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ϛωӌཾԤਝᝰ௩ၥߜϞଆpp.83-10883ϛωӌཾԤਝᝰ௩ၥߜϞଆጾМ፱IJȁںijᄢȁौᜰᗤຠȈϛωӌཾȃၥߜᝰ௩ȃᒊၥؚ๊ȃᒊၥ֨ც൦ȃᆱ፣200797.77%76.66%68.76%29.84%33.91%17.89%2007aIJġҳϛѵσᏰӌᆓفఀ௲ȄijġҳϛѵσᏰӌᆓفിρੲंـҡȃىႀ୦ཾᏰᔖҢငᔼفᖿৱȄϛωӌཾี۟ѐϛωӌཾี۟ѐ984Fuetal.,200220052005BinksandEnnew,1996200020012006199920012005200620002001venturecapitaliststradecreditorsrevenue-generatingassetsVosetal.,2007ϛωӌཾԤਝᝰ௩ၥߜϞଆpp.83-10885ຯȃϛωӌཾᒊၥࣺᜰМᝦΙȃᒊၥ੫ܒϷݙ199455%50%19971993199720017620072007ϛωӌཾี۟ѐϛωӌཾี۟ѐ986CowlingandSugden1995EnnewandBinks1995BinksandEnnew19966,000perceivedcreditconstraintHolmesetal.1994425applicationcostBergerandUdell1998NSSBF&NFIB70.10HussainandMatlay200720001,218679ϛωӌཾԤਝᝰ௩ၥߜϞଆpp.83-108872003978439Jordanetal.1998275Berggrenetal.2000281Fuetal.20021,276JohnsenandMcMahon20059,731Abor2007150Πȃᒊၥؚ๊ᇄӰݎᜦVanAuken20051ϛωӌཾี۟ѐϛωӌཾี۟ѐ9881BergerandUdell2006causalchaingovernmentpolicieslendingtechnologiescreditavailabilityaccountingstandardsUeda2004start-upfirmssignalingcostprojectBoltonandFreixas2000ϛωӌཾԤਝᝰ௩ၥߜϞଆpp.83-10889VanAuken,H.E.,2005.AModelofSmallFirmCapitalAcquisitionDecisions.ყ1ȁωӌཾᝰ௩ၥߜؚ๊٣ছᆖ᧭റ୮৬ᤜᇷಛᇷ८ױᛧࢤֆࢤᇷ८ᤂൻ୲࣐৫ଅᙠೣړګ९ؾᑑ࿔ᓿᤜᠲᖑڶृؾᑑᣂএൎஇؑൣउᇷ८༼ࠎृऱයٙ՛ীٞᄐᤂൻᇷ८ެቹ՛ীٞᄐᤂൻᇷ८ެᑓীϛωӌཾี۟ѐϛωӌཾี۟ѐ990ȃרӌཾᒊၥپྛᇄ֨ცΙȃӌཾѴঅᇄՌԤၥߜޟᗍ༖Ϸݙ12200353.62%200650.13%ȁȁȁȁȁȁȁߒ1ȁσӌཾᇄϛωӌཾѴঅၥߜᇄՌԤၥߜϞШ१՝Ȉ%200353.6269.2359.5046.3830.7740.50200452.1668.1759.2947.8431.8340.71200551.0769.0860.8148.9330.9239.19200650.1368.7657.2549.8731.2442.752002ΠȃӌཾೣᇄᒊၥПԒ20072007276.4076.8034.9126.1431.55ϛωӌཾԤਝᝰ௩ၥߜϞଆpp.83-1089130.41102006ȁȁȁȁȁȁȁȁߒ2ȁᇧഅཾᕊၼܖၥܚሯၥߜپྛȞፒᒵȟ՝Ȉ%75.9574.3476.4076.8034.5646.2434.9126.1430.9931.3131.5530.419.5415.276.587.379.4417.049.813.885.7412.943.851.864.271.223.117.141.370.331.242.170.370.000.500.549.917.639.8111.562007ყ2ȁσӌཾᇄϛωӌཾѴঅၥߜᗍ༖ყȞ2003~2006ԑȟ50.13%53.62%52.16%51.07%68.76%69.08%68.17%69.23%57.25%60.81%59.29%59.50%40%45%50%55%60%65%70%75%2003200420052006ڣ৫ۍ։ֺՕٞᄐխٞᄐ՛ٞᄐቹՕٞᄐፖխ՛ٞᄐ؆ଗᇷ८ႨቹΰڣαʳԲΕٞᄐᑓፖᘜᇷֱڤϛωӌཾี۟ѐϛωӌཾี۟ѐ992έȃᝰ௩ၥߜϞ֨ც357.62%50.18%49.65%27.84%16.49%11.17%8.16%6.74%ȁȁȁȁȁȁȁȁȁȁȁߒ3ȁᝰ௩ၥߜޟ֨ᜲᘈȞፒᒵȟ՝Ȉ%57.6255.7161.8555.7850.1847.1449.1352.5949.6550.0045.6652.1927.8425.0030.6427.4916.4917.1418.5014.7411.1718.578.678.768.1617.864.055.586.744.292.8910.765.505.004.056.77200755.7150.00%61.85%49.13%45.66%30.64%200050ϛωӌཾԤਝᝰ௩ၥߜϞଆpp.83-1089317.86%4.05%5.58%18.57%8.67%8.76%2007ဓȃӌཾҡڼ໊ᇄᒊၥ๊Ιȃԙߝ໊ڐጒᇄၥҏ๖ᄺBergerandUdell1998financialgrowthcycleparadigmangelfinanceBergerandUdell,19983businessangelsGiudiciandPaleari,2000;Pauletal.,2007Gregoryetal.2005BergerandUdell1998954ϛωӌཾี۟ѐϛωӌཾี۟ѐ994Vosetal.2007contentmenthypothesisfinancegaphypothesishappystoryBerger,A.N.andUdell,G.F.,1998.TheEconomicsofSmallBusinessFinance:TheRolesofPrivateEquityandDebtMarketsintheFinancialGrowthCycle.