贵州财经学院学报
貴州財經學院學報
귀주재경학원학보
Journal of Guizhou College of Finance and Economics
2011年
6期
25~31
,共null页
中小企业 资本结构 影响因素 实证研究
中小企業 資本結構 影響因素 實證研究
중소기업 자본결구 영향인소 실증연구
small and medium-sized enterprises; capital structure; determinant; empirical study
以2005-2009年我国中小板上市公司平衡面板数据为样本，从盈利能力、资产规模、非债务税盾、成长性、资产的流动性、资产的抵押价值和股权结构等七个方面分析其对中小企业资本结构的影响，其研究结果表明，中小企业的盈利能力与总资产负债率和短期资产负债率显著负相关，中小企业的资产规模、成长性、资产担保与总资产负债率、长期资产负债率和短期资产负债率显著正相关，中小企业的非债务税盾和股权结构与总资产负债率和长期资产负债率不存在显著的相关关系。
以2005-2009年我國中小闆上市公司平衡麵闆數據為樣本，從盈利能力、資產規模、非債務稅盾、成長性、資產的流動性、資產的牴押價值和股權結構等七箇方麵分析其對中小企業資本結構的影響，其研究結果錶明，中小企業的盈利能力與總資產負債率和短期資產負債率顯著負相關，中小企業的資產規模、成長性、資產擔保與總資產負債率、長期資產負債率和短期資產負債率顯著正相關，中小企業的非債務稅盾和股權結構與總資產負債率和長期資產負債率不存在顯著的相關關繫。
이2005-2009년아국중소판상시공사평형면판수거위양본，종영리능력、자산규모、비채무세순、성장성、자산적류동성、자산적저압개치화고권결구등칠개방면분석기대중소기업자본결구적영향，기연구결과표명，중소기업적영리능력여총자산부채솔화단기자산부채솔현저부상관，중소기업적자산규모、성장성、자산담보여총자산부채솔、장기자산부채솔화단기자산부채솔현저정상관，중소기업적비채무세순화고권결구여총자산부채솔화장기자산부채솔불존재현저적상관관계。
This paper uses balanced panel data for SME Board companies for 2005--2009 as sample to analyze the effect on the capital structure of small and medium-sized enterprises of seven aspects： profitability, scale of assets, non-debt tax shield, growth potential, asset liquidity, hypothecary value of assets, and equity structure. It is indicated that profitability has a significant negative correlation with total asset-liability ratio and short-term asset-liability ratio, and scale of assets, growth potential and hypothecary value of assets a significant positive correlation with total asset-liability ration, long-term asset-liability ratio and short-term asset-liability ratio. Non-debt tax shield and equity structure has no significant correlation with total asset-liability ration and long-term asset-liability ratio.
