文档介绍：预 测Vol. 31, No. 5 FORECASTING 2012年第5期 创新型企业债务结构与 成长性的关系研究——基于沪深上市企业的实证检验—段伟宇，师萍，陶 建宏2 1, 1 1 （ ，陕西西安710127；
范大学经济与管理学院，山西临汾041004）摘要：本文基于2008〜2010年 沪深上市创新型企业的经验数据，以因子分析法所计算的企业成长性综合指数来衡 量创新型企业成长性，运用平衡面板数据固定效应模型，实证分析债务结构（债务 比例、债务期限、债务来源）对创新型企业成长性的影响。研究结果表明：债务 比例、短期债务、商业信用及银行借款均与企业成长性显著负相关；而长期债务 与企业成长性显著正相关。创新型企业债务结构的不平衡与不合理，是导致债务融 资对企业成长性产生整体消极效应的主要原因。关键词：创新型企业；债务结 构；成长性 中图分类号：F275. 5文献标识码：A文章编号：1003-5192（ 2012） 05-0034-06 Study on the Relationship between Debt Structure and Growth of Innovative Enterprises An Empirical Analysis Based on Listed Companies in China yu 2
DUAN Wei- 1, , SHI Pingl , TAO Jian-hongl （ 1・ School of Economics and
Management, Northwest University, Xi' 710127, an China； 2・ School of Economics and Management, Shanxi Normal University, Linfen 041004, China） Abstract： Based on the 2008 〜 2010 empirical data of listed innovative enterprises in China, by applying factor analysis, this paper measures innovative enterprises growth with the comprehensive index of enterprises growth ・ And by applying fixed effects model of balanced panel data, this paper analyzes the relationship between the debt structure（ debt propor- tion, debt maturity, debt source） and growth of innovative enterprises・ The results show that there exists a significantly negative relationship between debt proportion, short-term debt, commercial credit, bank loan and enterpri