创新型企业股权结构、债务结构与成长性的关系研究：理论分析与经验证据
|
摘要
创新型企业是我国实施技术创新工程与建设创新型国家的重要载体。实践表明,创新型企业正在成为我国调整产业结构、转变发展方式、增强创新能力、提升综合竞争力的重要力量。而在所有企业的发展进程中,企业成长性是实务界和理论界所共同关注的一个永恒主题,因而,创新型企业的成长性自然也成为了国家、社会和企业所关注的焦点问题。从资本结构理论的角度看,股权资本与债务资本共同构成了企业的资本属性结构,不同属性的资本体现了投资者不同的利益目标与权责特征；从公司治理理论的角度看,股权结构与债务结构是公司治理结构的两个基本层面,两者的不同特征决定了投资者参与治理的动力与能力的差异。这说明,股权结构与债务结构的不同特征将会影响到企业的决策行为。而企业内因成长理论则表明,企业成长是企业内部的资源配置与能力协调的结果。因此,从理论观点上判断,股权结构与债务结构将会对企业成长性产生影响。那么,创新型企业的股权结构、债务结构与成长性之间存在何种具体的关系,这种关系对于促进创新型企业的持续成长又存在何种启示,这正是本文所要研究的关键问题。本文以创新型企业为研究对象,理论分析与实证检验股权结构、债务结构与成长性的关系,并基于研究结论提出促进创新型企业持续成长的对策建议,因此,本文研究具有重要的理论价值和实践意义。
本文内容主要有五个方面：第一,从理论角度,对企业内因成长理论、现代公司治理理论和新资本结构理论进行了系统分析,以此作为本文的理论基础。企业内因成长理论包括彭罗斯的企业内因成长理论、企业资源基础理论和企业能力基础理论,现代公司治理理论包括基于委托代理理论与基于现代产权理论的公司治理理论,新资本结构理论包括基于代理成本与基于不对称信息的资本结构理论；此外还对国内外学者的代表性实证文献进行了详细梳理。第二,从经验角度,对创新型企业2006年以来的创新状况和经济状况两个方面进行了总体统计与分类研究,并基于统计结果对创新型企业的成长状态特征进行了总结描述；以企业内因成长理论为指导,在借鉴国内外学者关于企业成长性评价文献的基础上,结合创新型企业的自身特点,构建了创新型企业成长性的测度指标体系与理论测度模型,并采用因子分析法对359家样本企业2007-2011年的成长性进行了实证测度。第三,通过探究理论基础之间的逻辑联结点,将现代公司治理理论与新资本结构理论作为理论视角引入企业内因成长理论的分析框架,提出了本文的理论分析框架：治理结构——企业行为——企业成长；然后遵循这一框架并结合创新型企业所处的制度环境及其自身特点,分别对股权结构与创新型企业成长性的关系、债务结构与创新型企业成长性的关系以及股权结构与债务结构的关系进行了详细的理论分析,进而提出了相应的研究假设。第四,通过借鉴国内外学者的实证文献,利用359家样本企业2007～2011年的经验数据,采用平衡面板数据固定效应回归模型,分别对股权结构与创新型企业成长性的关系假设、债务结构与创新型企业成长性的关系假设以及股权结构与债务结构的关系假设进行了系列的实证检验。第五,基于检验结果,再次结合现代公司治理理论、新资本结构理论与企业内因成长理论,对股权结构、债务结构与创新型企业成长性之间的经验关系进行了规范分析,并总结得出本文的研究结论；然后基于研究结论,从股权结构的优化、债务结构的调整与外部制度条件的改善三个方面提出了促进创新型企业持续成长的对策建议。
通过系统的理论分析与严谨的实证检验,本文得出的基本结论是：(1)股权结构对创新型企业的成长性存在显著的影响。创新型企业的股权结构在股权的数量分布与股东的身份类别方面均存在不同程度的非均衡性,通过优化股权结构,可以在一定程度上提高企业的成长性。(2)债务结构对创新型企业的成长性存在显著的影响。创新型企业的债务结构在总体债务水平以及债务期限与债务来源的内部结构方面均存在不同程度的非适度性,通过调整债务结构,能够在一定程度上促进企业的持续成长。(3)股权结构是影响创新型企业债务结构安排的重要因素。股权结构的不同特征(股权集中度、股权制衡度、股东身份)对创新型企业债务结构(债务比例、债务期限、债务来源)的安排存在程度和方向均不同的影响。
本文创新点主要体现在：(1)将现代公司治理理论与新资本结构理论作为理论视角引入企业内因成长理论的分析框架,构建了一个清晰的“治理结构——企业行为——企业成长”的理论框架,拓展和丰富了企业成长问题研究的理论视角。(2)较为系统地选取反映企业的偿债能力、营运能力、盈利能力、发展能力、现金流量、股利支付、每股质量与市场价值八个方面成长性的指标构建了创新型企业成长性综合测度指标体系。(3)较为全面地考察了股权结构和债务结构的多特征维度分别对创新型企业成长性的影响,同时也全面考察了股权结构的多特征维度分别对债务结构多特征维度的影响。(4)考虑到股权结构、债务结构与企业成长的动态特征及个体差异,采用平衡面板数据固定效应回归模型的计量方法,一定程度上弥补了截面静态回归与混合数据回归的不足。
Innovative enterprises are the important carriers about implementing technological innovation project and constructing innovative country in China. The practice shows that innovative enterprises are becoming the important forces of adjusting the industrial structure, changing the development mode, improving the innovative capacity and enhancing the overall competence in China. In the development process of any firms, firm growth is the eternal theme in practice sector and theory circle. Thus, the growth of innovative enterprises naturally becomes the focus problem of state, society and firms. From the perspective of capital structure theory, equity capital and debt capital together constitute the attribute structure of capital, and the different attribute capital reflects the different interest goals and power characteristics of investors. From the perspective of corporate governance theory, ownership structure and debt structure are the two basic dimensions of the corporate governance structure, and the different characteristics of the two structures determine the differences of incentives and abilities on investors participating governance. It shows that the different characteristics of ownership structure and debt structure will affect decision-making behavior of firm. The theory of the firm endogenous growth shows that the firm growth is the internal result of resource allocation and capability coordination. Therefore, based on the theory points, ownership structure and debt structure will affect the firm growth. In that way, what is the specific relationship between ownership structure, debt structure and the growth of innovative enterprises? And what are the implications of this relationship about the sustainable growth of innovative enterprises? These are the key issues what this paper is to study. This paper will study on the relationship between ownership structure, debt structure and the growth of innovative enterprises in theory and practice. And based on the conclusions, this paper will provide some advices on the sustainable growth of innovative enterprises. So this paper will have some theoretical values and practical significances.
