资本结构与企业绩效的互动关系研究——基于创业板上市公司的实证检验  

The Interactive Relation between Capital Structure and Corporate Performance——Empirical Test Based on the Listed Companies on the Growth Enterprise Market

作　　者：陈德萍[1] 曾智海[1] 

机构地区：[1]广东外语外贸大学财经学院,510420

出　　处：《会计研究》2012年第8期66-71,97,共6页Accounting Research

摘　　要：中小企业在我国经济中具有重要地位,随着我国创业板市场的推出,中小企业的融资问题将会得到有效缓解。本文通过建立资本结构与企业绩效的联立方程模型,应用广义矩估计法(GMM)对联立方程进行估计研究,考察创业板上市企业资本结构与企业绩效之间的互动关系。研究结果表明,资本结构与企业绩效确实存在互动关系,在企业绩效中资本结构、成长能力、股权集中度、董事会兼任经理人和企业规模都对其有显著影响,而在资本结构中盈利性、成长能力、偿债能力、资产担保价值和企业规模五个因素对企业资本结构选择具有显著影响。Small and medium enterprises(SME) has an important position in China's economy, with the launch of the Growth Enterprise Market(GEM), the financing problems of SME will be effectively alleviated. This paper investigates the interactive relation between capital structure and corporate performance by constructing simultaneous equation models of capital structure and corporate performance, applying Generalized Method of Moments(GMM) to estimate the equations. The result indicates that, there is an interactive relation between capital structure and corporate performance; Capital structure, growth ability, ownership concentration, chairman acting concurrently as general manager and enterprise scale have a great impact on corporate performance while earning power, growth ability, debt-paying ability, collateral value of assets and enterprise scale have a great impact on capital structure.

关 键 词：创业板 资本结构 企业绩效 互动关系 

分 类 号：F275[经济管理—企业管理]