基于融资结构视角的我国民营企业成长性研究  

Research on the Growth of China’s Private Enterprises Based on the Perspective of Financing Structure

作　　者：胡礼文[1] 谢馨 贺湘[1] HU Liwen;XIE Xin;HE Xiang(School of Finance and Economics,Jiangxi Normal University,Nanchang,Jiangxi 330022,China)

机构地区：[1]江西师范大学财政金融学院

出　　处：《金融教育研究》2019年第4期20-28,共9页Research of Finance and Education

基　　金：江西省高校人文社科规划项目“制度约束、公司治理与融资结构——基于江西省民营企业发展的实证分析”(JJ1229)

摘　　要：改革开放40年来,我国民营企业迅速发展,逐渐成为推动我国经济发展不可或缺的中坚力量。然而,目前我国民营企业发展仍面临着诸多困扰,尤其是民营企业融资问题。为此,基于融资结构视角,研究内部融资、股权融资和债务融资对我国民营企业成长性的影响。研究发现,内部融资有助于民营企业发展,股权融资和债务融资不利于民营企业成长性的提升。进一步研究发现,在不同的债务融资方式中,长期借款有助于企业成长,而短期借款和长期债券由于融资成本高阻碍了民营企业成长。最后,在实证分析的基础上,从民营企业、银行和政府三个层面,为助推我国民营企业高质量发展提出相关建议。In the past 40 years of reform and opening up,China’s private enterprises have developed rapidly and gradually become the indispensable backbone of China’s economic development.However,at present,the development of private enterprises in China still faces many problems,especially the financing of private enterprises.To this end,this paper studies the impact of internal financing,equity financing and debt financing on the growth of private enterprises in China based on the perspective of financing structure.The study found that internal financing contributes to the development of private enterprises,and equity financing and debt financing are not conducive to the growth of private enterprises.Further research found that long-term borrowing helps companies grow in different debt financing methods,while short-term borrowings and long-term bonds hinder the growth of private enterprises due to high financing costs.Finally,we put forward relevant suggestions on the basis of empirical analysis from the three levels of private enterprises,banks and government to promote the high-quality development of private enterprises in China.

关 键 词：融资结构 民营企业 债务融资 成长性 

分 类 号：F121.23[经济管理—世界经济]