The main contents of this paper include five parts:Firstly, from theoretical perspective, this paper analyzes the theoretical bases about the theory of the firm endogenous growth, the modern theory of corporate governance and the new theory of capital structure. The theory of the firm endogenous growth include the theory of the firm endogenous growth put forward by Penrose, the resource-based theory of the firm and the capability-based theory of the firm. The modern theory of corporate governance include the corporate governance theory based on the principal agency theory and based on the modern property rights theory. The new theory of capital structure include the capital structure theory based on the agency cost and based on the asymmetrical information. In addition. this paper also summarizes the typical literatures of related scholars at home and abroad. Secondly, from empirical perspective, this paper statistically analyzes the situations of innovation and economics on innovative enterprises from2006. And based on the statistical results, this paper overall describes the growth statue characteristics of innovative enterprises. And based on the theory of the firm endogenous growth, this paper constructs the indexes system and the theory model about the growth measurement of innovative enterprises by means of referring related literatures and combining with innovative enterprises characteristics. Then based on the data of359sample firms from year2007to2011and using factor analysis method, this paper empirically measures the growth of359sample firms. Thirdly, by the introduction of the modern theory of corporate governance and the new theory of capital structure to the analytical framework of the theory of the firm endogenous growth, this paper puts forward the theoretical analysis framework: governance structure—firm conduct—firm growth. Then according to the framework, combining with the institutional environments and the owned characteristics of innovative enterprises, this paper theoretically analyzes the relationship between ownership structure, debt structure and the growth of innovative enterprises, and provides related hypothesis. Fourthly, by means of referring related empirical literatures, based on the data of359sample firms from year2007to2011, and using fixed effects model of the balanced panel data, this paper empirically analyzes the above hypothesis about the relationship between ownership structure, debt structure and the growth of innovative enterprises. Finally, based on the empirical results, combining with the modern theory of corporate governance, the new theory of capital structure and the theory of the firm endogenous growth, this paper again theoretically analyzes the empirical relationship between ownership structure, debt structure and the growth of innovative enterprises, and summarizes the research conclusions. Then according to the research conclusions, this paper provides some advices on the sustainable growth of innovative enterprises from three aspects of optimizing ownership structure. adjusting debt structure and improving externally institutional conditions.
By means of theoretical analysis and empirical evidence, the basic conclusions are: Firstly, ownership structure significantly affects the growth of innovative enterprises. The quantity distribution of ownership and the identity type of shareholders are partially non-equilibrium about the ownership structure of innovative enterprises, and so optimizing ownership structure can improve the growth of innovative enterprises. Secondly, debt structure significantly affects the growth of innovative enterprises. The overall debt level and the internal structure of debt maturity and debt source are partially non-suitability about the debt structure of innovative enterprises, and so adjusting debt structure can promote the sustainable growth of innovative enterprises. Finally, ownership structure also is an important factor of affecting debt structure choice. The different characteristics of ownership structure including ownership concentration, ownership check-balance and the identity type of shareholders have the different effects on debt structure choice of innovative enterprises including debt proportion, debt maturity and debt source in degree and direction.
The main innovation of this paper have:Firstly, by the introduction of the modern theory of corporate governance and the new theory of capital structure to the analytical framework of the theory of the firm endogenous growth, this paper constructs the specific theory framework: governance structure—firm conduct—firm growth, and expands the theoretical perspective about study on the firm growth problem. Secondly, this paper constructs the measurement indexes system of the growth of innovative enterprises in systematic manner, including the eight aspects growth of solvency, operations, profitability, development, cash flow, dividend payment, quality of per share and market value. Thirdly, this paper comprehensively analyzes the multidimensional effects of ownership structure and debt structure on the growth of innovative enterprises, and the multidimensional effects of ownership structure on the all dimensions of debt structure. Finally, taking into account the dynamic features and individual differences of ownership structure, debt structure and firm growth, this paper uses the fixed effects regression model of the balanced panel data. And at some extent, it can make up for the static cross-section regression and pooled data regression.
本文内容主要有五个方面：第一,从理论角度,对企业内因成长理论、现代公司治理理论和新资本结构理论进行了系统分析,以此作为本文的理论基础。企业内因成长理论包括彭罗斯的企业内因成长理论、企业资源基础理论和企业能力基础理论,现代公司治理理论包括基于委托代理理论与基于现代产权理论的公司治理理论,新资本结构理论包括基于代理成本与基于不对称信息的资本结构理论；此外还对国内外学者的代表性实证文献进行了详细梳理。第二,从经验角度,对创新型企业2006年以来的创新状况和经济状况两个方面进行了总体统计与分类研究,并基于统计结果对创新型企业的成长状态特征进行了总结描述；以企业内因成长理论为指导,在借鉴国内外学者关于企业成长性评价文献的基础上,结合创新型企业的自身特点,构建了创新型企业成长性的测度指标体系与理论测度模型,并采用因子分析法对359家样本企业2007-2011年的成长性进行了实证测度。第三,通过探究理论基础之间的逻辑联结点,将现代公司治理理论与新资本结构理论作为理论视角引入企业内因成长理论的分析框架,提出了本文的理论分析框架：治理结构——企业行为——企业成长；然后遵循这一框架并结合创新型企业所处的制度环境及其自身特点,分别对股权结构与创新型企业成长性的关系、债务结构与创新型企业成长性的关系以及股权结构与债务结构的关系进行了详细的理论分析,进而提出了相应的研究假设。第四,通过借鉴国内外学者的实证文献,利用359家样本企业2007～2011年的经验数据,采用平衡面板数据固定效应回归模型,分别对股权结构与创新型企业成长性的关系假设、债务结构与创新型企业成长性的关系假设以及股权结构与债务结构的关系假设进行了系列的实证检验。第五,基于检验结果,再次结合现代公司治理理论、新资本结构理论与企业内因成长理论,对股权结构、债务结构与创新型企业成长性之间的经验关系进行了规范分析,并总结得出本文的研究结论；然后基于研究结论,从股权结构的优化、债务结构的调整与外部制度条件的改善三个方面提出了促进创新型企业持续成长的对策建议。
通过系统的理论分析与严谨的实证检验,本文得出的基本结论是：(1)股权结构对创新型企业的成长性存在显著的影响。创新型企业的股权结构在股权的数量分布与股东的身份类别方面均存在不同程度的非均衡性,通过优化股权结构,可以在一定程度上提高企业的成长性。(2)债务结构对创新型企业的成长性存在显著的影响。创新型企业的债务结构在总体债务水平以及债务期限与债务来源的内部结构方面均存在不同程度的非适度性,通过调整债务结构,能够在一定程度上促进企业的持续成长。(3)股权结构是影响创新型企业债务结构安排的重要因素。股权结构的不同特征(股权集中度、股权制衡度、股东身份)对创新型企业债务结构(债务比例、债务期限、债务来源)的安排存在程度和方向均不同的影响。
本文创新点主要体现在：(1)将现代公司治理理论与新资本结构理论作为理论视角引入企业内因成长理论的分析框架,构建了一个清晰的“治理结构——企业行为——企业成长”的理论框架,拓展和丰富了企业成长问题研究的理论视角。(2)较为系统地选取反映企业的偿债能力、营运能力、盈利能力、发展能力、现金流量、股利支付、每股质量与市场价值八个方面成长性的指标构建了创新型企业成长性综合测度指标体系。(3)较为全面地考察了股权结构和债务结构的多特征维度分别对创新型企业成长性的影响,同时也全面考察了股权结构的多特征维度分别对债务结构多特征维度的影响。(4)考虑到股权结构、债务结构与企业成长的动态特征及个体差异,采用平衡面板数据固定效应回归模型的计量方法,一定程度上弥补了截面静态回归与混合数据回归的不足。
Innovative enterprises are the important carriers about implementing technological innovation project and constructing innovative country in China. The practice shows that innovative enterprises are becoming the important forces of adjusting the industrial structure, changing the development mode, improving the innovative capacity and enhancing the overall competence in China. In the development process of any firms, firm growth is the eternal theme in practice sector and theory circle. Thus, the growth of innovative enterprises naturally becomes the focus problem of state, society and firms. From the perspective of capital structure theory, equity capital and debt capital together constitute the attribute structure of capital, and the different attribute capital reflects the different interest goals and power characteristics of investors. From the perspective of corporate governance theory, ownership structure and debt structure are the two basic dimensions of the corporate governance structure, and the different characteristics of the two structures determine the differences of incentives and abilities on investors participating governance. It shows that the different characteristics of ownership structure and debt structure will affect decision-making behavior of firm. The theory of the firm endogenous growth shows that the firm growth is the internal result of resource allocation and capability coordination. Therefore, based on the theory points, ownership structure and debt structure will affect the firm growth. In that way, what is the specific relationship between ownership structure, debt structure and the growth of innovative enterprises? And what are the implications of this relationship about the sustainable growth of innovative enterprises? These are the key issues what this paper is to study. This paper will study on the relationship between ownership structure, debt structure and the growth of innovative enterprises in theory and practice. And based on the conclusions, this paper will provide some advices on the sustainable growth of innovative enterprises. So this paper will have some theoretical values and practical significances.
