创新型企业债务结构与成长性的关系研究——基于沪深上市企业的实证检验

Study on the Relationship between Debt Structure and Growth of Innovative Enterprises——An Empirical Analysis Based on Listed Companies in China

本文基于2008～2010年沪深上市创新型企业的经验数据,以因子分析法所计算的企业成长性综合指数来衡量创新型企业成长性,运用平衡面板数据固定效应模型,实证分析债务结构(债务比例、债务期限、债务来源)对创新型企业成长性的影响。研究结果表明:债务比例、短期债务、商业信用及银行借款均与企业成长性显著负相关;而长期债务与企业成长性显著正相关。创新型企业债务结构的不平衡与不合理,是导致债务融资对企业成长性产生整体消极效应的主要原因。

Based on the 2008 - 2010 empirical data of listed innovative enterprises in China, by applying factor analysis, this paper measures innovative enterprises growth with the comprehensive index of enterprises growth. And by applying fixed effects model of balanced panel data, this paper analyzes the relationship between the debt structure（ debt propor- tion, debt maturity, debt source）and growth of innovative enterprises. The results show that there exists a significantly negative relationship between debt proportion, short-term debt, commercial credit, bank loan and enterprises growth, and a significantly positive relationship between long-term debt and enterprises growth. The unbalanced and unreasoned debt structure of innovative enterprises is the main reason which results that debt financing have the overall negative effects to enterprises growth.