中小家族企业融资行为及研究综述_陈凌.pdf

第37 卷第4 期 ( ) Vol. 37, No. 4 2007 年7 月 Jour nal of Zhej iang University(Humanities and Social Sciences) Ju ly 2007 中小家族企业融资行为研究综述 , ( 浙江大学 民营经济研究中心, 浙江 杭州 310027) [ ] 由于具有强烈的控制权偏好和风险规避倾向, 中小家族企业的融资行为一般被认为比较 符合新优序融资理论, 即企业偏好内源融资, 在外源融资中偏好债权融资。实证研究表明, 内源融资是 中小家族企业的主要资金来源渠道, 并且家庭与企业资金流动灰色区域的存在使得大量家庭资源免费 为企业所用;债权融资是中小家族企业外源融资的主要方式, 研究者们对中小家族企业和非家族企业 的财务杠杆率、融资可得性以及融资成本进行了大量的对比研究, 其结论并不一致; 虽然中小家族企 业较少进行股权融资, 但是一些国家在中小企业板上市的家族企业及其经营业绩还是引起了学界的 关注。 [] 中小家族企业; 新优序融资理论; 内源融资; 债权融资; 股权融资 [] F279. 245 [ ] A [ ] 1008- 942X(2007)04- 0 172- 10 A Survey of Studies on Small and Medium2sized Family Business Financing CHEN Ling, YE Chang2bing ( Cent er f or Resear ch of P r iv at e E conomy , Zh ej ia ng Uni ver si ty , H a ngzh ou 310027, Ch in a) A str act: Securing adequate capital is an ongoing challenge for small and medium2si ed family businesses ( SMFBS) . H owever, most theoretical and empirical studies of capital structure focus on public corpor ations. Propositions relating to profits maximi ation and assumptions of perfect information and rational economic behavior have limited the validity of these theories, casting some doubt on their ability to explain capital structure decisions in SMFBS. An alternative approach propose that, in raising finance, manager s follow a pecking order in which internal funds are preferred, followed by debt, hybrid securities, and then, as a last resor t, a new issue of ordinary share. The new pecking order theory does not rely on the existence of a target debt2 equity r atio and seems to explain the actual financing behavior of SMFBS because they are believed to be more adverse to risk and loss of control. According to the new