The main contents of this paper include five parts:Firstly, from theoretical perspective, this paper analyzes the theoretical bases about the theory of the firm endogenous growth, the modern theory of corporate governance and the new theory of capital structure. The theory of the firm endogenous growth include the theory of the firm endogenous growth put forward by Penrose, the resource-based theory of the firm and the capability-based theory of the firm. The modern theory of corporate governance include the corporate governance theory based on the principal agency theory and based on the modern property rights theory. The new theory of capital structure include the capital structure theory based on the agency cost and based on the asymmetrical information. In addition. this paper also summarizes the typical literatures of related scholars at home and abroad. Secondly, from empirical perspective, this paper statistically analyzes the situations of innovation and economics on innovative enterprises from2006. And based on the statistical results, this paper overall describes the growth statue characteristics of innovative enterprises. And based on the theory of the firm endogenous growth, this paper constructs the indexes system and the theory model about the growth measurement of innovative enterprises by means of referring related literatures and combining with innovative enterprises characteristics. Then based on the data of359sample firms from year2007to2011and using factor analysis method, this paper empirically measures the growth of359sample firms. Thirdly, by the introduction of the modern theory of corporate governance and the new theory of capital structure to the analytical framework of the theory of the firm endogenous growth, this paper puts forward the theoretical analysis framework: governance structure—firm conduct—firm growth. Then according to the framework, combining with the institutional environments and the owned characteristics of innovative enterprises, this paper theoretically analyzes the relationship between ownership structure, debt structure and the growth of innovative enterprises, and provides related hypothesis. Fourthly, by means of referring related empirical literatures, based on the data of359sample firms from year2007to2011, and using fixed effects model of the balanced panel data, this paper empirically analyzes the above hypothesis about the relationship between ownership structure, debt structure and the growth of innovative enterprises. Finally, based on the empirical results, combining with the modern theory of corporate governance, the new theory of capital structure and the theory of the firm endogenous growth, this paper again theoretically analyzes the empirical relationship between ownership structure, debt structure and the growth of innovative enterprises, and summarizes the research conclusions. Then according to the research conclusions, this paper provides some advices on the sustainable growth of innovative enterprises from three aspects of optimizing ownership structure. adjusting debt structure and improving externally institutional conditions.
By means of theoretical analysis and empirical evidence, the basic conclusions are: Firstly, ownership structure significantly affects the growth of innovative enterprises. The quantity distribution of ownership and the identity type of shareholders are partially non-equilibrium about the ownership structure of innovative enterprises, and so optimizing ownership structure can improve the growth of innovative enterprises. Secondly, debt structure significantly affects the growth of innovative enterprises. The overall debt level and the internal structure of debt maturity and debt source are partially non-suitability about the debt structure of innovative enterprises, and so adjusting debt structure can promote the sustainable growth of innovative enterprises. Finally, ownership structure also is an important factor of affecting debt structure choice. The different characteristics of ownership structure including ownership concentration, ownership check-balance and the identity type of shareholders have the different effects on debt structure choice of innovative enterprises including debt proportion, debt maturity and debt source in degree and direction.
The main innovation of this paper have:Firstly, by the introduction of the modern theory of corporate governance and the new theory of capital structure to the analytical framework of the theory of the firm endogenous growth, this paper constructs the specific theory framework: governance structure—firm conduct—firm growth, and expands the theoretical perspective about study on the firm growth problem. Secondly, this paper constructs the measurement indexes system of the growth of innovative enterprises in systematic manner, including the eight aspects growth of solvency, operations, profitability, development, cash flow, dividend payment, quality of per share and market value. Thirdly, this paper comprehensively analyzes the multidimensional effects of ownership structure and debt structure on the growth of innovative enterprises, and the multidimensional effects of ownership structure on the all dimensions of debt structure. Finally, taking into account the dynamic features and individual differences of ownership structure, debt structure and firm growth, this paper uses the fixed effects regression model of the balanced panel data. And at some extent, it can make up for the static cross-section regression and pooled data regression.
