融资政策与增长速度:来自企业层面的证据

Financing Policy and Growth Speed:Evidences on Firm Level

企业的融资政策对企业的增长速度具有决定性作用,恰当的融资方式安排能够减少股东与经理的代理成本、提高企业发展速度;通过降低资产消耗、提高生产水平、调整企业利润分配政策,企业也能够获得较快的增长速度。但对我国上市公司的实证研究表明,我国上市企业的增长速度与融资政策之间存在高度的依赖关系,从而企业持续快速的增长在现实中不太可能实现,股东和经理人对企业的发展速度和可以达到的规模都应该保持一个合理的预期。

Firm's financing policies have decisive influences on firm's growth speed.By adequate financing arrangement,firms can reduce agency cost between shareholders and managers,and thus boost their growth.In addition, firms can also gain a high speed in growth by means of reducing its asset consumption,improving its production skills and adjusting its dividend policy.However,this empirical study based on Chinese listed companies shows that it is not very likely for a firm to see a fast growth for a long time from the perspective of both theory and practice.And it is unwise for either shareholders or managers to expect too much from firms' growth speed and their size.