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文章以我国 2011—2015 年 504 家中小板上市公司为样本。首先，描述了上
市公司的发展现状以及融资结构现状；其次，构建中小上市公司成长性评价指标，
并用主成分分析法测算中小上市公司成长性得分；然后运用多元回归的方法研究
上市公司融资结构与成长性之间的关系，此外还对比分析不同公司属性、行业下，
企业融资结构与成长性之间的关系。在此基础上，得出以下结论：
（1）中小企业的债权融资对成长性是显著的负向影响，其中商业信贷每增
加 1%，成长性下降 0.293%；银行借款每增加 1%，成长性下降 0.224%。从不同
公司属性来看，仅国有企业可以将银行借款融资转化为成长优势，增加投入的正
向效用，而商业信贷无论对于何种公司属性的企业均是负向显著的影响。从不同
行业来看，仅建筑业和批发零售业可以将银行借款、商业信贷有效的转化为成长
优势，且增加投入的正向效用明显；而农林牧渔业、制造业以及信息传输、软件
和信息技术服务业企业均不能将银行借款和商业信贷有效的转化为正向效用
（2）股权融资对于企业成长性是显著的正向影响，其中股权融资每增加 1%，
成长性增加 0.461%。从不同公司属性来看，加大股权融资对于民营企业成长性
的促进效果明显，但对于国有企业的成长性拉动效果一般。从不同行业来看，增
加股权融资对农林牧渔业、制造业以及信息传输、软件和信息技术服务业企业的
促进效果明显，而对建筑业企业成长性促进效果一般，对批发零售业企业成长性
是抑制作用
（3）内源融资对于企业成长性是显著的正向影响，其中内源融资每增加 1%，
成长性相应的增加 1.244%。从不同公司属性来看，增加内源融资对于各属性的
企业成长性效果促进明显，对其他企业的成长性促进最大，其次是民营企业，最
I新疆大学 2017 届硕士研究生学位论文
后是国企。从不同行业来看，增加内源融资对于各行业企业的成长性效果促进明
显，对建筑业企业的成长性促进最大，其次是信息传输、软件和信息技术服务业，
然后是制造业、农林牧渔业，最后是批发零售业
关键词：成长性;融资结构;中小上市公司
II新疆大学 2017 届硕士研究生学位论文
Abstract
With the social economy drawing near, enterprises are increasingly concerned
about their growth. Enterprise&39;s growth refers to the enterprise in the process of
growth, keep sufficient manpower, material resources and financial resources into the
value of appreciation, then gain a kind of ability of sustainable development. But no
money the enterprise is difficult to keep the sustainable and healthy growth. The
enterprise needs to raise funds to maintain sustainable development, so the financial
problem is one of the core content of modern corporate finance, but also the key of
enterprise growth.
This paper takes the 504 SME board of listed companies from 2011 to 2012 as
sample. First of all, describes the current situation of the development of listed
companies and the current situation of the financial structure. Secondly, constructs the
evaluation index of the growth of small and medium-sized listed companies, using the
factor analysis to measure the growth of small and medium listed companies; And
then using the method of multiple regression of the relationship between the financial
structure of listed companies and the growth is analyzed, and comparative analysis
properties under different industry, different companies, the relationship between the
enterprise financial structure and growth. On the basis of this, the following
conclusions:
(1) The creditor&39;s rights financial of small and medium-sized enterprises is a
significant negative impact to growth, the commercial credit every 1% increase
growth fell by 0.293%; The bank borrowing a 1% increase, the firm growth by
0.224%. Attributes from different enterprises, state-owned enterprises only bank loan
financing can be transformed to growth advantage, increase investment of positive
effects, and no matter what kind of property for commercial credit enterprise have a
negative significant influence. Never in the same industry, construction industry and
wholesale and retail can only to bank loan, commercial credit into growth advantage
effectively, and increase the input of positive effect is obvious; And animal husbandry
fishery, manufacturing and information transfer, software and IT services are bank
lending and business credit can’t be effectively converted into positive effect.
(2) Equity financial is significantly positive influence on the enterprises’ growth,
the equity financial, every 1% increase growth increased by 0.461%. From the
attributes of different enterprises, increase equity financial for private enterprise
III新疆大学 2017 届硕士研究生学位论文
growth promoting effect is obvious, but for the growth stimulating effect of the
general state-owned enterprises. Never in the same industry, increase the equity
financial of ecological-economic, manufacturing and information transfer, software
and IT service companies to promote the effect is more obvious, for the promotion of
construction enterprise growth effect is general, wholesale and retail enterprises
growth is negative impact.
(3)The internal financial have a significantly positive influence on the enterprise’
growth, including a 1% increase of internal financial, the corresponding 1.244%
increase in growth. From the attributes of different enterprises, increase the
endogenous financial for each attribute the growth promoting effect of the enterprise,
to other enterprises with the greatest growth promotion, followed by private
enterprises, is the final soe (state-owned enterprise). Never in the same industry,
increase the endogenous financial for various industries the growth promoting effect
of the enterprise, the construction enterprises with the greatest growth promotion, the
second is the information transfer, software and IT services, then the manufacturing
industry, animal husbandry, fishery, the last is a wholesale and retail.
Keywords:Growth, Financial structure, Small and medium-sized listed company
IV新疆大学 2017 届硕士研究生学位论文
目 录
摘要 .......... I
Abstract.......III
1 绪论 ...........1
1.1 研究背景与意义.....1
1.1.1 研究背景......1
1.1.2 研究意义......1
1.2 国内外研究综述.....2
1.2.1 国外文献综述..........2
1.2.2 国内文献综述..........3
1.2.3 文献述评......6
1.3 研究内容与方法.....6
1.3.1 研究内容......6
1.3.2 研究方法......7
1.4 本文创新之处.........8
2 理论回顾与相关概念界定9
2.1 理论回顾.....9
2.1.1 企业成长理论..........9
2.1.2MM 理论.......9
2.1.3 优序融资理论..........9
2.2 相关概念界定.......10
2.2.1 成长性.
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