Empirical Study on the Factors Influencing the Growth of Small and Medium-Sized Enterprises

This paper studied the factors influencing the growth of small and medium-sized enterprises (SMEs). Principal component analysis and panel quantile regression were used to analyze the panel data of 287 SMEs listed on SME board from 2015 to 2019. The empirical results show that R&D investment has a significant negative impact on the growth of SMEs. Ownership concentration has a significant positive impact on the growth of SMEs. In terms of financing structure, endogenous financing has a significant positive impact on enterprise growth, while equity financing and debt financing have a negative impact on enterprise growth. It is found that at different quantile levels, the effects of various factors on enterprise growth are significantly different. The conclusion of this study has certain reference value for SMEs in different growth stages to take corresponding measures to promote their own development.