摘要
经济发展程度与制度差异使中小企业融资理论与实践在不同地区间表现出明显差异.运用多元线性回归模型和逐步回归方法,通过与经济发展水平较高地区比较,对东北老工业基地中小企业融资结构及影响因素进行实证分析.其结论是:东北老工业基地中小企业融资结构及影响因素明显不同于经济发展水平较高地区,国有中小企业比重较高且大多集中于传统制造业;企业内部积累偏低、资产负债率较高,但其债务融资选择已由传统的银行贷款向商业信用等其他负债转移;企业负债融资与总资产和企业人数等规模指标显著相关,"规模歧视"在东北地区表现得较为突出.
Due to the differences in economic development levels and financial system, the theory and practice of financing both vary obviously in different regions. So, an empirical analysis is made of the financing structure and influencing factors on the SMEs （small/medium-size enterprises） in Northeast China＇s old industrial base through comparing it with other developed regions by means of multi-linear regression model and stepwise regression. The result shows that both the structure and factors mentioned above are different from those in other developed regions, e. g., most of the SMEs are state-owned and traditional manufacturers with low accumulation of funds and high assets-liabilities ratio, the selection of financing for liabilities has been transferred to commercial credit from traditional bank loan or other forms of indebtedness, the total assets and number of employees are significantly related to the financing for liabilities, which shows that the ＂scale discrimination＂ is specially obvious in the Northeast China＇s old industrial base.
出处
《东北大学学报（自然科学版）》
EI
CAS
CSCD
北大核心
2007年第11期1665-1668,共4页
Journal of Northeastern University(Natural Science)
基金
国家社会科学基金资助项目(04BJY030)
关键词
东北老工业基地
中小企业
融资结构
规模歧视
影响因素
Northeast China＇ s old industrial base
SMEs （small/medium-size enterprises）
financing structure
scale discrimination
influencing factors
