我国中小企业融资影响因素研究——基于中小板企业的实证研究
Research on the Influencing Factors of Financing for Small and Medium-Sized Enterprises in China—An Empirical Study Based on Small and Medium Enterprise Board Companies

中小企业的稳健发展有利于提升创业者的创新热情，提高整体经济效益，从而有利于提高社会福利。但目前我国中小企业的发展仍然面临很多问题，其中最为显著的就是融资问题。论文主要采用理论研究与实证研究相结合的方法，分析我国中小企业融资存在的问题。通过分析中小板824家企业2017~2021年连续五年的样本数据以及相关理论，建立多元线性回归模型对中小企业融资影响因素进行研究。研究结果表明：盈利能力、内部积累、抵御风险能力与融资能力负相关；资产担保能力、市场竞争力与融资能力不相关；企业规模、营运能力与融资能力正相关。据此提出提升中小企业融资能力的建议。
The steady development of small and medium-sized enterprises (SMEs) is conducive to enhancing entrepreneurs’ innovation enthusiasm and improving overall economic efficiency, thereby contributing to higher social welfare. However, the development of SMEs in China still faces many challenges, among which the financing issue is the most prominent. This paper adopts a combination of theoretical and empirical research methods to analyze the financing problems faced by SMEs in China. By analyzing the sample data of 824 SMEs listed on the Small and Medium Enterprise Board (SME Board) for five consecutive years from 2017 to 2021 and relevant theories, a multiple linear regression model is established to study the influencing factors of SME financing. The research results indicate that profitability, internal accumulation, and risk resistance capability are negatively correlated with financing ability; asset guarantee capability and market competitiveness are not correlated with financing ability; enterprise size and operating capacity are positively correlated with financing ability. Based on these findings, suggestions are proposed to enhance the financing ability of SMEs.