中小企业成长的财务基因研究
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摘要
无论在发达国家还是在新兴市场经济国家,中小企业都占据越来越重要的地位,被称为“新发展现象”。在我国的企业群体中,中小企业占据了其中的绝大部分,对推动经济与社会发展具有重大贡献。经济发展模式转型与城镇化是我国现阶段经济社会发展中的两大主题,经济发展模式转型的成功需要持续不断的技术创新,城镇化则需要创造大量就业岗位,而这均有赖于中小企业实现持续快速成长。然而,由于受到内外部多重因素的制约,我国中小企业的成长状况不容乐观,呈现出“短寿命、高死亡”现象。有效促进中小企业实现持久生存与持续成长以发挥其对推动经济社会发展的重要作用成为宏观政策制定者与企业管理者所共同关注的焦点。鉴于财务在中小企业成长中的极端重要性,探讨对中小企业的财务活动与财务绩效产生决定性影响的根本因素,即中小企业的财务基因,并分析其对中小企业成长的作用机理,以求促进中小企业实现更好的成长就显得十分必要。
以中小企业的重要性及其成长的总体状况为现实背景,以企业基因理论的快速发展为理论背景,在对中小企业财务与成长领域的相关研究成果进行梳理与回顾的基础上,提出“中小企业成长的财务基因研究”这一研究主题,搭建了“中小企业财务基因命题的引入——中小企业财务基因仿生模型的构建——财务基因作用于中小企业成长的机理分析”的研究路径。按照上述逻辑主线,本文的主要研究内容包括以下方面：
第一,中小企业财务基因命题的引入及其内涵的界定。在揭示中小企业生命体特征的基础上,阐述财务在中小企业发展与成长过程中的重要性,进一步阐明对中小企业财务基因进行研究是探寻促进中小企业成长路径的有效方式。基于企业仿生视角,运用生命科学的基因理论,对中小企业财务基因的概念、结构与要素做出初步界定。
第二,中小企业财务基因要素实证甄别与仿生模型构建。仿照生命体血液系统的运行机理与条件,全面分析对中小企业的财务活动与财务绩效产生影响的各类因素及其衡量指标,构建起实证甄选财务基因要素的指标体系。结合运用因子分析、方差分析等实证方法与规范分析方法,凝练出中小企业财务基因的四类构成要素,并构建起中小企业财务基因的仿生模型。
第三,中小企业财务基因作用机理的理论分析。中小企业财务基因概念的提出,起始于在研究中小企业成长过程中对财务因素的关注,需要分析财务基因是如何作用于中小企业成长的。理论分析财务基因对中小企业成长的作用机理,提出财务基因对中小企业成长的作用机理模型。
第四,中小企业财务基因作用机理的实证检验。以我国中小型上市公司为研究样本,运用多元回归分析方法对财务基因作用于中小企业成长机理的理论分析结论进行检验。
综合以上分析内容,主要得出了如下三点结论：
第一,中小企业财务基因的内涵。基于企业仿生的视角来看,中小企业具有生命体的多方面特征,是一类特殊的生命有机体。可见,研究中小企业的财务基因是具有现实基础的。以此为基础,提出了中小企业财务基因的概念：中小企业财务基因是从根本上决定中小企业财务活动与财务绩效的功能单位组合,其由多种构成要素按照一定结构组合而成,通过特定的表达与调控机制(即作用机制)对中小企业财务表征产生影响,并最终与中小企业的其他基因共同决定了中小企业的发展与成长状况。
第二,中小企业财务基因构成要素的实证甄别指标体系、甄别方案设计以及甄别结果。构建了包括30个指标在内的中小企业财务基因要素甄别指标体系,并依据该指标体系的特点设计了专门的实证甄别方案。依据指标体系和甄别方案,提炼出了中小企业财务基因的四类构成要素：资源基础要素、财务理念要素、盈利能力要素、财务治理要素,最终构建了财务基因的双链四碱基仿生模型。
第三,财务基因对中小企业成长的作用机理模型与实证检验结果。依次分析了中小企业财务基因的四类构成要素影响中小企业成长的方式与逻辑路径,构建了财务基因对中小企业成长的作用机理模型。运用多元回归分析方法实证检验了财务基因对中小企业成长的作用机理,得出了些许对中小企业的管理实践具有一定指导意义的结论。
本文的创新点可归纳为以下三方面：
(1)对中小企业财务基因这一基本命题进行了界定,并构建了中小企业财务基因的模型。通过文献调研发现,尚未有学者对中小企业财务基因这一命题进行深入研究。本文以企业仿生理论、生命科学中的基因理论为主要分析工具,界定了中小企业财务基因的基本概念。在此基础上,全面深入的剖析影响中小企业财务活动与财务绩效的关键因素及其衡量指标,结合运用实证分析方法与理论分析方法,提炼出了中小企业财务基因的构成要素并构建了中小企业财务基因的完整仿生模型。
(2)提出了一种基于财务基因视角的中小企业成长研究的新路径。财务在中小企业发展与成长过程中占据核心地位,财务绩效与中小企业成长状况具有高度的一致性。本文的研究创造性的将财务作为研究中小企业成长的切入点,探讨财务基因对中小企业成长的作用机理,实现了将中小企业财务研究与中小企业成长研究的融合。
(3)揭示了财务基因作用于中小企业成长的机理。理论分析了财务基因对中小企业成长产生影响的方式与逻辑路径,提出研究假设并建立起财务基因作用于中小企业成长的机理模型。在对中小企业的成长绩效进行客观评价的基础上,对提出的机理模型进行了实证检验。
