我国作为中小企业大国，中小企业数量占比 99%，GDP 贡献量超 60%。然而，在中小企业对社会经济中发挥重要作用的同时，其自身 发展面临诸多困难，主要包括担保难、融资难。现行中小企业评级体 系纷杂，评级指标多样，呈现设计复杂、主观性强、调查成本高等特 点，此不利于投资人、投资机构进行客观的信用评级和批量对比。中 小企业融资难不仅与外部信用评级相关，更关键的是与企业内部资金 分配，企业融资结构合理构建有关。合理的融资结构分配，使企业融 资债务风险较低，偿债性较好。本文探讨中小企业融资结构一般规律， 及其融资结构与信用评级关系。 本文首先结合国内外小企业信用评级文献，运用层次分析法、多 指标综合评估法，依据中小企业特点，秉承可操作性、可量化性，构 建了一套符合中小企业信用评级指标体系。其次，选取 457 家新三板 企业为样本，通过文献分析、描述性分析、实证分析，探索新三板企 业融资结构与信用评级关系及规律。研究表明，中小企业融资结构与 信用评级显著相关，并具有一定的解释力度。其中信用评级处于评级 等级 B 类的新三板企业，其融资结构对信用评级的解释力度更大。并 且外源股权、债券融资率偏高的中小企业呈现信用评级越高的一般特 性，内源融资率偏高的中小企业信用评级较低。最后，本文就解决中 小企业融资难问题，从企业内外部两方面进行对策建议。 关键词，中小企业，信用评级，指标体系，融资结构 论文类型，应用基础研究II CREDIR RATING AND FINANCING STRUCTURE OF SMES ANALYSISE BASED ON DATE ANALYSIS OF NEW THREE BOARDS. ABSTRACT As a large country of small and medium-sized enterprises, the number of small and medium-sized enterprises of China accounts for 99% of the total, and their contribution of GDP exceeds 60%. However, SMEs play an important role in the social economy, at the same time, their development is facing many difficulties, including the difficulty of guaranteeing and financing. The current small and medium-sized enterprises rating system is complex, with a variety of rating indicators, presenting the characteristics of complex design, strong subjectivity, high survey costs. This is not conducive to objective credit rating and batch comparison between investors and investment institutions. The financing difficulties of SMEs are not only related to external credit rating, but also the internal capital allocation and the reasonable construction of financing structure. Reasonable allocation of financing structure makes the debt risk of enterprise financing lower and debt paying better. This paper discusses the general rule of SME financing structure, and the relationship between financing structure and credit rating. This paper first combines the domestic and foreign SME’s credit rating literature, using the analytic hierarchy process, multi-index comprehensive evaluation method, according to the characteristics of small and medium-sized enterprises, adhering to operability, quantifiability, to build a set of small and medium-sized enterprise credit rating index system. Secondly, 457 new third board enterprises are selected as samples, through literature analysis, descriptive analysis and empirical analysis, to explore theIII relationship between financing structure and credit rating of new third board enterprises. Research shows that SMEs'financing structure is significantly related to credit rating, and has a certain degree of explanation. Among them, the financing structure of the new third board enterprises whose credit rating is in Grade B is more explanatory to the credit rating. Moreover, SMEs with high external equity and bond financing rate have the general characteristics of higher credit rating, while SMEs with high internal financing rate have lower credit rating. Finally, this paper puts forward some suggestions to solve the financing problem of SMEs from both internal and external aspects. KEY WORDS: Small And Medium-sized Enterprises, Index System, Enterprise Credit Rating, Financing Structure TYPE OF DISSERTATION: Application Fundamentals浙江工业大学硕士论文 中小企业融资结构与信用评级研究—基于新三板数据分析 IV 目录 1 诸论.................................................................................................1 1.1 研究背景与目的 .........................................................................................1 1.1.1 研究背景...............................................................................................1 1.1.2 研究目的...............................................................................................2 1.2 相关概念界定 .............................................................................................2 1.2.1 中小企业...............................................................................................2 1.2.2 信用评级...............................................................................................4 1.2.3 融资结构...............................................................................................4 1.3 研究方法及内容 .........................................................................................5 1.3.1 研究方法...............................................................................................5 1.3.2 研究主要内容.......................................................................................6 1.4 研究创新 .....................................................................................................8 2 文献综述.........................................................................................9 2.1 中小企业信用评级文献综述 .....................................................................9 2.1.1 信用及信用风险...................................................................................9 2.1.2 中小企业信用评级模型.......................................................................9 2.1.3 中小企业信用评级指标.....................................................................12 2.2 融资结构文献综述 ...................................................................................16 2.2.1 经典融资结构理论.............................................................................16 2.2.2 中小企业融资结构理论.....................................................................18 2.3 融资结构与信用评级影响研究 ...............................................................20 2.3.1 信用评级与融资相关理论.................................................................20 2.3.2 融资结构与信用评级研究综述.........................................................22 2.4 融资结构细分 ...........................................................................................23 2.5 文献简要评述 ...........................................................................................24 3.我国中小企业信用评级与融资现状...........................................25 3.1 我国中小企业融资与信用评级现状 .......................................................25浙江工业大学硕士论文 中小企业融资结构与信用评级研究—基于新三板数据分析 V 3.2 中小企业信用评级特点 ...........................................................................26 3.3 我国中小企业信用评级的现状与不足 ...................................................27 3.4 以新三板企业为例分析中小企业融资结构 ...........................................29 3.4.1 数据来源.............................................................................................29 3.4.2 2013-2015 年新三板企业融资结构状况 ..........................................29 4.中小企业信用评级指标及评级方法的选择...............................30 4.1 中小企业信用评级指标体系设计 ...........................................................30 4.1.1 设计原则.............................................................................................30 4.1.2 评级指标初步构建.............................................................................31 4.1.3 指标的具体含义及要点.....................................................................32 4.1.4 样本选择.............................................................................................37 4.2 基于层次分析方法权重构建 ...................................................................38 4.2.1 层次分析法方法介绍.........................................................................38 4.2.2 各层次权重确认.................................................................................40 4.3 评级模型建立 ...........................................................................................43 4.4 信用级别判定 ...........................................................................................45 4.5 评级结果分析与说明 ...............................................................................46 5.中小企业融资结构与信用评级实证分析...................................49 5.1 实证样本与指标选取 ...............................................................................49 5.1.1 变量设计.............................................................................................49 5.1.2 数据来源及样本筛选过程.................................................................51 5.2 实证分析 ...................................................................................................51 5.2.1 变量描述性统计.................................................................................51 5.2.2 融资结构因子分析计算.....................................................................53 5.2.3 相关性检验.........................................................................................55 5.2.4 回归分析.............................................................................................55 5.3 总结 ...........................................................................................................57 6.结论对策及展望...........................................................................59 6.1 中小企业外部环境优化对策 ...................................................................59 6.2 中小企业内部环境优化对策 ...................................................................61浙江工业大学硕士论文 中小企业融资结构与信用评级研究—基于新三板数据分析 VI 6.3 研究不足及后续展望 ...............................................................................62