基于高层梯队理论,以2010年我国530家中小上市企业为样本,采用层级回归方法,分析企业家人口统计特征对中小企业融资约束的影响及其作用机制。研究结果表明,企业家不同的人口统计特征对中小企业融资约束产生不同的影响,具体来说,企业家受教育程度和职称对缓解中小企业融资约束产生积极影响,企业家年龄和任期对中小企业融资约束产生显著的U型影响,而女性企业家对缓解中小企业融资约束产生消极影响。研究结果不仅丰富了企业家人口统计特征与中小企业融资约束之间的相关理论,并为缓解我国中小企业融资约束提供了实践支持。
Based on the upper echelons theory, the research analyzes the effect of demographic traits of entrepreneurs on finan- cing constraints of SMEs by means of the hierarchical regression method and with samples of 530 Chinese listed SMEs in 2010. The results show that different demographic traits of entrepreneurs have different effects on the financing constraints of SMEs. Specifically, the education background and professional title of entrepreneurs have a positive impact on easing the financing constraints of SMEs, meanwhile, the age and tenure of entrepreneurs have a significant U - shaped impact on the financing constraints of SMEs, hut women entrepreneurs have a negative impact in alleviating such constraints. The research not only enriches the theories between demographic traits of entrepreneurs and financing constraints of SMEs, but also provides a practical support for SMEs in China to ease financing constraints.