Research On Relationship Among The Small And Micro Enterprises’ Culture,Financing Decisions And Growth

The small and micro enterprises are the main body of the national economy, which are the basic cells of the national economy, and play an important role of promoting economic growth, increasing employment opportunities, promoting innovation and improving people’s life. But duing to their small size, small micro enterprise information asymmetry, light assets and unsecured, the small and micro enterprises always face growing difficulties such as high financing constraints and high mortality. How to solve the problem of the growth of the small and micro enterprises, become the hot topic of the theoretical circle and the attention of the academia. Along with the development of the Internet financial, P2P financing pattern and the network financing can effectively solve the financing problem of the small and micro enterprises, which become an important choice to the small and micro enterprises’financing decisions, but the survey data shows that the main source of the small and micro enterprises’ financing decisions are borrowing money from the relatives and banks, which means the small and micro enterprises’ financing decision is conservative. Whether the radical financing decision is good to the growth of the small and micro enterprises is an important research topic. Considering the small and micro enterprises’financing decisions and its formative mechanism, we introduced the company culture variables, which is a kind of informal institutions, can influence the Small and micro enterprises’financing decisions and the growth of the small and micro enterprises.Based on the existing theoretical research, the research constructed the model of empirical research of the Small and micro enterprises’culture, financing decisions and the growth of the small and micro enterprises. The small and micro enterprises culture can affect the growth of the small and micro enterprises, the small and micro enterprises culture can affect the financing decisions, and the financing decisions play a mediating role in it. Based on the theoretical model, the reference international classic scale and related research, use the exploratory factor analysis method construct the index system of enterprise culture and small micro enterprises’ growth index system, and use the index system of this study to put forward further validated theoretical model, the research has the following conclusions:First, the small and micro enterprises’culture can be divided into four dimensions that are culture values, the relationship culture, the innovation culture and the risk culture, the small and micro enterprises’ growth can be divided into three dimensions that are profitability, scale of development and growth stage.Second, the small and micro enterprises’ values and financing decisions have a significant negative correlation relationship, if the values are more unified, the small and micro enterprises’ financing decisions are more radical; there have a significant positive correlation between the small and micro enterprises’ financing decisions and the relationship culture, the relationship cultural degree is higher, the small and micro enterprises’financing decisions are more conservative; there have a significant negative correlation relationship between the innovation culture and financing decisions, the innovation culture is higher, the small and micro enterprises’financing decisions are more radical; the relationship between the risk culture and the financing decisions is not clear.Third, there have a significant positive correlation relationship between values and the growth of the small and micro enterprises, if the values are more unified, the growth of the small and micro enterprises are higher; there have a significant positive correlation relationship between the relationship culture and the growth of the small and micro enterprises, the higher of the relationship culture, the higher degree of the growth of the small and micro enterprises; there have a significant negative innovation relationship between the innovation culture and the growth of the small and micro enterprises, the higher degree of the innovation culture, the lower degree of the growth of the small and micro enterprises; there have a significant positive correlation relationship between the risk culture and the profit of the small and micro enterprises, the higher degree of the risk culture, the higher profit of the small and micro enterprises.Fourth, the financing decisions of the small and micro enterprises have influence on the growth of the small and micro enterprises. There have a significant negative relationship between the financing conservative and the growth of the small and micro enterprises; therer have a significant positive relationship between the debt and the growth of the small and micro enterprises; there have a significant relationship bewtwwen the external financing sources and the growth of the small and micro enterprises.Fifth, the financing decisions play a mediating role between the small and micro enterprises’ culture and the growth(profit) of the small and micro enterprises; the financing decisions play a mediating role between the small and micro enterprises’ culture and the growth(scale) of the small and micro enterprises; the financing decisions play a partial mediating role between the small and micro enterprises’culture and the growth(stage) of the small and micro enterprises.The research conclusions enrich the study of the growth of the small and micro enterprises, and study the relationship among the culture, the financing decision and the growth of the Small and micro enterprises. The relationship among the culture, the financing decisiongs and the growth of the Small and micro enterprises is motive. And the research explores the mechanism between the culture and the growth of small and micro enterprises. The results show that financing decision plays an intermediary role between the culture and the growth of the small and micro enterprises, and broadens the perspective of firm growth theory, which have some theoretical value. At the same time, with the public entrepreneurship and peoples innovation background, the conclusion could help promote the growth of the small and micro enterprises with new methods, namely from the cultural perspective to consider how to accelerate the development of small and micro enterprise, which have a certain practical reference value. According to the conclusion of this study, we can get the following management suggestions:First, the Small and micro enterprises should attach importance to enterprise culture construction. Second, the Small and micro enterprises should attach importance to the financing decision, neither blindly conservative nor too risky. Third, the leader of the Small and micro enterprises should play a leading role in financing decisions and the culture constrction. Fourth, the Small and micro enterprises should have the consciousness of growth, by constrcting culture, making correct financing decisions, the small and micro enterprises can have more growth opportunities.The innovation point of this research is mainly in the following several aspects: Firstly, this research studies the corporate culture from micro view, constructs mechanism between the culture, financing decision and the small and micro enterprises growth, which have certain innovation. Secondly, this research constructs the index system of small micro enterprise culture. This study is based on the cultural characteristics of small and micro enterprises in China, combining with the existing corporate culture scale, designs the small scale enterprises culture scale, and uses the factor analysis method to construct small and micro enterprises’ culture index system, which have some innovation. Thirdly, the study reveals that the corporate culture influence the mechanism of the growth of the small and micro enterprises. This study introduces the small and micro enterprises’financing decision variables, through the theoretical analysis to construct the mechanism, and using methods such as multiple regression analysis to verify the relations between figures and action. The research conclusion has certain theoretical value and practical enlightenment. Fourth, the research is based on the view of small and micro enterprises. This study is based on the small micro enterprises, to provide certain reference for small and micro enterprises development. The research conclusions have higher practical guiding significance。This is also this article’s innovation.