企业生命周期与中小企业资本结构.pdfVIP

Finance 金融, 2016, 6(2), 51-63 Published Online April 2016 in Hans. /journal/fin /10.12677/fin.2016.62006 Enterprises Life Cycle and Capital Structure of SMEs Tingting Wang1, Linlin Ding2 1School of Finance, Central University of Finance and Economics, Beijing 2School of Finance, Renmin University of China, Beijing Received: Dec. 3rd, 2015; accepted: Jan. 31st, 2016; published: Feb. 3rd, 2016 Copyright ? 2016 by authors and Hans Publishers Inc. This work is licensed under the Creative Commons Attribution International License (CC BY). /licenses/by/4.0/ Abstract The enterprises life cycle always has a significant effect on financial behavior. In this paper, we construct a panel data containing 571 listed SMEs during 2010 and 2014 as samples. We use cash flow structure to measure life cycle of our samples, and aim at exploring and comparing the deci- sions of capital structure of SMEs in different life cycle. It turns out that compared with maturation and recession stages, the growth stage has higher Debt-Asset Ratio (DAR) and Long Term Debt Ra- tio (LTD); influencing factors of the capital structure are various among different stages. The growth has a positive effect on DAR in growth stage while non-debt tax shield has a negative one. But the probability and DAR in maturation and recession stages are negatively correlated. Besides, the firm’s size has positive effects on LTD in growth and recession stages while the non-debt tax shield and growth have negative ones. Probability is negatively correlated with LTD in maturity stage. Keywords SMEs, Capital Structure, Enterprises Life Cycle