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长久以来,受企业自身结构、融资理念的束缚,以及外部融资环境和国家金融政策的影响,中小企业面临着较为严重的融资约束,制约企业的成长与壮大。结合课题组对60家中小企业2012-2014三年融资及成长情况的实地调查获取的样本数据,构建双重差分模型分别对银行贷款和风险投资两种融资方式与企业成长关系进行实证分析,既为融资约束和企业发展理论提供依据,也为解决中小企业融资难题奠定基础。研究结果显示,与没有外部融资的企业相比,获得融资的中小企业成长相对较快,且随着时间的推移成长效应更明显。进一步实证研究表明,有风险投资背景的企业具有更好的成长前景,可见相比于银行贷款,风险投资更能缓解中小企业的融资约束。
For a long time, under the influence of its own structure and financing concept as well as the impact of external financing environment and national financial policies, SMEs are facing more serious financial constraints and restricting their growth and expansion. Combined with the sample data obtained from field research on the financing and growth of 60 SMEs in the three years 2012-2014, combined with the dual differential model, this paper conducts an empirical analysis of the relationship between the two financing modes of bank loans and venture capital and the growth of the enterprises. Financing constraints and the theory of enterprise development to provide the basis for the financing of SMEs to solve the problem laid the foundation. The results of the study show that SMEs that received financing grew relatively fast compared to those without external financing, and the growth effect was more pronounced over time. Further empirical studies show that enterprises with venture capital background have better growth prospects, showing that compared with bank loans, venture capital can ease the financing constraints of SMEs.