中小企业融资研究现状与展望

中小企业是繁荣经济、促进增长的重要力量。然而,受到资产规模、经营方式及金融体制的制约,融资难成为中小企业发展的瓶颈,如何通过规范中小企业经营模式,完善社会信用及担保体系,改善资本市场结构缓解中小企业的融资困境成为社会各界关注的焦点。通过对国内外中小企业融资的研究成果进行梳理,对中小企业融资理论、影响因素及对策进行归纳总结,深入了解中小企业融资的所存在的问题,并对未来中小企业融资的研究方向进行了展望,为制定中小企业融资策略提供支持。     

研发国际化与企业创新绩效——吸收能力和地理多样性的调节作用

新兴经济体企业的国际化行为已经成为国际商务领域的研究热点之一,但如中国这样的新兴经济体的跨国企业是否能够通过研发国际化行为提升母公司的创新绩效,现有文献对该问题尚缺乏足够的研究。文章基于2011-2017年间沪深两市310家信息技术业上市跨国企业的年度观察数据,采用泊松面板固定效应模型考察了企业研发国际化与母公司创新绩效之间的关系,并首次从逆向知识转移的视角,探讨了吸收能力和地理多样性对研发国际化和创新绩效两者关系的调节作用。实证结果表明：中国企业的研发国际化显著促进母公司创新绩效的提升;以研发投入强度衡量的企业吸收能力显著正向调节研发国际化和创新绩效之间的关系,而以布劳异质性指数测量的地理多样性则显著负向调节研发国际化和创新绩效的关系。研究结果对中国企业国际化行为具有重要启示。该研究发现意味着中国企业在国际化过程中应该加大海外研发投资力度以提升母公司创新绩效,且为更好地实现外部知识的逆向转移,应同时提高企业总体研发投入强度。但作为新兴经济体企业,不宜在地理分布上实行快速扩张,否则较高的沟通和协调成本将弱化逆向知识转移的程度,而不利于母公司创新绩效的提升。     

The Market Shares of Small and Medium Scale Enterprises in Taiwan Manufacturing*

Small and medium-sized enterprises (SEM s) have played an important role in many countries’industrial development. Among these countries, Taiwan is well known for the outstanding performance of its SME s. Limited knowledge about the causes of such performance has been revealed gradually. The main purpose of this study is to explore the determinants of SME s’market shares in Taiwan's manufacturing sector. According to economics literature, economies of scale determine the market share of SME s. The usual explanation given is that economies of scale create barriers against SME s entering the market and competing efficiently with larger firms. It is also said that the strong entrepreneurial drive to have a self-owned business is a crucial explanation for the creation of new businesses, usually as offshoots from a small one. Finally, such factors such as an even-handed policy scheme, the availability of technology in relation to R&D, transaction costs, and so forth, are also important for creating a favourable environment for SME s. Applying cross-industry pooling data from 1976 to 1986, the market shares of SME s in Taiwan's manufacturing sector were found to be affected by the following factors: (1) SME s’performance related to labour productivity and their willingness to set up new enterprises; (2) institutional factors including low entry barriers, suitable technology, the adoption of a subcontract system, and prosperous export markets. The empirical findings are compared with those from studies of the US and Germany.     

中小企业融资结构的比较分析——基于江苏中小企业的问卷调查

本文通过对江苏省内不同地区中小企业的问卷调查,利用调研数据和统计数据对中小企业融资结构进行比较分析,通过比较中小企业融资结构在"地缘"上的差异,找出存在的问题并进一步分析形成原因。最后从构造中小企业的金融支持体系和完善中小企业的信用体系两个角度提出优化企业融资结构,缓解中小企业融资困难的对策建议。     

The Market Shares of Small and Medium Scale Enterprises in Taiwan Manufacturing

Small and medium-sized enterprises (SMEs) have played an important role in many countries’ industrial development. Among these countries, Taiwan is well known for the outstanding performance of its SMEs. Limited knowledge about the causes of such performance has been revealed gradually. The main purpose of this study is to explore the determinants of SMEs’ market shares in Taiwan’s manufacturing sector. According to economics literature, economies of scale determine the market share of SMEs. The usual explanation given is that economies of scale create barriers against SMEs entering the market and competing efficiently with larger firms. It is also said that the strong entrepreneurial drive to have a self-owned business is a crucial explanation for the creation of new businesses, usually as offshoots from a small one. Finally, such factors such as an even-handed policy scheme, the availability of technology in relation to R&D, transaction costs, and so forth, are also important for creating a favourable environment for SMEs. Applying cross-industry pooling data from 1976 to 1986, the market shares of SMEs in Taiwan’s manufacturing sector were found to be affected by the following factors: (1) SMEs’ performance related to labour productivity and their willingness to set up new enterprises; (2) institutional factors including low entry barriers, suitable technology, the adoption of a subcontract system, and prosperous export markets. The empirical findings are compared with those from studies of the US and Germany.     

