The research on the loaning problem of small and medium enterprises--An example of food manufacturing industry

• Main Authors: Tzeng, Shiuh-Horng, 曾旭宏
• Other Authors: Lin, Kun-Hui
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/15939376465248049401

碩士 === 國立屏東科技大學 === 工業管理系 === 94 === Small and medium enterprises are important power to drive the economic development of Taiwan. They also create 28% sales and 77% employment opportunities for the economic of Taiwan. However, restricted by the insufficiency of inherent condition, the small and medium enterprises have their own weakness in management, among which insufficient working capital and difficulty in raising funds are the serious problems. The subjects of this study are small and medium food manufacturers in Southern Taiwan. In addition to the discussion on whether or not those food manufacturers in conformity with the pecking order theory, this paper also explores the financing problem of the small and medium food manufacturers in Southern Taiwan. Descriptive statistics and multivariate analysis were used to carry out my empirical study. The main conclusions I derived from the study are as the following: 1.The main source of short-term funds for the small and medium food manufacturers in Southern Taiwan is financial institutions; while the first source of long-term funds is the capitals. 2.For medium-and long-term funds, the small and medium food manufacturers in Southern Taiwan prefer to raise them in the following order: (1) internal capital, (2) external loans, and (3) issue of common stock. 3.In the aspect of financial structure, those companies tend to make short-term loans and utilize them for the use of long-term investment. 4.According to the results of factor analysis, the reasons why those small and medium food manufacturers face difficulties in making loans include: (1) ability to repay the loan, (2) plans for repayment of the loans, (3) stability of loans, and (4) stability of financial statements 5.The factor analysis shows that the small and medium food manufacturers in Southern Taiwan felt that the government would guide and assist them to obtain funds for the following factors: (1) the government’s methods in assisting them to obtain funds, (2) functions of government authorities, and (3) the sources of available by the government. 6.From factor analysis, it is found that the factors influencing the decision of the small and medium food manufacturers in Southern Taiwan to make loans are (1) capital sources and tax shield benefits, and (2) monetary policy of the central bank.