臺灣微型企業資金融通之研究

Abstract

本研究深入探討台灣微型、中型及大型企業在家數、銷售額、員工數和政策補助優惠方面的差異，比較不同規模企業間的經營狀況，並涵蓋各種融資管道，包括銀行融資、債權融資、股權融資、政府補助、自有資金及其他融資，不僅突破以往研究的限制，成功整合不同融資管道和企業規模的全面比較，還對台灣現行政策提出具體建議，旨在改善企業融資環境並促進經濟多元發展。 本文主要發現有以下四個：第一，近十年來銀行對中小企業授信放款金額、政府相關專案貸款和信用保證數量及金額增加，使其資金融通改善，資金取得較十年前容易，提供所需資本以投資和發展業務，中小企業家數逐年增加，但較大型企業來說融資仍相對困難，中小企業家數與企業規模、存活年數呈負相關，資本額多和長年存活的企業少。第二，微型企業佔所有企業家數的72.4%，主要集中於低技術門檻的產業，如批發零售業和餐飲業，這些企業規模小、抗風險能力低、員工平均月薪低、人數極少，融資金額非常有限而資金不足，主要依靠自有資金和政府補助，其企業存活年數少。第三，中型企業佔企業總數的27.6%，在台灣創造多數的就業機會，雖然能夠提供較高的薪資，但資金主要依賴銀行貸款，面臨較多的融資限制，影響企業的成長和擴展能力。第四，大型企業雖然只佔1.1%的企業總數，但在銷售額上佔48.4%，主要從事高科技和資本密集型產業，通常擁有較高信用評等和透明的財務資訊，能夠以較低成本獲得大量資金，資金來源多樣化，包括銀行借款、股權和債券融資。 目前中小企業以政府專案補助和輔導企業上市櫃來取得更多融資，但整體金額仍佔少數比例，研究建議為政府應加大員工薪資補貼和租稅優惠等政策，幫助以自有資金為主的微型企業更容易獲得融資，促進社會的穩定發展與創新。

This study delves into the disparities between micro, small, and large enterprises in Taiwan in terms of number, sales, employee counts, and policy subsidies, comparing the operational status across different business sizes and covering various financing channels including bank loans, debt financing, equity financing, government subsidies, self-financing, and other sources. It not only breaks through the limitations of previous research by integrating a comprehensive comparison of different financing channels and business scales, but also offers concrete suggestions for current policies aimed at improving the business financing environment and promoting economic diversification. The main findings of this paper are as follows: First, over the past decade, the amount of bank loans, government project loans, and credit guarantees available to small and medium-sized enterprises (SMEs) has increased, improving their access to capital, which is more readily available than ten years ago. This has supported investment and business development, leading to a yearly increase in the number of SMEs. However, compared to larger companies, financing remains relatively difficult for SMEs, and there is a negative correlation between the number of SMEs and both the size of the enterprises and their longevity, with fewer enterprises having substantial capital and long-term survival. Second, micro-enterprises account for 72.4% of all businesses and are predominantly found in low-tech industries such as wholesale, retail, and catering. These businesses are small, have low risk tolerance, low average monthly wages, and very few employees. They have very limited financing, are underfunded, and mainly rely on self-funding and government subsidies, resulting in shorter business lifespans. Third, medium-sized enterprises make up 27.6% of total businesses and create the majority of employment opportunities in Taiwan. Despite offering higher wages, their funding primarily depends on bank loans, facing numerous financing restrictions which hinder their growth and expansion. Fourth, although large enterprises only account for 1.1% of the total business population, they account for 48.4% of total sales and are typically involved in high-tech and capital-intensive industries. They usually have high credit ratings and transparent financial information, allowing them to obtain substantial funds at lower costs. Their funding sources are diversified, including bank loans, equity, and bond financing. Currently, SMEs rely on government project subsidies and guidance for public listing to secure more financing, but the overall amount still represents a small proportion. The study suggests that the government should increase policies such as employee wage subsidies and tax incentives to help micro-enterprises that primarily use self-funding to obtain financing more easily, thus promoting stable societal development and innovation.