引文
[1]中国创新型企业发展报告编委会.中国创新型企业发展报告(2009)[M].北京：经济管理出版社,2009
[2]中国创新型企业发展报告编委会.中国创新型企业发展报告(2010)[M].北京：经济管理出版社、2010
[3]中国创新型企业发展报告编委会.中国创新型企业发展报告(2011)[M].北京：经济管理出版社,2011
[4]Penrose, E. T. The Theory of the Growth of the Firm [M]. Oxford:Basil Blackwell,1959
[5][英]伊迪丝·彭罗斯(Penrose, E. T.)著,赵晓译.企业成长理论[M].上海：格致出版社·上海三联书店·上海人民出版社,2007
[6]赵晓.企业成长理论与中国工业发展[J].首都经济贸易大学学报,1999,(5)：5-10(a)
[7]赵晓.企业成长理论研究[D].北京：北京大学,1999：10-65(b)
[8]Wernerfelt, B. A Resource-Based View of the Firm [J]. Strategic Management Journal, 1984,5:171-180
[9]Wernerfelt, B. From Critical Resources to Corporate Strategy [J]. Journal of General Management,1989,14:4-12
[10]Barney, Jay B. Strategic Factor Markets:Expectations, Luck and Business Strategy [J]. Management Science,1986,32:1231-1241
[11]Barney, Jay B. Firm Resources and Sustained Competitive Advantage [J]. Journal of Management,1991,17:99-120
[12]Barney, Jay B. Gaining and Sustaining Competitive Advantage:Second Edition [M]. New York:Pearson Education, Inc.,2002
[13]Rumelt, R. P. Toward a Strategic Theory of the Firm [A]. In R. Lamb (Ed.), Competitive Strategic Management [C], Englewood Cliffs, NJ:Prentice-Hall,1984:556-570
[14]Collis, D. J. and Montgomery, C. A. Competing on Resources:Strategy in the 1990s [J]. Harvard Business Review, July-August,1995:118-128
[15]杨瑞龙,杨其静.企业理论：现代观点[M].北京：中国人民大学出版社,2005
[16]高程德.现代公司理论(第2版)[M].北京：北京大学出版社,2006
[17]席酉民,赵增耀.公司治理[M].北京：高等教育出版社,2004
[18]Williamson, Oliver E. Corporate Finance and Corporate Governance [J]. Journal of Finance,1988,43:567-591
[19][美]约瑟夫·熊彼特(Joseph A. Schumpeter)著,何畏等译.经济发展理论——对于利润、资本、信贷、利息和经济周期的考察[M].北京：商务印书馆,1990
[20][美]彼得德鲁克(Peter F. Drucker)著,王永贵译.管理：使命、责任、实务(责任篇)[M].北京：机械工业出版社,2007
[21][美]彼得·德鲁克(Peter F. Drucker)著,蔡文燕译.创新与企业家精神[M].北京：机械工业出版社,2009
[22]Douglass C. North. Institutions, Institutional Change and Economic Performance:First Edition [M]. Cambridge:Cambridge University Press,1990
[23]丁云伟.创新型企业的内涵与特征[J].学术交流,2008,(3)：92-96
[24]谢军,曾晓涛.股权结构和公司成长性：上市公司股权激励结构的实证分析[J].华南师范大学学报(社会科学版),2005,(5)：55-61
[25]Miller, M. H. and Modigliani, F. Dividend Policy, Growth and the Valuation of Shares [J]. Journal of Business,1961,34:411-433
[26]赵惠芳,徐歆,潘立生.成长性评价的指标法研究[J].重庆工学院学报(社会科学),2009,(2)：69-71
[27]王化成,刘俊勇.企业业绩评价模式研究——兼论中国企业业绩评价模式选择[J].管理世界,2004,(4)：82-91
[28]李维安等.现代企业活力理论与评价[M].北京：中国财政经济出版社,2001
[29]Berle, A. A. and Means, G. C. The Modern Corporation and Private Property [M]. New York:MacMillan,1932
[30]Jensen, M. C. and Meckling, W. H. Theory of the Firm:Managerial Behavior, Agency Costs and Ownership Structure [J]. Journal of Financial Economics,1976,3:305-360
[31]Demsetz, H. The Structure of Ownership and the Theory of the Firm [J]. Journal of Law and Economics,1983,26:375-390
[32]Demsetz, H. and Lehn, K. The Structure of Corporate Ownership:Causes and Consequences [J]. Journal of Political Economy,1985,93:1155-1177
[33]孙永祥.公司治理结构：理论与实证研究[M].上海：上海三联书店·上海人民出版 社,2002
[34]胡国柳.股权结构与企业理财行为研究[M].北京:中国人民大学出版社,2006
[35]裘益政.民营上市公司股权结构与公司价值一一基于代理理论与当家理论的分析[M].大连：东北财经大学出版社,2007
[36]马永斌.公司治理与股权激励[M].北京：清华大学出版社,2010
[37]孙杰.资本结构、治理结构和代理成本：理论、经验和启示[M].北京：社会科学文献出版社,2006
[38]Barclay, M. J. and Smith, C. W. The Maturity Structure of Corporate Debt [J]. Journal of Finance,1995,50:609-631 (a)
[39]Barclay, M. J. and Smith, C. W. The Priority Structure of Corporate Liabilities [J]. Journal of Finance,1995,50:899-917(b)
[40]Krishnaswami, S., Spindt, P. A. and Subramaniam, V. Information Asymmetry, Monitoring and the Placement Structure of Corporate Debt [J]. Journal of Financial Economics,1999,51:407-434
[41]Cotter, J. F. and Peck, S. W. The Structure of Debt and Active Equity Investors:The Case of the Buyout Specialist [J]. Journal of Financial Economics,2001,59:101-147
[42]Jandik, T. and Makhija, A. K. Debt, Debt Structure and Corporate Performance after Unsuccessful Takeovers:Evidence from Targets that Remain Independent [J]. Journal of Corporate Finance,2005,11:882-914
[43]杨兴全,郑军.基于代理成本的企业债务融资契约安排研究[J].会计研究,2004,(7)：61-66
[44]王化成.财务管理理论结构[M].北京：中国人民大学出版社,2006
[45]杨兴全.上市公司债务融资结构研究[M].北京：经济管理出版社,2008
[46]黄乾富,沈红波.债务来源、债务期限结构与现金流的过度投资——基于中国制造业上市公司的实证证据[J].金融研究,2009,(9)：143-155
[47]董黎明.上市公司债务融资结构、行为、绩效研究[M].上海：立信会计出版社,2010
[48]黄文青.债权融资结构与公司治理效率——来自中国上市公司的经验证据[J].财经理论与实践(双月刊),2011,(2)：46-50
[49]白仲林.面板数据的计量经济分析[M].天津：南开大学出版社,2008
[50]韩太祥.企业成长理论综述[J].经济学动态,2002,(5)：82-86
[51]徐全军.现代企业成长理论研究状况分析[J].山东经济,2009,(5)：54-63
[52]陈琦,曹兴.企业成长理论述评[J].湘潭大学学报(哲学社会科学版),2008,(3)：72-75
[53]张之梅.中外企业成长理论研究述评[J].山东经济,2010,(1)：60-66
[54]程丽霞,孟繁颖.企业成长理论的渊源与发展[J].江汉论坛,2006,(2)：53-56
[55]周三多,邹统钎.战略管理思想史(第2版)[M].上海：复旦大学出版社,2003
[56]Rumelt, R. P. Diversification Strategy and Profitability [J]. Strategic Management Journal, 1982,3:359-691
[57]Lippman, S. A. and Rumelt, R. P. Uncertain Imitability:an Analysis of Interfirm Differences in Efficiency under Competition [J]. Bell Journal of Economics,1982,13: 418-438
[58][美]大卫·J·科利斯(Collis, D. J.),辛西娅·A·蒙哥马利[(Montgomery, C. A.)著,王永贵,杨永恒译.公司战略：企业的资源与范围[M].大连：东北财经大学出版社,2000
[59]王丰,宣国良,范徵.资源基础观点及其在企业理论中的应用[J].经济理论与经济管理,2002,(4)：50-54
[60]江术元,马春光.资源基础观的战略管理理论的发展与前景[J].经济问题探索,2009,(8)：102-106
[61]Fahy, J. and Smithee, A. Strategic Marketing and the Resource Based View of the Firm [J]. Academy of Marketing Science Review,1999, (10):1-20
