基于成长型战略的我国中小企业资本结构实证分析-empirical analysis of capital structure of small and medium-sized enterprises in china based on growth strategy.docxVIP

AbstractMedium-sized andsmallenterprises（SMES）havebeenthemostvigorousforceof thedevelopmentof nationaleconomy.Theyhavethefollowingfeatures:flexibleoperation,efficientandhighlycreative.Ittakes lesstimetochangescience andtechnologyintopracticalproductivity.Theyare activeand efficientin engaginginmarketcompetitionandcanstimulatethewholemarketpressureofcompetition.Currently,theglobalfinancialcrisishasagreatimpactonSEMSinChina,whichhasmadetheminadifficultsituation. Therefore,itisnecessarytodoresearchonSEMS.TheissuesofcapitalstructureconcerningthedevelopmentofSMEShasbecomethekeytopicoftheresearch.Inspiteofsomeresearchtheoriesabroad, theyarenotsuitableformanyeconomicphenomenainChinaonbasisofChinaspecificnationalconditions.Withthedevelopmentofcapitalstructuretheory,allkindsofmeansandviewsoncapitalstructureresearchhavetakenondiversity.Millerinitiatedthecapitalstructureandheprovedthatthevalueof enterpriseisnotrelevanttocapitalstructurebythestrictmathematiclogic.However,histheorywas questionedsoon.Thewell-knowneconomistJasonusedtheagent cost tooverthrow thistheory.Meanwhile, Rossprovedthecloserelationshipbetweenthevalueofenterpriseandnationalstructure.Meryer consideredasymmetricinformationconditionandtradecostandprovedtheenterprisespreferredinternalfinancing.Fischer’sresearchshowedthatfinancialleveragewoulddriftwithinlimits,startingdynamiccapitalstructuretheory.Intermsofrealevidence,itneedstoapplystatisticaltheorytoevaluateandcheck out.Thecapitalstructuretheoryappearedrelativelylate,manyresearch resultsofChina’sconcretepracticeissuesweredoneaccordingtotheresearchtheoryandmeansabroad.Thispaperwillcreativelyresearchthecapitalstructureonbasisonthecompanygrowingstrategyto setupdifferentiatedstrategycapitalstructureanddiversestrategycapitalstructureregressionanalysis model.Inthismodelthepaperwillsetdifferentiatedstrategyvariables,diversestrategyvariables,capitalstructurevariables,financialsubsidiesvariables,enterprisemanagementefficientvariablesandenterpriseprofitabilityvariables.A