CAJ | 학술논문

本文对创业板公司上市前的债务融资模式进行研究，将公司的债务融资分为短期借款、长期借款、供应商信用、买方信用、非正规融资、租赁融资等几部分，重点考察公司规模、金融发展和产权保护等因素对债务融资模式的影响。研究发现，公司规模对债务融资有显著的正向影响，金融发展程度更高地区的企业外部债务融资（特别是短期借款和长期借款）更多，而产权保护对债务融资没有显著影响。进一步研究发现，金融发展为规模较小的公司债务融资带来了更大的益处，而产权保护水平的提升恶化了更小规模公司的债务融资。
본문대창업판공사상시전적채무융자모식진행연구，장공사적채무융자분위단기차관、장기차관、공응상신용、매방신용、비정규융자、조임융자등궤부분，중점고찰공사규모、금융발전화산권보호등인소대채무융자모식적영향。연구발현，공사규모대채무융자유현저적정향영향，금융발전정도경고지구적기업외부채무융자（특별시단기차관화장기차관）경다，이산권보호대채무융자몰유현저영향。진일보연구발현，금융발전위규모교소적공사채무융자대래료경대적익처，이산권보호수평적제승악화료경소규모공사적채무융자。
This paper studies the pattern of debt financing of companies before they were listed in ChiNext. We first decompose debt financing into short term loan, long term loan, supplier credit, buyer credit, informal finance and lease financing, then we test the effect of the size of companies, financial development and property rights protection on the pattern of debt financing. We find that the size of company has a significant effect on debt financing, and companies located in financial developed area have more debt financing, especially loan, but property rights protection has no effect on debt financing. Further studies show that smaller companies benefit more from financial development, but they have less debt financing with improvement of property rights protection.