【摘要】 本文以中国中小上市公司2002~2005年的经验数据为样本,采用结构方程模型探讨了债权治理机制的4个主要维度:偿债能力、债务融资程度、资产期限、债务期限,并对债权治理机制、企业特征因素与企业成长性的关系进行了理论和实证分析。结果显示,中小企业债权综合治理机制对企业成长并没有产生应有的促进效用,其中偿债能力与企业成长性负相关;资产期限结构的影响作用不显著;债务融资和债务期限结构对企业成长有促进作用;企业特征的异质性显著影响债权治理水平和企业成长性。更多还原

【Abstract】 On the basis of Listed small and medium enterprise’s(SMEs) empirical datum in China,this paper applying structure equation model(SEM) to research four dimensions of creditor’s rights governance: solvency,debt financing,assets maturity structure,debt maturity structure.And we do research on the relationship between governance of creditor’s rights;enterprise features factors and growth of SMEs.The results indicate that,the governance mechanism of creditor’s rights for SMEs do not have a promoting effect on business growth,which the solvency do a negative impact on business growth;the maturity structure of assets have no significant impact;debt financing and debt maturity structure play a role in promoting enterprise growth,but the debt maturity structure isn’t rational enough;heterogeneous features of enterprise significantly impact on both governance of creditor’s rights and enterprise growth.更多还原