创业板高新技术中小企业资本结构的影响因素分析

Influencing Factors on the Capital Structure of High-tech SMEs in GEM

选取294家在创业板上市的高新技术中小企业作为研究样本,采用2009～2012年的数据分析了资本结构的影响因素.结果表明影响我国创业板高新技术中小企业资本结构的主要因素包括偿债能力、企业成长性、企业规模、资产担保价值、营运能力和盈利能力.研究结果显示,偿债能力、企业规模、企业成长性、资产担保价值与资本结构之间呈显著正相关,企业的盈利能力、营运能力与资本结构之间呈显著负相关,而创业板高新技术中小企业的非债务税盾对资本结构没有显著的解释作用.实证分析发现,对于创业板高新技术中小企业来说,影响资本结构的首要因素为企业偿债能力.

Based on the sample data of GEM listed companies in 2009 to 2011,this paper examined the influencing factors of the capital structure of high-tech SMEs listed in GEM. Empirical results showed that the main factors affecting the capital structure were solvency,corporate growth,firm size,collateral value of assets,operating capabilities and profitability. The results also showed a significant positive correlation between the solvency,firm size,firm growth,the value of assetbacked and capital structure,and showed that the relation of corporate profitability,operational capabilities and capital structure was significantly negative correlation,but the NDTS had no significant correlation with the capital structure. Empirical analysis suggested that the primary factor to affect the capital structure of High-tech SMEs in GEM was the corporate solvency.