摘要
随着中国经济的不断增长,我国中小企业蓬勃发展,在国民经济中占有越来越重要的地位。但我国中小企业死亡率相当高,这当中有各种各样的原因,融资结构不合理便是其中之一。本世纪以来,我国政府开始重视中小企业的发展,理论和实务界都开始关注中小企业融资难的问题,但在中国主要以债务融资为主的情况下,是不是所有面临融资难的企业都适合采用债务融资?债务融资的比例多少为最优?要回答以上问题,我们从“黄金十年”的融资结构理论中无从寻找答案,从MM理论开始的“黄金十年”融资结构理论均以企业价值或者股东财富最大化作为融资结构的优化目标,这与我国中小企业的实际情况不符,我国中小企业在调整融资结构时选择的优化目标首先是企业的成长,因为在中小企业的高死亡率下,不成长就意味着死亡。“黄金十年”之后出现的产品市场竞争理论开始从企业市场竞争能力的角度研究企业的融资结构优化,但该理论是在寡头竞争的基础上展开的,不能直接用于中小企业,因此,对中小企业融资结构优化的研究具有重要的理论意义。其次,成长性是中小企业融资结构是否合理直接而有效的反应,合理的融资结构必然与中小企业的持续健康发展相联系。可以说,融资结构的合理性、有效性是提高中小企业成长性的必要条件。因此,本文的研究选题又具有时代紧迫性及重要的现实意义。
本文选取中国中小上市公司融资结构与成长性的关系作为研究对象,采用辩证分析方法、实证分析法、计量经济学分析方法,在中小企业理论、成长理论和融资结构理论的基础上,通过分析我国中小企业的成长和融资结构现状及进行国际比较,剖析融资结构优化对中小企业成长性的作用。
本文在产品市场竞争理论的基础上构建了中小企业融资结构优化与成长性关系模型,用主成分分析法对我国214家中小上市公司从2002年到2005年的成长性进行了排名。然后,分别研究了融资结构与中小企业成长性的关系,中小企业债务融资风险状态的影响因素,中小企业融资结构的影响因素,通过描述性统计和回归分析,得到以下结论:
1.根据本文理论模型的推论,债务融资对不同融资风险的企业的作用是不同的,本文采用Z值模型衡量中小企业存在的融资风险,通过实证发现,当Z>2.4时的中小上市公司即为本文理论模型中提出的债务融资风险小的公司,这些公司的融资结构与成长性显著正相关,这些公司适合采用债务融资;而当Z<2.09时的中小上市公司即为本文理论模型中提出的债务融资风险大的公司,这些公司的融资结构与成长性显著负相关,这些公司不适合采用债务融资。
2.中小企业的债务融资风险不仅仅只受融资结构的影响,还受到债务融资风险控制函数的影响,债务融资风险控制函数受行业、公司治理等多种外生因素影响,它导致了不同中小企业在同样资产负债率的条件下债务风险的差异。本文将两类企业作为一个被解释变量,债务融资风险小的企业赋值1,债务融资风险大的企业赋值为0,采用LOGIT模型来判别其影响因素,结果发现:第一大股东持股比例越高,企业处于融资风险小这种状态的概率越高;融资风险越小的企业支付的股利越高;上市时间越长的企业越容易出现融资风险大的状态;企业的规模越大越容易出现融资风险大的状态;实际税率与行业的差异并不是影响债务融资风险控制函数的主要因素。
3.本文通过利用横截面回归模型检验了影响我国中小企业融资结构的一组变量,研究得出同融资结构正相关的因素有企业规模、财务困境、资产结构以及资产营运能力,与其负相关的因素有偿债能力、盈利能力、产生内部资源能力、税收效应、资产变现能力以及所有权结构。另外,行业因素对中小企业的融资结构产生了显著影响,而中小企业的所有权性质并没有对融资结构产生显著影响。
最后,本文提出有利于实现我国中小企业持续成长的融资结构政策建议,包括信用评级、银行改造、直接融资、公司治理、市场环境等方面。从理论上讲,这将有助于弥补国内外在该研究领域的不足,完善和发展中小企业成长理论及融资结构理论;在实践方面,这将有助于制定出完善我国中小企业融资结构优化的有效政策措施,促进我国中小企业更高、更快、更好的成长。
With the further development of China's economy, the vigorous development of the national SMEs occupies an increasingly important position in the national economy. However, the mortality rate of SMEs in China is very high, among a wide variety of reasons, the unreasonable financial structure is one of which. Since this century, the Chinese government has begun to pay attention to the development of SMEs, the problem of SMEs' financing has attracted lots of attention of theory and practice fields. But in the circumstance of China mainly through debt financing, whether all the enterprises facing the difficulty of financing are appropriate to use debt financing? What is the optimal ratio of debt financing? To answer these questions, we can not find answers from the "Golden Decade" in the financial structure theory, from the beginning of MM theory, the "Golden Decade" financial structure theory takes the corporate value or maximize shareholder wealth as optimization objective of the financial structure; this doesn't match with the actual situation of China's SMEs. China's SMEs firstly choose the enterprises growth as optimal objective when facing the financial structure adjustment, because with the high mortality rate in SMEs, not growing on means death. Product market competition theory after the "Golden Decade" started to study on the optimization of corporate financial structure from the perspective of the enterprise's market competitive capacity, but the theory starts on Oligopolistic Competition and can not be directly used for SMEs, Therefore, study on the SME financial structure optimization has a great theoretical significance. Secondly, growth is the direct and effective response to whether SMEs financial structure is reasonable or not, reasonable financial structure is linked with the sustained and healthy development of SMEs. It can be said that the reasonableness and effectiveness of the financial structure is the necessary conditions to improve SMEs growth. Therefore, the topic selected for research has the time urgency and important practical significance.
