文章摘要
中小企业融资结构对债务融资成本的 影响——基于中小板上市公司的经验证据
Research on the impact of financing structure on debtfinancing cost of small and medium sized enterprises——Empirical Evidence Based on Listed Companies in Small and Medium Board
  
DOI:
中文关键词: 融资结构  债务融资成本  中小企业
英文关键词: financing structure  debt financing cost  small and medium-sized enterprises
基金项目:江苏省社会科学重点资助项目(16EYA004);江苏省高校品牌专业建设工程资助项目(PPZY2015C227)
作者单位
王卫星,李臻杰 常州大学 商学院江苏 常州 213164 
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中文摘要:
      本文以我国2012~2015年138家中小板上市公司为研究对象,实证研究了融资结构与融资成本的关系.研究发现:融资结构对债务融资成本的影响呈正U型;区分不同特质负债研究发现,经营负债水平越高,债务融资成本越低;按期限长短分类研究发现,短期借款水平越高,债务融资成本越低,且这种现象在金融生态环境较好的地区更为显著.通过研究融资结构对融资成本的影响程度,有助于中小企业更有效地降低融资成本,促进其健康发展.
英文摘要:
      The relationship between the financing structure and financing cost was studied, which of 138 small and medium-sized listed companies in 2012~2015. The study finds that: the influence on the cost of debt for financing structure is positively U; the further study that distinguishes between different traits finds that the higher the level of debt, the lower debt financing cost; according to the classification of the length of the period, the higher the level of short-term borrowing, the lower debt financing cost, and this phenomenon is more significant in the better financial ecological environment. By studying the impact of financing structure on the cost of financing, it can help small and medium-sized enterprises reduce financing costs more effectively and develop fast.
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