本文旨在探討中小企業與上市公司間重要財務比率之差異，並討論造成此差異之原因，藉此增進對中小企業之瞭解。本文將402個樣本區分為中小企業與上市公司2組，分別以Mann-Whitney U均數檢定及Logistic迴歸分析進行假說之驗證，實證結果顯示：（1）中小企業之銀行直接融資比率顯著低於上市公司，但負債比率卻顯著大於上市公司。（2）中小企業之流動比率、速動比率均較上市公司為高。（3）中小企業存貨週轉率、總資產週轉率較上市公司為高。（4）資產報酬率、股東權益報酬率、利潤率受到公司規模之影響，中小企業與上市公司差異不大。（5）有效稅率因上市公司多受租稅減免之優惠，致使中小企業之有效稅率較上市公司略高。

　　In order to understand more about small and medium enterprises (SMEs), this paper examines and discusses the differences in the key financial ratios between SMEs and listed companies. The sample includes 201 SMEs and 201 listed companies. We use Man- Whitney test and the Logistic regression models to test the established hypotheses. The empirical results are as follows : (1)SMEs have higher debt ratios, but have less direct bank financing. (2)SMEs have higher current ratio and quick ratio. (3)SMEs have higher inventory and asset turnover ratios. (4)Return on assets, return on equity and profit ratio show no significant difference between SMEs and listed companies. (5)SMEs have higher effective tax rate.