生命周期视角下企业融资结构与企业绩效的关系研究——基于制造业上市公司数据  

Research on the Relationship between Corporate Financing Structure and Corporate Performance from the Perspective of Life Cycle

作　　者：王志锴 WANG Zhi-kai(School of Economics and Trade,Fujian Jiangxia University,Fuzhou,350108,China)

机构地区：[1]福建江夏学院经济贸易学院,福建福州350108

出　　处：《福建金融管理干部学院学报》2024年第3期80-88,共9页Journal of Fujian Institute of Financial Administrators

摘　　要：融资是企业发展过程中必然面临的问题,对企业的绩效会产生重要影响。本文以中国沪深两市A股制造业上市公司为研究样本,基于企业生命周期视角,动态考察制造业企业在不同生命周期阶段,其融资结构的选择及其对企业绩效的差异影响。实证结果显示:企业在生命周期不同阶段对于融资方式的选择有着不同的偏好,融资结构对企业绩效的影响也存在着显著差异。Fundraising is an inevitable issue that companies face during their development,and it has a significant impact on their performance.Taking Shanghai and Shenzhen A-share manufacturing listed companies as research samples,based on the perspective of enterprise life cycle,the choice of financing structure of manufacturing enterprises in different life cycle stages and its differential impact on enterprise performance were investigated dynamically.The empirical results show that enterprises have different preferences for the choice of financing methods in different stages of the life cycle,and the impact of financing structure on corporate performance is also significantly different.The significance of the research is not only to enrich the research results related to financing structure and corporate performance,but also to make theoretical contributions to find the most suitable financing structure to improve corporate performance through indepth exploration.

关 键 词：企业生命周期 融资结构 企业绩效 

分 类 号：F275.5[经济管理—企业管理]