No matter in developed countries or in the emerging market countries, the SMEs are more and more important, which known as the "new development phenomenon". The SMEs in our country make a significant contribution to economic and social development which occupying a great percentages of enterprises. Economic development pattern transformation and urbanization is two themes of the present stage of economic and social development in our country, the success of the economic development pattern transformation needs constant and technological innovation, urbanization is need to create a large number of jobs which all depend on the SMEs to achieve sustained and rapid growth. However, during to the restrict by internal and external factors, the SMEs growth in China is not optimistic, presenting a "short life span, high death probability " phenomenon. Effectively promoting lasting survival and continued growth of the SMEs to promote economic and social development become a focus that the macro policy makers and managers pay attention to. Given the extreme importance of financial in the SMEs growth, exploring the decisive key factors to the SMEs financial activities and financial performance known as the financial gene, analyzing the mechanism for the SMEs growth to promote the growth of the SMEs is very necessary.
With the importance of SMEs and the overall growth of the SMEs as the realistic background, with the rapid development of corporate gene theory as theoretical background, on the basis of the research on the SMEs finance and growth, propose the research theme "the finance gene of SMEs growth", set up "the introduction of the SMEs' finance gene——the construction of the SMEs' finance gene model finance gene's role in the mechanism analysis of SMEs growth. In accordance with above logic thinking, the main content of this paper can be summarized as the following four aspects:
Firstly, the introduction of the finance gene of SMEs and the definition of its connotation. On the basis of revealing the characteristics of the SMEs, expounds the importance of finance in the SMEs growth, and further clarify the study of finance gene of the SMEs is an effective way of promoting SMEs growth. From the perspective of enterprise bionics, this paper definds the concept, structure and element of SMEs' finance gene.
Sencondly, The screening of element and the building of structure of SMEs' finance gene. Analysis the fators which effect the financial activities and financial performance of SMEs, and theirs measure indexes by imitating the mechanism and strcture of beings' blood system. On this base, this paper builds the variable system, which is used to screen the element of SMEs' finance gene by using fator analysis, variance analysis, analytic hierarchy process and entropy method.
