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论文编号：	5217
作者编号：	2120112441
上传时间：	2013/6/5 13:26:00
中文题目：	中国创业板上市公司负债期限结构问题研究——基于成长性视角
英文题目：	The Study of Liabilities Term Structure in Chinese Companies Listed on GEM——Based on Growth Perspective
指导老师：	黄福广 教授
中文关键字：	负债期限结构，企业成长性，创业板
英文关键字：	Growth Enterprises Market（GEM），Enterprise Growth，Debt Maturity Structure
中文摘要：	随着我国投融资市场的不断发展扩大，在可以预见的将来，债券市场将逐步成为投资者和企业投融资日益重要的手段。随着国家对战略性新兴产业、科技进步产业以及新能源等诸多领域的财政支持和政策倾斜力度不断加强，努力提升企业的核心竞争力，加快支持小微企业的发展，企业特别是中小企业发展面临着前所未有的机遇。因此，在这个时节研究负债期限结构同企业成长性的关系，对于企业成长发展与投融资战略的融合有着比较重要的理论与实践意义。学者们在企业成长性和资本融资结构这两个领域分别产出了众多的优秀研究成果，在二者发展相关性方面却很少有人涉足。本文在前人探索的基础上，将二者共同研究，以寻找它们在企业运营发展之中的联系，特别是研究企业成长性对债券期限结构选择的影响。本文以我国创业板上市公司2009至2011年三年数据为研究样本，利用多元回归分析方法，分别从静态和动态视角研究企业成长性对负债期限结构选择的影响。本文的主要结论有：（1）创业板企业普遍具有良好的成长性和较低的长期负债比例；（2）在依照企业成长性特征将创业板公司分组后，得出高成长性企业偏好短期负债；（3）在进行线性回归分析后，得出当期企业成长性同当期负债期限结构无显著相关关系；（4）滞后一期的企业成长性同负债期限结构显著负相关。
英文摘要：	With the investment and financing market in China continues to grow in the foreseeable future, the bond market will gradually become increasingly important tool for investors and corporate investment. With the financial support of national strategic emerging industries, scientific and technological progress of industry and new energy and many other areas and policy efforts to tilt continue to strengthen and improve the core competitiveness of medium-sized enterprises, SMEs development are facing an unprecedented opportunity. Therefore, the relationship between liabilities term structure and business growth has important theoretical and practical significance on the integration of the investment and financing strategy for corporate growth and development. Scholars in business growth and capital financing structure areas output a large number of outstanding research results, but no one get involved in both development. This paper, on the basis of previous exploration, joints the two researches, looking into the development of business operations, in particular, to study the growth of enterprises Bond Maturity Choice. This paper uses the data of GEM listed companies in China from 2009 to 2011 three-year for the study sample, using the regression method, from static and dynamic perspective of corporate growth liabilities Maturity Choice. The main conclusions obtained are: (1) GEM businesses can use the low proportion of long-term liabilities, and generally has a good growth; (2) GEM high-growth companies prefer short-term liabilities; (3) There was no significant correlation between the current business growth and current term structure of liabilities; (4) There was significant negative correlation between the lagged one period growth of an enterprise with the term structure of liabilities.
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