【作者】 张莉；

【导师】 萧端；

【作者基本信息】 暨南大学 ， 金融学， 2011， 硕士

【摘要】 优序融资理论是继MM定理之后研究现代企业融资行为的一个重要分支,该理论认为出于对融资成本的考虑,企业会遵循内源融资、债权融资、股权融资的顺序。二十世纪九十年代以来,优序融资理论成为公司金融领域实证研究的重要理论依据,而关于上市公司的融资选择是否遵循优序融资理论还没有一致的结论。国内对于主板上市公司融资选择的研究文献较为丰富,而对中小企业的融资问题关注较少；作为市场中最具活力的企业群体,中小企业在经济中的作用日益凸显,对于提高经济效率、促进整体发展、保持国家的整体竞争力起着非常重要的作用。为此,本文以中小板上市公司融资实践作为着力点,建立排序选择模型对其融资顺序及影响因素进行分析和验证。本文从优序融资理论出发,借鉴企业资本结构和融资行为的现有文献,对中小企业板上市公司融资顺序进行研究。实证结果表明中小板上市公司融资行为基本符合优序融资理论的基本框架,即“先内源,再债权,最后股权”的融资顺序；本文并从企业的主观融资需求、融资能力及客观融资环境三个角度对中小板上市公司这种特定的融资顺序进行深入研究并发现,由于我国经济的市场化程度有限,企业的融资需求并不仅仅取决于企业的融资能力,还更多地受到外部融资环境的限制,如直接融资门槛高、债券上市发展滞后、商业银行贷款体系不完善等外部融资环境的约束,使得中小板上市公司“被迫”遵循优序融资理论。文章最后从外部制度因素出发,提出几点解决中小企业融资难题的政策建议。更多还原

【Abstract】 Since the nineties of 20th century, the Pecking Order Theory becomes the important theoretical basis for empirical research about corporate finance, but so far there is no uniform conclusion about this subject.With the developing of market-oriented economy, as the most dynamic part in the group, SMEs have become increasingly prominent to the total economy, promoting employment, increasing tax revenue, etc. But SMEs are not optimistic about their environment, which is faced with many problems, such as the financing bottleneck.This paper focuses on pecking order of SMEs in order to analyze the influence factors. The regression results showed that small board listed companies basically follow the framework of Pecking Order Theory, that is, "the internal source first, then debt and finally equity" when meeting with financing gap; This article goes on with the subject from three perspectives:the corporate financing needs, financing capability and objective financing environments to explain the financial practice and get the conclusions:because of limited market-oriented economy, enterprises financial needs depend on not only financial capacity of enterprises, but also subject to external financing constraints, such as high threshold of direct financing, bond market development lagging behind, imperfect system of bank loans and other external financing environment constraints. In response to these financial constraints, this paper presents some specific recommendations to ease the financial problems of SMEs.更多还原