CAJ | 학술논문

论文以中小上市企业自身内源融资能力、资本结构因素为观察点，以中小上市企业信贷融资成本为研究对象，选择2007-2013年共7年的深市中小板55家上市公司作为研究样本，实证分析了中小企业内源融资能力、资本结构对中小企业信贷融资成本的影响。结果显示中小企业的内源融资能力越强，资本结构对债务融资的依赖性越弱，中小企业的信贷融资成本越低。因此中小企业应提高自身的内源融资能力，优化资本结构，从而降低自身信贷融资成本。
논문이중소상시기업자신내원융자능력、자본결구인소위관찰점，이중소상시기업신대융자성본위연구대상，선택2007-2013년공7년적심시중소판55가상시공사작위연구양본，실증분석료중소기업내원융자능력、자본결구대중소기업신대융자성본적영향。결과현시중소기업적내원융자능력월강，자본결구대채무융자적의뢰성월약，중소기업적신대융자성본월저。인차중소기업응제고자신적내원융자능력，우화자본결구，종이강저자신신대융자성본。
Taking the small and medium-sized listed companies' own internal financing ability, capital structure factors for the observation point, taking the listed SMEs credit financing cost as the research object, selecting the Shenzhen SME board 2007-2013 a total of 7 years of 55 listed corporations as the research sample, this paper studies deeply the impact of internal financing ability, capital structure of the listed SMEs credit financing cost. The result shows the endogenous financing capacity of SMEs is weaker, capital structure is more dependent on debt financing, SMEs credit financing cost is higher; endogenous fi-nancing capacity of SMEs is stronger, the capital structure of dependence on debt financing is weaker, SMEs credit financing cost is lower. Therefore, the small and medium-sized enterprise should constantly improve the internal financing ability of small and medium-sized enterprises, and optimize its capital structure, so as to reduce the small and medium-sized enterprises' own financing cost, and constantly promote the small and medium-sized enterprises' own market competitiveness.