Influencing Factors of Financing Constraints of Micro and Small Enterprises (MSEs) in China: A Risk Information Conveyance Perspective
Table 4
Variable description and definition.
Type
Name
Symbol
Measurement methods
Explained variable
Financing constraints
SA
Measured by the SA index:
Enterprise characteristics
Fixed assets value
Assets
Natural logarithm of fixed assets currently available to the enterprise
Enterprise size
Size
Natural logarithm of total assets currently owned by the enterprise
Enterprise age
Firmage
2015 – year of business registration
Operating revenue
Revenue
Natural logarithm of the enterprise’s operating revenue in 2014
Employees number
Employees
Number of employees employed by the enterprise
Profitability dummy
Profit
Profit=1, flat or loss=0.
Financial management system dummy
System
Have documented financial management system=1, otherwise =0
Enterprise characteristics
High-tech enterprise dummy
Hightech
Belong to high-tech enterprise=1, otherwise =0
Private brand dummy
PB
Possesses private brand=1, otherwise =0
Number of professional technicians
Technicians
The number of professional technicians the enterprise currently has
Owner’s shareholding ratio
Ratio
The shareholding ratio of the owner (unit: %)
Industry effect
Industry
Set 18 industry dummy variables according to the industry to which the enterprise’s main business belongs (manufacturing=1; construction=2; wholesale=3; retail=4; accommodation=5; catering=6; software and information technology services=7; transportation=8; postal=9; mining=10; real estate development and operation=11; warehousing=12; leasing and business services=13; property management=14; information transmission=15; electricity, heat, gas, and water production and supply=16; agriculture, forestry, animal husbandry, and fishery=17; other industries =18)
Organizational form
Form
Set up 6 organizational form dummy variables according to enterprise organizational form (sole proprietorship=1; partnership=2; limited liability company=3; joint stock company=4; farmers’ cooperative=5; others =6)
Owner characteristics
Education
Education
Education of the dominant owner (no education=1; elementary school=2; middle school=3; high school=4; junior secondary specialized school/vocational high school=5; junior college/higher vocational education=6; bachelor’s degree=7; master’s degree=8; doctoral degree=9)
Gender
Gender
Male=1, female=0
Age
Age
The age of the owner
Management years
Year
Years of participation in management by the owner up to now
Attention to information about economics and finance
Attention
Very concerned=1, etc., very unconcerned=5
Whether the owner has attended economics or finance courses
Course
Attended economics or finance courses=1, otherwise =0
