实证研究的结果表明 ,没有股票市场融资渠道的我国中小企业融资状况具有以下特点 :首先 ,中小企业由成长性特点和市场竞争特点决定的对股权性融资的特别需求并没有在实际中得到体现。其次 ,中小企业的融资决策更多地是由企业短期经营活动的需要和融资市场环境的条件所决定 ,而 The empirical results show that the financing of SMEs in China without the financing channels of the stock market has the following characteristics: First, the special needs of SMEs that are determined by the characteristics of growth and market competition for equity financing have not been reflected in practice. Second, SMEs financing decisions are more dependent on the needs of short-term business activities and the conditions of the financing market environment, and