The Influence of SME Financing Structure on Enterprise Growth

摘要：

Using the SMEs listed in A-Share market as samples,this paper presents an empirical study,with Z score model,on the influence that the financing structure of SMEs sets on the growth of these companies.The result shows that,with the changes of the risk of corporate debt financing,the financing structure of SMEs puts different effects on the growth of SMEs.In the companies,which have the lower risk of debt financing,the financing structure has a positive correlation with the growth of company,and in other companies,which are of the higher risk of debt financing,the financing structure and the growth of company have a negative correlation.It can be seen from the result that,the debt has significant different effects on the companies that of different levels of debt financing risk,and provides a reference for companies to choose different financing structure.

关键词： Financing Structure SMEs Growth

作者: CHEN Xiaohong YANG Xuan

作者单位: Central South University,P.R.China

会议类型: 国际会议

会议名称: The Twelfth West Lake International Conference on Small & Medium Business(第十二届西湖国际中小企业研讨会 WLICSMB 2010)

会议地点: 杭州

会议语种:英文

页码: 237-246

在线出版日期: 2010-10-24（万方平台首次上网日期，不代表论文的发表时间）