史云 何馨怡

【摘  要】中小企业融资是广泛关注的话题。融资租赁有着融物与融资的双重特性，在制造业中小企业设备投资和发展战略中有着重要作用。它可以成为非常有潜力的金融形式，也将对我国制造业转型升级起到推动作用。而其中融资租赁业务使用情况如何，影响企业融资租赁决策的因素及关系如何，考察这些内容有助于更好地发展融资租赁业务。论文基于融资租赁相关理论建立6个假设，以我国新三板上市的制造业企业为样本进行实证分析。运用二元Logistic回归对假设进行检验，并对检验结果进行分析，提出在中小企业、融资租赁企业和政府方面的相关建议。

【Abstract】Financing of small and medium-sized enterprises is a topic of wide concern. Financial leasing has the dual characteristics of leasing-assets and financing and plays an important role in equipment investment and development strategy of small and medium-sized enterprises in manufacturing industry. It can become a very potential financial form， and will also play a role in promoting the transformation and upgrading of China's manufacturing industry. Among them， the study of the use of financial leasing business and the factors and relations that affect the decision-making of financial leasing business will help to develop the financial leasing business better. Based on relevant theories of financial leasing， this paper establishes six hypotheses， and takes manufacturing enterprises listed on NEEQ of China as samples for empirical analysis. The hypothesis is tested by binary Logistic regression， and the test results are analyzed to put forward relevant suggestions in the aspects of small and medium-sized enterprises， financial leasing enterprises and the government.

【關键词】中小企业;融资租赁;新三板;制造业;二元Logistic回归

【Keywords】small and medium-sized enterprises; financial leasing; NEEQ; manufacturing industry; binary Logistic regression

【中图分类号】F276.3;F832                                             【文献标志码】A                                                 【文章编号】1673-1069（2021）09-0081-03

1 引言

中小企业是国民经济中带来创新和活力并成为推动经济发展的重要力量。在“大众创新、万众创业”的政策方针指引下，中小企业承担着更加重要的角色。制造业中小企业的发展对我国供给侧结构性改革、科技创新和向智能制造转型也起着重要作用。而由于竞争和资金压力等原因，中小企业的生存以及持续发展经常难以维系。

中小企业融资成为理论和实践中被广泛关注的话题。一方面，企业面临融资难、融资贵;另一方面，金融机构面临业务成本高、风险大的难题。选择股权融资还是债务融资是中小企业的一个难题。除了财务风险，中小企业还有公司治理等很多问题要考虑。……