中小企业成长性影响因素实证分析——基于835家中小板上市公司的经验数据
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摘要
选取中小板835家上市公司2011～2015年的面板数据,运用多元回归的方法,对影响中小企业成长性的相关因素进行实证分析。回归结果表明,中小板上市公司盈利能力与成长性为负相关关系,具体表现为盈利能力越强则成长性越差,这可能与其所处发展阶段有关;发展潜力与成长性为正相关关系,具体表现为发展潜力越强则成长性越强;资金运营能力和偿债能力对中小板上市公司的成长性并无显著影响。
Take the panel data of 835 listed companies on the SMES board from 2011 to 2015,and the relevant factors affecting the growth of SMES were empirically analyzed with the method of multiple regression.The regression results show that the profitability and growth of small and medium-sized board listed companies are negatively correlated,specifically,the stronger the profitability,the worse the growth,which may be related to its development stage.There is a positive correlation between the development potential and the growth potential.The stronger the development potential is,the stronger the growth will be.Capital operation ability and debt paying ability have no significant influence on the growth of small and medium-sized board listed companies.
Take the panel data of 835 listed companies on the SMES board from 2011 to 2015,and the relevant factors affecting the growth of SMES were empirically analyzed with the method of multiple regression.The regression results show that the profitability and growth of small and medium-sized board listed companies are negatively correlated,specifically,the stronger the profitability,the worse the growth,which may be related to its development stage.There is a positive correlation between the development potential and the growth potential.The stronger the development potential is,the stronger the growth will be.Capital operation ability and debt paying ability have no significant influence on the growth of small and medium-sized board listed companies.
引文
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[2]Pozzi A,Schivardi F.Demand or productivity:what determines firm growth?[J].The RAND Journal of Economics,2016,47(3):608-630.
[3]Chittenden F,Hutchinson H P.Special Issue on Financing and Small Firm Dynamics||Small Firm Growth,Access to Capital Markets and Financial Structure:Review of Issues and an Empirical Investigation[J].Small Business Economics,1996,8(1):59-67.
[4]王伟.浅析中小企业财务管理现状及对策[J].金融理论与教学,2016,(2):52-55.
[5]彭景颂,黄志康.新时代广东省中小企业融资能力评价与可持续成长性研究[J].商业会计,2018(5):98-101.
[6]张征超,杨凤伟.论融资结构对科技型中小企业成长性的影响-基于中小板上市公司的经验数据[J].商业经济研究,2016(9):156-157.
[7]李茜,张文洁.基于灰色关联度的中小企业成长性评价模型[J].上海管理科学,2016,38(4):88-91.
[8]曾凡付.创新型企业成长性评价研究[J].新疆社会科学(汉文版),2016(1):31-38.
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