I
摘要
创业板市场作为新兴崛起的资本市场，目前来说还未受到国内经济学家的广
泛关注，经济学家们更倾向于对主板市场和中小板市场的研究。但就目前的研究
成果来看，创业板市场发展迅速，由起步时的 28 家上市公司发展到现今的 300
多家，遍布国内近 30 个省市，80 多个城市。创业板市场作为建立多层次资本市
场的重要组成部分，其主要目标是对于中小型新兴发展的高新技术企业的资本运
作给予扶持。目前，中国正处在经济转型的重要时期，具有创新性的新兴成长型
中小企业注定要在我国发展国民经济的道路上扮演十分重要的角色，但是就客观
事实来看，我国先如今资本结构并不完善，还有不够健全的诱导机制，缺少资本
退出机制，所以这些问题使得高成长中的新兴中小企业存在普遍融资困难的问
题，所以说，研究我国创业板上市公司融资结构对其业绩的影响关系，对于创业
板市场发展的推动，资本市场体制健全及完善，具有举足轻重的意义。

本文主要将我国创业板上市公司融资结构对其业绩的影响关系作为主要的
研究对象，首先以绪论的方式阐述了文章的研究背景、目的及意义，同时简要地
结合了研究方法与内容，并根据国内外相关资本结构和公司绩效的理论及文献资
料按照时间顺序进行系统综述。接着就是根据国外创业板上市公司的特点，对中
国创业板市场进行客观分析，界定融资结构的定义并介绍具有中国特色的创业板
上市公司的融资以及公司绩效的相关理论。在第三章里面通过因子分析法简单说
明了我国上市公司的综合绩效水平以及利用 SPSS１８.０统计软件，研究样本选
择在 2011 年 1 月 1 日之前上市的公司，财务指标所在报告期为 2012 年 12 月 31
日，并剔除数据不全的公司样本，经过上述操作之后,我们的研究样本包括 154
个公司年度观测值。根据这 154 加上市公司作为研究样本进行实证分析，以期证
实创业板市场下融资结构与公司绩效的关系。最后根据实证结果，提出个人的问
题与建议，期望能为创业板企业融资难、结构合理化寻找一些切实可行的帮助。

关键词：创业板 上市公司 融资结构 公司绩效
II
ABSTRACT
As an emerging capital market, growth enterprise market (GEM) does not
receive much attention from the domestic economists at the moment, whose study
focuses are on main board market as well as small and medium-sized board market.
However, currently, growth enterprises market is undergoing a rapid development.
Its scale grows from 28 public companies in the beginning stage to more than 300
public companies at present, which cover 80 cities of 30 provinces. Being an
important component of establishing multi-layer capital market, the main objective
of GEM is to provide the capital support to the small and medium sized high-tech
companies. China is now undertaking a very important economic transformation and
small and medium sized high-tech companies play a significant role in development
of China’s national economy. Nevertheless, objectively speaking, the current capital
structure of China is not perfect, the induction mechanism is not sound and there is
no capital withdrawal mechanism. These problems make it difficult for the growing
small and medium sized high-tech companies to raise fund. Therefore, it is of great
significance to study the financing structure of listed companies on GEM. The study
is also very meaningful to promote the further development of GEM and facilitate
the improvement of the sound capital market system.
The paper chooses the financing structure of listed companies on GEM and its
influence on companies’ performance as the research subject. First, the paper
introduces the research background, objective and its significance. At the same time,
the introductory part also presents the methodology and summaries the theories and
literature review concerning financing structure of listed companies on GEM and its
influence on companies’ performance according to time sequence. Then, based on
the characteristics of international listed companies on GEM, the paper conducts an
objective analysis over the Chinese listed companies on GEM, defines the financing
structure and introduces some practices and theories of financing and performance
China’s listed companies on GEM. In the following, through factor analysis, the
paper demonstrates the overall performance of China’s listed companies. Adopting
SPSS 18.0, the study chooses 355 listed companies on GEM from 2009 to 2012 as
the research samples so as to prove the correlation between the financing structure
and company’s performance. Finally, on the basis of the study results, some personal
suggestions are proposed so that these suggestions can provide some practical help