CAJ | 학술논문

本文使用问卷调查和现场访问两种方式，对广东省珠江三角洲的部分中小企业进行实地调查。调查发现，位于中小企业融资金字塔结构底层的第三类中小企业，④在银行信贷约束下的主要债务融资方式有：以应付账款、预收货款为代表的商业信用；向管理层、员工、其他公司或私人的借款；股东或关联利益者以私人名义或私人资产抵押向银行申请的间接贷款。其中间接贷款方式是外源性债务资金的主要来源。在影响债务融资决策的各种因素中，盈利能力、内部人对发展前景的评价以及资金周转状况是三个显著因素。当企业盈利能力强，内部人看好企业未来时，债务融资的水平就会随之提高；当企业资金周转紧张时，通过债务方式融入资金是中小企业的优先选择。在调查结果的基础上，本文提出解决第三类中小企业融资难问题的一些建议。
본문사용문권조사화현장방문량충방식，대광동성주강삼각주적부분중소기업진행실지조사。조사발현，위우중소기업융자금자탑결구저층적제삼류중소기업，④재은행신대약속하적주요채무융자방식유：이응부장관、예수화관위대표적상업신용；향관리층、원공、기타공사혹사인적차관；고동혹관련이익자이사인명의혹사인자산저압향은행신청적간접대관。기중간접대관방식시외원성채무자금적주요래원。재영향채무융자결책적각충인소중，영리능력、내부인대발전전경적평개이급자금주전상황시삼개현저인소。당기업영리능력강，내부인간호기업미래시，채무융자적수평취회수지제고；당기업자금주전긴장시，통과채무방식융입자금시중소기업적우선선택。재조사결과적기출상，본문제출해결제삼류중소기업융자난문제적일사건의。
This article uses questionnaires and site visits to conduct the field survey on some SMEs in the Pearl River Delta region of Guangdong Province. The survey finds that, under the bank credit constraints, the main ways of debt financing for the third group of SMEs are ： Commercial credits represented by accounts payables and advances from customers; Borrowings from management, employees, other companies and individuals; Indirect loans from shareholders or other stakeholders, who use their private assets to apply for bank loans by themselves. The indirect loans are the main exogenous sources of debt financing. In a variety of factors that influence the debt financing decisions, profitability, growth prospects of insiders, and the cash flow situation are the three significant factors. When the profitability is strong, and the insiders are optimistic about the future, the business will increase the level of debt financing; when the cash turnover is slow, debt financing is the preferred choice for SMEs. Based on the survey results, this paper proposes some suggestions to solve financing problems of the third group of SMEs.