[62]刘力钢,刘杨,刘硕.企业资源基础理论演进评介与展望[J].辽宁大学学报(哲学社会科学版),2011,(2)：108-115
[63]Grant, R. M. The Resource-Based Theory of Competitive Advantage:Implications for Strategy Formulation [J]. California Management Review,1991,33:114-135
[64]Hafeez, K., Zhang Y. and Malak, N. Core Competence for Sustainable Competitive Advantage:A Structured Methodology for Identifying Core Competence [J]. IEEE Transactions on Engineering Management,2002,49:28-35
[65]晏双生,章仁俊.企业资源基础理论与企业能力基础理论辨析及其逻辑演进[J].科技进步与对策,2005,(5)：125-128
[66]吴金南,刘林.国外企业资源基础理论研究综述[J].安徽工业大学学报(社会科学版),2011,(6)：28-31
[67][丹麦]尼古莱·J·福斯(Foss, N. J.),克里斯第安·克努森(Knudsen, C.)编,李东红译. 企业万能：面向企业能力理论[M].大连：东北财经大学出版社,1998
[68]Prahalad, C. K. and Hamel, G. The Core Competence of the Corporation [J]. Harvard Business Review, May-June,1990:79-91
[69]Prahalad, C. K. and Hamel, G. Competing for the Future [M]. Cambridge:Harvard Business School Press,1994
[70]Teece, D. J., Pisano, G. and Shuen, A. Firm Capabilities, Resources and the Concept of Strategy [R]. Economic Analysis and Policy Working Paper EAP-38, Institute of Management, Innovation and Organization, University of California, Berkeley, CA,1990
[71]Teece, D. J., Pisano, G. and Shuen, A. Dynamic Capabilities and Strategic Management [J]. Strategic Management Journal,1997,18:509-533
[72]Leonard-Barton, D. Core Capabilities and Core Rigidities:A Paradox in Managing New Product Development [J]. Strategic Management Journal, Summer Special Issue,1992,13: 111-125
[73]杨杜.企业成长论——中日大企业的成长与革新的比较研究[D].北京：中国人民大学,1993：15-33
[74]杨杜.企业成长论[M].北京：中国人民大学出版社,1996
[75]李维安.公司治理学[M].北京：高等教育出版社,2005
[76]宁向东.公司治理理论(第2版)[M].北京：中国发展出版社,2006
[77]张维迎.产权、激励与公司治理[M].北京：经济科学出版社,2005
[78]刘汉民.企业理论、公司治理与制度分析[M].上海：上海三联书店·上海人民出版社,2007
[79]Fama, E. F. and Jensen, M. C. Separation of Ownership and Control [J]. Journal of Law and Economics,1983,26:301-325
[80]陈郁编.所有权、控制权与激励——代理经济学文选[M].上海：上海三联书店·上海人民出版社,2006
[81][美]保罗·米尔格罗姆(Paul Milgrom),约翰·罗伯茨(John Roberts)著,费方域主译.经济学、组织与管理[M].北京：经济科学出版社,2004
[82]Grossman, S. and Hart, O. The Costs and Benefits of Ownership:A Theory of Vertical and Lateral Integration [J]. Journal of Political Economy,1986,94:691-719
[83]Hart, O. and Moore, J. Property Rights and the Nature of the Firm [J]. Journal of Political Economy,1990,98:1119-1158
[84]Hart, O. Firms, Contracts and Financial Structure [M]. Oxford:Oxford University Press, 1995
[85][美]0.哈特(Hart, O.)著,费方域译.企业、合同与财务结构[M].上海：格致出版社·上海三联书店·上海人民出版社,2006
[86]聂辉华,杨其静.产权理论遭遇的挑战及其演变——基于2000年以来的最新文献[J].南开经济研究,2007,(4)：3-13
[87]Myers, S. C. The Capital Structure Puzzle [J]. Journal of Finance,1984,39:575-592
[88]沈艺峰.资本结构理论史[M].北京：经济科学出版社,1999
[89]Modigliani, F. and Miller, M. H. The Cost of Capital, Corporation Finance and the Theory of Investment [J]. American Economic Review,1958,48:261-297
[90]Harris, M. and Raviv, A. Corporate Control Contests and Capital Structure [J]. Journal of Financial Economics,1988,20:55-86
[91]Harris, M. and Raviv, A. Capital Structure and the Informational Role of Debt [J]. Journal of Finance,1990,45:321-349
[92]Harris, M. and Raviv, A. The Theory of Capital Structure [J]. Journal of Finance,1991, 46:297-355
[93]Jensen, M. C. Agency Costs of Free Cash Flow, Corporate Finance and Takeovers [J]. American Economic Review,1986,76:323-339
[94]Myers, S. C. Determinants of Corporate Borrowing [J]. Journal of Financial Economics, 1977,5:147-175
[95]Leland, H. E. and Pyle, D. H. Informational Asymmetries, Financial Structure and Financial Intermediation [J]. Journal of Finance,1977,32:371-388
[96]Ross, S. A. The Determination of Financial Structure:the Incentive Signaling Approach [J]. Bell Journal of Economics,1977,8:23-40
[97][法]让·梯若尔(Jean Tirole)著,王永钦等译.公司金融理论(上下册)[M].北京：中国人民大学出版社,2007
[98]肖作平,廖理.债务期限结构影响因素研究——理论和证据[M].北京：中国人民大学出版社,2009
[99][美]托马斯·E·科普兰(Copeland, T. E.), J·弗雷德·韦斯顿(Weston, J. F.),库尔迪
普·夏斯特里(Shastri, K.)著,刘婷,张小涛,邢恩泉译.金融理论与公司政策(第4版)[M].北京：中国人民大学出版社,2012
[100]Flannery, M. J. Asymmetric Information and Risky Debt Maturity Choice [J]. Journal of Finance,1986,41:18-38
[101]Diamond, D. W. Debt Maturity Structure and Liquidity Risk [J]. Quarterly Journal of Economics,1991,106:709-737(a)
[102]Diamond, D. W. Monitoring and Reputation:the Choice between Bank Loans and Directly Placed Debt [J]. Journal of Political Economy,1991,99:689-721(b)
[103]Barnard, C. I. The Functions of the Executive:First Edition [M]. Cambridge:Harvard University Press,1938
[104]Coad, A. Firm Growth:A Survey [R]. Documents de Travail du Centre d'Economie de la Sorbonne, CES Working Paper, No.2007-24
[105]Gibrat, R. Les Inegalites Economiques:First Edition [M]. Paris:Librairie du Recueil Sirey,1931
[106]Santarelli, E., Klomp, L. and Thurik, A. R. Gibrat's Law:An Overview of the Empirical Literature [A]. In Enrico Santarelli (Ed.), Entrepreneurship, Growth and Innovation:The Dynamics of Firms and Industries [C], Springer US,2006,12:41-73
[107]Audretsch, D. B., Klomp, L., Santarelli, E. and Thurik, A. R. Gibrat's Law:Are the Services Different? [J]. Review of Industrial Organization,2004,24:301-324
[108]Piergiovanni, R. Gibrat's Law in the "Third Italy":Firm Growth in the Veneto Region [J]. Growth and Change,2010,41:28-58
