科技型企业负债融资实证研究  

Empirical study on Debt and Financing of Technological Enterprise

作　　者：梁杰[1] 石旭男[1] 

机构地区：[1]沈阳工业大学管理学院,辽宁沈阳110178

出　　处：《商业经济》2009年第15期73-76,共4页Business & Economy

摘　　要：科技型企业早已成为我国经济发展中的主要增长点。与一般企业相比,科技型企业由于其自身的高成长性,高风险性,高收益等独特的特征,使其在进行融资时更偏好股权融资,没有有效利用负债融资,发挥负债的治理作用;而有些企业由于负债过多,导致最终破产。因此,调整好负债融资使其有利于科技型企业的发展,已经成为各方关注的问题。通过对我国249家上市科技型企业的资产负债率,长期负债率和流动负债率与公司业绩之间的关系进行研究,得出三个负债率的最优区间,为我国科技型上市公司调整负债融资提供一个依据,进一步促进科技型企业的发展。Technological enterprise has become the main source of Chinese economic growth. Compared with common enterprises, the technological enterprise prefers equity financing to debt financing due to its unique characteristics of high growth, high risk and high profitability, hence, it does not play the governance role of debt. However, some enterprises finally bankrupt because of excessive debt. Therefore, it has become a topic attracting more attention to adjust debt financing to help the development of technological enterprise. Through researching the relationship among asset liability, long-term liability and immediate liability and company achievement of 249 listad technological enterprises, this paper draws three optimal intervals on debt rate, and provides an evidence for Chinese technological listed company to adjust debt financing and further promotes the development of technological enterprise.

关 键 词：负债融资 托宾Q值 最优区间 

分 类 号：F271[经济管理—企业管理]