英文标题：
《Impact of the Global Crisis on SME Internal vs. External Financing in
China》
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作者：
ShiXue He and Marcel Ausloos
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最新提交年份：
2017
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英文摘要：
Changes in the capital structure before and after the global financial crisis for SMEs are studied, emphasizing their financing problems, distinguishing between internal financing and external financing determinants. The empirical research bears upon 158 small and medium-sized firms listed on Shenzhen and Shanghai Stock Exchanges in China over the period of 2004-2014. A regression analysis, along the lines of the Trade-Off Theory, shows that the leverage decreases with profitability, non-debt tax shields and the liquidity, and increases with firm size and tangibility. A positive relationship is found between firm growth and debt ratio, though not highly significantly. It is shown that the SMEs with high growth rates are those which will more easily obtain external financing after a financial crisis. It is recognized that the China government should reconsider SMEs taxation laws.
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中文摘要：
研究了全球金融危机前后中小企业资本结构的变化，强调了中小企业的融资问题，区分了内部融资和外部融资的决定因素。本文对2004-2014年间在中国深沪证券交易所上市的158家中小企业进行了实证研究。按照权衡理论进行的回归分析表明，杠杆率随着盈利能力、非债务税盾和流动性的增加而降低，随着公司规模和有形性的增加而增加。企业成长与负债率之间存在正相关关系，但并不显著。研究表明，高增长率的中小企业是那些在金融危机后更容易获得外部融资的企业。人们认识到，中国政府应该重新考虑中小企业税法。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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一级分类：Statistics 统计学
二级分类：Applications 应用程序
分类描述：Biology, Education, Epidemiology, Engineering, Environmental Sciences, Medical, Physical Sciences, Quality Control, Social Sciences
生物学，教育学，流行病学，工程学，环境科学，医学，物理科学，质量控制，社会科学
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