预测
預測
예측
Forecasting
2012年
5期
34~39
,共null页
创新型企业 债务结构 成长性
創新型企業 債務結構 成長性
창신형기업 채무결구 성장성
innovative enterprises ; debt structure ; growth
本文基于2008～2010年沪深上市创新型企业的经验数据，以因子分析法所计算的企业成长性综合指数来衡量创新型企业成长性，运用平衡面板数据固定效应模型，实证分析债务结构（债务比例、债务期限、债务来源）对创新型企业成长性的影响。研究结果表明：债务比例、短期债务、商业信用及银行借款均与企业成长性显著负相关；而长期债务与企业成长性显著正相关。创新型企业债务结构的不平衡与不合理，是导致债务融资对企业成长性产生整体消极效应的主要原因。
本文基于2008～2010年滬深上市創新型企業的經驗數據，以因子分析法所計算的企業成長性綜閤指數來衡量創新型企業成長性，運用平衡麵闆數據固定效應模型，實證分析債務結構（債務比例、債務期限、債務來源）對創新型企業成長性的影響。研究結果錶明：債務比例、短期債務、商業信用及銀行藉款均與企業成長性顯著負相關；而長期債務與企業成長性顯著正相關。創新型企業債務結構的不平衡與不閤理，是導緻債務融資對企業成長性產生整體消極效應的主要原因。
본문기우2008～2010년호심상시창신형기업적경험수거，이인자분석법소계산적기업성장성종합지수래형량창신형기업성장성，운용평형면판수거고정효응모형，실증분석채무결구（채무비례、채무기한、채무래원）대창신형기업성장성적영향。연구결과표명：채무비례、단기채무、상업신용급은행차관균여기업성장성현저부상관；이장기채무여기업성장성현저정상관。창신형기업채무결구적불평형여불합리，시도치채무융자대기업성장성산생정체소겁효응적주요원인。
Based on the 2008 - 2010 empirical data of listed innovative enterprises in China, by applying factor analysis, this paper measures innovative enterprises growth with the comprehensive index of enterprises growth. And by applying fixed effects model of balanced panel data, this paper analyzes the relationship between the debt structure（ debt propor- tion, debt maturity, debt source）and growth of innovative enterprises. The results show that there exists a significantly negative relationship between debt proportion, short-term debt, commercial credit, bank loan and enterprises growth, and a significantly positive relationship between long-term debt and enterprises growth. The unbalanced and unreasoned debt structure of innovative enterprises is the main reason which results that debt financing have the overall negative effects to enterprises growth.
