技术经济与管理研究
技術經濟與管理研究
기술경제여관리연구
TECHNOECONOMICS & MANAGEMENT RESEARCH
2015年
7期
62-67
,共6页
企业资本%资本结构%企业绩效%中小企业
企業資本%資本結構%企業績效%中小企業
기업자본%자본결구%기업적효%중소기업
Enterprise capital%Capital structure%Enterprise performance%Small and medium-sized enterprises
我国中小企业经济环境瞬息万变，企业如要保持良好的绩效和竞争力就必须对企业的内外部环境做出正确的判断以及适当的决策。企业通过有效的战略规划，确立自身在市场上的发展方向并配合监督、控制从而达到企业预期的经营绩效。然而在中小企业中，决策质量的高低直接受到了企业家素质的影响。因此文章以我国中小企业为样本，运用实证分析方法，探讨企业家异质性与企业绩效的关联。实证结果显示：企业绩效与企业家年龄、经营企业前后是否参加相关的管理或技术训练呈显著正相关关系；而企业家的教育程度与企业绩效间关系不显著，与预期假设不符。
我國中小企業經濟環境瞬息萬變，企業如要保持良好的績效和競爭力就必鬚對企業的內外部環境做齣正確的判斷以及適噹的決策。企業通過有效的戰略規劃，確立自身在市場上的髮展方嚮併配閤鑑督、控製從而達到企業預期的經營績效。然而在中小企業中，決策質量的高低直接受到瞭企業傢素質的影響。因此文章以我國中小企業為樣本，運用實證分析方法，探討企業傢異質性與企業績效的關聯。實證結果顯示：企業績效與企業傢年齡、經營企業前後是否參加相關的管理或技術訓練呈顯著正相關關繫；而企業傢的教育程度與企業績效間關繫不顯著，與預期假設不符。
아국중소기업경제배경순식만변，기업여요보지량호적적효화경쟁력취필수대기업적내외부배경주출정학적판단이급괄당적결책。기업통과유효적전략규화，학립자신재시장상적발전방향병배합감독、공제종이체도기업예기적경영적효。연이재중소기업중，결책질량적고저직접수도료기업가소질적영향。인차문장이아국중소기업위양본，운용실증분석방법，탐토기업가이질성여기업적효적관련。실증결과현시：기업적효여기업가년령、경영기업전후시부삼가상관적관리혹기술훈련정현저정상관관계；이기업가적교육정도여기업적효간관계불현저，여예기가설불부。
Based on the special institution background in China, this paper empirically examines the effects of groups on their affiliations' leverage adjustment speed toward target. The study shows that group-affiliations have a faster leverage adjustment speed than stand-alone companies and groups has more obvious effect on the enhancement of their affiliations' adjustment speed in areas where the level of capital marketization is low. Through further research, it is found that the affiliations of state-owned groups have a faster adjustment speed than affiliations of private-owned groups, and group-affiliations with larger divergence between control right and cash flow right have a slower speed of capital structure adjustment. From the perspective of capital structure adjustment, the paper confirms that groups reduce the cost of capital, which provides a favorable empirical evidence for our economic policies of developing groups.
