【摘要】 商业信用融资对中小企业的发展起着至关重要的作用,但是已有研究中很少有针对非上市中小企业商业信用融资及其影响因素的实证分析。本文将陕西制造类非上市中小企业的实际样本,按照有无银行信贷进行划分,并采用动态随机效应面板数据模型分析商业信用融资的各种影响因素。实证对比发现,无论中小企业是否拥有银行信贷,长期负债对商业信用融资的影响均不显著。对于无银行信贷的样本企业,现金流水平影响不显著,开业年限、短期负债、存货水平和企业性质影响作用较大。而对于有银行信贷的样本企业,现金流水平影响显著,外部金融环境、企业规模、盈利水平和流动性影响作用较大,其中银行信贷与商业信用融资具有显著的负相关关系。本文的研究弥补了先前研究中缺乏实证检验的不足,为中小企业商业信用融资提供了一定的理论参考。更多还原

【Abstract】 The trade credit financing plays an important role in the development of small and medium-sized Enterprises( SMEs) in China. However,almost no empirical study focuses on non-listed SMEs. This paper emphatically analyzes various factors affecting trade credit financing. The analysis in this paper is based on the practical samples of non-listed manufacturing SMEs in Shaanxi province, which are divided into two types: one has bank credit and the other does not. In our analysis,Dynamic-Random-Effect panel data model is adopted. By empirical and comparative analysis,it is found that no matter financing constraints exist or not,the effects of long-term liabilities to trade credit financing are not significant. The net cash flow has significant impact on the samples with bank credit,while has indistinctive impact on the samples without bank credit. The corporation age,short-term liability,inventory turnover and nature of enterprise have obvious influence on the samples without bank credit. Meanwhile,the external financial environment,enterprise size,profitability,liquidity have remarkable effect on the samples with bank credit. In addition,for the samples with bank credit,bank credit has significant negative effect. The research demonstrated in this paper could fill a blank of empirical verification in previous study,also could provide a theoretic basis for trade credit financing of SMEs.更多还原