基于成长能力的创业板上市公司融资方式与融资效率研究

The relationship of financing method and financing efficiency of gem listed companies based on growth ability

融资效率是中小企业发展的关键,成长能力关系到企业未来的发展状况.本文以2014—2017年创业板上市中小企业为样本,构建面板数据回归模型,对融资方式与融资效率的关系进行实证检验.进一步,从企业成长能力视角,分析不同成长能力下的公司融资方式和融资效率之间存在的关系.得到的实证结果表明:债务融资能提高企业的融资效率,而股权融资则会使得企业的融资效率下降.此外,与债权融资相比股权融资对于融资效率有着更显著的影响.并且企业较高的成长能力会提高债务融资对于融资效率的影响程度,较高的企业成长能力会降低股权融资对于融资效率的影响程度.在此基础上,本文针对实证结果给出相应的政策建议.

Financing efficiency is the key to the development of small and medium-sized enterprises.And growth ability is related to the enterprise development in the future.Taking the gem listing small and medium-sized enterprises from 2014 to 2017 as samples,we build panel data regression model to conduct the empirical study on the relationship between financing method and financing efficiency.Then,we analyze the relationship of financing method and financing efficiency under different growth ability of the enterprises.The empirical results show that debt financing can improve the financing efficiency of enterprises,while equity financing reduces the financing efficiency.In addition,equity financing has more significant impact on financing efficiency compared to debt financing.Higher growth ability will increase the degree of influence of debt financing on financing efficiency,and reduce the degree of influence of equity financing on the financing efficiency.Based on the results,this paper proposes the policy suggestions.