Thirdly, the theoretical analysis of mechanism of finance gene effects SMEs growth.. The concept of SMEs' finance gene is proposed, because we focus the financial factors of SMEs growth,which need to analysis how finance gene effects on the growth of SMEs. This paper proposes the Mechanism model of finance gene effects SMEs growth as the result of theoretical analysis of SMEs'finance gene mechanism
Fourthly, the empirical test of mechanism of finance gene effects SMEs growth. Testing the mechanism of finance gene effects SMEs growth by using multiple regression analysis, the data which be used in the testing come from small and medium sized companies from china which have be listed
Based on the above study, three main conclusions obtained are as follows:
In the first, the connotation of SMEs finance gene. SMEs have many characteristics of life, is a special kind of living organism from the perspective of enterprise bionics. So, the research of SMEs' finance gene has a realistic foundation. On this basis, the paper proposes the concept of SMEs' finance gene. SMEs' finance gene is the factor that decides the financial activities and financial performance of SMEs, is made up by many kinds of element and have a certain structure. SMEs' finance gene decides SMEs' financial characterization by the mechanism, finally it and other genes determine the condition of SMEs development and growth.
In the second, the variable system, screening program and result of screening the constituent element of SMEs' finance gene. This paper constructes the variable system including thirty variables and designs a specialized empirical screening program. On this base, this paper extracted four kind constituent elements of SMEs'finance gene: resource base; finance idea; profitability; corporate governance.
In the third, the mechanism model of finance gene effects SMEs growth and the result of the empirical testing. This paper analysises the way by which finance gene effects SMEs growth and buildes the mechanism model of finance gene effects SMEs growth. Finanlly the mechanism model was tested by using multiple regression analysis.
Accordingly, there have three aspects in the innovation about the paper followed:
In the first place, the paper defined the concept of SMEs' finance gene fristly. Through literature research, there have no article about SMEs' finance gene. This paper fills this gap, analysises key factors which influences financial activities and financial performance of SEMs and their measure. The constituent elements of SMEs' finance gene is extracted using the method of factor analysis and variance analysis. Finally the complete bionic model of SMEs' finance gene is constructed.
In the second place, a new reasurch path of SMEs growth is proposed. Finance occupies the central position in the development and growth process of SMEs, financial performance was high consistency with the growth condition of SMEs. In this paper, finance gene is researched as the breakthrough point to study SMEs growth.
In the third place, the paper reveales the mechanism of finance gene effects SMEs growth. The path and logical way of finance gene effects SMEs growth is analyzed firstly. On the base, the research hypothesises was put forward and the mechanism model of finance gene effects SMEs growth are established. On the base of objectively appraiseing the performance for the growth of SMEs, the mechanism model is empirically tested.
以中小企业的重要性及其成长的总体状况为现实背景,以企业基因理论的快速发展为理论背景,在对中小企业财务与成长领域的相关研究成果进行梳理与回顾的基础上,提出“中小企业成长的财务基因研究”这一研究主题,搭建了“中小企业财务基因命题的引入——中小企业财务基因仿生模型的构建——财务基因作用于中小企业成长的机理分析”的研究路径。按照上述逻辑主线,本文的主要研究内容包括以下方面：
第一,中小企业财务基因命题的引入及其内涵的界定。在揭示中小企业生命体特征的基础上,阐述财务在中小企业发展与成长过程中的重要性,进一步阐明对中小企业财务基因进行研究是探寻促进中小企业成长路径的有效方式。基于企业仿生视角,运用生命科学的基因理论,对中小企业财务基因的概念、结构与要素做出初步界定。
