基于突变级数的我国科技型中小企业融资能力研究

A study on financing capability of small and medium sized Sci - Tech enterprises in china on catastrophe progression

摘要:

融资能力评价对提升科技型中小企业融资能力至关重要，是厘清科技型中小企业融资障碍的首要前提。传统观点只强调自身能力的作用，而忽略融资环境的研究。因此，研究以兼顾自身能力与融资环境为出发点，运用无需赋权的突变级数法对我国26个省市科技型中小企业融资能力进行客观评价，进而采用突变级数法与障碍因子诊断结合的改进障碍因子模型深度剖析了我国科技型中小企业融资能力的主要障碍因素。研究表明：（1）我国科技型中小企业融资能力分布总体表现为从西部向东部沿海地区不断增强的趋势；（2）不同省市科技型中小企业融资能力中间层障碍因素表现为明显差异性；（3）速动比率、流动比率、应收账款周转率、科技成果市场化与市场中介发育程度是限制我国科技型中小企业融资能力提高的“短板因素”。最后针对各省市科技型中小企业融资能力的分布情况与主要障碍因素，对其融资能力提升提出了相应对策和建议。

Abstract:

Financing ability evaluation is very important to enhance the financing ability of science and technology SMEs, which is the primary prerequisite to clear up the financing obstacles for science and technology SMEs. Traditional view only emphasized the role of the ability of the enterprises themselves, while ignoring the financing environment research. Therefore, taking the balance between self-ability and financing environment as the starting point, using the catastrophe progression to evaluate the financing ability of the SMEs of 26 provinces and cities in China, and then using the improved the obstacle factor model to analysis the financing capacity of China"s small and medium-sized enterprises the main obstacle factors. The results showed that: (1) The financing capacity of SMEs in China is increasing from west to east coast; (2) The obstacle factors of financing ability of middle and small enterprises in different provinces and municipalities are obviously different; (3) The quick ratio, current ratio, accounts receivable turnover rate, marketization of scientific and technological achievements and market intermediary development are the "short-board factors" that restrict the financing ability of Chinese SMEs. Finally, according to the distribution of financing ability of the SMEs of science and technology in the provinces and the main obstacle factors, the corresponding countermeasures and suggestions are put forward.