[109]Bottazzi, G. and Secchi, A. Common Properties and Sectoral Specificities in the Dynamics of US Manufacturing Companies [J]. Review of Industrial Organization,2003,23: 217-232
[110]Bottazzi, G., Cefis, E., Dosi, G. and Secchi, A. Invariances and Diversities in the Evolution of Manufacturing Industries [J]. Small Business Economics,2007,28:151-166
[111]Falk, M. Quantile Estimates of the Impact of R&D Intensity on Firm Performance [J]. Small Business Economics,2010,35:201-220
[112]Coad, A. and Rao, R. Innovation and Finn Growth in High-tech Sectors:A Quantile Regression Approach [J]. Research Policy,2008,37:633-648
[113]Stam, E. and Wennberg, K. The Roles of R&D in New Firm Growth [J]. Small Business Economics,2009,33:77-89
[114]Bottazzi, G., Dosi, G., Lippi, M., Pammolli, F. and Riccaboni, M. Innovation and Corporate Growth in the Evolution of the Drug Industry [J]. International Journal of Industrial Organization,2001,19:1161-1187
[115]Evangelista, R. and Savona, M. Innovation, Employment and Skills in Services:Firm and Sectoral Evidence [J]. Structural Change and Economic Dynamics,2003,14:449-474
[116]Harrison, R., Jaumandreu, J., Mairesse, J. and Peters, B. Does Innovation Stimulate Employment? A Firm-level Analysis Using Comparable Micro-data on Four European Countries [R]. NBER Working Paper,2008, No.14216
[117]Coad, A. Testing the Principle of "Growth of the Fitter":The Relationship between Profits and Firm Growth [R]. Emory University, Atlanta GA, Dept. of Economics Working Paper, No.2005-31
[118]Bottazzi, G., Secchi, A. and Tamagni, F. Productivity, Profitability and Financial Fragility:Evidence from Italian Business Firms [R]. Sant'Anna School of Advanced Studies, Pisa, LEM Working Paper Series, No.2006-08
[119]Hardwick, P. and Adams, M. Firm Size and Growth in the United Kingdom Life Insurance Industry [J]. Journal of Risk and Insurance,2002,69:577-593
[120]Dosi, G. and Grazzi, M. Technology as Problem-solving Procedures and Technology as Input-output Relations:Some Perspectives on the Theory of Production [J]. Industrial and Corporate Change,2006,15:173-202
[121]Almus, M. What Characterizes a Fast-growing Firm? [J]. Applied Economics,2002,34: 1497-1508
[122]Robson, P. A. J. and Bennett, R. J. SME Growth:The Relationship with Business Advice and External Collaboration [J]. Small Business Economics,2000,15:193-208
[123]Geroski, P. A. and Gugler, K. Corporate Growth Convergence in Europe [R]. Oxford Economic Papers,2004,56:597-620
[124]Hyland, D. C. The Long-run Performance of Diversifying Firms [J]. Journal of Economics and Finance,2008,32:294-310
[125]Audretsch, D. B. Innovation, Growth and Survival [J]. International Journal of Industrial Organization,1995,13:441-457
[126]Geroski, P. A. and Toker, S. The Turnover of Market Leaders in UK Manufacturing Industry:1979-1986 [J]. International Journal of Industrial Organization,1996,14:141-158
[127]Higson, C., Holly, S. and Kattuman, P. The Cross-sectional Dynamics of the US Business Cycle:1950-1999 [J]. Journal of Economic Dynamics and Control,2002,26: 1539-1555
[128]Higson, C., Holly, S., Kattuman, P. and Platis, S. The Business Cycle, Macroeconomic Shocks and the Cross-section:The Growth of UK Quoted Companies [J]. Economica,2004, 71:299-318
[129]Gabe, T. M. and Kraybill, D. S. The Effect of State Economic Development Incentives on Employment Growth of Establishments [J]. Journal of Regional Science,2002,42: 703-730
[130]McPherson, M. A. Growth of Micro and Small Enterprises in Southern Africa [J]. Journal of Development Economics,1996,48:253-277
[131]Harabi, N. Determinants of Firm Growth:An Empirical Analysis from Morocco [R]. Solothurn University of Applied Sciences, Northwestern Switzerland, MPRA Paper,2007, No. 4394
[132]Bartelsman, E., Scarpetta, S. and Schivardi, F. Comparative Analysis of Firm Demographics and Survival:Evidence from Micro-level Sources in OECD Countries [J]. Industrial and Corporate Change,2005,14:365-391
[133]Nichter, S. and Goldmark, L. Small Firm Growth in Developing Countries [J]. World Development,2009,37:1453-1464
[134]Beck, T., Demirguc-Kunt, A. and Maksimovic, V. Financial and Legal Constraints to Growth:Does Firm Size Matter? [J]. Journal of Finance,2005,60:137-177
[135]Beck, T., Demirguc-Kunt, A., Laeven, L. and Levine, R. Finance, Firm Size and Growth [J]. Journal of Money, Credit and Banking,2008,40:1379-1405
[136]吴世农,李常青,余玮.我国上市公司成长性的判定分析和实证研究[J].南开管理评论,1999,(4)：49-57
[137]岑成德.上市公司成长性的实证研究[J].商业研究,2002,(15)：32-34
[138]徐迁,张士伟,张芳.上市公司成长性的归因分析及识别模型[R].万联证券有限责 任公司,深圳证券交易所第六届会员单位、基金公司研究成果评选,2003
[139]张维迎,周黎安,顾全林.高新技术企业的成长及其影响因素：分位回归模型的一个应用[J].管理世界,2005,(10)：94-101
[140]谢军.企业成长性的因素分析：来自上市公司的证据[J].经济管理,2005,(20)：82-88
[141]陈晓红,何鹏.上市公司规模及成长率概率分布对比实验研究[J].系统工程,2006,(2)：1-10
[142]曾江洪,何鹏.我国上市公司成长率分布实证研究[J].系统工程,2006,(9)：48-53[143]沈维涛,王贞洁.我国民营上市公司持续成长影响因素的实证研究[J].经济管理,2008,(6)：11-16
[144]范慧慧,黄江红.我国高科技上市公司成长性影响因素的实证研究[J].中国科技论坛,2008,(6)：51-55
[145]沈海平,吴秋璟.中小企业成长性影响因素分析——基于中小板上市公司面板数据的实证研究[J].金融发展研究,2010,(2)：66-70
[146]宋英华,庄越,张乃平.创新型企业成长的内部影响因素实证研究[J].科学学研究,2011,(8)：1274-1280
[147]冒乔玲,许敏.技术创新驱动企业成长的绩效分析——基于创新型上市公司的实证研究[J].企业经济,2012,(4)：17-23
[148]陈晓红,马鸿烈.中小企业技术创新对成长性影响——科技型企业不同于非科技型企业?[J].科学学研究,2012,(11)：1749-1760