第二,中小企业财务基因要素实证甄别与仿生模型构建。仿照生命体血液系统的运行机理与条件,全面分析对中小企业的财务活动与财务绩效产生影响的各类因素及其衡量指标,构建起实证甄选财务基因要素的指标体系。结合运用因子分析、方差分析等实证方法与规范分析方法,凝练出中小企业财务基因的四类构成要素,并构建起中小企业财务基因的仿生模型。
第三,中小企业财务基因作用机理的理论分析。中小企业财务基因概念的提出,起始于在研究中小企业成长过程中对财务因素的关注,需要分析财务基因是如何作用于中小企业成长的。理论分析财务基因对中小企业成长的作用机理,提出财务基因对中小企业成长的作用机理模型。
第四,中小企业财务基因作用机理的实证检验。以我国中小型上市公司为研究样本,运用多元回归分析方法对财务基因作用于中小企业成长机理的理论分析结论进行检验。
综合以上分析内容,主要得出了如下三点结论：
第一,中小企业财务基因的内涵。基于企业仿生的视角来看,中小企业具有生命体的多方面特征,是一类特殊的生命有机体。可见,研究中小企业的财务基因是具有现实基础的。以此为基础,提出了中小企业财务基因的概念：中小企业财务基因是从根本上决定中小企业财务活动与财务绩效的功能单位组合,其由多种构成要素按照一定结构组合而成,通过特定的表达与调控机制(即作用机制)对中小企业财务表征产生影响,并最终与中小企业的其他基因共同决定了中小企业的发展与成长状况。
第二,中小企业财务基因构成要素的实证甄别指标体系、甄别方案设计以及甄别结果。构建了包括30个指标在内的中小企业财务基因要素甄别指标体系,并依据该指标体系的特点设计了专门的实证甄别方案。依据指标体系和甄别方案,提炼出了中小企业财务基因的四类构成要素：资源基础要素、财务理念要素、盈利能力要素、财务治理要素,最终构建了财务基因的双链四碱基仿生模型。
第三,财务基因对中小企业成长的作用机理模型与实证检验结果。依次分析了中小企业财务基因的四类构成要素影响中小企业成长的方式与逻辑路径,构建了财务基因对中小企业成长的作用机理模型。运用多元回归分析方法实证检验了财务基因对中小企业成长的作用机理,得出了些许对中小企业的管理实践具有一定指导意义的结论。
本文的创新点可归纳为以下三方面：
(1)对中小企业财务基因这一基本命题进行了界定,并构建了中小企业财务基因的模型。通过文献调研发现,尚未有学者对中小企业财务基因这一命题进行深入研究。本文以企业仿生理论、生命科学中的基因理论为主要分析工具,界定了中小企业财务基因的基本概念。在此基础上,全面深入的剖析影响中小企业财务活动与财务绩效的关键因素及其衡量指标,结合运用实证分析方法与理论分析方法,提炼出了中小企业财务基因的构成要素并构建了中小企业财务基因的完整仿生模型。
(2)提出了一种基于财务基因视角的中小企业成长研究的新路径。财务在中小企业发展与成长过程中占据核心地位,财务绩效与中小企业成长状况具有高度的一致性。本文的研究创造性的将财务作为研究中小企业成长的切入点,探讨财务基因对中小企业成长的作用机理,实现了将中小企业财务研究与中小企业成长研究的融合。
(3)揭示了财务基因作用于中小企业成长的机理。理论分析了财务基因对中小企业成长产生影响的方式与逻辑路径,提出研究假设并建立起财务基因作用于中小企业成长的机理模型。在对中小企业的成长绩效进行客观评价的基础上,对提出的机理模型进行了实证检验。
No matter in developed countries or in the emerging market countries, the SMEs are more and more important, which known as the "new development phenomenon". The SMEs in our country make a significant contribution to economic and social development which occupying a great percentages of enterprises. Economic development pattern transformation and urbanization is two themes of the present stage of economic and social development in our country, the success of the economic development pattern transformation needs constant and technological innovation, urbanization is need to create a large number of jobs which all depend on the SMEs to achieve sustained and rapid growth. However, during to the restrict by internal and external factors, the SMEs growth in China is not optimistic, presenting a "short life span, high death probability " phenomenon. Effectively promoting lasting survival and continued growth of the SMEs to promote economic and social development become a focus that the macro policy makers and managers pay attention to. Given the extreme importance of financial in the SMEs growth, exploring the decisive key factors to the SMEs financial activities and financial performance known as the financial gene, analyzing the mechanism for the SMEs growth to promote the growth of the SMEs is very necessary.
With the importance of SMEs and the overall growth of the SMEs as the realistic background, with the rapid development of corporate gene theory as theoretical background, on the basis of the research on the SMEs finance and growth, propose the research theme "the finance gene of SMEs growth", set up "the introduction of the SMEs' finance gene——the construction of the SMEs' finance gene model finance gene's role in the mechanism analysis of SMEs growth. In accordance with above logic thinking, the main content of this paper can be summarized as the following four aspects:
Firstly, the introduction of the finance gene of SMEs and the definition of its connotation. On the basis of revealing the characteristics of the SMEs, expounds the importance of finance in the SMEs growth, and further clarify the study of finance gene of the SMEs is an effective way of promoting SMEs growth. From the perspective of enterprise bionics, this paper definds the concept, structure and element of SMEs' finance gene.
