基于财务视角的创业板公司成长性影响因素的研究
|
摘要
2009年10月30日,创业板首批28家公司正式上市,这意味着内地创业板在经过长期的酝酿和准备后正式上市。在创业板上市的公司多为中小企业中的佼佼者,具有良好的成长潜力和发展前景。因此,研究这些公司成长性的影响因素,一方面可以为后续关于创业板的研究提供一定的理论和数据支持,另一方面也可以为后续上市的创业板公司的成长提供借鉴,具有一定的理论和现实意义。
本文以截止到2010年1月底上市的50家创业板公司为研究对象,基于财务视角,采用理论分析与实证检验相结合的方法,研究了影响创业板公司成长性的因素。全文共分为六章,首先介绍了本文的研究背景意义、研究方法、创新点、局限性并进行了相关文献的回顾;其次对创业板公司的基本情况进行了简要概述;再次对公司的成长性进行了界定,并对我国创业板公司的成长性进行了总体描述,然后回顾了基于规模经济的企业成长理论、企业规模与企业成长理论、生命周期理论以及企业内在成长理论等关于成长性影响因素的经典理论和现有的研究成果,并以此作为实证研究的理论基础;再然后采用相关性分析和因子分析对样本进行了实证检验,最后,对创业板公司的未来成长提出相应的建议,并且指出了本研究的不足和下一步的研究方向。通过理论和实证分析,本文得出盈利及抗风险能力因子、偿债能力因子、研发与管理费用因子都会对一个公司的成长产生显著的影响,而成本费用控制能力因子、营运能力因子、资产规模并不显著的影响创业板公司的成长。这一结果将有助于我们认识创业板公司成长性的影响因素,并为其他后续上市的创业板公司的未来成长与发展提供借鉴。
On October 30, 2009, the first 28 companies went public in the GEM, which means that the GEM appears in the mainland over a long-term deliberation and preparation. GEM-listed companies are in leading position among small and medium enterprises and they have good growth potential and development prospects. Therefore, the study on the impact factors of the company's growth, on the one hand, can provide some theoretical and data support for the follow-up studies on the GEM. On the other hand, it can also provide reference to other GEM-listed companies. So it has a certain theoretical and practical significance.
The object of the study is 50 GEM-listed companies before the end of January 2010. We studied the impact factors of GEM-listed companies' growth based on the financial perspective, using a method of combination of theoretical analysis and empirical tests. Full-text is divided into six chapters. Firstly, it introduced the background and significance of this research, research methods, innovative point, limitations and carried out a review of relevant literature; Secondly, it gave a brief overview of GEM and 50 GEM-listed companies; Thirdly, it gave definition of the company's growth and descript the general situation of 50 GEM-listed companies; Fourthly, it reviewed classical theory about impact factors of the growth of an enterprise, such as the growth theory based on economies of scale, relationship between firm size and enterprise growth theory, life-cycle theory, enterprise endogenous growth theory and we used these as theoretical foundation of the empirical research; Fifthly, we did empirical test using correlation analysis and factor analysis; Finally, it made recommendations to the GEM-listed companies and pointed out the deficiencies of this study and future research directions. Through theoretical and empirical analysis, we discovered profits and anti-risk ability factor, solvency factor, R&D and management cost factor of a company will significantly impact a GEM-listed companies' growth, while the cost control factor, operating capacity factor, asset size are not significant impact factors. This result will help us to understand the impact factors of GEM-listed companies' growth, and provide reference for following GEM-listed companies' growth and development.
本文以截止到2010年1月底上市的50家创业板公司为研究对象,基于财务视角,采用理论分析与实证检验相结合的方法,研究了影响创业板公司成长性的因素。全文共分为六章,首先介绍了本文的研究背景意义、研究方法、创新点、局限性并进行了相关文献的回顾;其次对创业板公司的基本情况进行了简要概述;再次对公司的成长性进行了界定,并对我国创业板公司的成长性进行了总体描述,然后回顾了基于规模经济的企业成长理论、企业规模与企业成长理论、生命周期理论以及企业内在成长理论等关于成长性影响因素的经典理论和现有的研究成果,并以此作为实证研究的理论基础;再然后采用相关性分析和因子分析对样本进行了实证检验,最后,对创业板公司的未来成长提出相应的建议,并且指出了本研究的不足和下一步的研究方向。通过理论和实证分析,本文得出盈利及抗风险能力因子、偿债能力因子、研发与管理费用因子都会对一个公司的成长产生显著的影响,而成本费用控制能力因子、营运能力因子、资产规模并不显著的影响创业板公司的成长。这一结果将有助于我们认识创业板公司成长性的影响因素,并为其他后续上市的创业板公司的未来成长与发展提供借鉴。
On October 30, 2009, the first 28 companies went public in the GEM, which means that the GEM appears in the mainland over a long-term deliberation and preparation. GEM-listed companies are in leading position among small and medium enterprises and they have good growth potential and development prospects. Therefore, the study on the impact factors of the company's growth, on the one hand, can provide some theoretical and data support for the follow-up studies on the GEM. On the other hand, it can also provide reference to other GEM-listed companies. So it has a certain theoretical and practical significance.
