摘要
基于中国上市公司的面板数据研究了科技创新型企业的资本结构及其影响因素,利用被解释变量滞后项和干扰项之间的正交条件,采用广义矩估计(GMM)方法进行回归参数估计。结果显示,企业的资本结构选择受成长速度、产品独特性、股权集中度、流通股比例、法律环境、股票市场价格和银行信贷市场价格等因素的影响比较显著。
In this paper,we studied the capital structure of Chinese innovative enterprises and its influen-cing factors based on the panel data of Chinese listed companies. The generalized moment estimation meth-od （GMM） s used to estimate the regression parameters based on the orthogonality between the laggedterm and the interference term of the dependent variable. According to the research,the choice of the cap- rtal structure s significantly inlluenced by the factors such as the growth rate,the uniqueness of the prod-uct, the concentration of stock ownership,the proportion of tradable shares,the legal envirostock market price and the market price of bank credit.
出处
《上海管理科学》
2017年第5期1-7,共7页
Shanghai Management Science
关键词
科技创新型企业
资本结构
融资策略
sci-tech innovation enterprise
capital structure
financing strategy
