（会计学专业论文）上市公司资本结构对成长性影响的实证研究.pdf

? ? i ? ? ? !?#$%?,abcd? efghijk?,l?mnob?pqr? ?s%tnou 9vwxyz?p_a?obc?defgh?hi ?3 4%jklmn?cd!o pqrstu?o?vw?qbxryd?z|?p vwxryd? ?34%j?! p? ?#?jyd?34%j?+? ?jk?e ?4%g?t? l?y?l?ea?abaj“fi #fl ? ?#?wx? ?#_?”:?x? z?b p?szvw!?.jk?zvw?pz?34%j? ?pqr?!o o ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?ooo?pqroooo?jkoo?jko o ? ? ii ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? firm growth is the problem that managers, investors and other stakeholders always pay attention to. it also represents firm future value. being one of targets that firm trying their best to pursuing, growth becomes increasingly the focus that theorists pay attention to. growth is a comprehensive character that is embodied in firm operating management and development trend. analyzed from finance, a growing firm should have such characters as reasonable capital structure, predominance in the same industry and size increasingly expanded, cost and expense controlled well, better market competition capability, operating performance promoted steadily in future. based on research of foreign and domestic scholars about firm growth and combining domestic practical conditions, this paper attempts to research how leverage effects on growth for domestic stock-listed company under different operating performances from financing point. this paper collects their financial reports from 2005 to 2007 and screen out total 450 samples as panel samples.this paper selects return on equity(roe)and earnings per share(eps)as the criterion that classifies the operating performance of stock-listed company into two groups.at the same time,this paper selects growth general main chapter as dependent variables and leverage as core independent variable, selects size,selling,general?.:?abc4+de2f ghijklmnopq.rste12fuvwxy%z_ .ab=:?aecuvwde?fghijk?xl?mn o.?pqr+stu.vwb? ? ? ? ? ? ? ? ? ? ? ? ? $%?xhyfghijk?z|st?p12.z? ?e?z?|?-12.?e?12? ?l?12.x?abe?l? xl?|?12b ?|?.126y? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ! 1 # 55 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?#$%?y? ? ?hi? ?=y( l=?y?y?89t?o?;? d?y?yn?a ? ?!o c?t?w?67?de? !? %?de”#?$%;?fl ?o? 8?#?pdeheab?de?c? ?de?defgh?r*3?i67?!o j?rs*kz?|l?mn?!,;? z=3?ogyp ) ?9?qr?s?tt$%a?u2? ?v?a?yw?xy ?$%5=zra5?yd?| s?=zr?r4$% h?yd?o? ? ?_?u2?t t?$%la?bcde?.?d?xrcde9?i? ?tt?$%?hell!f,;?$% cg? ?ah=?qr?ui?ajk?h? ?0?!?cg?$%?./?o? p?uij?=?qr?a$%k?8?a#?! ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? $%=?$%?f?sm?,!y 50 z? ? mm ?=?qr?#?3?0? ?:u?k?vw?:?3?u?a? ?=?qr?;s%? ?=?qro? ?!j?:u?=?qr?v w?h?s$%c?pqr?vw!myers(1977)?$%?j# o?z? #o?c? ?z? ? bet9e?$%?c !?*? ?c?fg? ?$%?z?$%?z?pqr? ?! jensen(1986)#?$%o:?z?$ %h22?k?3?5z?p?$%?p ?67h?p?+? ?34?67k?, ? solomon e.leverage and the cost of capital.journal of finance,l963,18:1245-1269 ? myers s.c.determinants of corporate borrowing.journal of financial economics,1977,5:147-175 ? jensen m.c.agency cost of free cash flow,corporate finance,and takeovers.american economic review,1986,6:323-329 ? ? ! 3 # 55 ?+! ?$%?jk?$%?p?67h? ?0?,l?$% defgt?56789?#$%?3 4?!h?yd?jk? !? s?!o ?sjko? defgt? 67k?;?no?v#?34? ?v#? !?c?v#? ?;?!o ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?$%?ve?hi? ?!)i?!), 89?g?-!#?$%?m$b%?qb?ht ?$%etdhs)z?c?v2?!h*?$%?az? +,m? ?s?-.?/b?0j?! efghi?$%?c1?h?k?z$% ?i?p!$%?i?$%?i? =$%?2?!?:$%?34?i?5 |?#6)$%?$%?de?3?!?7?: $%?i8?5z?va?,l?q.:?i?, hz$%?i! ?:$%? fgy9h? 3:?!efghi?$%?34nov2?cd? ?;fg ?|?$%?y?$%? ,l?,s$%et?d et? d?f?! ?;? b?)?pqr5hi!|?g? ?b?df?pqr?#?(qg?)?(?p qrtg?p?p?j?!?pqr?g? p?g?p ?pqro:?j! ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? =?qr?$% ?a?,?_b?oza? 5?=?ee?=?fi ?j? 2fi ?t=?tc?=?s?=?j? 3fi bc ?#?=?q=?j?! ?pqr?=?qr?l?gh?ij? o?vw?#k? ,lp?ij?ij?pqr?=?qr ?k? 2003fi !?o,?vw?klm?2003fi ? hn?x? o?ijy?z! j?.?pqr?=?qr?$%=?=? ;?q?! ?z?,?$%?8?7?j?*+p ?pe?q?pqr?$%de?! ?,l?r?v6?b?mno?.?z?! ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? x,)j?s.?j?yzp?.k?dek?ij? /?pvw?c?2! x)j?|?j?e?.vw?zvw?hi?! x?)j?pqr?zvw#z! 1?p?!p? 2005-2007 z% 450 lbp! 2?#z!z?aj?abaj? ?pqr? r? ?,rxryd?c2? p?wx? ? ? ?+#_! 3?vw;?!#bc?pj#34%jq? ?j?z:?x?pqr?! x)j?+=?r”! 1?+?jk 2?+?jk x)j?pqr?jk! 1?#? 2?x?” 3?yz 4?jk x?)j?q.vw?! ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?l?x?vw?#()?*+?,?p? ?o?l;j?)?$%j?(c?j?)?je? j?.t?v?,?r*3?t$%?l$%wxh ?l?$%?! ?(1890) ?2wx3?$%?hl?2?,? k?fg?%? ?g?3?u?a?k?fg ?jk?$%6j?s?f,fl bm,? ?j?wx3?$%?h,?2! j$?abkf g?$%?.,?h?.?8?!? ?t)3?$%?o?$%?ufg?xy ?h?l?k,fg?$%?.?%?!? #?d?$%wx?s?g?efg?g? $%:? ?h? $%! 6)?%?de? 7o$%?%i-i?czwx? f,;! 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