摘要
本文运用某国有银行2007—2009年新创小微型企业的相关信息,对创业股东特征、融资模式与新创小微型企业绩效之间的关系进行了实证研究。研究结果表明:创业股东的从业经验、净资产规模与新创小微型企业绩效之间存在显著的正相关关系,供应链融资模式(基于"交易"和基于"债权")比传统融资模式(基于"客户")更能显著提高新创小微型企业绩效;创业股东的控股比例与企业绩效之间存在显著的负相关关系,传统上的担保方式(保证、抵押和质押)并不能改善新创小微型企业的绩效。另外,从企业特征上看,国有背景、采取股份制的新创小微型企业绩效优于非国有背景、非股份制的新创小微型企业,这种差异主要源于创业股东的资源禀赋差异;与此同时,新创小微型企业绩效也受到当地经济水平的影响。
With a certain state-owned bank＇s relative data of new small enterprises from 2007 to 2009, this paper does an empirical study on the relationship between Venture Shareholders＇ Characteristics, Financing Model, and Corporate Performance. The results show that the working experience of venture shareholders and net-asset model have positive effect on new small enterprises＇ performance, and new funding model based on supply-chain （based on Trade and Claims） can improve the performance more than the traditional financing model does. The proportion of venture shareholders has negative affect on enterprises＇ performance, and the traditional guarantee methods （guarantee, claims, and pledge） can not improve the performance of new small enterprises. What＇s more, from the enterprises＇ characteristics perspective, the new small enterprises with state-owned background and jointstock have better performance than those with private background and non-shareholding, and this difference mainly comes from shareholders＇ difference in natural resource endowments; meanwhile, new small enterprises＇ perfoilnance is also affected by local economic level.
出处
《上海经济研究》
CSSCI
北大核心
2013年第6期102-110,共9页
Shanghai Journal of Economics
基金
国家自然科学基金(71273066)
国家社会科学基金青年项目(12CJY006)
广东省自然科学基金项目(S2012040008073)
广东省软科学研究计划项目(2012B070400004)
广东高校优秀青年创新人才培养计划项目(2012WYM_0068)
