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

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.

关键词： Small and Meduium-sized Enterprises (SMEs) Capital Structure Corporate Performance

作者: ZHUANG Yan

作者单位: Harbin University of Commerce,P.R.China

会议类型: 国际会议

会议名称: The Twelfth West Lake International Conference on Small & Medium Business(第十二届西湖国际中小企业研讨会 WLICSMB 2010)

会议地点: 杭州

会议语种:英文

页码: 281-286

在线出版日期: 2010-10-24（万方平台首次上网日期，不代表论文的发表时间）