民营科技企业融资：理论与实证研究
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摘要
民营科技企业在我国经济发展中起着重要的作用,而融资困难是其生存和成长过程中面临的最主要的障碍。为了更好地支持民营科技企业的发展,我们需要了解民营科技企业融资结构特征,并进一步分析影响民营科技企业融资结构与融资约束的相关因素,以从根源入手解决民营科技企业融资难的问题。研究民营科技企业融资结构既需要理论支持,又需要结合本国背景进行经验分析,而当前国内采用计量方法分析民营科技企业融资结构问题的经典研究非常有限。
本文在回顾西方资本结构理论和经验研究的基础上,结合中国民营科技企业融资的特殊背景,通过经验分析说明企业自身因素对民营科技企业融资结构的影响。
本文按理论发展线索对资本结构理论进行综述,探讨了民营科技企业的特征与资本结构理论对民营科技企业融资结构研究的适用性,介绍了民营科技企业金融成长周期理论,从而为我国民营科技企业融资结构影响因素的经验研究提供理论依据。此外,本文还回顾了国内外中小企业融资结构影响因素的经验研究文献,以便为经验分析中的变量设定、计量方法选择与模型设计提供参考。
本文从传统资本结构理论出发,吸收西方学者对民营科技企业资本结构的研究经验,结合中国民营科技企业融资背景,以贵州省的民营科技企业为样本,采用Wilcoxon秩和检验等方法进行经验分析考察了民营科技企业融资结构的影响,并在考虑上述因素的基础上分别运用面板数据和横截面数据分析工具考察了规模、资产结构、成长性、盈利性等因素对民营科技企业融资结构的影响。
通过理论分析与经验研究,本文发现:(1)内源资金更是民营科技企业(尤其是其研发活动)最主要的资金来源,但当前我国尚未实施激励中小企业利用留存收益积累内部资金的措施。(2)民营科技企业难以获得长期债务资金支持。(3)民营科技企业融资(尤其是长期债务融资)过程中,普遍存在“规模歧视”现象,企业规模越大越易于获得债务资金支持;另一方面,企业规模与中小企业正规金融信贷可及性显著正相关,即,规模是银行做出贷款决策时的重要考虑因素(4)资产有形性与民营科技企业长期债务比率和长期信贷可及性具有正相关关系,要缓解民营科技企业的融资困境,有必要加强其抵押品的提供能力。(5)企业未来的成长机会与民营科技资本结构具有负相关关系,这一结果说明由于信息不对称而产生的债务融资成本显著地影响民营科技融资,成长性越强的民营科技企业所面临的融资约束越强,因此,在今后有必要加强民营科技企业的信息披露与透明度,以减轻这种成本。(6)盈利性与民营科技企业资本结构具有负相关关系,这说明高水平的信息不对称成本使得民营科技企业具有内源融资偏好;或者说,恶劣的外部融资环境使得中小企业更偏好于内源资金融资。(7)企业经营年限与民营科技企业资本结构没有显著关系,但与民营科技企业短期信贷可及性显著正相关。这说明建立良好的银企关系有利于改善企业的流动性约束,而企业长期信贷的可及性还取决于规模、可提供的抵押品等硬性约束。
根据所发现的问题,本文提出以下几方面措施,以构建民营科技企业融资体系,促进民营科技企业发展。
一是要完善有利于民营科技企业发展的法律体系。通过法律来规范我国中小企业的行为,尽快制定统一的《中小企业基本法》,为中小企业发展的各项政策提供法律依据,为中小企业的发展提供国民待遇。完善《公司法》,尽快出台《风险投资法》、《商业信用法》等法律法规,为民营科技企业的发展提供完备的法律保障。
二是要完善民营科技企业的政策性融资体系。一方面要通过财政税收政策促进提升民营科技企业融资能力;另一方面要加强民营科技企业信用体系的建设,完善民营科技企业的担保机制。并在此基础上建立社会辅助体系,加强对民营科技企业的指导和服务。
三是要完善民营科技企业的市场化融资体系。包括逐步建立起比较完善的多层次资本市场促进民营科技企业融资;通过银行的组织和金融工具的创新,提高民营科技企业的间接融资能力等。
四是通过提高民营科技企业的自身素质来提升其融资能力。
鉴于国内尚缺乏针对民营科技企业融资结构的全面而系统的经验研究,本研究的主题在一定程度上具有新颖性,本研究的改进与创新体现在:
第一,民营科技企业是我国重要的技术创新源泉之一,也是面临融资约束最严重的企业群体,但国内现有研究未对这类企业的融资结构及其相关问题给予充分关注。本研究从经验上探讨了民营科技企业融资结构的特征,研究了其融资结构的影响因素,并基于经验研究结果尝试给出缓解民营科技企业融资困境的建议。
第二,国内已有的研究对民营科技企业的计量分析比较薄弱,变量选择比较单一,本文选择行业、资产有形性、企业规模、盈利性、成长性和企业经营年限等多重因素作为自变量,全面考察各个因素对民营科技企业融资的影响,特别是以往的研究未充分关注行业因素,本文加以重点关注,这算是本文比较创新的一个方面。
第三,本研究推进过程中,首次开展了对贵州省民营科技企业融资现状的专项调研,收集整理了几百家民营科技企业的财务报表(重点是资产负债表和损益表)与企业基本信息的原始资料。在数据整理中,笔者利用报表平衡原则对数据进行了补充与剔除,以保证数据的准确性、合理性。可以说,新颖、详实、准确的数据与稳健的统计方法为得出可靠的经验结论提供了坚实的基础。
Private technological small and medium enterprises (SMEs) play an important role in promoting China’s economic development, while financial constraints are the major obstacles to Chinese private technological SMEs’survival and growth. To remove private technological SMEs’financial obstacles and facilitate their development, it is important to know about the SME’s financial structure and to study what affect private technological SMEs’financial structure and financial constraints. Both theoretical and empirical analyses are necessary to private technological SMEs’financial structure studies, while there have been few classical econometric studies on Chinese private technological SMEs’financial structure.
