中小企业债务融资与公司价值关系研究——基于中小板上市公司的实证研究

中小企业在我国经济社会发展中具有重要的战略地位，但是融资难问题却一直制约着中小企业的发展。文章以2010年到2012年我国中小企业板上市公司的数据为研究依据，进行实证检验，分析我国中小企业债务融资与企业价值的关系。研究发现，中小企业的债务融资与企业价值有着显著的正相关关系，尤其是银行借款融资对企业价值起到了积极的作用。因此，我国中小企业应该增加债务融资，尤其是增加银行借款融资的比重。所以，解决中小企业融资难、贷款难的问题刻不容缓。这篇文章旨在为我国中小企业进行融资以及政府的扶持提供具有一定参考价值的数据支持。

SMEs＇ Relationship between Debt Financing and Corporate value ----Empirical Research Based on Small and Medium-sized Boards of Listed Companies

Small and medium-sized enterprises have important strategic position in China＇s economic and social development, but the financing problem is always restricting the development of SMEs. Based on data of listed SMEs from year 2010 to 2012, this paper used empirical test to analyze the relationship between debt financing and corporate value of SMEs. The study found that debt financing of SMEs has significant positive correlation with corporate value, especially the bank loan has played a positive role on corporate value. Therefore, SMEs in our country should increase debt financing, especially increase the proportion of bank loan. And to solve the financing problems of SMEs is an urgent mission. This paper aims to provide some data support with certain reference for SMEs＇ financing decision and government policy.