中小企业资本结构与盈利能力的实证研究--基于中小企业板中小企业上市前后数据的比较分析  

Empirical Analysis on Capital Structure and Profitability of the Listed SMEs——Comparative study based on before-and-after listing data of SME on the SME Board

作　　者：李庚寅[1] 阳玲[2] 

机构地区：[1]暨南大学经济学院金融系,金融研究所 [2]暨南大学经济学院金融系

出　　处：《产经评论》2010年第1期132-144,共13页Industrial Economic Review

摘　　要：本文以2004年在中小企业板上市的38家公司为样本,首先采用描述性统计分析方法对其资本结构、盈利能力进行上市前后差异的对比分析。然后在此基础上,先对总样本(2001-2007年)作实证,得出结论:资产负债率与企业盈利能力正相关;后分别对上市前(2001-2003年)和上市后(2004-2007年)的样本数据作面板模型实证,得出相同结论:上市前后公司资产负债率均与盈利能力呈现正相关的关系。数据显示,中小企业上市后,由于资产负债率不断下降,企业盈利能力也随之下降。This paper focuses on the total 38 listed companies in the Small and Medium-Sized Enterprise （SME） Board in 2004. It begins with contractive analysis on the differences of the capital structure and profitability between before-and-after listing SMEs respectively, using descriptive statistics. Then basis on this, we firstly make the empirical analysis using the total sample （2001 -2007 ）, the result shows that asset-debt ratio of SMEs has the positive relationship with profitability; secondly we do deep research on the correlation between the two former using the before-listing （2001 - 2003 ） and after-listing （ 2004 - 2007 ） samples respectively, and the result based on the before-listing sample turns out to be the same as the after-listing sample＇s, as well as the total sample＇s. The data shows that the profitability also went down when the asset-debt ratio decreased after the SMEs listed.

关 键 词：中小企业板 资本结构 资产负债率 盈利能力 

分 类 号：F830.9[经济管理—金融学]