中国建筑业债务融资结构与成长性关系的区域差异性研究

Research on Regional Differences between Debt Financing Structure and Growth relationship in Chinese Construction Industry

按照建筑业的区域分布特征将我国建筑业上市公司划分为四大区域,即长三角地区、珠三角地区、环渤海地区和中西部地区,选取2007~2012年在沪深证券交易所上市的A股建筑业上市公司为样本,运用统计学方法研究不同区域建筑企业的债务融资结构特征及对成长性的影响。实证结果表明,现阶段我国建筑业上市公司的债务融资结构对公司成长具有抑制作用,债务融资结构与代表公司成长性的主营业务收入增长率呈显著负相关关系。

According to the regional characteristics divides four regions of construction enterprises in our country, namely,Yangtze River region,Pearl River region,Bohai Rim region,mid-western region. Selecting public companies’financial data of the construction industry from 2007 to 2012 in Shanghai and Shenzhen stock exchange share A as samples,uses the regression analysis method to study the relationship between the company’s growth with the debt financing structure and five other control variables. The empirical results show that Chinese construction industry public company’s financial leverage has an inhibited effect on the company’s growth,financial leverage and represent the company’s main business revenue growth shows a significant negative correlation.