Purpose

The study aims to empirically evaluate the effect of internal factors of small and medium enterprises (SMEs) on their financing choices. It also examines the financing practices of listed SMEs in India and finds out whether the financing patterns of listed SMEs follow the established theories of corporate finance.

Design/methodology/approach

For this study, 113 SMEs listed on National Stock Exchange Emerge Platform are considered for the period from 2014 to 2018. Panel data regression is applied. The control group has been identified by using the propensity score matching approach. Qualitative information has been collected from the bank officials and the promoters of listed SMEs.

Findings

The study reveals that for meeting financial requirements, listed SMEs initially create current liabilities followed by usage of total reserves. Thereafter, they look for short- and long-term borrowings for further funding options. No significant change is observed in the financing pattern of listed SMEs as compared to their non-listed matched firms. The study suggests that no single theory, including pecking order theory or trade-off theory, could explain the behaviour of SMEs financing completely.

Research limitations/implications

The financing pattern of SMEs can be of great interest to various stakeholders such as government and lenders. As no significant boost is observed in debt financing post listing, this aspect needs to be evaluated by the stakeholders.

Originality/value

This study is significantly different from the existing studies, as it attempts to evaluate the impact of listing on overall financing pattern of SMEs in India. This is also one of the very few studies that uses both quantitative and qualitative information to examine the same.

中文翻译：

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上市中小企业的融资偏好：来自印度 NSE Emerge 平台的证据

目的

本研究旨在实证评估中小企业（SME）内部因素对其融资选择的影响。它还考察了印度上市中小企业的融资实践，并找出上市中小企业的融资模式是否遵循既定的公司融资理论。

设计/方法/方法

在本研究中，考虑了 2014 年至 2018 年期间在国家证券交易所新兴平台上市的 113 家中小企业。应用了面板数据回归。使用倾向评分匹配方法确定了对照组。已从银行官员和上市中小企业的发起人处收集了定性信息。

发现

研究表明，为了满足财务要求，上市中小企业首先创建流动负债，然后使用总准备金。此后，他们寻找短期和长期借款以获取进一步的融资选择。与非上市匹配企业相比，上市中小企业的融资模式没有显着变化。研究表明，没有单一的理论，包括啄食顺序理论或权衡理论，可以完全解释中小企业的融资行为。

研究限制/影响

中小企业的融资模式可能会引起政府和贷方等各种利益相关者的极大兴趣。由于上市后债务融资没有显着增长，这方面需要利益相关者进行评估。

原创性/价值

本研究与现有研究显着不同，因为它试图评估上市对印度中小企业整体融资模式的影响。这也是极少数同时使用定量和定性信息来检验相同的研究之一。