中小企业融资效率测度研究
摘要
中小企业作为国民经济的一个重要层面，在整个国民经济中的地位非常重要。审视中小企业的发展历程，我们会发现，融资和融资效率是决定我国中小企业命运的至关重要的因素，但我国中小企业所享受的金融支持与其对国民经济所做的贡献严重不匹配。这就要求理论研究者加强对企业融资理论和融资实务的研究，为中小企业确立合理的融资规模和结构，制定最佳的融资政策，降低融资成本和风险，提高融资效率提供理论指导。
本文对中小企业融资效率的影响因素进行了分析，在已有研究的基础上引入区域经济发展指标、公司信用指标和企业社会责任指标，建立了一个测度融资效率的指标体系，并运用熵值法进行了实证研究，研究表明：第一，我国中小企业的融资效率普遍低下。第二，中小企业融资效率受到区域经济发展水平的影响最大；其次是公司规模的影响，企业规模小是中小企业融资难问题的根本原因；公司信用中企业的盈利能力和成长能力的影响度较偿债能力和营运能力大，只有盈利能力和成长能力提高了，企业的信用状况才会改善，既能增加自身积累，又能缓解信息不对称造成的外源融资困难；股权流动性的影响同样很重要，我国中小企业的股权存在一定数量的非流通股，资本不能完全自由流动，影响了股权融资效率的提高；企业社会责任在一定程度上影响着企业融资效率，但是还不够高，这可能与我国金融机构在选取投资对象时，只是单单考虑对自身发展有利的因素而非从社会大局出发，对企业社会责任的重视度远远不够的现实有很大的关系。第三，我国中小企业融资方式的选择符合优序融资理论，内源融资的效率要高于股权融资和债权融资的效率。研究发现，中小企业信用融资效率要高于其他三种融资方式，原因是近年来大力提倡的提高公司信用、缓解信息不对称取得了一定的成效。中小企业越来越注意提高自身信用和综合素质，治病抓病根，这是提高中小企业融资效率的根本。
As an important aspect of the national economy, SME play a very important statusin the entire national economy. Scan the development history of SME, we find thatfinancing and financing efficiency are the crucial factors which determine the fate ofSME in China. However, the financial support they enjoyed mismatches seriously withtheir contribution to the national economy. It is required that researchers shouldstrengthen the research on corporate financing theory and financing practice to providetheoretical guidance for SME about how to establish a reasonable financing size andstructure, how to develop the best financing policy, how to reduce financing cost andrisk, how to improve financing efficiency.
Based on the existing research, this paper analyses influencing factors on financingefficiency of SME, brings in regional economic development indicators, corporatecredit indicators and corporate social responsibility indicators, and establishes an indexsystem to measure financing efficiency, and carrie s out an empirical research by the useof entropy value method. It is shows that: first, the financing efficiency of SME inChina is generally low. Second, the influence of regional economic development levelon financing efficiency of SME is maximum; Which follows is the impact of companysize, because small scale is the root causes of difficult financing for SME; Among thecompany credit indicators, the degree of profitability and growth ability is larger thanthe degree of solvency and operational capacity, corporate credit conditions will beimproved only when the profitability and growth ability improved. Then not only theiraccumulation increases, but also the external financing difficulties caused byinformation asymmetry alleviates; the influence of equity fluidity is also importantwhich is because, there is a certain number non-tradable shares in SME in China whichcauses capital not flow free completely, affecting the enhance of equity financingefficiency; corporate social responsibility affects the financing efficiency in a certainextent, but not in a enough high level, which may be have large relation with the realitythat only factors beneficial for the development of their own rather than from the overallsituation of society, as a result, the attention to corporate social responsibility is far fromenough; Third, the choice of financing methods of SME in China fits the Pecking Order Theory, and the internal financing efficiency is higher than equity financing and debtfinancing efficiency. Study found that the credit financing efficiency of SME is higherthan the other three forms of financing, which is because the policy advocatedenergetically in recent years that enterprises credibility promoted and informationasymmetry eased has achieved some results. More and more attention is paid for SMEto improve their credit and the overall quality, which is fundamental to improve thefinancing efficiency of SME.
