治理结构、融资能力与中小企业绩效——基于内、外源融资能力的双重中介效应视角  

Governance Structure, Financing Capacity and SMEs Performance——Based on the Dual Mediating Effect of Internal and External Financing Capabilities

作　　者：朱磊 彭耿[1] 刘芳[1] ZHU Lei;PENG Geng;LIU Fang

机构地区：[1]吉首大学

出　　处：《上海立信会计金融学院学报》2019年第5期103-120,共18页Journal of Shanghai Lixin University of Accounting and Finance

基　　金：吉首大学人文社科项目“治理结构、融资能力与中小企业绩效”(18SKY84);国家自然科学基金项目“基于认知偏差的居民金融素养对股票市场参与效率的影响机制研究”(71863009);湖南省自然科学基金项目“信贷资源配置的非线性经济增长效应产生机理与实证检验”(2019JJ50482);湖南省社会科学成果评审委员会一般项目“金融素养视角下湖南武陵山片区普惠金融可持续发展研究”(XSP19YBC075)

摘　　要：基于2013-2017年中国中小板上市公司数据,从内、外源融资能力的双重中介视角出发,实证检验治理结构对中小企业绩效的影响。研究发现,中小上市公司的治理结构对企业绩效具有显著正向影响,内、外源融资能力在其中均存在部分中介效应显著,具体表现为:上市公司的治理水平越高,对内源融资能力的提升越有利,进而助力于中小企业绩效的提升;提高公司治理水平,外源融资能力会有所提高,有助于中小企业绩效的提升。根据上述研究结论,提出了相关对策建议。Based on the data of China’s small and medium-sized listed companies in2013-2017 and from the perspective of the dual intermediary of internal and external financing capabilities, the authors empirically examine the impact of governance structure on the performance of SMEs. The research finds that the governance structure of SMEs has significant positive impact on corporate performance. Both internal and external financing capabilities have significant mediation effects. The specific performance is as follows: the higher the governance level of listed companies are, the higher ability to internal financing capabilities, which leads to improvement of efficiency and performance. IF the level of corporate governance would be improved, the external financing capacity and the performance of SMEs would improve. Based on the conclusions, the corresponding countermeasures and suggestions are put forward.

关 键 词：治理结构 融资能力 企业绩效 双重中介效应 

分 类 号：F275.1[经济管理—企业管理]