证券市场导报
證券市場導報
증권시장도보
Securities Market Herald
2011年
2期
65~70
,共null页
中小企业 资本结构 股权结构 成长性
中小企業 資本結構 股權結構 成長性
중소기업 자본결구 고권결구 성장성
small and medium-sized enterprises; capital structure; equity structure; growth
本文以中小企业板上市企业2004-2009年数据为基础,以资产市值账面比衡量企业成长性,分析了我国中小上市企业资本结构和股权结构对成长性的影响。实证结果表明,资产负债率和长期负债率均对成长性具有显著正向影响,意味着较高的负债能降低外部权益成本,有利于中小上市企业的成长。成长性与股权集中度显著正相关,表明股权集中有利于股东对管理层进行监督,降低代理成本并能促进中小上市企业成长。管理层持股比重的改变对中小上市企业的成长性无显著影响。
本文以中小企業闆上市企業2004-2009年數據為基礎,以資產市值賬麵比衡量企業成長性,分析瞭我國中小上市企業資本結構和股權結構對成長性的影響。實證結果錶明,資產負債率和長期負債率均對成長性具有顯著正嚮影響,意味著較高的負債能降低外部權益成本,有利于中小上市企業的成長。成長性與股權集中度顯著正相關,錶明股權集中有利于股東對管理層進行鑑督,降低代理成本併能促進中小上市企業成長。管理層持股比重的改變對中小上市企業的成長性無顯著影響。
본문이중소기업판상시기업2004-2009년수거위기출,이자산시치장면비형량기업성장성,분석료아국중소상시기업자본결구화고권결구대성장성적영향。실증결과표명,자산부채솔화장기부채솔균대성장성구유현저정향영향,의미착교고적부채능강저외부권익성본,유리우중소상시기업적성장。성장성여고권집중도현저정상관,표명고권집중유리우고동대관리층진행감독,강저대리성본병능촉진중소상시기업성장。관리층지고비중적개변대중소상시기업적성장성무현저영향。
Measured by the market-to-book asset ratio,this paper investigates the impact of capital structure and equity structure on the growth of listed small and medium-sized enterprises＇（SMEs） on the basis of 2004-2009 SMEs board data.The results show that the asset-liability ratio and the long-term-debt ratio both have positively influence the growth of listed SMEs,which means the higher debt can decrease the outside cost of equity and prompt the growth of listed SMEs.There is a positive relationship between the growth and the equity concentration degree.The equity concentration can not only benefit management supervision,but also decrease agency cost and promote the growth of listed SMEs.Furthermore,we find that there is no significant relationship between the growth and the managerial ownership.
