整合视角下中小企业融资效率影响因素研究  

Research in the Influence Factors of Financing Efficiency of Small and Medium-Sized Enterprises from an Integrated Perspective

作　　者：黄玉英[1,2] 余克艰[1,2] 娄淑珍 

机构地区：[1]浙江树人大学管理学院 [2]浙江树人大学浙江省现代服务经济研究中心,浙江杭州310015

出　　处：《科技进步与对策》2015年第15期103-109,共7页Science & Technology Progress and Policy

基　　金：浙江省哲学社会科学规划项目(12JCGL18YB)

摘　　要：以浙江为例,构建了内外整合视角下中小企业融资效率影响因素分析框架。抽样调查了306家中小企业,结果表明:外部融资环境中,银行和政府环境显著正向影响企业融资效率,担保环境正向影响融资可得性,信用环境显著正向影响融资成本;企业家社会网络中,广泛性能够增加融资可得性,关系强度能够降低融资成本,达高性对融资可得性和融资成本均有显著的负向影响,异质性对融资效率的作用不显著。根据上述结论,提出了相应的管理启示。The small and medium-sized enterprises （SMEs） financing is a common problem, and previous studies had done a lot of research on this, but few research were carried out from an integrated perspective. This paper chooses a typical SME province Zhejiang Province as an example, and builds up an analysis framework of the influence factors of SMEs＇ financing efficiency from an integrated perspective. The present study sampled survey of 306 SMEs. The results show that： in the external environment, bank and government environment have significantly positive influence on corporate fi- nancing efficiency; guarantee environment positively affects the availability of financing, and the credit environment has significant positive effect on the cost of financing; in the entrepreneurs＇ social network, generalization increases the availa- bility of financing; relation intensity can reduce the cost of financing. The high performance has significant negative influ- ence on the availability of financing and financing cost, but heterogeneity has no significant effect on the financing efficiency. Based on this, this paper conducts in-depth discussions and proposes corresponding management suggestions.

关 键 词：中小企业 融资效率 外部融资环境 企业家社会网络 

分 类 号：F276.3[经济管理—企业管理]