上市公司融资结构对财务可持续增长影响研究—基于企.docVIP

中小上市公司融资结构对财务可持续增长影响研究—基于企业生命周期 Study on effect of financing structure on financial sustainable growth in small and medium listed companies--based on the enterprise life-cycle  摘 要小企业在我国，此外，中小企业。因此大力推进中小企业的快速，持续发展。而盲目、快速的增长会使一个公司的资源变得尤为紧张。国外研究表明，因增长过快而破产的公司与增长太慢而破产的公司的数量几乎一样多。融资结构的选择应该企业生命周期基础，充分考虑企业财务可持续增长的要求。 本文中小研究对象企业生命周期研究视角采用以实证研究为主，结合理论分析的研究方法重点探讨我国中小上市公司融资结构对财务可持续增长影响问题。首先因子分析财务可持续增长指标，根据生命周期理论将样本公司融资结构与财务可持续增长回归分析，成熟期中小企业股权集中度与财务可持续增长之间的关系，既不是简单的正相关关系，也不是简单的负相关的关系，而是存在一个合理的区间范围，而成长期中小企业股权集中度与财务可持续增长的关系不显著，企业处于成熟阶段，资产负债率与财务可持续增长在一定的区间范围内呈关系，而成长期中小企业资产负债率与财务可持续增长的关系不显著无论是企业处于成长期阶段还是成熟期阶段负债占比与都成负相关关系，财务可持续增长随负债比率的降低而升高。企业在成熟期阶段长期负债占比与财务可持续增长的回归系数为正，既长期负债占比与财务可持续增长正相关，而在成长期阶段长期负债占比与财务可持续增长实证结果融资结构 关键词： 融资结构 财务可持续增长 因子分析 Abstract In terms of quantity and sales, small and medium listed companies in China have an important contribution to economic development and status, in addition, the growth of small and medium listed companies is the basis of large enterprises ,strategic allies and partners. therefore there must be vigorously promote the rapid and sustainable development of small and medium listed companies. But blind, rapid growth make a companys resources to become very tight. According to foreign research,bankruptcies due to over-speed are almost the same as the bankruptcies due to over-slowness. Financial support the growth of enterprise, and sources of funds relevant to the different stages of the life cycle, so the choice of financing structure should be based on the enterprise life-cycle, and give full consideration to the requirements for financial sustainable growth. The research object is small and medium listed companies, the research perspective is based on the enterprise life-cycle, The research methodology is mainly empirical research, combined with theoretical analysis methods, focusing on effect of financing structure on financial sustainable growth in small and medium listed companies, The paper first using f