Based on the review of capital structure theories and empirical researches, considering the background for Chinese private technological SMEs’finance, this paper analyzes the effect of private technological SMEs’own characters on their financial structure and financial constraints. In detail, the main issues in this paper are as follows:
It reviews capital structure theories, analyzes private technological SMEs’characters and the applicability of capital structure theories to private technological SMEs’financial structure studies, and introduces financial growth cycle theories as well, which provides a theoretical basis to analyze empirically the determinants of Chinese private technological SMEs’financial structure. Next, this paper reviews empirical researches on the determinants of private technological SMEs’financial structure, so as to supply references to variable definition, econometric tool choice and the specification of econometric models on private technological SMEs’financial structure.
Based on traditional capital structure theories and empirical studies on private technological SMEs’capital structure, this paper develops econometric models to show the determinants of private technological SMEs’financial structure. With the sample of manufacturing Private technological SMEs in Beijing which have gotten loans from banks, it analyzes how the industrial type and the ownership type influence private technological SMEs’financial structure, by ANOVA and Kruskal-Wallis one-way analysis of variance. Besides, it studies how effective tax rate, non-debt tax shields, size, asset structure, growth and profitability influence private technological SMEs’financial structure with panel and cross-sectional data respectively.
It also discusses the determinants of private technological SMEs’financial structure, which face serious financial constraints. It analyzes private technological SMEs’characters, how these characters affect these enterprises’financial behaviors, and how asset structure, size, profitability, growth, age and industrial type influence the private technological SMEs’financial structure. As well, it compares the determinants of private technological SMEs’financial structure with those of manufacturing and listed private technological SMEs’financial structure, in order to find those factors which affect significantly Chinese private technological SMEs’financial structure.
