外资企业融资结构与公司绩效的实证研究——以江苏省为例  

Finance Structure and Corporate Performance of Foreign-capital Enterprise:An Empirical Study in Jiangsu Province

作　　者：崔萌[1] 耿耿[1] 张翼[1] 

机构地区：[1]中国人民银行扬州市中心支行,江苏扬州225000

出　　处：《南京审计学院学报》2010年第4期16-21,共6页journal of nanjing audit university

摘　　要：基于外资企业年检系统所提供的截面数据,在对江苏省33000多家外资企业2008年末的财务报表和融资结构数据进行系统分析的基础上,分别采用普通最小二乘法(OLS)和极大似然估计法(MLE)建立多元线性回归模型对外资企业融资结构与公司绩效的关系进行检验,结果表明:在现阶段外资企业提高内源融资比重有利于促进公司绩效;增加银行借款比例不利于公司绩效提升;商业信用融资具有两面性,一方面增加了融资成本,另一方面有利于提高生产率。With the help of foreign annual inspection system,we investigate more than 33000 foreign-capital enterprises in Jiangsu province about the financial statements and financial structure,and make the systematic analysis of the differences in corporate performance caused by different finance structure.We have established a multiple linear regression model based on ordinary least squares（OLS）and maximum likelihood estimation（MLE）.Finally,we give some advice for improving financial structure and the investment of foreign-capital enterprises.Model shows that the increased proportion of finance helps to improve corporate performance;the increased proportion of bank loans is not conducive to firm performance;commercial credit financing increases the financing costs,but in the meanwhile helps improve productivity.

关 键 词：外资企业 融资结构 公司绩效 

分 类 号：F276.43[经济管理—企业管理]