基于短期资金市场的高科技企业融资战略及其影响因素——依据台湾1233家高科技企业的面板数据  

Financing Strategy of High-technology Enterprises and the Influencing Factors from the Perspective of Short-term Capital Market——An Analysis based on the panel data from 1233 high-technology companies in Taiwan

作　　者：李治[1] 钟俊达[2] 吴晓云[1] 

机构地区：[1]南开大学国际商务研究所,天津300457 [2]台湾东吴大学商学院,台湾100482

出　　处：《财经论丛》2015年第6期49-56,共8页Collected Essays on Finance and Economics

基　　金：国家自然科学基金资助项目(71172069);天津市哲学社会科学规划资助项目(TJYY12-002)

摘　　要：本文对1233家台湾高科技企业的短期融资战略进行实证研究,结果表明:高科技企业的流动性、信用评级、获利能力对采用激进型短期融资策略有正向影响,而发行成本、公司规模和负债水平对采用激进型策略有负向影响。发行成本对高科技企业采用稳健型策略有正向影响,而流动性、信用评级、获利能力负向影响高科技公司采用稳健型策略。流动性低的上市高科技企业更倾向于采用保守型策略。在此基础上,就短期资金市场的前置因素与企业短期资金市场的融资战略选择及其匹配进行了研究,阐述了在不同条件下企业的短期融资组合战略及其规律,以期对中国大陆高科技企业提供借鉴。This paper conducts an empirical study on the short-term financing strategy of 1233 high-technology companies in Taiwan. The results indicate that high-technology enterprises with higher liquidity, credit rating and profitability and lower issuance cost, liabilities level and smaller company size tend to adopt radical short-term financing strategy, whereas high-tech- nology enterprises with higher issuance cost and lower liquidity, credit rating and profitability tend to adopt moderate short- term financing strategy. Listed high-technology companies with lower liquidity are more apt to adopt conservative short-term fi- nancing strategy. It further studies the antecedents of short-term capital market and enterprises＇choice of financing strategy in short-term capital market as well as their match. This paper can provide some enlightenment for the high-technology companies in China mainland as to the development of short-term capital market.

关 键 词：短期资金市场 高科技企业 融资战略 

分 类 号：F832.46[经济管理—金融学]