The conclusions of this study are as follows: (1) since private technological SMEs prefer internal financing commonly, based on the characteristic that internal fund is the most important financial source for private technological SMEs, this study suggests designing tax policies to encourage private technological SMEs’accumulating the internally retained earnings; (2) because direct finance through capital market relieves limitedly private technological SMEs’financial restraints, debt finance is the most important external finance channel for Chinese private technological SMEs’; (3) private technological SMEs (especially technology-based private technological SMEs) face financial constraints widely, especially at lack of long-term debt; (4) there is usually size-based discrimination in private technological SMEs’financing, while there is insignificant ownership-based discrimination; (5) providing collateral is necessary for private technological SMEs’acquiring long-term debts (including bank loans); providing collateral is not necessary for private technological SMEs’acquiring short-term business loans, but necessary for technology-based private technological SMEs’acquiring short-term business loans; on the other hand, debt finance agency cost caused by information asymmetry significantly influences private technological SMEs’finance, and private technological SMEs having more growth opportunities will face more serious financial constraint; thus this study suggests constituting systems of invisible asset evaluation and information disclosure for private technological SMEs, and building private credit investigation institutions; (6) age is significantly positively correlated to the access to short-term loans, so a long and steady relation between banks and private technological SMEs is favorable to private technological SMEs’acquiring loans from banks.
There are several improvements and innovations in this study as follows:
Firstly, since how industrial type and ownership type influence private technological SMEs’financial behaviors is not paid sufficient attention to in China, this study discusses this question by non-parametric tests and regressions.
Secondly, private technological SMEs play an important role in one country’s technology innovations, but these enterprises face the most serious financial constraints. Now, domestic researchers have not paid enough attention to private technological SMEs’financial structure. This study discusses empirically the characters of technology-based private technological SMEs’financial structure, analyzes what influence their financial structure, and finally tries to give some suggests on how to solve financial difficulties of private technological SMEs.
