小微企业文化、融资决策与其成长性的实证研究

发布时间：2018-04-02 07:16

  本文选题：小微企业　切入点：企业文化　出处：《山东大学》2016年博士论文

【摘要】：小微企业是大众创业、万众创新的主体,是国民经济的基本细胞,为促进经济增长、解决就业、促进创新、改善人民生活发挥着重要作用。但小微企业由于规模小、信息不对称、轻资产、无抵押等原因,一直面临高融资约束、高死亡率等成长困境。如何解决小微企业成长困境,成为理论界和学术界关注的热点。随着互联网金融的发展,P2P、众筹等网络融资模式出现,网络融资能够有效解决小微企业信息不对称问题,成为小微企业融资决策的一个重要选择,但调研数据显示,小微企业的融资主要来源排在前两位的是自有资金和亲朋借款,说明小微企业融资决策偏于保守。是否激进的融资决策更有利于促进小微企业成长,这是一个值得研究的课题。考虑到小微企业的融资决策与其成长性之间的关系和作用机理,笔者引入企业文化变量,企业文化作为一种非正式制度,是企业发展的软约束,对企业融资决策和成长性都会产生影响。基于现有的理论研究,本研究构建了小微企业文化、融资决策与其成长性实证研究的理论模型,小微企业文化会对其融资决策产生影响,小微企业文化会对其成长性产生影响,融资决策也对小微企业成长性产生影响,融资决策在其中发挥中介作用。在此理论模型基础上,参考国际经典量表和相关文献,采用探索性因子分析的方式构建小微企业文化指标体系和小微企业成长性指标体系,并利用该指标体系进一步对本研究提出的理论模型进行验证,主要得出如下几点结论：第一,小微企业文化可划分为价值观、关系文化、创新文化和风险文化四个维度,小微企业成长性可划分为盈利性、发展规模和成长阶段三个维度。第二,小微企业价值观对小微企业融资决策有显著的影响,价值观越凝聚统一,小微企业的融资决策越激进；小微企业的关系文化对小微企业融资决策有显著的影响,关系文化程度越高,越善于处理各种内外部关系,小微企业的融资决策越保守稳健；小微企业创新文化对小微企业融资决策有显著的影响,创新文化氛围越浓,小微企业的融资决策越激进；风险文化与融资决策之间的关系不明确。第三,小微企业价值观与小微企业成长性显著正相关,小微企业价值观越凝聚统一,小微企业的成长性越高；小微企业关系文化与小微企业成长性显著正相关,关系文化程度越高,越善于处理各种内外部关系,越有利于小微企业成长；小微企业的创新文化与小微企业成长性显著负相关,创新文化程度越高,创新意识越强,小微企业成长性越低；风险文化仅对小微企业成长性的盈利性维度产生影响,二者之间是显著的正相关关系,小微企业的风险文化氛围越强,其成长的盈利性越高。第四,小微企业融资决策对小微企业成长性产生重要影响。小微企业财务稳健性与小微企业成长性具有显著负相关关系；小微企业资产负债率与其成长性具有显著正相关关系；小微企业外部资金首选来源与其成长性具有显著的正相关关系。第五,融资决策在小微企业文化与成长性(盈利性)之间发挥部分中介作用；融资决策在小微企业文化与小微企业成长性(发展规模)之间有部分中介作用,但强度不大；融资决策在小微企业文化与小微企业成长性(成长阶段)之间发挥部分中介作用。研究结论丰富了小微企业成长性的研究,并且从小微企业文化角度切入,研究小微企业文化与小微企业成长性之间的关系,并探讨二者之间的作用机理,结果表明融资决策在二者之间发挥部分中介作用,拓宽了企业成长理论的研究视角,有一定的理论价值。同时,“大众创业、万众创新”背景下,研究结论得出了促进小微企业成长的新的方法,即从文化角度考虑如何促进小微企业成长,有一定的实践借鉴价值。根据本研究得出的结论,可以得到如下管理启示：第一,小微企业应该重视企业文化建设。第二,小微企业应该重视融资决策,不能盲目保守也不能过于冒险。第三,小微企业的企业家在文化建设、融资决策中应该发挥领导作用。第四,小微企业应该有自身成长意识,通过完善企业文化、完善组织结构、合理进行融资决策等,获得更高的发展机会和更高的成长性。本研究的创新点主要体现在以下几个方面：第一,从小微企业文化角度切入进行研究,本研究构建了小微企业文化、融资决策、小微企业成长性三者之间的作用机理,研究视角独特,具有一定创新性。第二,构建了小微企业文化指标体系。本研究立足我国小微企业的文化特征,结合已有企业文化量表,设计小微企业文化量表,并据此采用探索性因子分析的方式构建小微企业文化指标体系,在一定程度上弥补了现有研究的不足,具有一定创新性。第三,研究揭示了企业文化影响小微企业成长的作用机理。本研究引入小微企业融资决策变量,通过理论分析构建三者之间的作用机制图,并采用多元回归分析等方式验证三者之间的关系,研究结论具有一定的理论价值和实践启迪。第四,研究视角立足小微企业。由于本研究立足小微企业,研究目的在于为小微企业发展提供一定借鉴,采用调研问卷的形式获取小微企业数据,研究结论有较高的实践指导意义,在一定程度上弥补了有关小微企业研究的“信息黑洞”,这也是本文的创新点之处。
[Abstract]:Small and micro businesses is the main public entrepreneurship, innovation, is the basic cell of the national economy, to promote innovation in order to promote the economic growth, employment, and plays an important role in improving people's life. But Small and micro businesses due to the small scale, asymmetric information, asset light, no mortgage and other reasons, has been facing high financing constraints, high the mortality rate growth dilemma. How to solve the difficulties of the growth of Small and micro businesses, become a focus of attention in theoretical and academic circles. With the development of Internet banking, P2P, appeared to raise public network financing mode, network financing can effectively solve the problem of asymmetric information Small and micro businesses, has become an important choice Small and micro businesses financing decision. But the survey data shows that the main source of financing Small and micro businesses in the top two of its own funds and family loans, that Small and micro businesses financing decision on the conservative side. More favorable whether radical financing decision To promote the growth of Small and micro businesses, this is a topic worthy of study. Considering the relationship and mechanism between financing decision Small and micro businesses with growth, the variable of corporate culture, corporate culture as an informal system, soft constraints the development of enterprises, will be on the corporate financing decision and growth influence. Based on the existing theoretical research, this study constructs a theoretical model of culture Small and micro businesses, financing decisions and growth of empirical research, Small and micro businesses culture will affect the financing decision, Small and micro businesses culture will affect the growth of the financing decision of Small and micro businesses growth influence the financing decision, play an intermediary role in them. Based on the theoretical model, with reference to international classical scale and related literature, using exploratory factor analysis method to build the index system of Small and micro businesses The growth of the index system and Small and micro businesses, and further verify the theoretical model proposed in this study by using the index system, mainly draws the following conclusions: first, Small and micro businesses can be divided into cultural values, culture, cultural innovation and cultural risk in four dimensions, Small and micro businesses growth can be divided for profit, the three dimensions of the scale of development and growth stage. Second, Small and micro businesses values have a significant impact on small and micro enterprises financing decisions, values more cohesive unity, Small and micro businesses financing decisions are more aggressive; the relationship of culture Small and micro businesses for small and micro enterprises financing decisions have a significant impact, the more the high degree of culture, is good at dealing with all kinds of internal and external relations, Small and micro businesses financing decisions more conservative; Small and micro businesses innovation culture on Small and micro businesses financing decisions have a significant impact, innovative cultural atmosphere more concentrated, small Micro enterprise