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1、中小企业融资满足度影响因素分析对福建服装纺织业的实证研究Analysis on Factors Affecting SMEs Financing SatisfactionAn Empirical Study of Fujian Garment&Textile Industry李 倩指导教师姓名：袁宇菲 讲师专 业 名 称：金 融 学摘 要中小企业融资难是个世界性的难题，也是个世界性的研究热点。这一困难的直接表现就是存在融资缺口，即中小企业融资过程中可能只能部分获得全部所需资金，这也是本文所要探讨的融资满足度问题。大量文献的研究表明，企业微观条件、产业环境和宏观金融环境三个层面中都存在着许多会对
2、中小企业融资满足度产生影响的因素，但是国内对此问题的研究多侧重于某一层面，同时涉及多个层面的综合分析比较少。因此，本文将从三个层面入手进行研究，并侧重于探讨企业和产业环境中可能有影响的因素，这是本文的贡献之一。本文的研究方法是以福建省服装纺织产业为例，通过问卷调查的方式收集企业融资信息，运用描述统计分析和序次logistic 回归模型，定量化考察各因素对中小企业融资满足度的影响。这里，各因素的挑选和讨论都是建立在对现有理论和实证研究成果进行梳理的基础之上。本文的特别之处在于对产业环境层面的集群因素影响进行了比较细致的分析。在国内，对中小企业集群融资的理论研究虽然起步较晚但成果丰富，学术界已有了
3、一些结论，部分结论得到了实证研究结果的良好支持；但是在经验实证方面，表现出在资料来源、研究手段、评价指标等方面的局限性，目前尚未有将融资满足度和集群因素这二者直接联系起来，并利用序次logistic 回归模型来测算集群因素具体影响大小的文章，这是本文的另一个贡献。本文研究结果发现，在微观层面，企业的偿债能力和对担保方式的选择会显著影响其融资满足度；在产业环境层面，集群化被证实可以促进中小企业融资满足度的提高；在宏观层面，银企关系和利率水平并没有对样本企业表现出统计意义上显著的影响力。在此实证结果的基础上，本文也建议应依托集群优势，加快发展中小金融机构和政策性融资，从根本上解决我国中小企业融资难
4、的问题。关键词：中小企业；融资满足度；序次logistic 回归AbstractThe financing difficulty of small-and-medium sized enterprises (SMEs) is a worldwide problem and a worldwide research hotspot as well. A direct manifestation of this difficulty is the existence of the financing gap, that is, SMEs may only be able to partly ful
5、fill its fund need during financing, which is the financing satisfaction issue hat this article is to explore here.Extensive literature study shows that enterprise micro-conditions, industrial environment and the macro-financial environment are three levels where many factors will affect SMEs financ
6、ing satisfaction. However, domestic researches on this issue tend to focus on a certain level, while comprehensive analysis involving multi-levels is relatively rare. Therefore, this article will do a study of all three levels with aninsight into factors existing in the enterprise micro-conditions a
7、nd industrial environment, which is one of the contributions of this article.The methodology here is to take the Garment and Textile industry in Fujian Province as an example, collect the SMEs financing information with a questionnaire and then using the descriptive statistics analysis and Ordered L
8、ogistic Regression Model, quantitatively study the influence of each factor on the SMEs financing satisfaction. Here, the selection and discussion of all factors are based on the results from existing theoretical and empirical researches. This article is unique in its detailed analysis on the influe
9、nce of cluster which is an industrial environmental level factor. At home, the theoretical study of SMEs cluster financing has a late start but has yielded fruitfully. And some conclusions from the academic community have won good empirical support; meanwhile, empirical studies show its limitations
10、in the research resources, research means, evaluation index, etc. Up to now, there is no literature using Ordered Logistic Regression Model to measure the direct quantitative effect of cluster on financing satisfaction. This is another contribution of this article.The empirical results show that: at
11、 the micro level, SMEs ability to repay the debt and the choice among different guarantees significantly affect its financing satisfaction; at the industry level, clustering is proved to be a constructive factor in promoting SMEs to enjoy a higher financing satisfaction; at the macro level, bank-ent
12、erprise relations and the level of interest rates have no statistically significant effect on sample SMEs. Based on the results, our suggestion is making use of clusterto accelerate the development of small-and-medium financial institutions and policy-based financing so as to completely solve the financing difficulty of SMEs.Key Words: Small-and-medium Sized Enterprises; Financing Satisfaction; Ordered Logistic Regression.
中小企业融资满足度影响因素分析
