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| 融资结构对创业板公司业绩影响的实证研究 | |
| 引用本文： | 刘素荣,李积鹏,孙严. 融资结构对创业板公司业绩影响的实证研究[J]. 工业技术经济, 2016, 35(9): 85-91. DOI: 10.3969/j.issn.1004-910X.2016.09.011 |
| 作者姓名： | 刘素荣 李积鹏 孙严 |
| 作者单位： | 1 中国石油大学（华东），青岛 266580 2 中化石油山东有限公司，烟台 264006 |
| 基金项目： | 青岛市社会科学规划研究项目，中央高校基本科研业务费专项资金资助项目 |
| 摘 要： | 融资结构可分为债务融资和股权融资，债务融资又有不同融资成本、不同融资途径、不同债务期限。债务融资下融资成本、融资途径、债务期限和股权融资与企业绩效有何关系呢？基于此，本文运用2010～2015年创业板上市公司实证研究债务融资和股权融资对公司绩效的影响。研究结果表明：股权融资与公司业绩正相关；债务融资下资产负债率、债务期限结构与公 司业绩正相关，而银行借款率与公司业绩负相关。 |
| 关 键 词： | 融资结构 创业板 公司业绩 股权融资 债务融资 |
An Empirical Study on the Effect of Financing Structure for Performance of the SME Board Listed Companies |
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| Liu Surong,Li Jipeng,Sun Yan. An Empirical Study on the Effect of Financing Structure for Performance of the SME Board Listed Companies[J]. Industrial Technology & Economy, 2016, 35(9): 85-91. DOI: 10.3969/j.issn.1004-910X.2016.09.011 | |
| Authors: | Liu Surong Li Jipeng Sun Yan |
| Affiliation: | 1 China University of Petroleum（East China）,Qingdao 266580,China 2 Sinochem Oil Shandong Co.,Ltd.,Yantai 264006,China |
| Abstract: | Financing structure can be divided into debt financing and equity financing,and debt financing has different financing costs,different financing channels,different debt maturity.What is the influence of financing costs,means of financing,debt maturity under debt financing and equity financing for the corporate performance? Based on this,using of 2010-2015 GEM listed companies research empirically is done on the debt and equity financing for the company's performance.The results show that:equity financing correlates positively with corporates' performance;indebt financing,asset-liability ratio and debt maturity structure correlate positively with corporates' performance,but the rate of bank loans relate to the corporate performance negatively. |
| Keywords: | financing struct ure GEM company performance equity financing debt financing |
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