CAJ | 학술논문

2009年中国创业板的正式开通，对中小企业尤其是科技型中小企业的融资和发展具有重要意义。文章以2009年底已在创业板上市且到目前都正常运行的36家公司的面板数据为样本，利用主成分分析公司的经营绩效，并运用回归分析模型对研究假说予以相关性检验。研究表明，资产负债率、银行借款率、商业信用率等因素与中小上市公司的经营绩效都呈现出负相关关系。中小企业应加强盈利能力、征信制度建设以提高市场竞争力，同时健全中小企业融资服务体系、加快债券市场发展，以发挥出对中小企业经营绩效的正效应。
2009년중국창업판적정식개통，대중소기업우기시과기형중소기업적융자화발전구유중요의의。문장이2009년저이재창업판상시차도목전도정상운행적36가공사적면판수거위양본，이용주성분분석공사적경영적효，병운용회귀분석모형대연구가설여이상관성검험。연구표명，자산부채솔、은행차관솔、상업신용솔등인소여중소상시공사적경영적효도정현출부상관관계。중소기업응가강영리능력、정신제도건설이제고시장경쟁력，동시건전중소기업융자복무체계、가쾌채권시장발전，이발휘출대중소기업경영적효적정효응。
In 2009, the Growth Enterprise Market （GEM） of China appeared on the market formally. It is of great significance to the financing and development of SMEs, especially the small and medium - sized technological enterprises in China. The paper adopts the panel data of 36 companies that have been listed on the GEM since 2009 and have been running well so far for the study. The paper uses the Principal Component Analysis （PCA） to determine the corporate performance and applies the Re- gression Model to implement the correlation test on the research hypothesis. The research shows that debt asset ratio, bank loan ratio and business credit ratio have a negative correlation with operating performance of the small and medium listed companies. Therefore, SMEs should strengthen profitability and credit system construction to enhance the market competitiveness, and at the same time, improve the financing service system and accelerate the development and innovation of bond markets to play its positive effect on the performance of SMEs.