摘 要

数量庞大的中小企业在我国国民经济地位是不可忽视和无可替代。中小企业提供了社会大部分的产品和服务,创造了社会上绝大多数的工作岗位，是我国经济的重要稳定力量。由于企业规模较小的中小企业信用水平普遍较低。经常发生债务违约的情况。缺乏有效畅通的外部融资渠道而难以获得所需企业运营资金，中小企业的企业贷款总额配给只有约合不到三分之一，我国中小企业的融资地位和经济地位严重不匹配。因此分析中小企业融资难现象为起点，探寻其中的原因和奥秘，并探讨新兴的互联网金融模式对我国中小企业融资的影响及其作用机理有着不错的现实和理论意义

中小企业融资难的主要根源在于融资渠道少，融资缺口大，融资成本高这三个因素共同作用。通过运用信息技术革命带来互联网技术，互联网金融有着得天独厚的优势，它能相当有效上解决了信息不对称，提高了中小企业的融资效率，融资成本大幅减少，丰富和多元化中小企业的融资渠道。但处于发展初期的互联网金融尚未形成规范制度，给中小企业产生了部分消极影响。

本文通过选取规模较小的中型企业和小微企业作为主体研究对象，建立企业融资约束指标模型，并对样本企业进行数据实证分析，来验证分析互联网金融是否能够在一定程度上解决中小企业的融资问题。

根据回归分析研究结果显示，实证分析验证了互联网金融的确有效改善了中小企业的融资难的现象，产生了较为明显的积极作用。现金流与企业现金持有变化值相关系数为0.365，说明中小企业面临着融资难的问题，中小企业有着较为明显的融资约束。企业规模与企业现金持有变化值相关系数为-0.167，说明中小企业规模越大，中小企业现金持有变化值上升，所受的融资约束程度就越小，企业规模能够对企业融资起到较为明显的正向影响。互联网金融规模与企业现金持有变化值相关系数为0.446，说明互联网金融确实减少中小企业的融资约束，相当有效改善中小企业融资环境。同时中小企业规模越小，对互联网金融依赖程度就越大，缓解其融资约束的程度更为显著，互联网金融对其产生的积极影响更为显著。

最后基于本文研究结论，推动中小企业融资发展和互联网金融的健康发展提出一些政策建议，并指出本文研究存在不足与问题。

关键词：中小企业融资；互联网融资；实证分析

Abstract

A large number of SMEs have an economic position that cannot be ignored in our national economy.SMEs provide most of the products and services of the society and create the vast majority of jobs in the society.They are an important stabilizing force in China's economy.The credit level of SMEs is generally low due to their small size.SMES often default on debts.The lack of effective and smooth external financing channels makes it difficult to obtain the required enterprise operating funds.The total loan allocation for SMEs is less than one third.The financing status and economic status of SMEs in China are seriously mismatched.Therefore,it is of practical and theoretical significance to study the financing difficulties of SMEs as a starting point,analyze the reasons and mysteries,and explore the impact of the emerging Internet financial model on the financing of SMEs in China and its mechanism of action.

The main reasons for the financing difficulties of SMEs lie in the combined effect of the three factors of less financing channels,large financing gap and high financing cost.Through the use of Internet technology brought about by the information technology revolution,Internet finance has unique advantages.To some extent,it can solve information asymmetry,improve the financing efficiency of SMEs,greatly reduce financing costs,and enrich and diversify financing channels for SMEs.However,Internet finance,which is in its early stage of development,has not yet formed a standardized system,which has had some negative effects on SMEs.

In this paper, SMEs and small and micro enterprises are selected as the main research objects, the enterprise financing constraint index model is established, and the data of sample enterprises are analyzed empirically to verify and analyze whether Internet finance can solve the financing problem of SMEs to a certain extent.

According to the results of regression analysis, empirical analysis has verified that Internet finance has indeed effectively improved the financing difficulties of SMEs and has had a more obvious positive effect. The correlation coefficient between cash flow and cash holdings of enterprises is 0.365, which indicates that SMEs are facing financing difficulties and SMEs have obvious financing constraints. The correlation coefficient between the enterprise scale and the change value of cash holdings is -0.167, which indicates that the larger the scale of SMEs, the higher the change value of cash holdings of SMEs,the smaller the degree of financing constraints they are subject to, and the enterprise scale can have a more obvious positive impact on enterprise financing.The correlation coefficient between the scale of Internet finance and the change value of cash holdings of enterprises is 0.446, which indicates that Internet finance does reduce the financing constraints of SMEs and effectively improves the financing environment of SMEs. At the same time, the smaller the scale of SMEs, the greater their dependence on Internet finance, the more significant the degree of easing their financing constraints, and the more significant the positive impact of Internet finance on them.

Finally, based on the research conclusion of this paper, some policy suggestions are put forward to promote the financing development of SMEs and the healthy development of Internet finance, and the deficiencies and problems in this research are pointed out.

Key Words：SME financing；Internet financing；Empirical analysis

目录

第1章 绪论 1

1.1 研究目的及意义 1

1.1.1研究目的 1

1.1.2 研究意义 2

1.2 国内外研究现状 3

1.2.1 中小企业融资问题的研究现状 3

1.2.2 互联网金融对中小企业融资影响的研究现状 4

1.2.3 研究现状述评 5

1.3研究内容与方法 5

1.3.1论文内容 5

1.3.2研究方法 6

第2章中小企业融资与互联网金融概述 8

2.1中小企业的界定 8

2.2中小企业融资的基本理论 10

2.2.1信息不对称理论 10

2.2.2优序融资理论 10

2.2.3信贷配给理论 11

2.3互联网金融概述 11

2.3.1互联网金融的发展现状 11

2.3.2互联网金融的特征 13

2.4中小企业互联网融资模式 15

2.4.1 众筹融资模式 15

2.4.2 P2P网络融资模式 16

2.4.3 电子商务金融模式 17

第3章 互联网金融对中小企业融资的影响 19

3.1传统金融模式下中小企业融资难 19

3.1.1融资成本高 19

3.1.2融资渠道少 19

3.1.3融资缺口大 20

3.2 互联网金融对中小企业融资的积极影响 22

3.2.1 减少信息不对称 22

3.2.2 降低融资成本 23

3.2.3实现个性化融资 24

3.2.4 提高融资效率 25

3.3互联网金融对中小企业融资的消极影响 25

3.3.1不恰当运用互联网金融的危害 25

3.3.2互联网金融自身的不完善带来的影响 26

第4章 互联网金融对中小企业融资影响的实证分析 28

4.1实证假设与变量选择 28

4.1.1研究假设 28

4.1.2变量选择 28

4.1.3样本选择 29

4.2 模型选择与设定 30

4.2.1衡量企业融资约束的模型 30

4.2.2模型的建立 31

4.3实证分析及结论 32

4.3.1实证分析过程 32

4.3.2实证分析结论 34

第5章 结论和展望 36

5.1研究结论 36

5.2政策建议 36