financing decision more radical; the relationship between culture and financing decision-making risk is not clear. In third, the small and micro enterprise growth outlook is positively related to the value of Small and micro businesses, Small and micro businesses values more cohesive unity, Small and micro businesses of higher growth; significant positive correlation relationship with the Small and micro businesses Small and micro businesses grow, the higher the degree of the relationship between culture, is good at dealing with all kinds of internal and external relations, more conducive to the growth of Small and micro businesses; Small and micro businesses innovative culture and Small and micro businesses growth negatively related to higher level of innovation culture, innovation consciousness is strong, Small and micro businesses growth lower risk; culture only for small and micro dimensions of profitability of enterprise growth impact, between the two there was a positive correlation between Small and micro businesses, the risk of more strong cultural atmosphere, the growth of profitability is high. Fourth, Small and micro businesses financing for small and micro enterprises Have an important impact on industry growth. Small and micro businesses financial soundness and Small and micro businesses growth has significant negative correlation; Small and micro businesses with asset liability ratio growth has significant positive correlation; Small and micro businesses preferred source of external funding its growth has a significant positive correlation. Fifth, the financing decision in Small and micro businesses culture and growth (profitable) play a part of the intermediary role; financing decision in Small and micro businesses culture and Small and micro businesses growth (scale) between the part of the intermediary role, but the intensity is not strong; financing decision in Small and micro businesses culture and Small and micro businesses growth (growth stage) between plays the part of the intermediary role. Conclusion to enrich the research of the growth of Small and micro businesses, small and micro enterprise culture angle of entry, Small and micro businesses culture and the relationship between small and micro enterprise growth, and explore two The mechanism between them. The results show that the financing decision plays the part of the intermediary role in the relationship between the two, broaden the research perspective of the theory of enterprise growth, has a certain theoretical value. At the same time, "public entrepreneurship, innovation background, research conclusion of the new method to promote the growth of small and micro enterprises, namely how to consider to promote the growth of Small and micro businesses from the perspective of culture, has certain practical reference value. According to the conclusions of this study, we can get the following revelation: first, Small and micro businesses should pay attention to the construction of enterprise culture. Second, Small and micro businesses should pay attention to the financing decision, not blindly conservative nor too risky. Third, Small and micro businesses. Entrepreneurs in the cultural construction, should play a leading role in financing decision making. Fourth, Small and micro businesses should have their own growth consciousness, through the improvement of corporate culture, improve the organizational structure, reasonable financing decision Policy, access to development opportunities for higher and higher growth. The innovation of this study is mainly reflected in the following aspects: first, from the micro perspective of the enterprise culture, the establishment of Small and micro businesses culture, financing decision-making mechanism between Small and micro businesses to grow three, research unique perspective, which has certain innovation. Second, construct the index system of Small and micro businesses culture. This study based on the cultural characteristics of China's Small and micro businesses, combined with the existing scale of enterprise culture, the design of Small and micro businesses culture scale, and constructs the index system of cultural Small and micro businesses by exploratory factor analysis, in the to a certain extent make up for the lack of existing research, which has certain innovation. Third. The study reveals the mechanism of the influence of enterprise culture Small and micro businesses grow. The introduction of Small and micro businesses financing decision variable, through theory Analysis of mechanism between the construction of the three, and the multiple regression analysis method to validate the relationship between the three, the conclusion of the study has a certain theoretical value and practical enlightenment. Fourth, based on the perspective of Small and micro businesses. Because of this study based on the Small and micro businesses. The aim is to Small and micro businesses development to provide certain reference. The data acquisition Small and micro businesses through the investigation questionnaire has high practical significance the research conclusion, to a certain extent make up for the Small and micro businesses on the "black hole", which is also the innovation of this paper.

【学位授予单位】：山东大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F275;F276.3;F270
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本文编号：1699342