融资结构对企业成长性影响的研究——以湖北省上市公司为例

A Study on the Influence of Financing Structure on Enterprise Growth:A Case Study of Listed Companies in Hubei Province

目前我国经济处于高速发展时期,大公司持续深化发展,中小型企业茁壮成长,在经济发展中扮演着重要角色。无论何种规模的企业,筹资都是企业发展面临的问题。本文在分析融资结构对上市公司成长的影响的基础上,选取湖北上市公司作为研究对象,通过线性回归,探究内源融资率、债权融资率和股权融资率对湖北上市公司成长产生的影响。实证研究得出三点结论:一,内源融资对湖北上市企业具有显著的正向作用,二,股权融资对湖北上市企业的成长存在一定的负面影响;三,债权融资与湖北上市企业成长负相关。并就研究中发现的问题,提出若干建议。

At present, China＇s economy is in a period of rapid development. Large companies continue to deepen th eir development, and small and medium-sized enterprises are thriving and play an important role in economic development. Regardless of the size of the enterprise, financing is the problem the development of enterprises facing. Based on the analysis of the impact of financing structure on the growth of listed companies, this paper chooses Hubei listed companies as the research object, and explores the impact of endogenous financing rate, debt financing rate and equity financing rate on the growth of Hubei listed companies through linear regression. Empirical research has come to three conclusions： First, the endogenous financing of listed companies in Hubei has a significant positive role; Second, equity financing has a certain negative impact on the growth of listed companies in Hubei; Third, the negative correlation exists betw-een thedebt financing and Hubei listed enterprises growth. This paper also makes a number of suggestions on the problems found in the study.