资本结构、股权结构与中小企业成长性——基于中小企业板数据的实证分析

Capital Structure,Equity Structure and the Growth of SMEs

本文以中小企业板上市企业2004-2009年数据为基础,以资产市值账面比衡量企业成长性,分析了我国中小上市企业资本结构和股权结构对成长性的影响。实证结果表明,资产负债率和长期负债率均对成长性具有显著正向影响,意味着较高的负债能降低外部权益成本,有利于中小上市企业的成长。成长性与股权集中度显著正相关,表明股权集中有利于股东对管理层进行监督,降低代理成本并能促进中小上市企业成长。管理层持股比重的改变对中小上市企业的成长性无显著影响。

Measured by the market-to-book asset ratio,this paper investigates the impact of capital structure and equity structure on the growth of listed small and medium-sized enterprises＇（SMEs） on the basis of 2004-2009 SMEs board data.The results show that the asset-liability ratio and the long-term-debt ratio both have positively influence the growth of listed SMEs,which means the higher debt can decrease the outside cost of equity and prompt the growth of listed SMEs.There is a positive relationship between the growth and the equity concentration degree.The equity concentration can not only benefit management supervision,but also decrease agency cost and promote the growth of listed SMEs.Furthermore,we find that there is no significant relationship between the growth and the managerial ownership.