我國中小企業籌資策略之個案研究

Abstract

中小企業為我國經濟的重要支柱也提供我國經濟社會發展與就業穩定不可或缺的力量，而中小企業的發展需要穩定的資金來源。本研究的主要目的為透過中小企業個案分析，探討實務上中小企業各個發展階段資金需求目的、籌資方式、面臨困難與解決方式，以及未來籌資的計畫以了解中小企業籌資策略的形成與其影響因素。 本研究透過專家深度訪談方式，訪問四家個案公司經營決策者，結果發現：一、中小企業籌資策略，在草創期以股東往來或民間借款為主，進入穩定發展期後，籌資選擇順序主要為內部資金優先、銀行融資次之、最後才是民間借款或發行新股，大致符合融資順位理論。二、籌資策略影響因素包括產業特性、企業決策者的經營哲學與策略、企業營運、財務狀況及資訊透明度、政府政策。三、在銀行往來方面，個案公司認為往來關係有助於公司的信用與商譽。選擇銀行時公司優先考慮因素為授信條件及服務品質。除了建設公司以外，個案公司銀行往來對象以泛公股銀行為主；融資方式通常舉借短期無擔保借款。

Small and medium enterprises(SMEs) play a crucial role of supporting the development of the society and economy in Taiwan. The development of SMEs relies on their stable fund. The objective of this thesis is to research the financing strategies of SMEs and the influence factors through case study. In this research, through interviewing top decision makers of 4 SMEs, the results are found: 1. At initial stage, case companies raised fund by shareholders borrowing or non-financial institution borrowing. At developed stage, case companies raised fund by internal capital, bank loans, and new stock issuance, which is consist with pecking order theory. 2. The influence factors of SMEs financial strategy are industry, top management philosophy and strategy, company operation, financial strength and information transparency, and government policies. 3. Regarding to bank relationship, all case companies recognized the relationship contributes to their credit and reputation. Their prior criteria of bank selection are loan terms and bank service quality. Except real estate construction company, the case companies mainly borrowed unsecured short-term loan from state-owned banks.