负债制度阈值对中国上市公司成长性的影响

以2001—2010年中国A股9860家上市公司为样本进行实证分析,发现不同负债水平对公司成长性的影响存在差异:当负债水平处于大于等于20%且小于70%之间时,负债对公司成长性产生显著正向作用;当负债水平大于等于70%或小于20%时,负债对成长性作用不明显。这在一定程度上证明,证监会发审委在审核IPO申请时对资产负债率不超过70%且不低于20%的要求,已成为中国特有的负债制度阈值,对上市公司优化资本结构起到了引导作用。

Effect of Debt Thresholds on China Listed Companies' Growth

With 9860 samples of A-share listed companies in China,empirical study shows that influences from different debt ratios on companies' growth vary under consideration of debt thresholds.Specifically,when the debt ratio is between 20% and 70%,debts take positive effect on effective growth significantly;otherwise,when beyond 70% or under 20%,the effect from debts is not significant at all.In some sense,it proves that requirements on IPO applicant companies as keeping debt ratio between 70% and 20% by Issuance Examination Committee of CSRC create special debt thresholds in China,which plays a guiding role to optimize capital structure of listed companies.