摘要
本文利用因子分析法计算公司成长性综合得分,采用门槛面板模型对上市公司资本结构与成长性之间的关系进行实证研究。研究结果表明,金融生态环境对资本结构与成长性之间的关系有显著的门槛阀值效应,在较低金融生态环境下,资本结构与成长性负相关;而在较高金融生态环境下,资本结构与成长性正相关。
This paper uses factor analysis method to calculate the companies＇ composite growth score. And it tests the effect of capital structure on growth with different financial ecological environment by using panel threshold model. The results show that financial ecolog- ical environment has significant threshold effects on the relationship between capital structure and growth. Capital structure and growth are negatively related under low financial ecological environment and positively related under high financial ecological environment
出处
《中国科技论坛》
CSSCI
北大核心
2014年第5期106-111,共6页
Forum on Science and Technology in China
基金
教育部新世纪优秀人才支持计划(NCET-11-0443)
国家自然科学基金(71373207)
关键词
金融生态环境
资本机构
门槛面板模型
Financial ecological environment
Capital structure
Panel threshold model
