【作者】 张琦；

【Author】 ZHANG Qi;School of Business, Central South University;

【机构】 中南大学商学院；

【摘要】 根据湖南省长沙县实地调研数据,分析县域经济中小企业资本结构和融资行为特征,构建县域中小企业融资行为实证模型,检验县域经济实体所处外部融资环境和融资能力。构建中小企业外部环境模型,检验影响县域中小企业信贷融资的企业基本性质、存续能力和债权融资能力等三大外部主因子;构建中小企业融资行为模型,检验影响县域中小企业信贷融资的企业规模、经营风险和有形资本量等三大内部因子,并有针对性的提出发展县域中小企业债权信贷的外部环境建设和自身融资能力提高的政策建议。更多还原

【Abstract】 This paper investigates the determinants of capital structure and use of financing for small and medium sized enterprises in county economy. Hypotheses utilizing static tradeoff and pecking order arguments are empirically examined using a series of firm characteristics including: size, exist period, asset structure, profitability, growth and risk and the outside circumvented factors. The hypotheses developed are tested using a survey. The results suggest that size, asset structure and risk are important determinants of capital structure and financing. As a result, the financial institutions should take more attention to the three important factors according to the three advises in this paper.更多还原