The object of the study is 50 GEM-listed companies before the end of January 2010. We studied the impact factors of GEM-listed companies' growth based on the financial perspective, using a method of combination of theoretical analysis and empirical tests. Full-text is divided into six chapters. Firstly, it introduced the background and significance of this research, research methods, innovative point, limitations and carried out a review of relevant literature; Secondly, it gave a brief overview of GEM and 50 GEM-listed companies; Thirdly, it gave definition of the company's growth and descript the general situation of 50 GEM-listed companies; Fourthly, it reviewed classical theory about impact factors of the growth of an enterprise, such as the growth theory based on economies of scale, relationship between firm size and enterprise growth theory, life-cycle theory, enterprise endogenous growth theory and we used these as theoretical foundation of the empirical research; Fifthly, we did empirical test using correlation analysis and factor analysis; Finally, it made recommendations to the GEM-listed companies and pointed out the deficiencies of this study and future research directions. Through theoretical and empirical analysis, we discovered profits and anti-risk ability factor, solvency factor, R&D and management cost factor of a company will significantly impact a GEM-listed companies' growth, while the cost control factor, operating capacity factor, asset size are not significant impact factors. This result will help us to understand the impact factors of GEM-listed companies' growth, and provide reference for following GEM-listed companies' growth and development.
引文
[1]张树中.美国创业资本市场的制度分析[M].北京:中国社会科学出版社, 2001
[2] Lin, Ji-Chai, Sanger, G. C. and Geoffrey Booth, G.. External Information Cost and Adverse Selection Problem: A Comparision of NASDAQ and NYSE Stocks. International Review of Financial Analysis, 2000, 7, (2):113-136
[3] Avner Kalaya, B and Evgenia Portniaguinab. Swimming against the tides: the case of Aeroex move from NYSE to NASDAQ. [J]. Journal of Financial Markets, 2001, (4): 261-267
[4] Berger, A.N, Udell, G.E. Relationship Lending and Lines Of Credit in Small Finance. [J].Journal Of Business. 1998,(68): 351—382.
[5] Oakey, R. P. Technical entreprenenurship in high technology small firms: some observations on the implications for management.Technovation,2003, (23):679-688
[6] Beck, Thorsten and Levine, Ross. Industry growth and capital allocation: Does having a market-or bank-based system matter? [J]. Journal of Financial Economics, 2002, (64):147-180
[7] Mayer, Colin. Financing the New Economy:financial institutions and corporate governance. [J] .Information Economics and Policy, Jun.2002, (2):311-326
[8] Solvay, J., Sanglier. M.A model of the growth of corporate productivity.[J].International Business Review,1998,(7):463-481
[9] Kevin Lam, Jili and Qian, Gongming. High-Tech industries and competitive advantage in emerging markets: a study of foreign telecommunications equipment firms in China, The Journal of High Technology Management Research, 2002, 10(2):295-312
[10] Chen, Chung-Jen and Huang, Chin-Chen. A multiple criteria evaluation of high-tech industries for the science-based industrial park in Taiwan Information & Management, 2004, 5(41):839-851
[11] Myers, S. C. Determinants of Corporate Borrowing. [J].Journal of Financial Economics, 1977, 5 (1):411-487
[12] S. Timan, and Wessels, R.The Determinants of Capital Structure Choice [J]. Journal of Finance,1988(43): 1—19.