Thirdly, the data in this study are fresh and specific. In addition, most of the data are first-hand. During the analysis, not only does this study refer to the World Business Environment Survey and many statistical yearbooks, but also collects several hundreds of private technological SMEs’financial statements and other basic information of GuiZhou province. And in order to make sure that the data are accurate and reasonable, this study makes some supplements and eliminations of data according to the balance principle of financial statements during data processing.
本文在回顾西方资本结构理论和经验研究的基础上,结合中国民营科技企业融资的特殊背景,通过经验分析说明企业自身因素对民营科技企业融资结构的影响。
本文按理论发展线索对资本结构理论进行综述,探讨了民营科技企业的特征与资本结构理论对民营科技企业融资结构研究的适用性,介绍了民营科技企业金融成长周期理论,从而为我国民营科技企业融资结构影响因素的经验研究提供理论依据。此外,本文还回顾了国内外中小企业融资结构影响因素的经验研究文献,以便为经验分析中的变量设定、计量方法选择与模型设计提供参考。
本文从传统资本结构理论出发,吸收西方学者对民营科技企业资本结构的研究经验,结合中国民营科技企业融资背景,以贵州省的民营科技企业为样本,采用Wilcoxon秩和检验等方法进行经验分析考察了民营科技企业融资结构的影响,并在考虑上述因素的基础上分别运用面板数据和横截面数据分析工具考察了规模、资产结构、成长性、盈利性等因素对民营科技企业融资结构的影响。
通过理论分析与经验研究,本文发现:(1)内源资金更是民营科技企业(尤其是其研发活动)最主要的资金来源,但当前我国尚未实施激励中小企业利用留存收益积累内部资金的措施。(2)民营科技企业难以获得长期债务资金支持。(3)民营科技企业融资(尤其是长期债务融资)过程中,普遍存在“规模歧视”现象,企业规模越大越易于获得债务资金支持;另一方面,企业规模与中小企业正规金融信贷可及性显著正相关,即,规模是银行做出贷款决策时的重要考虑因素(4)资产有形性与民营科技企业长期债务比率和长期信贷可及性具有正相关关系,要缓解民营科技企业的融资困境,有必要加强其抵押品的提供能力。(5)企业未来的成长机会与民营科技资本结构具有负相关关系,这一结果说明由于信息不对称而产生的债务融资成本显著地影响民营科技融资,成长性越强的民营科技企业所面临的融资约束越强,因此,在今后有必要加强民营科技企业的信息披露与透明度,以减轻这种成本。(6)盈利性与民营科技企业资本结构具有负相关关系,这说明高水平的信息不对称成本使得民营科技企业具有内源融资偏好;或者说,恶劣的外部融资环境使得中小企业更偏好于内源资金融资。(7)企业经营年限与民营科技企业资本结构没有显著关系,但与民营科技企业短期信贷可及性显著正相关。这说明建立良好的银企关系有利于改善企业的流动性约束,而企业长期信贷的可及性还取决于规模、可提供的抵押品等硬性约束。
根据所发现的问题,本文提出以下几方面措施,以构建民营科技企业融资体系,促进民营科技企业发展。
一是要完善有利于民营科技企业发展的法律体系。通过法律来规范我国中小企业的行为,尽快制定统一的《中小企业基本法》,为中小企业发展的各项政策提供法律依据,为中小企业的发展提供国民待遇。完善《公司法》,尽快出台《风险投资法》、《商业信用法》等法律法规,为民营科技企业的发展提供完备的法律保障。
二是要完善民营科技企业的政策性融资体系。一方面要通过财政税收政策促进提升民营科技企业融资能力;另一方面要加强民营科技企业信用体系的建设,完善民营科技企业的担保机制。并在此基础上建立社会辅助体系,加强对民营科技企业的指导和服务。
三是要完善民营科技企业的市场化融资体系。包括逐步建立起比较完善的多层次资本市场促进民营科技企业融资;通过银行的组织和金融工具的创新,提高民营科技企业的间接融资能力等。
四是通过提高民营科技企业的自身素质来提升其融资能力。
鉴于国内尚缺乏针对民营科技企业融资结构的全面而系统的经验研究,本研究的主题在一定程度上具有新颖性,本研究的改进与创新体现在:
第一,民营科技企业是我国重要的技术创新源泉之一,也是面临融资约束最严重的企业群体,但国内现有研究未对这类企业的融资结构及其相关问题给予充分关注。本研究从经验上探讨了民营科技企业融资结构的特征,研究了其融资结构的影响因素,并基于经验研究结果尝试给出缓解民营科技企业融资困境的建议。
第二,国内已有的研究对民营科技企业的计量分析比较薄弱,变量选择比较单一,本文选择行业、资产有形性、企业规模、盈利性、成长性和企业经营年限等多重因素作为自变量,全面考察各个因素对民营科技企业融资的影响,特别是以往的研究未充分关注行业因素,本文加以重点关注,这算是本文比较创新的一个方面。
第三,本研究推进过程中,首次开展了对贵州省民营科技企业融资现状的专项调研,收集整理了几百家民营科技企业的财务报表(重点是资产负债表和损益表)与企业基本信息的原始资料。在数据整理中,笔者利用报表平衡原则对数据进行了补充与剔除,以保证数据的准确性、合理性。可以说,新颖、详实、准确的数据与稳健的统计方法为得出可靠的经验结论提供了坚实的基础。
Private technological small and medium enterprises (SMEs) play an important role in promoting China’s economic development, while financial constraints are the major obstacles to Chinese private technological SMEs’survival and growth. To remove private technological SMEs’financial obstacles and facilitate their development, it is important to know about the SME’s financial structure and to study what affect private technological SMEs’financial structure and financial constraints. Both theoretical and empirical analyses are necessary to private technological SMEs’financial structure studies, while there have been few classical econometric studies on Chinese private technological SMEs’financial structure.