This paper chooses the relationship of financial structure of China's small and medium-sized listed companies and growth as the research object, using dialectical analysis, empirical analysis and econometric analysis, on the basis of SMEs theory, theory of growth and financial structure theory, by analyzing the growth of SMEs in China, the current situation of financial and the international comparison of them, analyzes the impact of financial structure optimization on SMEs growth.
Based on the product market competition theory, this paper constructs relation model of the SME financing structure optimization and the growth, using principal component analysis method to establish a small and medium-sized listed companies evaluation system consisting of 1 first grade indexes, 4 second grade indexes, 14 third grade indicators, and ranks 214 small and medium-sized listed companies in China. Then, study the relationship between the financial structure and growth of SMEs, the influence factors of SME debt financing risk states, the influence factors of SMEs financial structure, by descriptive statistics and regression analysis, the conclusions are as follows:
1. According to the deduction of theoretical model, the debt financing has a different impact on enterprises with different financing risks, this paper uses Z value model to measure the SME financing risks, through the evidence we find that, as for the small and medium-sized listed companies whose Z> 2.4, that is the small-risk of debt financing in this paper's theoretical model, there is a significantly positive correlation between financial structure with growth, and these companies are appropriate for the use of debt financing; as for the small and medium-sized listed companies whose Z <2.09, that is the high-risk of debt financing in this paper's theoretical model, there is a significantly negative correlation between financial structure with growth, and these companies are not appropriate for the use of debt financing.
2. SMEs' debt financing risks is not just impacted by the financial structure, but also impacted by the debt financing risk control function, which is impacted by the industry, corporate governance, and other exogenous factors, which leads to different SMEs has different debt risk in the same assets-liability ratio condition. This paper takes two categories of enterprises as the explained variable, the small-risk debt financing enterprises are assigned 1, and the high-risk debt financing enterprises are assigned 0. Using Logit Model to distinguish its influencing factors, the results show that: the higher share proportion of the largest shareholder, the higher the probability of small financing risk of enterprises; the smaller the financing risk of the enterprises, the higher dividends to pay; the longer the listed companies, the more vulnerable to financing high-risk status; the greater of the size of the business, the more vulnerable to high-risk financing status; the effective tax rate and industry difference are not the major factors in the control function of debt financing risk.
3. This paper takes use of cross-regression model to test a group of variables which affect the financial structure of China's SMEs. Through empirical study we find that the factors which have a positive correlation with financial structure should include enterprise size, financial distress, assets structure and the ability of operating assets; while the factors which have a negative correlation with financial structure include debt paying ability, profitability, forming inner resource ability, tax effect, assets capability and ownership structure. In addition, industry factors have a great impact on financial structure of SMEs, while the SMEs' ownership doesn't have greatly impact on financial structure.
At last, the paper has provided some useful policy suggestion on financial structure to realize the sustainable growth of SMEs, including credit rating, bank transformation, direct financing, corporation governance, marketing environment and so on. Theoretically, it is helpful to remedy the defects of such research field at home and abroad, which will develop and perfect the theory of SMEs growth and financial structure; in practice, it is useful to make out and optimize the effective policy of financial structure, promoting the development of SME in China higher, faster and much better.
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