Successful SMEs in South Africa: The case of clothing producers in the Witwatersrand

The objective in this article is to examine the key determinants of successful SME development in post-apartheid South Africa. The determinants of successful SME growth are investigated by concentrating upon one specific branch of manufacturing, namely clothing production in the Witwatersrand. The article unfolds through four sets of material. First, a review is undertaken of research concerning the factors influencing successful SMEs in sub-Saharan Africa. Major themes are the elements of successful individual enterprise, successful clusters of enterprises and of available research in South Africa. In section two, attention turns to the case study and outlines key features of the development of the South African clothing industry. Section three presents the findings from 27 detailed interviews conducted with successful clothing producers in the Witwatersrand. Overall, it is concluded that the South African research confirms certain of the findings relating to trajectories of successful SME development in other parts of Africa.     

欧盟中小企业创新计划对青岛市生物医药及医疗器械产业发展的启示

作为欧盟地平线2020的重要组成部分，中小企业创新计划旨在为具有突破性创新想法的欧盟中小企业提供将研究成果产业化的机会，生物医药及医疗器械是受资助最多的行业，其分阶段资助中小企业技术创新的做法，值得学习借鉴。通过对欧盟地平线2020中小企业创新计划专项项目进行剖析，结合青岛市生物医药及医疗器械产业存在的问题，提出推动青岛市生物医药及医疗器械产业高质量发展的建议。     

ESG 表现与企业风险承担——基于A 股的实证研究

本文以2012-2022 年沪深A 股公司为样本,实证研究ESG 表现与企业风险承担的关系。研究发现,良好的ESG 表现提升了企业的风险承担水平,且分项的检验结果表明,E（环境）、S（社会）与G（治理）因素均对风险承担水平的提升具有促进作用。进一步研究发现,ESG 提升企业风险承担水平的效应主要在资源获取较为困难的企业主体中更为显著,具体表现为当企业处于弱竞争地位、高竞争强度的市场中,且受融资约束的水平较高,产权性质为非国有时,ESG 表现的积极反馈提升了其风险承担水平。本文研究结论对监管机构进一步完善ESG 披露框架、规范披露要求、通过政策引导充分激发企业履行ESG 责任的积极性与主动性提供了一定的启示。     

创业导向与新企业绩效:一个双重中介及调节性效应模型

创业导向与绩效的关系已有诸多研究成果,但其研究结论并不聚敛,而其原因主要是因为中介变量,创业导向到绩效的"黑箱"仍旧是当前创业研究领域的热点议题。现有研究主要聚焦于单一的中介变量在创业导向与绩效关系中的影响效果,而双重中介变量的影响效果却鲜有研究,这对于揭示创业导向与绩效之间的关系机理助益较少。为了探究创业导向对绩效的纵向影响,基于181份新企业跨期数据,文章探究了市场导向和学习导向在创业导向与绩效关系中的双重中介效应,并分析了学习能力的调节效应。实证结果表明:创业导向与绩效存在正相关关系;而市场导向和学习导向在创业导向与绩效的关系中分别具有显著的中介效用,而且学习导向的中介效用大于市场导向的中介效用;创业导向通过市场导向和学习导向对新企业绩效的非直接影响分别受到学习能力的正向调节作用,也即,学习能力越强,市场导向和学习导向在创业导向转化为绩效的过程中所起的中介效应越大。本研究进一步展现了市场导向和学习导向在创业导向与绩效关系中的双重影响机制,凸显了学习能力在创业导向转化为绩效过程中的突出作用,丰富了创业导向和组织学习相关研究,也为新企业构建学习型组织提供了有价值的借鉴。     

What is the role of government trust in a firm's R&D investments? Evidence from SMEs

We examine how government trust shapes the R&D behaviors of small and medium enterprises (SMEs). To study this, we use data collected on 3045 Chinese SMEs to find that for every standard deviation increase in the government trust index, an SME has a 23.9% increase in their R&D investments. Our findings are robust after accounting for endogeneity using an instrumental variable and controlling for the impact of social trust. We further discover that SME owners who are more motivated to conduct innovation will make more R&D investments when they trust the government, driven in part by their willingness to take more risks. Finally, the effect of government trust on R&D investments is less salient when the region has a high marketization level.     