Based on the review of capital structure theories and empirical researches, considering the background for Chinese private technological SMEs’finance, this paper analyzes the effect of private technological SMEs’own characters on their financial structure and financial constraints. In detail, the main issues in this paper are as follows:
It reviews capital structure theories, analyzes private technological SMEs’characters and the applicability of capital structure theories to private technological SMEs’financial structure studies, and introduces financial growth cycle theories as well, which provides a theoretical basis to analyze empirically the determinants of Chinese private technological SMEs’financial structure. Next, this paper reviews empirical researches on the determinants of private technological SMEs’financial structure, so as to supply references to variable definition, econometric tool choice and the specification of econometric models on private technological SMEs’financial structure.
Based on traditional capital structure theories and empirical studies on private technological SMEs’capital structure, this paper develops econometric models to show the determinants of private technological SMEs’financial structure. With the sample of manufacturing Private technological SMEs in Beijing which have gotten loans from banks, it analyzes how the industrial type and the ownership type influence private technological SMEs’financial structure, by ANOVA and Kruskal-Wallis one-way analysis of variance. Besides, it studies how effective tax rate, non-debt tax shields, size, asset structure, growth and profitability influence private technological SMEs’financial structure with panel and cross-sectional data respectively.
It also discusses the determinants of private technological SMEs’financial structure, which face serious financial constraints. It analyzes private technological SMEs’characters, how these characters affect these enterprises’financial behaviors, and how asset structure, size, profitability, growth, age and industrial type influence the private technological SMEs’financial structure. As well, it compares the determinants of private technological SMEs’financial structure with those of manufacturing and listed private technological SMEs’financial structure, in order to find those factors which affect significantly Chinese private technological SMEs’financial structure.
The conclusions of this study are as follows: (1) since private technological SMEs prefer internal financing commonly, based on the characteristic that internal fund is the most important financial source for private technological SMEs, this study suggests designing tax policies to encourage private technological SMEs’accumulating the internally retained earnings; (2) because direct finance through capital market relieves limitedly private technological SMEs’financial restraints, debt finance is the most important external finance channel for Chinese private technological SMEs’; (3) private technological SMEs (especially technology-based private technological SMEs) face financial constraints widely, especially at lack of long-term debt; (4) there is usually size-based discrimination in private technological SMEs’financing, while there is insignificant ownership-based discrimination; (5) providing collateral is necessary for private technological SMEs’acquiring long-term debts (including bank loans); providing collateral is not necessary for private technological SMEs’acquiring short-term business loans, but necessary for technology-based private technological SMEs’acquiring short-term business loans; on the other hand, debt finance agency cost caused by information asymmetry significantly influences private technological SMEs’finance, and private technological SMEs having more growth opportunities will face more serious financial constraint; thus this study suggests constituting systems of invisible asset evaluation and information disclosure for private technological SMEs, and building private credit investigation institutions; (6) age is significantly positively correlated to the access to short-term loans, so a long and steady relation between banks and private technological SMEs is favorable to private technological SMEs’acquiring loans from banks.
There are several improvements and innovations in this study as follows:
Firstly, since how industrial type and ownership type influence private technological SMEs’financial behaviors is not paid sufficient attention to in China, this study discusses this question by non-parametric tests and regressions.
Secondly, private technological SMEs play an important role in one country’s technology innovations, but these enterprises face the most serious financial constraints. Now, domestic researchers have not paid enough attention to private technological SMEs’financial structure. This study discusses empirically the characters of technology-based private technological SMEs’financial structure, analyzes what influence their financial structure, and finally tries to give some suggests on how to solve financial difficulties of private technological SMEs.
Thirdly, the data in this study are fresh and specific. In addition, most of the data are first-hand. During the analysis, not only does this study refer to the World Business Environment Survey and many statistical yearbooks, but also collects several hundreds of private technological SMEs’financial statements and other basic information of GuiZhou province. And in order to make sure that the data are accurate and reasonable, this study makes some supplements and eliminations of data according to the balance principle of financial statements during data processing.
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