债务融资对中小上市公司绩效影响的实证研究——基于创业板2010-2012面板数据

发布时间：2019-05-14 02:30

【摘要】：2009年中国创业板的正式开通,对中小企业尤其是科技型中小企业的融资和发展具有重要意义。文章以2009年底已在创业板上市且到目前都正常运行的36家公司的面板数据为样本,利用主成分分析公司的经营绩效,并运用回归分析模型对研究假说予以相关性检验。研究表明,资产负债率、银行借款率、商业信用率等因素与中小上市公司的经营绩效都呈现出负相关关系。中小企业应加强盈利能力、征信制度建设以提高市场竞争力,同时健全中小企业融资服务体系、加快债券市场发展,以发挥出对中小企业经营绩效的正效应。
[Abstract]:The formal opening of China's gem in 2009 is of great significance to the financing and development of small and medium-sized enterprises, especially science and technology small and medium-sized enterprises. Based on the panel data of 36 companies listed on gem at the end of 2009 and operating normally up to now, this paper uses principal component analysis to analyze the operating performance of the company, and uses regression analysis model to test the correlation of the research hypothesis. The research shows that the asset-liability ratio, bank borrowing ratio, commercial credit ratio and other factors are negatively correlated with the operating performance of small and medium-sized listed companies. Small and medium-sized enterprises should strengthen profitability, credit system construction in order to improve market competitiveness, at the same time improve the financing service system of small and medium-sized enterprises, speed up the development of bond market, in order to give full play to the positive effect on the business performance of small and medium-sized enterprises.
【作者单位】：五邑大学经济管理学院;
【基金】：广东省高校人文社科项目“基于全球价值链的珠三角制造企业转型升级机理、模式及实现路径研究”(批准号:2012WYXM_0058) 江门市哲学社会科学规划课题“江门市中小企业社会服务体系研究与实践”(批准号:2012C52)
【分类号】：F832.51;F276.3;F832.4

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