Sencondly, The screening of element and the building of structure of SMEs' finance gene. Analysis the fators which effect the financial activities and financial performance of SMEs, and theirs measure indexes by imitating the mechanism and strcture of beings' blood system. On this base, this paper builds the variable system, which is used to screen the element of SMEs' finance gene by using fator analysis, variance analysis, analytic hierarchy process and entropy method.
Thirdly, the theoretical analysis of mechanism of finance gene effects SMEs growth.. The concept of SMEs' finance gene is proposed, because we focus the financial factors of SMEs growth,which need to analysis how finance gene effects on the growth of SMEs. This paper proposes the Mechanism model of finance gene effects SMEs growth as the result of theoretical analysis of SMEs'finance gene mechanism
Fourthly, the empirical test of mechanism of finance gene effects SMEs growth. Testing the mechanism of finance gene effects SMEs growth by using multiple regression analysis, the data which be used in the testing come from small and medium sized companies from china which have be listed
Based on the above study, three main conclusions obtained are as follows:
In the first, the connotation of SMEs finance gene. SMEs have many characteristics of life, is a special kind of living organism from the perspective of enterprise bionics. So, the research of SMEs' finance gene has a realistic foundation. On this basis, the paper proposes the concept of SMEs' finance gene. SMEs' finance gene is the factor that decides the financial activities and financial performance of SMEs, is made up by many kinds of element and have a certain structure. SMEs' finance gene decides SMEs' financial characterization by the mechanism, finally it and other genes determine the condition of SMEs development and growth.
In the second, the variable system, screening program and result of screening the constituent element of SMEs' finance gene. This paper constructes the variable system including thirty variables and designs a specialized empirical screening program. On this base, this paper extracted four kind constituent elements of SMEs'finance gene: resource base; finance idea; profitability; corporate governance.
In the third, the mechanism model of finance gene effects SMEs growth and the result of the empirical testing. This paper analysises the way by which finance gene effects SMEs growth and buildes the mechanism model of finance gene effects SMEs growth. Finanlly the mechanism model was tested by using multiple regression analysis.
Accordingly, there have three aspects in the innovation about the paper followed:
In the first place, the paper defined the concept of SMEs' finance gene fristly. Through literature research, there have no article about SMEs' finance gene. This paper fills this gap, analysises key factors which influences financial activities and financial performance of SEMs and their measure. The constituent elements of SMEs' finance gene is extracted using the method of factor analysis and variance analysis. Finally the complete bionic model of SMEs' finance gene is constructed.
In the second place, a new reasurch path of SMEs growth is proposed. Finance occupies the central position in the development and growth process of SMEs, financial performance was high consistency with the growth condition of SMEs. In this paper, finance gene is researched as the breakthrough point to study SMEs growth.
In the third place, the paper reveales the mechanism of finance gene effects SMEs growth. The path and logical way of finance gene effects SMEs growth is analyzed firstly. On the base, the research hypothesises was put forward and the mechanism model of finance gene effects SMEs growth are established. On the base of objectively appraiseing the performance for the growth of SMEs, the mechanism model is empirically tested.
引文
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① 注释：资金的性质主要是指资金的来源、期限与成本等。
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④ 注释：需要特别说明的是,我们在此所说的财务绩效并非单一的利润数额或营业收入,而是综合考虑到企业财务可持续性的一种综合财务绩效。
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① 注释：正如前文所指出的,在此采用盈利能力变量Gain的滞后项是为了控制内生性问题。
② 注释：当仅用变量Sizel与Debt对Gain做回归时,Adi R2为0.080
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① 注释：正如前文所指出的,在此采用盈利能力变量Gain的滞后项是为了控制内生性问题。
② 注释：当仅用变量Sizel与Debt对Gain做回归时,Adi R2为0.080
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