影响我国中小企业资本结构的因素研究——基于生命周期理论的分析  

A Research on the Influence Factors of Capital Structure of SMEs Based on Life Cycle Theory

作　　者：上官绪明[1,2] 

机构地区：[1]信阳师范学院工商管理学院,464000 [2]中央财经大学统计与数学学院,100081

出　　处：《上海经济研究》2016年第3期96-103,共8页Shanghai Journal of Economics

基　　金：国家社会科学基金资助项目(编号:13BGL015);河南省高等学校哲学社会科学研究"三重"重大项目(编号:2014-SZZD-7729);河南省科技计划项目(编号:162400410476)

摘　　要：该文基于新资本结构理论和生命周期理论,使用725家新三板企业数据研究中小企业资本结构与生命周期的关系。研究发现,中小企业的资本结构随企业经营年龄的变化表现出明显的周期性特点。企业的资产负债率在初创阶段持续下降,在到达一定经营年限之后(约为7-9年)出现反向变化。中小企业资本结构与企业规模、可抵押资产比率、成长能力正相关,与盈利能力及非债务税盾负相关。进一步对样本企业进行聚类分析后研究发现,不同阶段影响企业资本结构的因素不同。该文的研究结论符合金融成长周期理论,并部分印证了优序融资理论的观点。Based on Corporate Life Cycle Theory and the New Capital Structure Theory,this paper conducts empirical study on 725 NEEQ listed companies to how SMEs＇ capital structure is related to SMEs＇ life cycle dynamically.Result of empirical study shows that nonlinear correlation exists between SMEs＇ capital structure and their life cycle：enterprises＇ asset-liability ratio will first decrease and then increase in the life cyle.The asset-liability ratio is high in the starting stage and will decrease consistently for 7or 9years.After that stage,the ration will increase.The result is quite consistent with the life cycle theory.In addition,this paper also get the conclusion that the capital structure of those SMEs is positively correlated with firm size,available-for-mortgage assets ratio and the ability of growth and negatively correlated with profitability and None-Debt-Tax-Shield.Furthermore,we divide our samples into different groups by Cluster analysis and find that the impact factors vary in different life cycle.The result of the empirical study part is quite consistent with the Financial Growth Cycle Theory and partially confirmed the ideas of the Pecking Order Theory.

关 键 词：中小企业 资本结构 生命周期 新三板 

分 类 号：F273.4[经济管理—企业管理]