[13] Thorsten Beck, and Levine,Ross. Industry growth and capital allocation: Does having a market-or bank-based system matter? [J]. Journal of Financial Economics, 2002,(64):147-180
[14] Jensen and Meckling. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. [J]. Journal of Financial Economics. 1976, (3):305-360
[15] Fabritiisa, G., Pammolli, M., Riccaboni, On size and growth of business firms. [J]. Physica,2003, 11(324):38-44
[16] Firth, Lucy and Mellor, David. Learning and the new growth theories: policy dilemma. [J]. Research Policy, 2000, (29):1157-1163
[17] Liao, Jianwen and Welsch, Harold. Social capital and entrepreneurial growth aspiration: a comparison of technology-and non-technology-based nascent entrepreneurs[J]. Journal of High Technology Management Research,2003, (14): 149-170
[18] W.詹金,莫博涅.赵锡军译.企业成长战略. [M].北京:中国人民大学出版社,2009
[19] Ghosh, B. C., Tan, We e Liang and Tan, Teck Meng1 et al, The key success factors, distinctive capabilities, and strategic thrusts of top SME's in Singapore. [J]. Journal of Business Research, 2001, 4, (51):209-221
[20] Robert, A. Baron and Markman, Gideon D. Beyond social capital: the role of entrepreneurs' social competence in their financial success. [J]. Journal of Business Venturing,2003,(18):41-60
[21] Frederic Delmar, , Davidsson, P and William, B. Gartner, Arriving at the high-growth firm[J].Journal of Business Venturing, 2003, 2(18):189-216.
[22] Hari M. Gupta, JoséR. Campanha. Firms growth dynamics, competition and power-law scaling. [J].Physical A, 2003, (323):626-634.
[23] Benson, Honig. What determines success? Examining the human, financial, and social capital of jamaican micro entrepreneurs.[J].Journal of Business Venturing, 1998, (13):371-394
[24] Zutshi R. K. Tan W. L. Singapore Venture Capitalists (VCs) Investment Evaluation Criteria:A Re-Examination [J]. Small Businesss, 1999, (13): 9-26
[25] Kakati, M. Success criteria in high-tech new ventures. [J].Technovation,2003,(23): 447-457
[26] Penrose, R. The Theory of the Growth of the Firm.[M]. New York, John Wiley, 1959
[27]朱和平.创业板上市公司成长性及评价研究[D]武汉:华中科技大学, 2004
[28]爱迪斯.企业生命周期[M].北京:中国社会科学出版社,1997:114-118.
[29]李柏洲,李晓娣等.中国中小型高科技企业成长性评价[M].北京:经济管理出版社,2006
[30]李柏洲,李晓娣等.中国中小型高科技企业成长对策[M].北京:经济管理出版社,2007
[31]黄寿生,杨国川. NASDAQ对我国设立创业板市场的启示[J].国际经贸探索,2001, (4):38-41.
[32]陆珉峰,陈志宁.创业板市场发展的国际经验比较及我国的对策研究[J].南方金融,2009, (6):54-58.
[33]涂建明.网易在纳斯达克的财务财务报告风波及其启示[J].财会研究,2003,(3):62-63.
[34]骆克龙,贾殿村.韩国创业板市场发展经验分析[J].商业时代,2009,(1):80-81.
[35]周乃敏,韦洪兴.国内外二板市场的比较研究[J].科研管理,2003,(3):138-144.
[36]余津津,戴志敏.香港创业板对国内创业板风险控制的借鉴意义[J].商业研究, 2001:(10),38-41.
[37]王颖起.香港创业板的教训及启示[J].工业技术经济,2002,(3):113-114.
[38]张舒华.香港创业板现状及发展前景分析[J].金融与经济,2008, (11):40-41.
[39]周少甫,潘娜.香港创业板市场与主板市场的动态相关性分析[J].统计与决策,2004,(11):34-36
[40]周少甫,潘娜.亚洲创业板市场的相关性分析[J].统计与决策,2006,(2):74-77.
[41]王曼,杨朝军,廖士光.创业板市场对主板市场的冲击效应研究——香港股市与深圳中小企业板的经验证据与启示[J].财经研究,2009,(5):63-73.
[42]马建会.中小企业在创业板上市:风险与对策[J].财经理论与实践,2002,(7):86-90.
[43]王成莉,徐玖平.民营企业在创业板上市融资风险的比较研究[J].当代财经,2003,(3):60-63.
[44]朱和平,王韬.创业板上市公司成长性的实证分析[J].华中科技大学学报,2004,(10):82-85
[45]毛定祥.基于时序立体数据表的上市公司成长性综合评价[J].上海大学学报(自然科学版),2004,12(6):653-656.
