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摘要
我国拥有大量的中小企业, 中小企业在经济发展、优化结构、促进就业等众多方
面产生了积极影响,并已经成为我国经济发展的新增长极。同世界上大多数国家相似，
我国中小企业在股权融资和债权融资两方面都面临困境，存在着股权融资缺口和债务
融资缺口。融资难始终是困扰着中小企业成长与发展，特别是诸如新产品研制、新技
术开发等企业创新方面的要求更是难以得到资金满足。多年来的理论和实践证明，对
中小企业而言，股权融资是一种可以满足成长性和创新性的资金需求的融资方式。

鉴于此，本文采用采用文献研究法、SWOT分析法、统计分析法、实证分析法等多
种方法对中小企业股权融资的必要性、环境、现状、瓶颈以及中小企业的资本结构与
股权融资影响因素的相关性进行比较深入的研究分析，并提出了改善中小企业股权融
资现状的建议。

本文共分六部分。第一部分为绪论，开门见山地说明了本论文的研究背景和目的、
研究方法和内容以及创新点与不足之处，同时还对国内外的研究进行了述评。第二部
分对中小企业股权融资以及相关理论基础进行了界定和说明。第三部分对中小企业股
权融资的必要性进行了分析，然后运用 SWOT 分析法研究了中小企业股权融资的内外
部环境。第四部分详解了中小企业股权融资的现状和瓶颈。第五部分选取资产负债率、
规模、成长性、财务风险成本、资产担保价值、盈利能力、非债务税盾等进行了中小
企业的资本结构与股权融资影响因素的实证分析。第六部分结合我国中小企业股权融
资的现状及其瓶颈和实证分析的结果，提出了对改善中小企业股权融资的初步建议和
对策。

关键词：中小企业，股权融资，融资渠道，资本结构The research of SMEs equity financing problem
Abstract
There are many small and medium enterprises in China. SMEs play an important role
in China's economic development, optimizing the economic structure, easing employment
pressure. It forms a new economic growth point gradually. In China, SMEs have the
financing gaps of equity capital and debt，like other countries in the world. The financings
of equity and debt are facing the great difficulties. Financing is always the bottleneck in the
growth and development of SMEs. It is difficult to promote the innovations of enterprises,
especially the manufacture and development of new products. In some ways, practice has
proved that equity financing can meet the funding demands for the growing and innovative
of SMEs. It is a mode of financing, which has advantage and development for SMEs.
In view of these factors, this paper mainly adopts a variety of methods to research and
analyze for the necessity, environment, current situation, bottlenecks, and correlation in the
factors of the capital structure and equity financing, simultaneously makes some
suggestions to improve the current situation of equity financing for SMEs, such as
researching methods of literature study，SWOT analysis, statistical analysis, empirical
analysis and so on.
There are six parts in this paper. PartⅠ is an introduction, it introduces the
background and purpose of this paper, researching methods and content, innovation and
lack. It reviews the foreign and domestic researches at the same time. PartⅡ makes
definition and description about equity financing and related theoretical basis for SMEs.
Part Ⅲanalyzes the necessity and priority of equity financing for SMEs. Then it adopts
the analysis method named SWOT to research for the internal and external environment
in equity financing for SMEs. PartⅣ analyzes the current situation, bottlenecks and
incentives of equity financing for SMEs . PartⅤ empirically analyzes the capital structure
and equity financing factors , and adopts some methods, such as asset-liability ratio, size,
growth, cost of financial risk, value of asset-backed, profitability, non-debt tax shield and
so on. Part VI makes preliminary suggestions and countermeasures to improve the equity
financing for SMEs, combining with current situation, existing problems and the results
of empirical analysis.
Key words: SMEs, equity financing, financing channels, capital structure