[149]蔡华,张宁静.企业成长的影响因素——基于中国寿险业的实证研究[J].保险研究,2012,(1)：60-70
[150]白俊.股权结构及其治理绩效研究——基于上市公司股权分置改革的实证研究[M].上海：立信会计出版社,2010
[151]Shleifer, A. and Vishny, R. W. Large Shareholders and Corporate Control [J]. Journal of Political Economy,1986,94:461-488
[152]Lins, K. V. Equity Ownership and Firm Value in Emerging Markets [J]. Journal of Financial and Quantitative Analysis,2003,38:159-184
[153]La Porta, R., Lopez-de-Silanes, F. and Shleifer, A. Corporate Ownership around the World [J]. Journal of Finance,1999,54:471-517
[154]Muller, E. Benefits of Control, Capital Structure and Company Growth [J]. Applied Economics,2008,40:2721-2734
[155]Arosa, B., Iturralde, T. and Maseda, A. Ownership Structure and Firm Performance in Non-listed Firms:Evidence from Spain [J]. Journal of Family Business Strategy,2010,1: 88-96
[156]Gedajlovic, E. and Shapiro, D. Management and Ownership Effects:Evidence from Five Countries [J]. Strategic Management Journal,1998,19:533-553
[157]Demsetz, H. and Villalonga, B. Ownership Structure and Corporate Performance [J]. Journal of Corporate Finance,2001,7:209-233
[158]Minguez-Vera, A. and Martin-Ugedo, J. F. Does Ownership Structure Affect Value? A Panel Data Analysis for the Spanish Market [J]. International Review of Financial Analysis, 2007,16:81-98
[159]Morck, R., Shleifer, A. and Vishny, R. W. Management Ownership and Market Valuation:An Empirical Analysis [J]. Journal of Financial Economics,1988,20:293-315
[160]Shleifer, A. and Vishny, R. W. Management Entrenchment:The Case of Manager-Specific Investments [J]. Journal of Financial Economics,1989,25:123-139
[161]Cho, Myeong-Hyeon. Ownership Structure, Investment and the Corporate Value:An Empirical Analysis [J]. Journal of Financial Economics,1998,47:103-121
[162]Himmelberg, C. P., Hubbard, R. G. and Palia, D. Understanding the Determinants of Managerial Ownership and the Link between Ownership and Performance [J]. Journal of Financial Economics,1999,53:353-384
[163]Kapopoulos, P. and Lazaretou, S. Corporate Ownership Structure and Firm Performance: Evidence from Greek Firms [J]. Corporate Governance,2007,15:144-158
[164]Pound, J. Proxy Contests and the Efficiency of Shareholder Oversight [J]. Journal of Financial Economics,1988,20:237-265
[165]McConnell, J. J. and Servaes, H. Additional Evidence on Equity Ownership and Corporate Value [J]. Journal of Financial Economics,1990,27:595-612
[166]Gugler, K., Mueller, D. C. and Yurtoglu, B. B. Insider Ownership, Ownership Concentration and Investment Performance:An International Comparison [J]. Journal of Corporate Finance,2008,14:688-705
[167]Gunasekarage, A., Hess, K. and Amity (Jie) Hu. The Influence of the Degree of State Ownership and the Ownership Concentration on the Performance of Listed Chinese Companies [J]. Research in International Business and Finance,2007,21:379-395
[168]施东晖.股权结构、公司治理与绩效表现[J].世界经济,2000,(12)：37-44
[169]朱武祥,宋勇.股权结构与企业价值——对家电行业上市公司实证分析[J].经济研究,2001,(12)：66-72
[170]刘芍佳,孙霈,刘乃全.终极产权论、股权结构及公司绩效[J].经济研究,2003,(4)：51-62
[171]申尊焕,郑秋亚.股权集中度与公司业绩：一个关系模型[J].数量经济技术经济研究,2004,(1)：116-121
[172]陈信元,汪辉.股东制衡与公司价值：模型及经验证据[J].数量经济技术经济研究,2004,(11)：102-110
[173]曹廷求,孙文祥,于建霞.资本结构、股权结构、成长机会与公司绩效[J].南开管理评论,2004,(1)：57-63
[174]王俊峰,赵晓涛.股权结构对上市公司成长性影响的研究[J].重庆工学院学报,2005,(6)：15-18
[175]陈晓红,尹哲,曾江洪.家族控制、企业规模与成长性——对沪深中小上市公司的经验分析[J].系统工程,2006,(10)：39-45
[176]曾江洪,丁宁.大股东对中小上市公司成长性影响的实证研究[J].预测,2007,(1)：38-43
[177]冯根福,温军.中国上市公司治理与企业技术创新关系的实证分析[J].中国工业经济,2008,(7)：91-101
[178]杨建君,盛锁.股权结构对企业技术创新投入影响的实证研究[J].科学学研究,2007,(4)：787-792
[179]杨勇,达庆利,周勤.公司治理对企业技术创新投资影响的实证研究[J].科学学与科学技术管理,2007,(11)：61-65
[180]王雷,党兴华.剩余控制权、剩余索取权与公司成长绩效——基于不完全契约理论的国有上市公司治理结构实证研究[J].中国软科学,2008,(8)：128-138
[181]冯根福,黄建山.中国上市公司治理对公司成长能力影响的实证分析[J].经济管理,2009,(12)：61-68
[182]李占雷,吴斯.股权结构、董事会治理与公司成长性——来自中小企业板的实证研究[J].经济与管理,2010,(5)：28-34
[183]谭庆美,吴金克.资本结构、股权结构与中小企业成长性——基于中小企业板数据的实证分析[J].证券市场导报,2011,(2)：65-70
[184]段伟宇,师萍,陶建宏.创新型企业股权结构与成长性的关系研究——基于沪深上市企业的实证检验[J].投资研究,2012,(5)：79-90(a)
[185]吴晓晖,姜彦福.机构投资者治理效率研究[J].统计研究,2006,(9)：33-36
[186]石良平,李洋.机构投资者介入公司治理的作用研究[J].上海经济研究,2007,(7)：83-90
[187]李维安,李滨.机构投资者介入公司治理效果的实证研究——基于CCGINK的经验研究[J].南开管理评论,2008,(1)：4-14
[188]石美娟,童卫华.机构投资者提升公司价值吗?——来自后股改时期的经验证据[J].金融研究,2009,(10)：150-161
[189]唐松莲,袁春生.监督或攫取：机构投资者治理角色的识别研究——来自中国资本市场的经验证据[J].管理评论,2010,(8)：19-29
[190]刘星,吴先聪.机构投资者异质性、企业产权与公司绩效——基于股权分置改革前后的比较分析[J].中国管理科学,2011,(5)：182-192
[191]陈峥嵘,李佳明.机构投资者的羊群行为与中小市值企业的成长性——基于中小板和创业板市场的实证检验[J].金融评论,2012,(2)：73-84
[192]梁能主编.公司治理结构：中国的实践与美国的经验[M].北京：中国人民大学出版社,2000
[193]赵蒲,孙爱英.产业竞争、非理性行为、公司治理与最优资本结构——现代资本结构理论发展趋势及理论前沿综述[J].经济研究,2003,(6)：81-89
[194]Grossman, S. and Hart, O. Corporate Financial Structure and Managerial Incentives [A]. In McCall, J. (Ed.), The Economics of Information and Uncertainty [C], Chicago:University of Chicago Press,1982:107-140
[195]Stulz, R. Managerial Control of Voting Rights:Financing Policies and the Market for Corporate Control [J]. Journal of Financial Economics,1988,20:25-54
[196]Stulz, R. Managerial Discretion and Optimal Financing Policies [J]. Journal of Financial Economics,1990,26:3-27
[197]Aghion, P. and Bolton, P. An Incomplete Contracts Approach to Financial Contracting [J]. Review of Economic Studies,1992,59:473-494
[198]陈耿,周军,王志.债权融资结构与公司治理：理论与实证分析[J].财贸研究,2003,(2)：69-74
