债权治理机制、企业特征与成长性——来自中国中小上市公司的经验证据  

Research on the Governance of Creditor's Rights、Enterprise Characters and Growth of SMEs:An Empirical Analysis Based on Listed SME in China

作　　者：陈晓红[1] 王小丁[1] 曾江洪[1] 

机构地区：[1]中南大学商学院,湖南长沙410083

出　　处：《管理工程学报》2008年第4期19-24,29,共7页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金重点项目资助(70631004);湖南省社科基金项目(05JD18)资助

摘　　要：本文以中国中小上市公司2002～2005年的经验数据为样本，采用结构方程模型探讨了债权治理机制的4个主要维度：偿债能力、债务融资程度、资产期限、债务期限，并对债权治理机制、企业特征因素与企业成长性的关系进行了理论和实证分析。结果显示，中小企业债权综合治理机制对企业成长并没有产生应有的促进效用，其中偿债能力与企业成长性负相关；资产期限结构的影响作用不显著；债务融资和债务期限结构对企业成长有促进作用；企业特征的异质性显著影响债权治理水平和企业成长性。On the basis of Listed small and medium enterprise＇s （SMEs） empirical datum in China, this paper applying structure equation model （SEM） to research four dimensions of creditor＇s rights governance： solvency, debt financing, assets maturity structure, debt maturity structure. And we do research on the relationship between governance of creditor＇s rights; enterprise features factors and growth of SMEs. The results indicate that, the governance mechanism of creditor＇s rights for SMEs do not have a promoting effect on business growth, which the solvency do a negative impact on business growth ; the maturity structure of assets have no significant impact; debt financing and debt maturity structure play a role in promoting enterprise growth, but the debt maturity structure isn＇t rational enough; heterogeneous features of enterprise significantly impact on both governance of creditor＇s rights and enterprise growth.

关 键 词：债权治理机制 中小企业 成长性 结构方程模型 

分 类 号：F276.6[经济管理—企业管理]