中文摘要：

文章以第七次全国私营企业抽样调查的3268个私营中小企业的经验数据为样本，实证检验了企业主的股权融资意愿及其与控制权偏好之间的关系。研究发现，中国私营中小企业中有约72％左右的企业主不愿通过股权的融资方式来获取资金，而且随着时间的推移，企业主的持股份额相对其他投资者而言趋于增加；同时，股权融资意愿与企业主的控制权偏好之间存在显著的正相关性。由于中国私营中小企业具有鲜明的个人治理特征，较低的股权融资意愿意味着大力促进股权融资缺乏坚实的基础，因此，在制度设计上需要兼顾企业主和外部投资人非经济因素方面的风险和控制权偏好，创新金融机制促进中小企业股权融资发展。

英文摘要：

The paper explores the relationship between equity financing willingness and the control preference of the SME owners. 3268 samples are drawn from the 7th private enterprises survey. The research finds that about 72% SME owners are unwilling to obtain financing by equity. However, they would increase their equity share over time. We also find the significant positive relationship between the control preference and the equity-financing willingness of the owners. With the distinct individual- governance features, the low equity financing willingness means the lack of solid foundation for the policy toward promoting equity financing. Non-economic preference of the SME owners and the outside investors should be considered when we design financing mechanism.