中国上市公司规模与债务融资关系的实证研究[1]
周勤a 徐捷b
a 东南大学经济管理学院金融系，210096；
中国社会科学院工业经济研究所博士后流动站，100836
b 东南大学经济管理学院金融系，210096
内容摘要：本文将中国上市公司规模作为解释变量，在控制行业因素与其他主要公司特征的情况下建立模型，利用中国上市公司的财务数据，对中国上市公司规模与债务融资关系进行描述性和回归性实证研究，发现两者之间存在着正相关关系。即公司规模的规模越大，公司的债务融资越多，为中国上市公司规模与公司债务融资的关系提供一个经验性的结论。
关键词：融资结构；外源融资；公司规模；债务融资；
EMPIRICAL RESEARCHES FOR CHINESE LISED COMPANIES ON THE
Zhou Qin,
Southeast University, 210096, Nanjing City, Jiangsu Province;
Institute of Industrial Economics, Chinese Academy of Social Sciences, 100836 ,Beijing
Xu Jie
Southeast University, 210096, Nanjing City, Jiangsu Province
Abstract: Based on the characters of Chinese listed companies, this paper takes factors as its study perspective and takes firm size as its thread. And then controlling industry factor and other main firm characters, employing the market and accounting data of Chinese listed companies, it makes a mode to test the relationship between firm size and corporation credit financing. As a result there is a positive relationship between them, which is the bigger the firm size is, the more debt the firm has. This paper will attempt to make a result of empirical study.
Key Words: Structure of Financing; Firm Size; Credit Financing; External Financing
本文是中国社会科学院工业经济研究所所重点课题“转型时期中国制造业与商业企业协调发展研究”的阶段性成果之一，同时受到教育部哲学社会科学研究重大课题攻关项目“东部特大都市圈和世界制造业中心”（项目号：03JZD0014）的资助。
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