债务融资、现金持有与公司成长性研究——以创业板上市公司为例  

Impact of Debt Financing and Cash Holding on Company Growth—Taking GEM Listed Companies as Examples

作　　者：李季鹏[1] 孙桐桐 Li Jipeng;Sun Tongtong(School of Business Administration,Xinjiang University of Finance and Economics,Urumqi 830012,China)

机构地区：[1]新疆财经大学工商管理学院,新疆乌鲁木齐830012

出　　处：《洛阳师范学院学报》2022年第7期57-62,共6页Journal of Luoyang Normal University

基　　金：国家社会科学基金项目(17XMZ093);国家自科地区科学基金项目(71662031)。

摘　　要：采用我国创业板上市公司2013—2018年非平衡面板数据,实证检验了债务融资和公司成长性之间的关系,同时加入现金持有这一调节变量,探究现金持有在债务融资与公司成长性之间的调节作用。实证检验发现:创业板上市公司的债务融资对企业成长性是负向的,且在1%的水平下显著。加入现金持有这一调节变量后,现金持有在债务融资和企业成长性之间起到正向调节作用,即现金持有水平会减弱债务融资对企业成长性的负向影响。根据实证结果政府要增强银行独立性和监督功能、完善资本市场,公司要合理持有负债和现金、提升自身管理水平。Using the unbalanced panel data of Chinese GEM listed companies from 2013 to 2018,this paper empirically tests the relationship between debt financing and company growth,and adds the adjusting variable of cash holding to explore its regulating role in debt financing and company growth.The empirical test shows that the debt financing of GEM listed companies is negatively correlated with the growth of companies,and it is significant at the level of 1%.The adjusting variable of cash holding plays a positive adjustment role between debt financing and company growth,that is,the level of cash holding will weaken the negative impact of debt financing on company growth.The results of the empirical tell that the government should strengthen banks’independence and supervision function,improve the capital market,while companies should reasonably hold liabilities and cash,and improve their own management level.

关 键 词：债务融资 现金持有 公司成长性 

分 类 号：F831[经济管理—金融学]