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首页> 外文期刊>Journal of Small Business and Enterprise Development >SME financing in the UK and in China: a comparative perspective
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SME financing in the UK and in China: a comparative perspective

机译：英国和中国的中小企业融资：比较视角

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摘要

Purpose - The purpose of this research is to outline the preliminary results of an empirical investigation into access to finance and related issues, as experienced by SME owner/managers in the UK and in China. Design/methodology/approach - The authors employed a telephone survey involving a sample of SME owner/managers operating in the UK and in China. A detailed, semi-structured questionnaire was administered to a selected sample of 32 matched SMEs. The survey requested quantitative and qualitative information on sources of finance, both preferred and actually used by owner/managers, during three stages in their firm's business cycle: at start up, after two years and over the next five years. Findings - Evidence suggests that there are similarities as well as differences between SME financing in the UK and in China. In terms of initial (start-up) funding, a large proportion of respondents relied exclusively on financial support from their immediate family. After two years in business, respondents exhibited a higher reliance on own savings and the financial support of bank and other financial institutions. At the end of five years of uninterrupted economic activity, most of the owner/managers in the UK sample relied for their borrowing needs primarily on financial institutions and to a lesser extent upon their own savings. In contrast, owner/managers in China depended mainly upon financial support from their immediate family and to a lesser extent on financial institutions. Research limitations/implications - The sample for this research study is both small and selective. It is not meant to represent a random or statistically significant selection of either the UK or Chinese SME sectors. Originality/value - The financing preferences of owner/managers in the sample have been influenced by their perception of the relative strength and weaknesses of domestic finance infrastructures. The results of this research study is indicative of SME owner/managers' financing needs, attitudes and perception. Future developments and the strengthening of the legal and financial infrastructure in China could significantly reduce the comparative gap between owner/manager preferences in these two countries.
机译：目的-这项研究的目的是概述在英国和中国的中小型企业所有者/经理所经历的对获得融资及相关问题的经验研究的初步结果。设计/方法/方法-作者进行了电话调查，涉及在英国和中国经营的中小型企业所有者/经理的样本。对32个匹配的中小型企业的样本进行了详细的半结构化问卷调查。该调查要求在所有者/经理的业务周期的三个阶段中，提供有关所有者/经理首选和实际使用的财务来源的定量和定性信息：启动，两年后以及未来五年。调查结果-证据表明，英国和中国的中小企业融资既有相似之处，也有不同之处。在初始（启动）资金方面，很大一部分受访者完全依靠直系亲属的财政支持。经过两年的经营，受访者对自己的储蓄以及银行和其他金融机构的财务支持表现出更高的依赖性。在连续五年的经济活动结束时，英国样本中的大多数所有者/经理人的借贷需求主要依靠金融机构，而较少依赖于自己的储蓄。相比之下，中国的业主/经理主要依靠直系亲属的财政支持，而在较小程度上依靠金融机构。研究的局限性/意义-该研究的样本既小又具有选择性。这并不意味着代表英国或中国中小企业部门的随机或具有统计意义的选择。原创性/价值-样本中所有者/经理的融资偏好受到其对国内金融基础设施相对优势和劣势的感知的影响。这项研究的结果表明中小企业所有者/经理的融资需求，态度和看法。未来的发展以及中国法律和金融基础设施的加强，可以大大缩小这两个国家的所有者/经理偏好之间的相对差距。

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