中小企业融资效率模糊分析  

The Compound Ambiguous Evaluation of the Financing Efficiency of Small and Medium-Sized Enterprises

作　　者：魏开文[1] 

机构地区：[1]西安交通大学,西安710049

出　　处：《金融研究》2001年第6期67-74,共8页Journal of Financial Research

摘　　要：中小企业的存在和发展 ,既是一个世界性的课题 ,也是一个永久性的课题。而中小企业融资 ,对中小企业的发展来说却是必备的或不可或缺的。影响中小企业融资效率的因素主要有五个 ,即融资成本、资金利用率、融资机制规范度、融资主体自由度、清偿能力。融资效率及效率的评价指标都是不确定的概念 ,即具有模糊性 ,只能应用模糊数学的方法去研究。模糊综合评估法已是一种成熟的模糊数学方法。本文根据我国中小企业的融资特点 ,运用模糊综合评价法 ,通过股权融资效率、债权融资效率与内部融资效率的对比 ,对中小企业融资效率进行评价 ,具体分五步骤 :建立因素集 ;建立权重集 ;建立备择集 (评价集 ) ;单因素模糊评价 ;模糊综合评价。The existence and development of small-and-medium-sized enterprises is an ever-lasting problem worldwide.The financing is necessary and indispensable for small-and-medium-sized enterprises.There are five factors affecting the financing efficiency of small-and-medium-sized enterprises among which are:financing cost,efficiency of utilized capital,the formality of financing means,the freedom of financing agency and capacity for consolvency.The financing efficiency and its evolution indicators are indefinite concepts,i.e. they are the concepts with ambiguity (ies).Therefore,it is necessary to use the compound ambiguous mathematical method,(which has become a matured analytical mathematical method,)to analyze them.Using ambiguous compound evaluation method,the paper try to analyze and evaluate the financing efficiency of small-and-medium enterprises based on the analyses of characteristics of financing in china′s small-and-medium enterprises aswell as the comparisons of financing with equity,bonds and internal financing.The concrete analytical steps are as follows:a) build factors set,b) build weights set(score set),c) ambiguous evaluation with single factor,d) compound ambiguous evaluation with multi-factors.

关 键 词：中小型企业 融资效率 模糊综合评价 

分 类 号：F275[经济管理—企业管理]