中小企业成长：外部环境、内部治理与企业绩效——基于23个省市300家中小企业的经验数据

本文关注转轨经济背景下中小企业成长的外部环境与内部治理对企业绩效的影响，以23个省市14个行业300家中小企业为样本，采用多因素方差分析的计量经济学方法，对影响企业绩效的外部环境因素和内部治理因素进行了检验。研究结果表明外部环境因素中的政策环境、法律环境和经济环境均不能够显著解释中小企业绩效，而第一大股东持股比例、两职设置情况和专业委员会设置三个内部治理因素中只有专业委员会设置情况能够显著解释中小企业绩效。最后提出中小企业提高对公司治理重要性的认识并建立适合自身要求的治理结构与机制，以及建立中小企业多元化融资体系的政策建议。

SME Growth External Environment, Internal Governance and Enterprise Performance: Evidence from 300 SMEs of 23 Provinces & Cities

The purpose of the paper is to find that which is more important between the external environment and internal governance to the SMEs growth under the backgrounds of transition economy,or both are important.Through sending out the questionnaires to SMEs of 23 provinces & cities,the article gets the external environment data and internal governance data.The empirical results tell us that policy,law and economy environment these three factors are not significant to explain performance;among these three intern...