ყ3ȁӌཾϚӣԙߝ໊ޟᒊၥپྛყٞᄐᑓٞᄐڣᇷಛױᛧࢤპীٞᄐࣂࢽࡉྤᛧܓಖᙕփຝԳᇷ८՛ীٞᄐګ९ᑨԺ܀ᛧܓಖᙕڶૻխীٞᄐڶࣂࢽԫࠄᛧܓಖᙕՕীٞᄐױቃवऱଅᙠࡉױᔾᛧܓಖᙕٌ࣐ॾش֚ࠌᘜᇷ໌ދᇷ८ैᦞᘜᇷ८ᘜᖲዌཚ၊ཱི८ᘜᖲዌխཚ၊ཱི႘ᦞᘜᇷቹٞᄐլٵګ९ၜཚऱᘜᇷࠐᄭቹԲΕլٵګ९ၸհᘜᇷฃϛωӌཾԤਝᝰ௩ၥߜϞଆpp.83-10895ΠȃϚӣԙߝࢲϞᒊၥ๊20054ߒ4ȁӌཾԙߝࢲȃೣᇄᒊၥ๊ߒ1.2.3.4.5.6.1.2.3.4.5.6.1.2.3.4.5.6.7.8.9.2005ӂȃڙۡᒊၥؚ๊ᔖՃ໔ޟӰશVanAuken,2005ϛωӌཾี۟ѐϛωӌཾี۟ѐ996ΙȃᒊၥߜޟӻᄀġGiudiciandPaleari,2000Πȃၥߜԙҏޟଽճġ2002Myers,1984CassarandHolmes,2003financialhierarchyGiudiciandPaleari,2000;ChowandFung,2000ϛωӌཾԤਝᝰ௩ၥߜϞଆpp.83-10897έȃᒊၥ३ޟߝ2004Higgins,2007maturitystructureHiggins,2007Ѳȃᒊၥώڎޟ৯ġFuetal.,2002Schäferetal.,20042002ϛωӌཾี۟ѐϛωӌཾี۟ѐ998Ϥȃᒊၥᐠོޟӻᄀġ20086ചȃᒊၥ֨ცϞᄇ๊ϛωӌཾԤਝᝰ௩ၥߜϞଆpp.83-10899Ιȃᇄሚ߳ࡻϸޟϣଢ଼Fuetal.,2002;BehrandGüttler,2007BehrandGüttler,20072007Vosetal.,2007creditworthinessChowandFung,2000;BehrandGüttler,20072000ΠȃӒᆓ౩ڙ࡙McMahon,20011999García-TeruelandMartínez-Solano,2007ϛωӌཾี۟ѐϛωӌཾี۟ѐ910020002005έȃ࡚ҳӫۣޟོॎڙ࡙/McMahon,200120052005alignmentrequirementscapacityIsmailandKing,2005Ѳȃ࡚ҳيޟϴѧݽ౩ڙ࡙accountabilityAborandAdjasi,2007ϛωӌཾԤਝᝰ௩ၥߜϞଆpp.83-1081012006AborandAdjasi,2007RandøyandGoel,20032002Ϥȃ፡ᐌϚӣԙߝࢲޟᒊၥ๊BergerandUdell,1998;MüllerandZimmermann,2008ϛωӌཾี۟ѐϛωӌཾี۟ѐ9102ϲȃҢࢇۺᒊሄᏲᡝف20057120072007b20052000ࢮȃ๖፣50ϛωӌཾԤਝᝰ௩ၥߜϞଆpp.83-108103VanAuken,2005ՃМᝦϛМഋϷȈ20052005200863://ϛωӌཾี۟ѐϛωӌཾี۟ѐ91041994200131-102007200720062006200771-7419971691-920052005200863ϛωӌཾԤਝᝰ௩ၥߜϞଆpp.83-108105़МഋϷȈAbor,J.,2007.IndustryClassificationandtheCapitalStructureofGhanaianSMEs.StudiesinEconomicsandFinance,24(3):207-219.Abor,J.andAdjasi,C.K.D.,2007.CorporateGovernanceandtheSmallandMediumEnterprisesSector:TheoryandImplications.CorporateGovernance,7(2):111-122.Behr,P.andGüttler,A.,2007.CreditRiskAssessmentandRelationshipLending:AnEmpiricalAnalysisofGermanSmallandMedium-SizedEnterprises.JournalofSmallBusinessManagement,45(2):194-213.Berger,A.N.andUdell,G.F.,1998.TheEconomicsofSmallBusinessFinance:TheRolesofPrivateEquityandDebtMarketsintheFinancialGrowthCycle.JournalofBankingandFinance,22(6-8):613-673.Berger,A.N.andUdell,G.F.,2006.AMoreCompleteConceptualFrameworkforSMEFinance.JournalofBankingandFinance,30(11):2945-2966.Berggren,B.,
本文标题:中小企业乃国家经济发展之基石
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