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首页> 外文会议>West Lake international conference on small medium business >Empirical Study on the Interactive Relation between Capital Structure and Corporate Performance of Small and Medium-sized Enterprises--Based on the Data from SME Board in China
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Empirical Study on the Interactive Relation between Capital Structure and Corporate Performance of Small and Medium-sized Enterprises--Based on the Data from SME Board in China

机译：中小企业资本结构与企业绩效的互动关系实证研究 - 基于中国中小企业委员会的数据

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摘要

This paper constructs a simultaneous equation about capital structure and corporate performance of SMEs using the panel data from 50 listed companies in the SME board from 2005 to 2009 and adopting three stage least squares(3LSL) to estimate the equation.The empirical results indicate that there is an interaction between capital structure and performance of SMEs,and financial structure is negatively correlated with corporate performance.Moreover,the ratio of the largest shareholder is a positive correlation with corporate performance,and board size is a negative correlation with capital structure.The growth of company and company size also have a positive impact on the capital structure and corporate performance of SMEs.
机译：本文通过2005年至2009年，使用来自中小企业的50家上市公司的小组数据构建了关于资本结构和中小企业的企业绩效的同步方程，并采用三阶段最小二乘（3LSL）来估计方程式。实证结果表明存在是资本结构与中小企业的表现之间的互动，金融结构与企业业绩负相关。多元化，最大股东的比例与企业绩效的正相关关系，董事会规模与资本结构负相关。增长公司和公司规模也对中小企业的资本结构和企业表现产生了积极影响。

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