Abstract: Whether the docking between small and medium-sized enterprise (SME) cluster and folk capital can raise the enterprises’ financing efficiency has become one of the hot topic in the social from all walks of life. This paper take the data of Yangtze river delta as SME cluster, and build panel data model, and research on the financing efficiency of docking between SME cluster and folk capital. The results show that the docking between the SME cluster and the folk capital can improve the enterprises’ financing efficiency. Empirical results from subsample show that the docking between the SME cluster and the folk capital can improve the non-state enterprises’ financing efficiency, but has no significant impact on the state-owned enterprises’ financing efficiency. Moreover,the docking between the SME cluster and the folk capital has significant effects on corporate financing efficiency in Zhejiang province, but no significant effects in Jiangsu and Shanghai. Finally, the research results can provide the theoretical basis and realistic foundation for improving the financing efficiency of SME in China.

摘要： 中小企业集群与民间资本对接能否提升企业融资效率，目前已成为社会各界关注的热点问题之一。本文以长三角地区中小企业作为集群样本，构建面板数据模型，探讨中小企业集群与民间资本对接对企业融资效率的影响。研究结果表明：中小企业集群与民间资本对接提升了企业融资效率。分样本的实证结果显示：中小企业集群与民间资本对接对能有效提升非国有企业的融资效率，而对国有企业的融资效率的影响并不显著。此外，浙江省中小企业集群与民间资本对接对企业融资效率影响显著，而江苏与上海地区的影响并不显著。本文的研究结果为提高我国中小企业融资效率提供了理论依据和现实基础。