| The development of enterprises is the common issue that the company’smanagers, investors and other stakeholders concern about, and which has always beenthe focus both in theory and in practical. The enterprises’constant growth is of greatsignificant to the national economy, capital market,the shareholders and thecreditors.The potential growth is the key factor to how much contributions theenterprise can make to the society and the all interest-related parties.The enterprisegrowth isan important factor to influence the financing structure, if the enterprise inits growth do not pay attention to build a reasonable financing structure, pursuingexpansionblindly,may cause great losses to the enterprise and the stakeholders.Compared with the large enterprises,the small and medium ones are moreflexible to the management and more adaptable to the characteristics market, thathave become the major force of our country’s enterprisesin number,and also havebeen contributing to promoting the development of national economy and alleviatingthe employment pressure,and so on. With the growing position of the SME, theShenzhen SME(Small and Medium Enterprises)Board emerged at the righttime,which indicates that the country do pay attention to the SME’s development,andthe SME’s development has increasingly become the focus of the scholars’ study.Notonly the establishment of the SME Board has provided the convenient financingchannels for those listed Small and Medium Enterprises,but also set up a enterprisesas the most platform for building the reasonable financing structure enterprise forthem.Foreign theories and empirical studies have shown that the growth and theCorporate Financing Structure are closely related,but the domestic scholars’ researchon the relationship between them is relatively less, and there is no agreementconclusion between SME’s growth and the Financing Structure has been made.Butthe majority of scholars agree that the enterprises’ growth is bound up with theirFinancing Structure, so the reasonable Financing Structure will promote thedevelopment of the Small and Medium Enterprises. The Debt Financing is animportant part of the Financial Structure,which is closely linked to the futuredevelopment of the enterprises. In this paper, the hypothesis of the relationship ofSmall and Medium Enterprises’ growth and debt financing is put forward,based onthe exposition of the relevant theories about the growth and Debt Financing,with thedomestic and foreign relevant research; Selecting the Small and Medium Enterprises Boards listed companies’financial data from2010to2012in our country the researchsample, in this paper, the Capital Accumulation, the Asset Growth Rate, the GrowthRate of Main Business Revenue,the Operating Profit Growth,the Net Profit GrowthRate,the Net Income Growth Rate and the Growth Rate of Net Cash Flow,which arethe seven Growth Index,are analyzedby factor analysis.The research about therelationship between the Proportion of Debt Financing for the SME,the TermStructure and the enterprise’s growth was made according to the OverallIndex,whatconcluded by the factor analysis,representing the enterprises’ growth.The empiricalresults show that the growth of Small and Medium Enterprises Boardslistedcompanies and the Corporate Debt Ratio has a significant relationship with the TermStructure;higher the enterprise growth is,higher the Proportion of the Debt tend to be;and higher the Proportion of the Debt, longer the corporate Debt Maturity Structurewill be. |
