摘要
缓解中小企业面临的融资约束是促进中小企业快速健康发展的重要保障。本文利用2009~2016年中小板上市公司的非平衡面板数据,借鉴现金——现金流敏感性基础模型及扩展模型,实证检验了中小企业的融资约束现状,并进一步分析风险投资参与对融资约束的缓解作用。结果表明,目前我国中小企业仍然面临融资约束,风险资本的参与并没有起到显著缓解中小企业融资约束的效果,并简单分析了造成该结果不显著的原因。
Alleviating financing constraints faced by SMEs is an important guarantee for the rapid and healthy development of small and medium-sized enterprises.This paper adopts the unbalanced panel date of SMEs board during 2009 and 2016 in Shenzhen to empirically the situation of SMEs financing constraints and Venture Capital's influence on SMEs financing constraints by using Cash flow sensitivity basic and extended models.The empirical results indicate that the SMEs still face financing constraints,the participation of venture capital does not play a significant alleviation effect of SMEs financing constraints,this paper also briefly analyzed the cause of the insignificant results.
出处
《财会通讯（中）》
北大核心
2018年第2期32-36,共5页
Communication of Finance and Accounting
