上海管理科学2017，Vol.39Issue(5)：1-7,7.
科技创新型企业的资本结构及其影响因素——基于中国上市公司面板数据的实证研究
Capital Structure and its Influencing Factors of Sci-tech Innovation Enterprises——An Empirical Study Based on Panel Data of Chinese Listed Company
褚敏 1杨朝军1
作者信息
- 1. 上海交通大学安泰经济与管理学院,上海200030
- 折叠
摘要
Abstract
In this paper,we studied the capital structure of Chinese innovative enterprises and its influencing factors based on the panel data of Chinese listed companies.The generalized moment estimation method (GMM) is used to estimate the regression parameters based on the orthogonality between the lagged term and the interference term of the dependent variable.According to the research,the choice of the capital structure is significantly influenced by the factors such as the growth rate,the uniqueness of the product,the concentration of stock ownership,the proportion of tradable shares,the legal environment,the stock market price and the market price of bank credit.关键词
科技创新型企业/资本结构/融资策略Key words
sci-tech innovation enterprise/capital structure/financing strategy分类
管理科学引用本文复制引用
褚敏,杨朝军..科技创新型企业的资本结构及其影响因素——基于中国上市公司面板数据的实证研究[J].上海管理科学,2017,39(5):1-7,7.
