in this paper. The objective of this research is to address three aspects of SME＇ s assemble bond ： （ 1 ） correlation relationship among the enterprises, （2） corporate difference, and （3） industry relationship of enterprises. Sub- divided elements of each aspect are defined and used in this paper. The research is conducted by first choosing examples, followed by describing their statistics and methodology. The DEA model is used to compute financing efficiency. Based on the test result of Kaiser-Meyer-Olkin Measure of Sampling Adequacy, the factor analysis is used to summarize factors. Multivariate linear regression is also used to derive the final conclusions. The analysis results show that positive correlation relationships exist among SME ＇ s financial efficiency, difference, growth ability. These findings indicate that SMEs have high financing efficiency if they are different and have a close relationship

关 键 词：中小企业集合债券 融资效率 DEA 集合选择 

分 类 号：F272[经济管理—企业管理]