本文对中小企业融资效率的影响因素进行了分析，在已有研究的基础上引入区域经济发展指标、公司信用指标和企业社会责任指标，建立了一个测度融资效率的指标体系，并运用熵值法进行了实证研究，研究表明：第一，我国中小企业的融资效率普遍低下。第二，中小企业融资效率受到区域经济发展水平的影响最大；其次是公司规模的影响，企业规模小是中小企业融资难问题的根本原因；公司信用中企业的盈利能力和成长能力的影响度较偿债能力和营运能力大，只有盈利能力和成长能力提高了，企业的信用状况才会改善，既能增加自身积累，又能缓解信息不对称造成的外源融资困难；股权流动性的影响同样很重要，我国中小企业的股权存在一定数量的非流通股，资本不能完全自由流动，影响了股权融资效率的提高；企业社会责任在一定程度上影响着企业融资效率，但是还不够高，这可能与我国金融机构在选取投资对象时，只是单单考虑对自身发展有利的因素而非从社会大局出发，对企业社会责任的重视度远远不够的现实有很大的关系。第三，我国中小企业融资方式的选择符合优序融资理论，内源融资的效率要高于股权融资和债权融资的效率。研究发现，中小企业信用融资效率要高于其他三种融资方式，原因是近年来大力提倡的提高公司信用、缓解信息不对称取得了一定的成效。中小企业越来越注意提高自身信用和综合素质，治病抓病根，这是提高中小企业融资效率的根本。
As an important aspect of the national economy, SME play a very important statusin the entire national economy. Scan the development history of SME, we find thatfinancing and financing efficiency are the crucial factors which determine the fate ofSME in China. However, the financial support they enjoyed mismatches seriously withtheir contribution to the national economy. It is required that researchers shouldstrengthen the research on corporate financing theory and financing practice to providetheoretical guidance for SME about how to establish a reasonable financing size andstructure, how to develop the best financing policy, how to reduce financing cost andrisk, how to improve financing efficiency.
Based on the existing research, this paper analyses influencing factors on financingefficiency of SME, brings in regional economic development indicators, corporatecredit indicators and corporate social responsibility indicators, and establishes an indexsystem to measure financing efficiency, and carrie s out an empirical research by the useof entropy value method. It is shows that: first, the financing efficiency of SME inChina is generally low. Second, the influence of regional economic development levelon financing efficiency of SME is maximum; Which follows is the impact of companysize, because small scale is the root causes of difficult financing for SME; Among thecompany credit indicators, the degree of profitability and growth ability is larger thanthe degree of solvency and operational capacity, corporate credit conditions will beimproved only when the profitability and growth ability improved. Then not only theiraccumulation increases, but also the external financing difficulties caused byinformation asymmetry alleviates; the influence of equity fluidity is also importantwhich is because, there is a certain number non-tradable shares in SME in China whichcauses capital not flow free completely, affecting the enhance of equity financingefficiency; corporate social responsibility affects the financing efficiency in a certainextent, but not in a enough high level, which may be have large relation with the realitythat only factors beneficial for the development of their own rather than from the overallsituation of society, as a result, the attention to corporate social responsibility is far fromenough; Third, the choice of financing methods of SME in China fits the Pecking Order Theory, and the internal financing efficiency is higher than equity financing and debtfinancing efficiency. Study found that the credit financing efficiency of SME is higherthan the other three forms of financing, which is because the policy advocatedenergetically in recent years that enterprises credibility promoted and informationasymmetry eased has achieved some results. More and more attention is paid for SMEto improve their credit and the overall quality, which is fundamental to improve thefinancing efficiency of SME.
引文
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[21] Heitor Almeida, Daniel Wolfenzon.The effect of external finance on the equilibrium allocationof capital[J]. Journal of Financial Economics.2004,(2).
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[23]刘海红.国有企业融资效率与银行危机相关问题研究[J].财经问题研究,2000,(3):41-45.
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