近些年，中小企业在整体国民经济中占比不断提高，其对经济增长、创造税收、增加就业等方面的贡献越发得到社会的认可和政府及经济学界的关注。经济学界就中小企业生存、发展等展开广泛的讨论，政府也与时俱进，根据市场的需求适时的颁布相关法律法规，为中小企业发展保驾护航。
本文在参考前人研究的基础上，结合工作实际，试图探讨中小企业规模及其贷款融资额对企业成长的作用。通过对北京市某国有大型担保机构提供贷款担保的中小企业客户群体中进行筛选，最终选出76家中小企业的数据作为样本。通过对样本企业2010-2012年财务数据的统计分析，定义变量，并初步建立了多元线性回归模型。之后改进为建立基于两时期面板数据分析的一阶差分方程，分别探讨了在企业规模和其贷款额的共同作用下与中小企业的成长的相关关系。
对于企业成长的表现形式上，分别以销售收入、总资产、固定资产、营业利润等指标的增量作为被解释变量，从不同角度验证此相关关系，并得出主要结论：（1）我国中小企业的成长总体上与企业规模相关关系较为明显，其成长不符合Gibrat’s Law。（2）销售收入、总资产、固定资产等的增长均与企业规模相关性较强，而营业利润的增长与企业规模无明显相关关系。（3）贷款额及贷款增加额在总体上对中小企业的成长呈促进作用，但其相关性不如企业规模明显。（4）贷款额与贷款增长额与销售收入的增长均无明显的相关关系，贷款额与企业总资产的增长、固定资产的增长无明显相关关系；但贷款增长额与企业总资产的增长、固定资产的增长均呈较为明显的相关关系；无论贷款额或者贷款增长额均与营业利润的增长无明显相关关系。
最后，本文就得出结论分别从政策制定者、中小企业经营者、中小企业融资提供者角度给出实践建议。
关键词：中小企业；规模；融资；成长
In recent years, the development of small and medium-sized enterprises and their contributions of economic growth and the employment, is concerned by more and more people. Studies on the growth of small and medium-sized enterprises, financing and other issues are also discussed, and the government promulgated many laws and regulations to promote the development of small and Medium-sized Enterprises.
In this paper, on the basis of the previous studies, attempts to explore the small and medium-sized enterprises’ size and loan amount on the growth promoting effect. Through to one large state-owned guarantee institutions in Beijing to provide loan guarantees for small and medium-sized enterprises customer groups were screened, and ultimately selected 76 small and medium enterprises as samples. Through to the sample enterprises’ 2010-2012 annual financial data statistical analysis, definition of variables, and the preliminary establishment of a multiple linear regression model. Then a first-differenced equation is built based on two period panel data analysis, are discussed respectively in the enterprise scale and the amount of loans under the common and growth of small and medium-sized enterprises relationship.
For enterprise growth forms, respectively with sales revenue, total assets, fixed assets, operating profit index increment as the explained variable, from different angles to verify this relationship, and the main conclusions: (1) On the whole, the growth of our country’s small and medium-sized enterprises are more obvious with their size, its growth does not meet the Gibrat’ s Law. (2) the growths of the sales income, total assets and fixed assets have strong correlation with their size, though their business profit growth has no obvious correlation relationship. (3) the loan amount and loan increase in general is stimulative effect to the growth of small and medium-sized enterprises, but the relevance is small than their size. (4) the loan amount and loan growth has no significant correlation to revenue growth, and the loan amount also has no significant correlation to the growth of total assets and fixed assets; but the loan growth showed obvious relationship to the growth of total assets and fixed assets; Regardless of the loan amount or amount of loan growth has no obvious correlation to profit growth.
At last, this paper gives practical advice to policy makers, managers of small and medium-sized enterprises, and the financing of small and medium-sized enterprises provider.
Key word：Small and medium-sized enterprise, Enterprise size ,Loan, Growth
2.3 国内关于企业成长与企业规模、融资额关系的研究… 10
4.1.1 企业规模及贷款额对2011年销售收入增加额的影响… 16
4.1.2 贷款额及企业规模对2012年销售收入增加额的影响… 16
4.1.4 引入HSK-ROBUST Std. Error（异方差-稳健标准误）… 19
4.2 运用两时期一阶差分方程继续分析销售收入增加额… 21
4.2.1 用模型（4）对2012年销售收入增加额做回归… 22
4.2.3 引入HSK-ROBUST Std. Error（异方差稳健标准误）做OLS回归… ………………………………………………………………………..23
4.2.4 对2012年收入增加额与2012年平均贷款增加额负相关的原因分析… ………………………………………………………………………..23
4.3.3 引入HSK-ROBUST Std. Error的两时期一阶差分方程… 31
4.4.3 引入HSK-ROBUST Std. Error的两时期一阶差分方程… 33
4.4.4 对固定资产增量作为企业成长的被解释变量的结论… 34
4.5.3 引入HSK-ROBUST Std. Error的两时期一阶差分方程… 36
4.5.4 对营业利润增量作为企业成长的被解释变量的结论… 37
