中小企业融资结构影响因素的实证研究

以长沙市中小企业为样本，检验影响中小企业融资结构的影响因素。通过样本数据的统计分析，发现中小企业的“强制优序融资”现象比较明显，与有关理论相符。财务管理中的“黄金法则”——资产/债务应相匹配也在中小企业融资结构中得到体现。通过与湖南省的调查数据比较和自身样本数据的回归分析，发现民间金融与经济发展水平、销售收入有显著相关性。国外的实证检验一般将企业人数作为企业规模的一项指标，对融资结构有显著性影响。而本文的检验显示人数与融资结构无关，这应是国内劳动密集型企业多所致。

The Financial Methods of SMEs:A Empirical Test in SMEs

This paper tests the elements that affect the capital structure of SME through a empirical sample in Hunan province. The empirical results show the evidence that support constrained pecking-order financing in SMEs financing. The evidence also shows SMEs execute the "golden rule" of financial management. Contrasting with the financing data of Hunan's SME, we find the private finance that is significant related with the sale revenue and the region economic prosperity. No evidence was showed that the number of employee affect the capital structure which is differ from foreign empirical result because of Chinese SMEs' labour intensive character.