企业规模、融资方式与公司绩效——基于战略性新兴产业和传统产业的比较分析
发布时间：2019-05-20 08:02
【摘要】：文章以2010-2015年沪深两市战略性新兴产业上市公司为研究对象,以传统产业上市公司为参照系,在研究规模扩张对企业经营绩效影响的基础上,实证检验企业规模扩张中内源融资、股权融资、债务融资三种融资方式对经营绩效的影响以及战略性新兴产业的融资偏好。研究结果表明,与传统产业相比,目前我国战略性新兴产业仍处于规模报酬递增阶段;在企业规模扩张中三种融资方式均有利于经营绩效的提高,但是三种融资方式对企业绩效的影响程度明显不同。其中,战略性新兴产业的融资优序是内源融资、股权融资、债务融资;传统产业的融资优序是内源融资、债务融资、股权融资。
[Abstract]:This paper takes the listed companies of strategic emerging industries in Shanghai and Shenzhen stock markets from 2010 to 2015 as the research object, and takes the listed companies in traditional industries as the frame of reference, on the basis of studying the impact of scale expansion on the operating performance of enterprises. The influence of internal financing, equity financing and debt financing on operating performance and the financing preference of strategic emerging industries in the expansion of enterprise scale are empirically tested. The results show that, compared with the traditional industries, the strategic emerging industries in China are still in the stage of increasing returns of scale. In the expansion of enterprise scale, the three financing methods are beneficial to the improvement of business performance, but the influence of the three financing methods on enterprise performance is obviously different. Among them, the financing order of strategic emerging industries is internal financing, equity financing and debt financing, while the financing order of traditional industries is internal financing, debt financing and equity financing.
【作者单位】： 杭州电子科技大学会计学院;
【分类号】：F275
，
本文编号：2481487
[Abstract]:This paper takes the listed companies of strategic emerging industries in Shanghai and Shenzhen stock markets from 2010 to 2015 as the research object, and takes the listed companies in traditional industries as the frame of reference, on the basis of studying the impact of scale expansion on the operating performance of enterprises. The influence of internal financing, equity financing and debt financing on operating performance and the financing preference of strategic emerging industries in the expansion of enterprise scale are empirically tested. The results show that, compared with the traditional industries, the strategic emerging industries in China are still in the stage of increasing returns of scale. In the expansion of enterprise scale, the three financing methods are beneficial to the improvement of business performance, but the influence of the three financing methods on enterprise performance is obviously different. Among them, the financing order of strategic emerging industries is internal financing, equity financing and debt financing, while the financing order of traditional industries is internal financing, debt financing and equity financing.
【作者单位】： 杭州电子科技大学会计学院;
【分类号】：F275
，
本文编号：2481487
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