[46]朱新玲,黎鹏.中小企业成长性评价指标体系研究[J].辽宁经济统计,2005,(9): -16.
[47]陈晓红,佘坚,邹湘娟.基于GRA的中小上市公司成长性评价研究[J].证券市场导报,2005,(5): 41-44.
[48]陈晓红,佘坚,邹湘娟.中小上市公司成长性评价方法比较研究[J].科研管理,2006,(1):145-151.
[49]林平凡,陈冰.广东中小企业板上市公司成长性分析[J].南方经济,2005,(11):56-58.
[50]王琦,封彦.考虑信用风险的中小上市公司成长性评价研究[J].财经理论与实践(双月刊) 2008,(9): 116-120.
[51]石永贵,黄春萍,王升.科技型中小企业成长性指标体系及其评价研究[J].生产力研究,2009(11):163-165.
[52]惠恩才.关于上市公司成长性的研究[J].财经问题研究,1999,(4):49-51
[53]王青燕,何世友.影响中国上市公司成长性的主要因素分析[J].统计与决策,2005,11(1):61-63.
[54]纪志明.上市公司成长性的行业特征分析[J].华南师范大学学报(社会科学版),2005,(10):62-66.
[55]岑成德.上市公司成长性的实证研究[J].商业研究,2002,(8):32-34
[56]于涛.制造业上市公司成长性与融资结构实证检验[J]求索,2007,(9):30-32
[57]范慧慧,黄江红.我国高科技上市公司成长性影响因素的实证研究[J]中国科技论坛,2008(6):51-55
[58]龙泉.创业板科技型中小企业成长机制探析[J].商业研究,2008,(35):74-76.
[59]张俊瑞,李彬.基于财务信息视角的高新技术上市公司成长性评价研究[J].科技进步与对策,2006,(1):127-130
[60]邬国梅.旅游企业成长性的影响因素分析:来自上市公司的经验证据[J].改革与战略, 2009, (7): 34-36.
[61]曾江洪,李莹.股权集中度与中小上市公司成长性的实证分析[J].事业财会,2007,(2):39-41.
[62]谢军.资本结构激励效应的行业比较[J].来自上市公司成长性的证据,2006,(8):108-109.
[63]曾江洪,丁宁.董事会治理对中小上市公司成长性影响的实证研究[J].求索,2008,(5):29-31.
[64]谢军.董事会制度、管理质量和公司价值:基于上市公司成长性的实证分析[J].华南师范大学学报(社会科学版),2007,(10):36-41.
[65]陈晓红,王小丁,曾江洪.高管薪酬激励方式对中小企业成长性的影响——基于分解法视角的实证研究[J].经济问题探索,2007,(3):150-155.
[66]陈晓红,李玉环,曾江洪.管理层激励与中小上市公司成长性实证研究[J].企业管理,2007,(7):134-140.
[67]姚益龙,戈静,刘晋华.上市公司成长性与其信用意愿的关系研究[J].南方金融,2001,(10):45-47.
[68]惠恩才.关于上市公司成长性分析[J].财经问题研究, 1998,(4): 49-51.
[69]王琦.现代企业制度下的公司成长性分析[D]河南:焦作大学, 2003.
[2] Lin, Ji-Chai, Sanger, G. C. and Geoffrey Booth, G.. External Information Cost and Adverse Selection Problem: A Comparision of NASDAQ and NYSE Stocks. International Review of Financial Analysis, 2000, 7, (2):113-136
[3] Avner Kalaya, B and Evgenia Portniaguinab. Swimming against the tides: the case of Aeroex move from NYSE to NASDAQ. [J]. Journal of Financial Markets, 2001, (4): 261-267
[4] Berger, A.N, Udell, G.E. Relationship Lending and Lines Of Credit in Small Finance. [J].Journal Of Business. 1998,(68): 351—382.