Entrepreneurial Growth and the Perceived Quality of Environmental Factors in China

I. IntroductionEntrepreneurship study still remains at the theory-building stage (Wiseman and Skilton,1999). A recent review of fifteen years (1985-1999) of publication in the leading managementjournals resulted only 1.8 percent of articles in entrepreneurship (Busenitz et al., 2003),indicating the lack of entrepreneurship studies. This study attempts to add the growingliterature in this knowledge domain by presenting some preliminary findings ofentrepreneurship growth in China. Following th…     

The growth appraisal system for Chinese SMEs

In China, research into SME growth has become more important and has drawn considerable attention from both government and scholars, but there is no universally accepted way to define and measure an SME’s growth prospects. Based on a comprehensive and systematic literature review on different aspects of SME growth, and the consensus achieved through using the Delphi technique among 11 experts including policy-makers, scholars and entrepreneurs, this exploratory study has developed an effective growth appraisal system for Chinese SMEs. In building this system, the analytic hierarchy process was selected as the appropriate method for data analysis. Then, an in-depth case study of two Chinese SMEs was undertaken to illustrate the calculation and utilization of the growth appraisal system.     

中小企业实物替代融资新探

中小企业的融资问题是一个世界性问题。中小企业融资存在融资理论认识上的局限性和实践操作上的偏好差异,使中小企业融资的绩效下降。应加强融资理论的研究,完善融资理论体系,改变中小企业的融资观念,实行实物替代融资,扩大融资范围,拓宽融资方式渠道,改变中小企业融资难的困境。     

中小企业融资约束对R&D投入的影响分析——基于门限效应模型

以2012-2017年深圳证券交易所中小企业板上市且披露研发投入数据的中小企业为样本,通过建立回归方程,检验我国中小企业融资约束对R&D投入是否存在影响,以及中小企业融资约束对R&D投入的影响是否存在门限效应。研究发现：中小企业R&D投入存在一定程度的融资约束。同时,中小企业融资约束与R&D投入之间存在着门限效应。在以融资约束为门限变量时,企业融资约束对R&D投入影响呈现出显著的双重门限效应,且门限值分别为10.3209和11.0744。     

科技型中小企业自主创新能力提升研究——以株洲动力产业为例

科技型中小企业是技术创新的生力军,是推动经济实现高质量发展的重要基础。通过对株洲轨道交通、通用航空、新能源汽车等动力产业相关联的科技型中小企业展开调研,从创新政策环境、自主研发能力、产学研协同创新、创新人才队伍等方面对株洲市科技型中小企业自主创新能力现状展开分析,进一步从内部、外部两方面剖析了当前科技型中小企业自主创新的障碍因素,最后提出切实可行的提升科技型中小企业自主创新能力的措施建议。     

The Impact of a Business School on Regional Economic Development: a Case Study

This paper investigates the impact of a major extension to Lancaster University's Management School on the North West regional economy. It differs from earlier university impact studies since the estimated impact is not confined to backward linkage effects but focuses specifically on the forward linkage effects that will occur as a result of greater engagement with firms in the region's SME sector. The paper demonstrates that the expansion of the university sector can have far greater beneficial effects on their regional economies than is indicated by conventional impact studies. Specifically, the provision of business advice to SMEs can be a significant factor in increasing their sales volume.     

基于层次分析法的中小企业筹资风险研究

近年来我国中小企业发展迅速,但筹资问题依然是困扰中小企业的一大难题。本文针对中小企业筹资风险进行研究,使用AHP法对影响中小企业筹资风险的各个因素进行量化分析,对影响中小企业筹资风险的资本获利能力、资金清偿能力、资金利用能力、资产保值增值能力建立一套科学的指标体系进行分析,并得出结论。     

日美中小企业信用担保体系比较分析

为解决抵押资产不足的中小企业间接融资困难,建立中小企业信用体系是世界各国的普遍做法。日本与美国是世界上建立中小企业信用担保比较早的两个国家,两国的中小企业信用担保体系完备、经验成熟。尽管两国中小企业信用担保体系的框架结构和运作模式差异很大,但是它们共性的成功经验是信用担保体系建设离不开政府的大力支持,并且需要具有良好的风险控制机制。     

What Factors Determine Whether Small and Medium Enterprises Obtain Credit from the Formal Credit Market? The Case of Vietnam

Using a survey of Vietnamese small and medium enterprises (SMEs) conducted during 2005–2013, this paper examines the process of applying for a formal loan and the level of satisfaction (credit needs) obtained by SMEs. The empirical results show that banking relationships and the business environment are important factors when applying for and obtaining formal credit. However, positive measures of firms' financial performance, such as a high return on assets score and sales growth, did not have a significant influence on whether firms obtained credit. Formal financial institutions in Vietnam were found to depend too much on collateral assets in assessing whether to supply credit to an SME.