河北经贸大学学报
河北經貿大學學報
하북경무대학학보
JOURNAL OF HEBEI UNIVERSITY OF ECONOMICS AND TRADE
2015年
2期
72-79
,共8页
融资约束%风险投资%中小企业成长%银行贷款%收益%股票市场%研发创新%创业服务
融資約束%風險投資%中小企業成長%銀行貸款%收益%股票市場%研髮創新%創業服務
융자약속%풍험투자%중소기업성장%은행대관%수익%고표시장%연발창신%창업복무
financing constraint%venture capital%SMEs growth%bank loan%profit%stock market%research and development innovation%pioneering service
中小企业具有规模小、抵押品少、信息不对称程度高、未来收益不确定性大等特点，面临着较为严重的融资约束。以2002—2013年中国A股上市公司的数据为研究样本，考察银行贷款和风险投资两种渠道对企业融资的差异，采用DID方法分析金融发展程度对企业成长性的影响，充实金融发展与经济增长理论的微观基础。研究表明，越依赖于外部融资的行业，在银行发展程度高的区域，中小企业成长相对较慢；而在风险投资发展程度高的地区，中小企业成长快。进一步实证研究表明，银行贷款倾向于发放给规模大、抵押品充足、收益确定的企业，而风险投资则对规模和抵押品不敏感。相比于银行贷款，风险投资在中小企业融资方面具有明显优势。
中小企業具有規模小、牴押品少、信息不對稱程度高、未來收益不確定性大等特點，麵臨著較為嚴重的融資約束。以2002—2013年中國A股上市公司的數據為研究樣本，攷察銀行貸款和風險投資兩種渠道對企業融資的差異，採用DID方法分析金融髮展程度對企業成長性的影響，充實金融髮展與經濟增長理論的微觀基礎。研究錶明，越依賴于外部融資的行業，在銀行髮展程度高的區域，中小企業成長相對較慢；而在風險投資髮展程度高的地區，中小企業成長快。進一步實證研究錶明，銀行貸款傾嚮于髮放給規模大、牴押品充足、收益確定的企業，而風險投資則對規模和牴押品不敏感。相比于銀行貸款，風險投資在中小企業融資方麵具有明顯優勢。
중소기업구유규모소、저압품소、신식불대칭정도고、미래수익불학정성대등특점，면림착교위엄중적융자약속。이2002—2013년중국A고상시공사적수거위연구양본，고찰은행대관화풍험투자량충거도대기업융자적차이，채용DID방법분석금융발전정도대기업성장성적영향，충실금융발전여경제증장이론적미관기출。연구표명，월의뢰우외부융자적행업，재은행발전정도고적구역，중소기업성장상대교만；이재풍험투자발전정도고적지구，중소기업성장쾌。진일보실증연구표명，은행대관경향우발방급규모대、저압품충족、수익학정적기업，이풍험투자칙대규모화저압품불민감。상비우은행대관，풍험투자재중소기업융자방면구유명현우세。
Small and medium-sized enterprises have small scale, less collateral, high degree of information asymmetry and great future earnings uncertainty, facing the serious financing constraints. Using data of Chinese listed companies from 2002 to 2013 as the research sample, we explore the differences between bank debt financing and venture capital on financing and investigate financial development influence on enterprises growth based on DID method, which supplements the financial development and growth theory at the micro-level. The results show the more dependent on external financing industry in zone of bank development with high degree, small and medium-sized enterprise growth relatively slow, and in regions with high degree of risk investment development, small and medium-sized enterprises grow fast. Further empirical research suggests that bank loans tend to be distributed to large scale and sufficient collateral, the defined benefit enterprise, and risk investment is not sensitive to the size and collateral. Compared to bank loans, risk investment has an obvious advantage in small and medium-sized enterprise financing.
