中文摘要：

由于具有强烈的控制权偏好和风险规避倾向，中小家族企业的融资行为一般被认为比较符合新优序融资理论，即企业偏好内源融资，在外源融资中偏好债权融资。实证研究表明，内源融资是中小家族企业的主要资金来源渠道，并且家庭与企业资金流动灰色区域的存在使得大量家庭资源免费为企业所用；债权融资是中小家族企业外源融资的主要方式，研究者们对中小家族企业和非家族企业的财务杠杆率、融资可得性以及融资成本进行了大量的对比研究，其结论并不一致；虽然中小家族企业较少进行股权融资，但是一些国家在中小企业板上市的家族企业及其经营业绩还是引起了学界的关注。

英文摘要：

Securing adequate capital is an ongoing challenge for small and medium-sized family businesses （SMFBS）. However, most theoretical and empirical studies of capital structure focus on public corporations. Propositions relating to profits maximization and assumptions of perfect information and rational economic behavior have limited the validity of these theories, casting some doubt on their ability to explain capital structure decisions in SMFBS. An alternative approach propose that, in raising finance, managers follow a pecking order in which internal funds are preferred, followed by debt, hybrid securities, and then, as a last resort, a new issue of ordinary share. The new pecking order theory does not rely on the existence of a target debtequity ratio and seems to explain the actual financing behavior of SMFBS because they are believed to be more adverse to risk and loss of control. According to the new pecking order theory, considerable studies have been conducted on the financing behavior of SMFBS. First, experimental studies show that SMFBS obtain most of their capital by internal finance. Moreover, plenty of household resources flow into businesses because of the intermingling of family and business finance in SMFBS. The household-to-business intermingling creates less constructive behaviors and leads to decisions that are good in short run but not for long-run sustainability. Although family sources may play a critical role during the very early stages of the business, external sources became increasingly important as the business grew and matured. Second, debt financing is the major sources of external funds for SMFBS. SMFB＇s owner-managers are believed to act to reduce risk exposure by maintaining lower debt levels, but this opinion is not always supported by empirical evidence. Some studies provide evidence that, thanks to personal and well-informed relationships with banks and other parties, SMFBS enjoy greater availability and lower cost of credit than non-family business. On the contrary, so