中小企业板上市司资本结构与增长机会关系探讨.pdfVIP

摘 要 中国经济的飞速增长离不开中小企业的发展，如今中小企业在国民经济中扮 演着越来越重要的角色。众多投资者关注着中国经济，更加关注着作为新兴成长 力量的中小企业的增长潜力。中小企业的成长离不开融资，而融资问题与企业的 资本结构密切相关。因此中小企业的资本结构与其成长机会的关系值得研究与探 讨。 本文从中小企业的过去与未来增长机会与其资本结构的关系这个角度，提取 深圳证券交易所中小企业板上市公司2007 年的横向截面数据，利用最小二乘法 对数据进行多元回归分析，并验证了假设: 未来增长机会与资本结构成负相关关 系，公司规模与资本结构成正相关关系，公司净资产报酬率与资本结构成附相关 关系。同时发现，过去增长机会与资本结构呈正相关关系，这可能是由于过去直 接融资能力不足而造成。 关键词：中小企业，资本结构，增长机会 Ⅰ Abstract Nowadays Medium and Small-sized enterprises have made huge contributions to the development of China; more and more investors are drawing their attentions on the economy of China, especially on the Medium and Small-sized enterprises which is the representative of new growing power. However, their external financing situations are awkward. This paper is meant to quantitatively analyze how the growing opportunities affects the capital structure, based on the sample of Medium and Small-sized enterprises data by Dec.2007 in Shenzhen Security Exchange. By constructing linear model with Tobin Q, Growth and Leverage with controlling variables, the data were regressed by OLS and proved that the debt ratios are negative correlative to Medium and Small-sized enterprises potential growth ratio, but positive to the growth ratio in the past. Finally, the paper tried to explain the reason, and hoping the emergence of the second board this year can release Medium and Small-sized enterprises financing difficulties. Keywords ： Medium and Small-sized enterprises, Capital Structure, Growth Opportunity Ⅱ 一 引言 （一）研究背景及问题提出 我国经济在经历了近几十年的高速增长后，急需新的增长动力源和提高经济 增长的质量。因为从发展道路与我国相似的东亚新兴工业