基于企业生命周期的上市公司融资结构研究

本文以筛选得到的354家我国上市公司2002-2007年的数据为样本,借鉴产业经济学增长率产业分类法将上市公司大致界定处于成长期、成熟期或衰退期,通过统计分析和建立计量经济模型,从企业自身特征的角度研究了处于不同生命周期阶段的企业融资结构特征、差异性和导致差异的原因。研究表明,处于不同生命周期阶段的上市公司融资结构具有显著差异。其中长期负债率在成长期相对较高,短期负债率在成熟期相对于成长期与衰退期较高,但与成长期的差别较小。进一步讨论得到在我国上市公司自身与投资者相互选择的作用下,从公司自身特征的角度看,公司的长期负债率与其自身的资产担保价值密切相关,短期负债率与其公司业绩、成长性、公司规模和内部治理密切相关。

Study on the Financing Structure of Listed Companies Based on Enterprise Life Cycle

This article takes the data of 354 listed companies in China from 2002 to 2007 as sample,and uses the classification of industry by growth rate in industry economics for reference to define the life cycle stage of listed companies,and then through the statistical analysis and econometric model studyies the differences of financing structure of listed companies in different stages of the life cycle and the factors which cause the differences. Research result shows that the financing structure of listed companies is significantly different among different stages of enterprises' life cycle. The long term debt ratio is higher in the growing stages,and the short term debt ratio is higher in the maturity stage comparing with the growing and recession stages,but has a smaller difference with the growing stage. Through further discussion we find that in the perspective of the companies themselves,the long term debt ratio is closely related to the secured-assets and the short-term debt ratio is closely related to its performance,growth,size and internal governance.