资本结构、融资渠道与小企业融资困境——来自中国江苏的实证分析被引量：75

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摘要基于小企业资本结构和融资渠道理论,本文利用中国地区样本数据进行实证研究,探讨我国小企业(内资和外资)资本结构和融资渠道特征以及融资困境与信贷约束的成因。研究结果显示,我国小企业的资本结构与融资选择行为并未脱离标准小企业资本结构和融资渠道理论框架。通过与美国小企业融资特征的对比,我们发现,社会信用体系的缺位,商业信贷作用受到严重阻滞,是我国小企业信贷约束与融资困境的主因;作为依赖银企间长期合作关系所产生“软”信息的“关系型借贷”在我国银行机构中并未有效使用;以固定资产为抵押担保的银行贷款政策加剧了小企业融资困境,构建以存货和应收款等动产抵押担保的金融安排是解决小企业信贷约束的现实取向;现阶段非正式金融在缓解小企业融资困境方面起到一定作用。

作者张杰尚长风

机构地区南京大学商学院

出处《经济科学》 CSSCI 北大核心 2006年第3期35-46,共12页 Economic Science

基金 2005年度国家社会科学基金重大项目(批准号为05&ZD033)的阶段性研究成果

关键词资本结构融资渠道小企业融资困境信贷配给

分类号 F275 [经济管理—企业管理]

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参考文献26

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