摘要
本文认为财务杠杆对公司成长性具有积极、消极双重影响。鉴于现有文献中财务杠杆对公司成长性的消极作用,本文选取1998—2001年深沪两市2798个混合样本作为研究对象,研究上市公司在不同经营业绩条件下财务杠杆对成长性的影响。研究结果表明,与国内外已有的研究结果不同,不同经营业绩下公司财务杠杆对成长性的影响作用存在差异。对于业绩优良的公司,财务杠杆具有积极作用,举债经营可以促进公司的成长,而且,随着公司业绩的增强,财务杠杆所起的积极作用更为显著;对于业绩较差的公司,财务杠杆具有消极作用,财务杠杆对成长性有一定的抑制作用。
This paper argues that there exist positive and negative influences of corporate financial leverage on corporate growth. Based on the negative influences of corporate financial leverage on corporate growth from current literatures, this paper take 2798 pool samples from 1998 to 2001 in Shenzhen and Shanghai stock market, to study the influences of corporate financial leverage on corporate growth under the condition of different operation performance. Empirical results indicate, different with domestic and abroad research results, the influence of corporate financial leverage on corporate growth is different with different operation performance. For the good performance firms, financial leverage has a positive effect, and there exist significance positive rela- tionship between corporate financial leverage and corporate growth; for the bad performance firms, financial leverage has a negative effect, and there exist significance negative relationship between corporate financial leverage and corporate growth.
出处
《财经问题研究》
CSSCI
北大核心
2006年第2期80-85,共6页
Research On Financial and Economic Issues
基金
国家自然科学基金项目
教育部新世纪优秀人才培养计划的资助
关键词
公司成长性
财务杠杆
业绩
Corporate Growth
Financial Leverage
Performance
作者简介
丹长江（1965-），男，山东日照人，副院长，教授，博士，博士生导师，主要从事会计学与资本市场研究。
