摘要
将资本结构理论与生命周期理论相结合,系统地探讨影响我国高新技术企业资本结构的因素。实证结果表明:高新技术企业资本结构随生命周期的变化呈现出不同特征,成熟期的资产负债率最高,成长期的次之,衰退期的最低;在每个周期阶段,各影响因素对资本结构的影响有一定差异,成长期的企业资本结构受货币政策和经济运行状况的影响较大,成熟期的企业资本结构更受自身盈利水平和资产流动性的影响,衰退期的企业资本结构与企业规模和营运能力以及通货膨胀的关联更紧密。因此建议企业依据各生命周期阶段特征,结合主要影响因素,适当调整各阶段资本结构;同时对高新技术企业的融资提供资金和政策支持,促进高新技术企业健康有序发展。
Combining capital structure theory with life cycle theory,this paper systematically discusses the factors influencing the capital structure of high-tech enterprises in China.The empirical results show that the capital structure of high-tech enterprises presents different characteristics with the change of life cycle.The asset-liability ratio is the highest in the mature stage,lower in the growth stage,and the lowest in the recession stage.In each phase of the cycle,all the factors have different influences on the capital structure.To be more specific,the enterprise’s capital structure in growth phase is strongly influenced by monetary policy and economic performance status,enterprise’s capital structure is more likely influenced by their own profitability and asset liquidity in the mature stage,and the enterprise scale,operation ability and inflation are more closed to enterprise’s capital structure in the recession phase.Therefore,it is suggested that enterprises should properly adjust their capital structure according to the characteristics of each phase of the life cycle and the main influencing factors.At the same time,capital and policy support could be provided for financing of high-tech enterprises to promote the healthy and orderly development of high-tech enterprises.
作者
刘新
蒲倩
LIU Xin;PU Qian(School of Economics and Finance, Chongqing University of Technology, Chongqing 400054, China)
出处
《重庆理工大学学报(社会科学)》
CAS
2020年第9期47-58,共12页
Journal of Chongqing University of Technology(Social Science)
关键词
高新技术企业
生命周期
资本结构
high-tech enterprise
life cycle
capital structure