【作者】 马长英；

【导师】 袁立；

【作者基本信息】 北京化工大学 ， 企业管理， 2011， 硕士

【摘要】 本文基于经典财务理论和前人的研究结论,提出了若干公司财务理论在中小型企业财务行为中的应用研究。从投资、融资和营运资金管理三个方面,采用问卷调查的方式直接关注中小型企业的“行为过程”,通过描述性统计方法,得出中小型企业财务行为特点,以及若干公司财务理论在中小型企业财务行为中的应用情况,并与刘力等人“公司财务理论与我国上市公司财务行为”的问卷调查结果进行了对比,为更加全面地进行财务理论研究和财务管理教学提供一定的参考。本次调查共发放问卷300份,回收100份,有效问卷为63份,回收率33.3%,有效回收率21.88%。通过调查得出：1、在投资方面,我国中小型企业很少使用国际流行的“敏感性分析”、内部收益率法和净现值法。2、在融资方面,我国中小型企业融资顺序为短期借款——长期借款——利润留存——股权融资,具有其独特性。3、在营运资金管理方面,我国中小企业的现金管理行为较为主观。在应收账款和存货比例的管理控制上,都能够保持在国内外研究结论所规定的范围内。基于上述结果,本文得出结论：现有的多数财务理论没有被我国中小型企业直接采用去管理其财务行为。最后,本文针对以上结论进行了原因分析,提出建议,并对本文局限性和进一步研究方向进行了简要说明。更多还原

【Abstract】 At present, small and medium enterprises try to utilize the existing financial theory and research findings to improve their quality of financial management for the development. However, SMEs in China have obvious individual characteristics and differences. It has certain theoretical and practical significance that study the differences between their behavior and the existing financial theory and SMEs can effectively guide own financial behavior or not with directly using the existing financial theory.Based on a real problem, this paper presents financial theory and financial behavior of SMEs. This article will act in accordance with the contents of SMEs is divided into the financial investment, financing and working capital management in three aspects. Use questionnaire survey to direct attention to "the course of conduct" of SMEs, and finally through descriptive statistics, identify the financial behavior of small and medium enterprises characteristics. In the process of questionnaire design, this paper bases on the classical financial theory and the content of the conclusions of previous studies. Then refine the questionnaire investigation into a topic. Make the financial theory and financial behavior of SMEs in direct contrast analysis and point out the differences between the small business financial behavior and the classical theory. That can provide a more comprehensive reference for future research of financial theory. The survey questionnaires were distributed and 300 copies,100 copies of questionnaires, of which 63 questionnaires were returned as 21.88%. To get the real answer, the survey does not help with the administrative agencies, and it can be considered entirely private capacity independently in this survey. The recovery rate of questionnaires was satisfactory and efficient.Value obtained through the investigation the following conclusions:1.On investment, the investment choice of SMEs is rational behavior for the purpose of the development and implementation of the company strategy. It’s the same as the large domestic and foreign listed companies basically. However, during the project evaluation and decision-making process, China’s SMEs rarely use "sensitivity analysis" method, the internal rate of return and net present value method witch are fashion in the international.2. In the financing, the order of SME financing is short-term loans-long-term loans-retained interests-equity financing. It’s not only different from theory and financing order, but also different from the order of listed corporate finance.3. In the working capital management, cash management practices of SMEs in China is not reasonable. There are insufficient funds or excess phenomenon. However, the proportion of accounts receivable management and inventory control, are able to maintain the conclusion of the study at home and abroad within the limits prescribed.Based on these results, the paper concluded:financial behavior of SMEs in China exists more significant difference from the financial theory and. Finally, the above conclusions for some reason analysis, recommendations, and limitations and further research this paper provides a brief description.更多还原