创业板上市公司融资结构的影响因素分析

发布时间：2018-04-15 05:00

本文选题：融资结构 + 偿债能力　；参考：《金融理论与实践》2012年12期

【摘要】：以我国创业板上市公司2009～2011年的数据为样本,考察我国创业板上市公司融资结构的内部影响因素,通过因子分析和多元回归分析,发现影响我国创业板上市公司融资结构的主要因素包括偿债能力、企业规模、盈利能力、企业成长性和营运能力。实证结果表明,创业板上市公司的规模与融资结构之间呈显著的正相关关系,偿债能力与融资结构之间呈显著负相关,企业的盈利能力与融资结构之间呈显著负相关,企业成长性与融资结构之间呈显著的正相关关系,企业的偿债能力对融资结构影响最大,营运能力对融资结构影响较复杂,创业板上市公司的抵押价值与融资结构无显著相关性。实证分析发现,对于创业板上市公司来说,影响融资结构的首要因素为企业偿债能力,创业板上市公司的偿债能力对融资结构的影响最为稳定也最大,其次为企业规模、盈利能力、企业成长性和营运能力。创业板上市公司应该根据影响因素,调整融资结构,降低融资成本,实现融资结构的优化。
[Abstract]:2009~2011 years of China's Listed Companies in gem data as the sample, study the internal influence factors of financing structure of listed companies on GEM, through factor analysis and multiple regression analysis showed that the main factors affecting the financing structure of China's GEM listed companies including solvency, firm size, profitability, growth and operation ability enterprise. The empirical results show that there is a significant positive correlation between the scale and the financing structure of listed companies on GEM, between solvency and capital structure had a significant negative correlation between corporate profitability and financial structure showed a significant negative correlation, a significant positive correlation between corporate growth and financing structure of enterprises solvency is the greatest impact on the financing structure, affect the operation ability of financing structure is complex, and the collateral value of the financing structure of listed companies on GEM no significant correlation. The empirical analysis shows that the GEM listed companies, the main factors to affect the financing structure of the enterprise solvency, the most stable is also the largest for companies listed on gem of the solvency of the financing structure, followed by firm size, profitability, growth and operation ability of the enterprise. The GEM listed companies should according to the influence factors. Adjust the financing structure, reduce financing costs, optimize the financing structure.

【作者单位】：河海大学商学院;中原工学院经济管理学院;
【基金】：国家自然科学基金:基于云模型的环境经济系统动力学仿真与预警管理研究,编号:71173248 河南省政府决策研究招标课题:河南省产业结构优化升级的金融支持研究。编号:2011B912
【分类号】：F276.6;F832.51;F224

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