【摘要】：企業(yè)增長的關鍵是實現(xiàn)銷售增長與企業(yè)資源的相互匹配,因此,可持續(xù)增長思想的確立對企業(yè)戰(zhàn)略目標實現(xiàn)至關重要。文章利用上市公司2009-2012年的相關數(shù)據(jù)研究融資約束與企業(yè)可持續(xù)增長之間的關系。主要關注兩個方面:一是上市公司是否存在著明顯的融資約束現(xiàn)象;二是融資約束是否對企業(yè)可持續(xù)增長有影響。通過實證研究,結合理論分析發(fā)現(xiàn),上市公司存在明顯的融資約束現(xiàn)象,其中盈利能力、公司規(guī)模、發(fā)展能力與可持續(xù)增長呈正相關,債務狀況、國有化程度與可持續(xù)增長呈負相關,并且在此基礎上,提出相關建議及對策。
[Abstract]:The key to enterprise growth is to match sales growth with enterprise resources. Therefore, the establishment of the idea of sustainable growth is of great importance to the realization of the strategic objectives of enterprises. This paper studies the relationship between financing constraints and sustainable growth of firms using relevant data of listed companies from 2009 to 2012. This paper focuses on two aspects: one is whether the listed companies have obvious financing constraints, the other is whether the financing constraints have an impact on the sustainable growth of enterprises. Through empirical research, combined with theoretical analysis, it is found that listed companies have obvious financing constraints, in which profitability, company size, development ability and sustainable growth are positively correlated. The degree of nationalization is negatively related to sustainable growth, and on this basis, some suggestions and countermeasures are put forward.
【作者單位】： 山西財經(jīng)大學會計學院;
【基金】：山西省軟科學項目“山西煤炭企業(yè)負債融資的財務治理效應研究”(2012041012-04)
【分類號】：F272;F832.4

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本文編號：2299519