融资约束对企业可持续增长的影响研究
发布时间：2018-10-30 08:44
【摘要】：企业增长的关键是实现销售增长与企业资源的相互匹配,因此,可持续增长思想的确立对企业战略目标实现至关重要。文章利用上市公司2009-2012年的相关数据研究融资约束与企业可持续增长之间的关系。主要关注两个方面:一是上市公司是否存在着明显的融资约束现象;二是融资约束是否对企业可持续增长有影响。通过实证研究,结合理论分析发现,上市公司存在明显的融资约束现象,其中盈利能力、公司规模、发展能力与可持续增长呈正相关,债务状况、国有化程度与可持续增长呈负相关,并且在此基础上,提出相关建议及对策。
[Abstract]:The key to enterprise growth is to match sales growth with enterprise resources. Therefore, the establishment of the idea of sustainable growth is of great importance to the realization of the strategic objectives of enterprises. This paper studies the relationship between financing constraints and sustainable growth of firms using relevant data of listed companies from 2009 to 2012. This paper focuses on two aspects: one is whether the listed companies have obvious financing constraints, the other is whether the financing constraints have an impact on the sustainable growth of enterprises. Through empirical research, combined with theoretical analysis, it is found that listed companies have obvious financing constraints, in which profitability, company size, development ability and sustainable growth are positively correlated. The degree of nationalization is negatively related to sustainable growth, and on this basis, some suggestions and countermeasures are put forward.
【作者单位】： 山西财经大学会计学院;
【基金】：山西省软科学项目“山西煤炭企业负债融资的财务治理效应研究”(2012041012-04)
【分类号】：F272;F832.4
[Abstract]:The key to enterprise growth is to match sales growth with enterprise resources. Therefore, the establishment of the idea of sustainable growth is of great importance to the realization of the strategic objectives of enterprises. This paper studies the relationship between financing constraints and sustainable growth of firms using relevant data of listed companies from 2009 to 2012. This paper focuses on two aspects: one is whether the listed companies have obvious financing constraints, the other is whether the financing constraints have an impact on the sustainable growth of enterprises. Through empirical research, combined with theoretical analysis, it is found that listed companies have obvious financing constraints, in which profitability, company size, development ability and sustainable growth are positively correlated. The degree of nationalization is negatively related to sustainable growth, and on this basis, some suggestions and countermeasures are put forward.
【作者单位】： 山西财经大学会计学院;
【基金】：山西省软科学项目“山西煤炭企业负债融资的财务治理效应研究”(2012041012-04)
【分类号】：F272;F832.4
【参考文献】
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