导　　师： 林丹丹

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 广东外语外贸大学

摘　　要： 长期以来，外源融资结构对企业成长性的影响一直是国内外学者理论和实证研究的焦点。融资结构的动态平衡是公司治理的一个重要治理工具，而外源融资可以通过股权和债权共同治理作用以及动态调整，来协调股东和管理者、股东和债权人的利益和行为。外源融资与上市公司成长性的关系究竟如何一直是学界研究的热点，至今没有形成统一的结论。 本文以MM理论、代理成本理论、优序融资理论为基础，分析了外源融资对中小企业成长性的影响。在借鉴国内外现有研究的基础上，本文选择了三个较多学者采用的衡量成长性的权威指标：净资产收益率，净利润增长率，营业收入增长率，研究固定资产积累、长期银行信用融资率、短期银行信用融资率、股权融资率对中小企业成长性的影响。选取中小板上市公司财务数据为研究样本，筛选出符合最新中小企业划分标准的上市公司。以中小企业上市公司的数据，建立多元回归模型，提出外源融资与成长性的相关的多个假设，进行实证检验，结合我国资本市场的现状以及中小上市公司的显著特点，对实证结果进行详尽的分析和解释。 本文通过研究发现，固定资产积累在当期与成长性显著为负相关，但对下一期成长性有显著为正的影响。长期银行信用融资率与中小企业成长性存在曲线关系。中小企业成长性与股权融资显著负相关，而与内源融资显著正相关。代理成本理论和优序融资理论均得到了实证的检验，并且指出了中小企业外源融资结构的不合理之处。本文实证结果反映了我国资本市场不发达，债权融资渠道不畅，股权融资偏好过于强烈等问题。最后本文从企业自身、融资环境、金融机构及中小板融资平台四个方面提出了政策建议。 Over the years, the relationship of external financing structure and the company'sgrowth has been the focus of scholars in China and abroad. External financingstructure is an important aspect of corporate governance structure; it coordinates theinterests and behavior between shareholders and managers, shareholders and creditorsthrough functions of equity and debt. Relationship between external financing andgrowth of the listed companies now has been a research focus, so far there is nounified conclusion among scholars. This paper analyzes the impact of external financing on SMEs growth based onthe MM theory, agency cost theory, pecking order theory, Draw on existing research athome and abroad，this study selects three indicators to measure SMEs growth whichhave been used by most scholars：Return on equity, net profit growth rate and revenuegrowth rate. This paper is to analyze the influences on growth imposed by fixed assets,long-term band credit financing, short-term band credit financing, equity financingthrough the linear model. Mainly, this study selects the Small and Medium-sizedListed Companies ' financial data as samples, screens in line with the latest Criteriafor the classification of SMEs. After calculating the data of small and medium listedcompanies, it establishes a multiple regression model, proposed assumptions of therelationship between external financing and growth and then makes the empirical test,conduct a detailed empirical results analysis and interpretation in accordance withcharacteristics of small and medium-sized listed companies and the status quo inChina's capital market. The study finds that accumulation of fixed assets has significantly negative effecton growth in the same period, but the effect becomes positive during the next period.Long-term bank credit financing rate and growth of SMEs has a curve relationship.Growth of SMEs and equity financing have a significantly negative correlation, andinternal financing is a significantly positive correlation. Agency cost theory an

关 键 词： 中小企业 外源融资 成长 债务融资 股权融资

领　　域： [经济管理] [经济管理] [经济管理] [经济管理]