[5] Oakey, R. P. Technical entreprenenurship in high technology small firms: some observations on the implications for management.Technovation,2003, (23):679-688
[6] Beck, Thorsten and Levine, Ross. Industry growth and capital allocation: Does having a market-or bank-based system matter? [J]. Journal of Financial Economics, 2002, (64):147-180
[7] Mayer, Colin. Financing the New Economy:financial institutions and corporate governance. [J] .Information Economics and Policy, Jun.2002, (2):311-326
[8] Solvay, J., Sanglier. M.A model of the growth of corporate productivity.[J].International Business Review,1998,(7):463-481
[9] Kevin Lam, Jili and Qian, Gongming. High-Tech industries and competitive advantage in emerging markets: a study of foreign telecommunications equipment firms in China, The Journal of High Technology Management Research, 2002, 10(2):295-312
[10] Chen, Chung-Jen and Huang, Chin-Chen. A multiple criteria evaluation of high-tech industries for the science-based industrial park in Taiwan Information & Management, 2004, 5(41):839-851
[11] Myers, S. C. Determinants of Corporate Borrowing. [J].Journal of Financial Economics, 1977, 5 (1):411-487
[12] S. Timan, and Wessels, R.The Determinants of Capital Structure Choice [J]. Journal of Finance,1988(43): 1—19.
[13] Thorsten Beck, and Levine,Ross. Industry growth and capital allocation: Does having a market-or bank-based system matter? [J]. Journal of Financial Economics, 2002,(64):147-180
[14] Jensen and Meckling. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. [J]. Journal of Financial Economics. 1976, (3):305-360
[15] Fabritiisa, G., Pammolli, M., Riccaboni, On size and growth of business firms. [J]. Physica,2003, 11(324):38-44
[16] Firth, Lucy and Mellor, David. Learning and the new growth theories: policy dilemma. [J]. Research Policy, 2000, (29):1157-1163
[17] Liao, Jianwen and Welsch, Harold. Social capital and entrepreneurial growth aspiration: a comparison of technology-and non-technology-based nascent entrepreneurs[J]. Journal of High Technology Management Research,2003, (14): 149-170
[18] W.詹金,莫博涅.赵锡军译.企业成长战略. [M].北京:中国人民大学出版社,2009
[19] Ghosh, B. C., Tan, We e Liang and Tan, Teck Meng1 et al, The key success factors, distinctive capabilities, and strategic thrusts of top SME's in Singapore. [J]. Journal of Business Research, 2001, 4, (51):209-221
[20] Robert, A. Baron and Markman, Gideon D. Beyond social capital: the role of entrepreneurs' social competence in their financial success. [J]. Journal of Business Venturing,2003,(18):41-60
[21] Frederic Delmar, , Davidsson, P and William, B. Gartner, Arriving at the high-growth firm[J].Journal of Business Venturing, 2003, 2(18):189-216.
[22] Hari M. Gupta, JoséR. Campanha. Firms growth dynamics, competition and power-law scaling. [J].Physical A, 2003, (323):626-634.
[23] Benson, Honig. What determines success? Examining the human, financial, and social capital of jamaican micro entrepreneurs.[J].Journal of Business Venturing, 1998, (13):371-394
[24] Zutshi R. K. Tan W. L. Singapore Venture Capitalists (VCs) Investment Evaluation Criteria:A Re-Examination [J]. Small Businesss, 1999, (13): 9-26
[25] Kakati, M. Success criteria in high-tech new ventures. [J].Technovation,2003,(23): 447-457
[26] Penrose, R. The Theory of the Growth of the Firm.[M]. New York, John Wiley, 1959
[27]朱和平.创业板上市公司成长性及评价研究[D]武汉:华中科技大学, 2004
[28]爱迪斯.企业生命周期[M].北京:中国社会科学出版社,1997:114-118.
[29]李柏洲,李晓娣等.中国中小型高科技企业成长性评价[M].北京:经济管理出版社,2006
[30]李柏洲,李晓娣等.中国中小型高科技企业成长对策[M].北京:经济管理出版社,2007
[31]黄寿生,杨国川. NASDAQ对我国设立创业板市场的启示[J].国际经贸探索,2001, (4):38-41.
[32]陆珉峰,陈志宁.创业板市场发展的国际经验比较及我国的对策研究[J].南方金融,2009, (6):54-58.
[33]涂建明.网易在纳斯达克的财务财务报告风波及其启示[J].财会研究,2003,(3):62-63.
[34]骆克龙,贾殿村.韩国创业板市场发展经验分析[J].商业时代,2009,(1):80-81.
[35]周乃敏,韦洪兴.国内外二板市场的比较研究[J].科研管理,2003,(3):138-144.
[36]余津津,戴志敏.香港创业板对国内创业板风险控制的借鉴意义[J].商业研究, 2001:(10),38-41.
