| 债务融资、商业信贷与中小企业投资——来自非上市制造业企业的证据 |
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| 引用本文： | 郭丽虹,马文杰.债务融资、商业信贷与中小企业投资——来自非上市制造业企业的证据[J].财经研究,2011(3):136-144. |
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| 作者姓名： | 郭丽虹 马文杰 |
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| 作者单位： | 上海财经大学金融学院; |
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| 基金项目： | 国家社会科学基金项目(09CJL015); 上海财经大学“211”三期项目; 小企业融资研究中心的资助 |
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| 摘 要： | 文章利用中国4 522家非上市中小企业的财务数据,运用面板分析方法考察了内部资金和外部资金对中小企业投资的影响,并检验了各种融资因素对中小企业投资的贡献度。通过对不同所有制中小企业投资受融资因素影响的比较分析,文章认为中小企业投资受债务资金约束,而且所有制因素在一定程度上制约了中小企业的融资,不过商业信贷可以在一定程度上替代银行贷款而缓解中小企业的融资难问题。
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| 关 键 词： | 中小企业投资 现金流量 长期负债 商业信贷 |
Debt Financing,Trade Credit and SMEs' Investment:Evidence from Unlisted Manufacturing SMEs in China |
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| GUO Li-hong,MA Wen-jie.Debt Financing,Trade Credit and SMEs' Investment:Evidence from Unlisted Manufacturing SMEs in China[J].The Study of Finance and Economics,2011(3):136-144. |
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| Authors: | GUO Li-hong MA Wen-jie |
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| Institution: | GUO Li-hong,MA Wen-jie(School of Finance,Shanghai University of Finance and Economics,Shanghai 200433,China) |
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| Abstract: | Based on the financial data of 4522 unlisted manufacturing SMEs in China,this paper studies the impacts of internal funds and external funds on SMEs' investment by panel analysis,and tests the contribution of financing factors to SMEs' investment.Moreover,by the comparative analysis of the impacts of financing factors on SMEs' investment with different ownership,it suggests that SMEs' investment is constrained by debt financing and ownership structure has negative impacts on SMEs' financing,but trade credit... |
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| Keywords: | SMEs' investment cash flow long-term debt trade credit |
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