主管：中国科学院
主办：中国优选法统筹法与经济数学研究会
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中国管理科学

中国管理科学 ›› 2008, Vol. 16 ›› Issue (1): 163-171.

• 论文 • 上一篇    下一篇

中小企业债权治理评价与成长性研究——来自中国中小上市公司的经验证据

陈晓红, 王小丁, 曾江洪   

  1. 中南大学商学院 湖南长沙410083
  • 收稿日期:2007-04-25 修回日期:2007-12-03 出版日期:2008-02-28 发布日期:2008-02-28
  • 作者简介:陈晓红(1963- ),女(汉族),湖南长沙人,中南大学商学院院长,教授,博士生导师,研究方向:中小企业融资、战略资本运营.
  • 基金资助:

    国家自然科学基金重点项目(70631004);湖南省社科基金项目(05JD18)

Governance of Creditor’s Rights Evaluation and Enterprise Growth of SMEs：An Empirical Study Based on Listed SMEs in China

CHEN Xiao-hong, WANG Xiao-ding, ZENG Jiang-hong   

  1. Business School, Central South University, Changsha 410083, China
  • Received:2007-04-25 Revised:2007-12-03 Online:2008-02-28 Published:2008-02-28

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摘要： 债权治理处于公司治理体系的内核,债权治理评价是公司治理系列评价的重要受体。本文在对国内外文献进行评述的基础上,构建中国中小上市公司债权治理评价指数,并籍此从偿债能力、债务融资、资产期限、债务期限四个纬度对205家中小上市公司样本的治理状况进行分析评价,并从不同企业特征因素的视角,对债权治理状况进行分组研究。同时,匹配中小上市公司成长性评价体系,对两类指数进行综合相关性和回归研究。结果显示债权治理总体状况偏低,不同所有制下有较大差异,债权治理与公司成长性呈倒U型关系。高偿债、低债务融资均不利于公司成长,债务期限和资产期限结构的不平衡使其对成长性影响不显著。公司规模、公司质量和实际所得税率是影响债权治理水平和公司成长性的重要特征因素。

关键词: 中小企业, 债权治理评价指数, 成长性, 企业特征因素

Abstract: The governance of creditor. s rights plays the core role in the corporate governance evaluation system. This paper, on the basis of the review of literatures in China and abroad, constructs the evaluation index to measure and assess creditor's rights governance of the listed small and medium enterprises in China, and makes an empirical study on the governance situation of 205 Chinese listed SMEs from four fount dational dimensions, namely, solvency, debt financing level, assets maturity structure and debt maturity structure. And from the perspective of enterprise characteristics differences, we give group studies on the state of governance. Meanwhile, the paper matching with the growth evaluation system of listed SMEs, and makes a comprehensive and regression research on the two evaluation indices.The results show that the overall governance of creditor's rights in China is poor. There are big differences in different ownerships. The governance index and the growth index have an inverted U-shaped relationship. High solvency and low debt financing are all harm to enterprise growth, the unbalanced structure of debt and asset maturity down't impact the growth significantly. The size, quality and effective income tax rate are the most important features of influencing the governance and growth.

Key words: SMEs:governance of creditor’s rights evaluation index, growth, enterprise characteristics

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