中小微科技企业融资结构问题研究--以山东省为例

摘要

本文以山东省中小微科技企业为样本，采用问卷调查法，对中小微科技企业的融资结构及其影响因素进行了实证研究。结果表明：中小微科技企业资金主要来自自有资金和银行贷款，直接融资占比较低；企业融资次序呈现出先内后外、由股权融资向债权融资的阶段性特征。企业融资结构落后除了信息不对称、抵押融资难等原因外，企业家知识结构和市场认知度较低、股权市场正外部性缺失、非存款类放贷组织声誉受损、市场专业化分工不足和产品创新步伐慢等问题，也对中小微企业的融资环境及融资选择形成了较强制约。%Taking the SMEs and micro sci-tech enterprises as the sample, this paper studies their financing struc-ture and its influencing factors in Shandong with the questionnaire survey. The results show that the funds of SMEs and micro sci-tech enterprises are mainly from private funds and bank loans,wit a lower proportion of direct financing. The financing order of the enterprises presents the stage characteristics which changes from the internal financing to the ex-ternal and from the equity financing to the creditor's right financing.The enterprises' financing structure is backward due to the information asymmetry and mortgage financing, the lack of financing knowledge and lower market recogni-tion, lack of positive externalities in the equity market, damaged reputation of non-deposit lending organization, the lack of market specialization and product innovation. These also have a strong constraint on the financing environment and financing options of SMEs and micro sci-tech enterprises.