债务结构、产权性质与公司成长性

文章以2012-2015年中国A股上市公司为研究样本,从债务水平结构、债务期限结构、债务来源结构三个维度探究了债务结构、产权性质对公司成长性的影响.研究结果表明:在全样本中,债务水平结构、债务期限结构、债务来源结构与公司成长性呈现正相关关系,即适当提高债务融资总额、长期债务、银行借款和公司债券有助于促进公司的不断成长.进一步区分企业产权性质后发现,债务结构的三个维度对国有企业和民营企业成长性的影响存在显著差异.具体来说,债务水平结构和债务来源结构对国有企业成长性的影响不显著,而债务结构的三个维度对民营企业成长性的影响程度较大且非常显著.研究结果可为中国上市公司从不同角度调整优化债务结构进而促进企业的成长发展提供借鉴与参考.

Debt structure,ownership and company growth

Using data of Chinese A-share listed companies from 2012 to 2015 as the research sample,the paper explores the impact of the debt structure and the ownership on the growth of the company from three dimensions:Debt level structure,debt maturity structure and debt source structure. The results show that:In the whole sample,the debt level structure,the debt maturity structure,the debt source structure and the growth of the company have a positive correlation,that is,the appropriate increase in debt financing,long-term debt,bank loans and corporate bonds can help the company''s growth better. It is found that the three dimensions of the debt structure have significant differences on the growth of state-owned enterprises and private enterprises. In particular,the impact of debt level structure and debt source structure on the growth of state-owned enterprises is not significant,and the three dimensions of debt structure have a greater impact on the growth of private enterprises. The results of this study can provide reference for the listed companies to adjust and optimize the debt structure from different angles and promote the growth and development of the enterprises.