[37]王颖起.香港创业板的教训及启示[J].工业技术经济,2002,(3):113-114.
[38]张舒华.香港创业板现状及发展前景分析[J].金融与经济,2008, (11):40-41.
[39]周少甫,潘娜.香港创业板市场与主板市场的动态相关性分析[J].统计与决策,2004,(11):34-36
[40]周少甫,潘娜.亚洲创业板市场的相关性分析[J].统计与决策,2006,(2):74-77.
[41]王曼,杨朝军,廖士光.创业板市场对主板市场的冲击效应研究——香港股市与深圳中小企业板的经验证据与启示[J].财经研究,2009,(5):63-73.
[42]马建会.中小企业在创业板上市:风险与对策[J].财经理论与实践,2002,(7):86-90.
[43]王成莉,徐玖平.民营企业在创业板上市融资风险的比较研究[J].当代财经,2003,(3):60-63.
[44]朱和平,王韬.创业板上市公司成长性的实证分析[J].华中科技大学学报,2004,(10):82-85
[45]毛定祥.基于时序立体数据表的上市公司成长性综合评价[J].上海大学学报(自然科学版),2004,12(6):653-656.
[46]朱新玲,黎鹏.中小企业成长性评价指标体系研究[J].辽宁经济统计,2005,(9): -16.
[47]陈晓红,佘坚,邹湘娟.基于GRA的中小上市公司成长性评价研究[J].证券市场导报,2005,(5): 41-44.
[48]陈晓红,佘坚,邹湘娟.中小上市公司成长性评价方法比较研究[J].科研管理,2006,(1):145-151.
[49]林平凡,陈冰.广东中小企业板上市公司成长性分析[J].南方经济,2005,(11):56-58.
[50]王琦,封彦.考虑信用风险的中小上市公司成长性评价研究[J].财经理论与实践(双月刊) 2008,(9): 116-120.
[51]石永贵,黄春萍,王升.科技型中小企业成长性指标体系及其评价研究[J].生产力研究,2009(11):163-165.
[52]惠恩才.关于上市公司成长性的研究[J].财经问题研究,1999,(4):49-51
[53]王青燕,何世友.影响中国上市公司成长性的主要因素分析[J].统计与决策,2005,11(1):61-63.
[54]纪志明.上市公司成长性的行业特征分析[J].华南师范大学学报(社会科学版),2005,(10):62-66.
[55]岑成德.上市公司成长性的实证研究[J].商业研究,2002,(8):32-34
[56]于涛.制造业上市公司成长性与融资结构实证检验[J]求索,2007,(9):30-32
[57]范慧慧,黄江红.我国高科技上市公司成长性影响因素的实证研究[J]中国科技论坛,2008(6):51-55
[58]龙泉.创业板科技型中小企业成长机制探析[J].商业研究,2008,(35):74-76.
[59]张俊瑞,李彬.基于财务信息视角的高新技术上市公司成长性评价研究[J].科技进步与对策,2006,(1):127-130
[60]邬国梅.旅游企业成长性的影响因素分析:来自上市公司的经验证据[J].改革与战略, 2009, (7): 34-36.
[61]曾江洪,李莹.股权集中度与中小上市公司成长性的实证分析[J].事业财会,2007,(2):39-41.
[62]谢军.资本结构激励效应的行业比较[J].来自上市公司成长性的证据,2006,(8):108-109.
[63]曾江洪,丁宁.董事会治理对中小上市公司成长性影响的实证研究[J].求索,2008,(5):29-31.
[64]谢军.董事会制度、管理质量和公司价值:基于上市公司成长性的实证分析[J].华南师范大学学报(社会科学版),2007,(10):36-41.
[65]陈晓红,王小丁,曾江洪.高管薪酬激励方式对中小企业成长性的影响——基于分解法视角的实证研究[J].经济问题探索,2007,(3):150-155.
[66]陈晓红,李玉环,曾江洪.管理层激励与中小上市公司成长性实证研究[J].企业管理,2007,(7):134-140.
[67]姚益龙,戈静,刘晋华.上市公司成长性与其信用意愿的关系研究[J].南方金融,2001,(10):45-47.
[68]惠恩才.关于上市公司成长性分析[J].财经问题研究, 1998,(4): 49-51.
[69]王琦.现代企业制度下的公司成长性分析[D]河南:焦作大学, 2003.