广东高新技术企业资本配置效率的实证研究

资本配置效率是衡量企业竞争力的重要指标,本文引入EVA与EVA比率,实证分析广东高新技术企业资本配置效率及其影响因素。结果表明,与其他两个高新技术企业密集区域长三角、京津唐地区相比,广东高新技术企业的资本配置效率整体表现较优,但企业之间资本配置效率差异明显,且总体呈下降趋势。债务融资比率与短期债务融资比率对企业资本配置效率有显著的负影响。最后,提出相关政策建议。

Demonstrative research of Guangdong new hi-tech enterprise capital allocation efficiency

Capital allocation efficiency is an impor tant indicator of measuring the competitiveness of enterprises.Sample from high-tech listed enterprises of Guangdong.This paper analyzes capital allocation efficiency of Guangdong high-tech listed enterprises empirically based on EVA and EVA ratio.The research result indicates that capital allocation efficiency of Guangdong was decreasing by year.And the efficiency differences of different enterprises is obvious.Comparing to Yangtze River Delta region and Beijing-Tianjin-Tangshan region,Capital allocation efficiency of Guangdong Has some advantages.Debt financing ratio and short-time debt financing ratio have positive impact on capital allocation efficiency.In the end,the paper comes up with some policy proposals based on Conclusions.