银行贷款对创业板上市公司经营业绩的影响研究

Research on the Influence of Bank Loans on Business Performance of GEM Listed Companies

本文梳理了国内外有关资本结构与企业经营的相关文献,基于资本结构经典理论,归纳了债务融资对企业业绩的影响机制。本文以中国创业板上市公司为样本,使用回归分析探究了银行贷款对创业板上市公司经营业绩的影响。实证研究发现:(1)银行贷款对企业业绩具有正向影响,银行贷款有利于企业业绩的提高;(2)银行长期贷款与短期贷款对企业业绩均有促进作用,相比于银行长期贷款,短期贷款对企业业绩提升的作用更为显著;(3)银行贷款对小型企业业绩的正向影响显著大于对大型企业业绩的影响;(4)银行贷款对内陆地区企业业绩的正向影响显著大于对东部沿海地区企业业绩的影响。

This paper reviews the literature on capital structure and enterprise management at home and abroad.Based on the classical theory of capital structure it concludes the influence mechanism of debt financing on enterprise performance.Taking GEM listed companies as samples this paper uses regression analysis to explore the influence of bank loans on the business performance of GEM listed companies.The empirical findings are as follows 1 Bank loans have a positive impact on corporate performance and bank loans are beneficial to the improvement of corporate performance.2 Both long-term bank loans and short-term bank loans promote corporate performance.Compared with long-term bank loans short-term loans have a more significant effect on corporate performance.3 The positive impact of bank loans on the performance of small enterprises is significantly greater than that of large enterprises.4 The positive impact of bank loans on corporate performance in inland areas is significantly greater than that in eastern coastal areas.