[199]郭春丽.西方关于负债与公司价值关系的研究综述[J].首都经济贸易大学学报,2006,(1)：66-71
[200]吴婧.负债融资治理效应研究综述[J].经济学动态,2008,(5)：75-78
[201]Modigliani, F. and Miller, M. H. Corporate Income Taxes and the Cost of Capital:A Correction [J]. American Economic Review,1963,53:433-443
[202]Miller, M. H. Debt and Taxes [J]. Journal of Finance,1977,32:261-275
[203]Auerbach, A. J. Real Determinants of Corporate Leverage [A]. In Friedman, B. M. (Ed.), Corporate Capital Structures in the United States [C], Chicago:University of Chicago Press, 1985:301-324
[204]Titman, S. and Wessels, R. The Determinants of Capital Structure Choice [J]. Journal of Finance,1988,43:1-19
[205]McConnell, J. J. and Servaes, H. Equity Ownership and the Two Faces of Debt [J]. Journal of Financial Economics,1995,39:131-157
[206]Lang, L., Ofek, E. and Stulz, R. M. Leverage, Investment and Firm Growth [J]. Journal of Financial Economics,1996,40:3-29
[207]Huynh, K. P. and Petrunia, R. J. Age Effects, Leverage and Firm Growth [R]. SSRN Working Paper,2009, No.879284
[208]Serrasqueiro, Z. and Nunes, P. M. Non-linear Relationships between Growth Opportunities and Debt:Evidence from Quoted Portuguese Companies [J]. Journal of Business Research,2010,63:870-878
[209]Schiantarelli, F. and Sembenelli, A. The Maturity Structure of Debt:Determinants and Effects on Firms' Performance:Evidence from the United Kingdom and Italy [R]. Finance and Private Sector Development Division, Policy Research Department, World Bank, Policy Research Working Paper,1997, No.1699
[210]Johnson, S. A. Debt Maturity and the Effects of Growth Opportunities and Liquidity Risk on Leverage [J]. Review of Financial Studies,2003,16:209-236
[211]Chen, J. J. Determinants of Capital Structure of Chinese-listed Companies [J]. Journal of Business Research,2004,57:1341-1351
[212]Antoniou, A., Guney, Y. and Paudyal, K. The Determinants of Debt Maturity Structure: Evidence from France, Germany and the UK [J]. European Financial Management,2006,12: 161-194
[213]Cai, K., Fairchild, R. and Guney, Y. Debt Maturity Structure of Chinese Companies [J]. Pacific-Basin Finance Journal,2008,16:268-297
[214]Fama, E. F. Contract Costs and Financing Decisions [J]. Journal of Business,1990,63: 71-91
[215]Demirguc-Kunt, A. and Maksimovic, V. Law, Finance and Firm Growth [J]. Journal of Finance,1998,53:2107-2137
[216]Hosono, K. Growth Opportunities, Collateral and Debt Structure:The Case of the Japanese Machine Manufacturing Finns [J]. Japan and the World Economy,2003,15: 275-297
[217]Huyghebaert, N., Van de Gucht, L. and Hulle, C. V. The Trade-off between Bank Debt and Trade Credit for Business Start-ups:Financing Costs versus Liquidation Policy [R]. Department of Applied Economics, K. U. Leuven, Research Report,2004, No.0445
[218]O'Brien, J. and David, P. Firm Growth and Type of Debt:The Paradox of Discretion [J]. Industrial and Corporate Change,2009,19:51-80
[219]Rahaman, M. M. Access to Financing and Firm Growth [J]. Journal of Banking & Finance,2011,35:709-723
[220]张文魁.企业负债的作用和偿债保障机制研究[J].经济研究,2000,(7)：48-55
[221]李义超,蒋振声.上市公司资本结构与企业绩效的实证分析[J].数量经济技术经济研究,2001,(2)：118-120
[222]何卫东,张嘉颖.所有权结构、资本结构、董事会治理与公司价值[J].南开管理评论,2002,(2)：17-20
[223]汪晓春.企业创新投资决策的资本结构条件[J].中国工业经济,2002,(10)：89-95
[224]程惠芳,幸勇.中国科技企业的资本结构、企业规模与企业成长性[J].世界经济,2003,(12)：72-75
[225]童光荣,胡耀亭.公司的成长机会、银行债务与资本结构的选择——来自中国上市 公司的证据[J].南开管理评论,2005,(4)：54-59
[226]童盼,陆正飞.负债融资、负债来源与企业投资行为——来自中国上市公司的经验证据[J].经济研究,2005,(5)：75-84
[227]吕长江,金超,陈英.财务杠杆对公司成长性影响的实证研究[J].财经问题研究,2006,(2)：80-85
[228]杨兴全.债务融资、债务期限与企业的成长性——来自我国上市公司的经验证据[J].河北经贸大学学报,2007,(4)：51-57
[229]陈晓红,王小丁,曾江洪.中小企业债权治理评价与成长性研究——来自中国中小上市公司的经验证据[J].中国管理科学,2008,(1)：163-171
[230]褚玉春,刘建平.债务融资对制造业经营绩效的影响效应研究——基于广义矩法估计的动态面板数据分析[J].数量经济技术经济研究,2009,(9)：79-91
[231]段伟宇,师萍,陶建宏.创新型企业债务结构与成长性的关系研究——基于沪深上市企业的实证检验[J].预测,2012,(5)：34-39(b)
[232]陈晓,单鑫.债务融资是否会增加上市企业的融资成本?[J].经济研究,1999,(9)：39-46
[233]陈耿,周军.企业债务融资结构研究——一个基于代理成本的理论分析[J].财经研究,2004,(2)：58-65
[234]袁卫秋.债务期限结构理论综述[J].会计研究,2004,(10)：9-13
[235]张慧,张茂德.债务结构、企业绩效与上市公司治理问题的实证研究[J].改革,2003,(5)：77-81
[236]沈坤荣,张成.中国企业的外源融资与企业成长——以上市公司为案例的研究[J].管理世界,2003,(7)：120-126
[237]李朝霞.影响中国上市公司融资结构的主要因素分析[J].数量经济技术经济研究,2003,(10)：5-12
[238]童盼.负债期限结构与企业投资规模——来自中国A股上市公司的经验研究[J].经济科学,2005,(5)：93-101
[239]曾晓涛,谢军.财务杠杆、债务结构与公司成长性——基于上市公司的实证分析[J].广东水利电力职业技术学院学报,2006,(1)：63-67
[240]朱德胜,张顺葆.债务期限、债务类型与公司绩效——基于制造业上市公司的经验证据[J].山东财政学院学报(双月刊),2008,(6)：48-50,74
[241]韩德宗,向凯.我国上市公司债权融资结构的实证研究——以医药、生物制品行业为例[J].经济科学,2003,(2)：68-75
[242]王鲁平,王静,张勉.资本结构、股权结构与企业价值关系的研究——来自公共事业上市公司的经验证据[J].西安交通大学学报(社会科学版),2006,(4)：16-21,30
[243]张兆国,何威风,梁志钢.资本结构与公司绩效——来自中国国有控股上市公司和民营上市公司的经验证据[J].中国软科学,2007,(12)：141-151
[244]黄莲琴,屈耀辉.经营负债杠杆与金融负债杠杆效应的差异性检验[J].会计研究,2010,(9)：59-65
[245]肖坤,秦彬.我国上市公司债务结构对财务治理效率的影响[J].经济管理,2011,(2)：109-115
[246]Short, H. Ownership, Control, Financial Structure and the Performance of Firms [J]. Journal of Economic Surveys,1994,8:203-249
[247]肖作平.公司治理和融资政策的关系研究综述[J].证券市场导报,2007,(8)：50-56
[248]Roshan, B. Capital Structure and Ownership Structure:A Review of Literature [J]. Journal of Online Education,2009, (1):1-8
[249]Kim, W. S. and Sorenson, E. H. Evidence on the Impact of the Agency Costs of Debt on Corporate Debt Policy [J]. Journal of Financial and Quantitive Analysis,1986,21:131-144
[250]Agrawal, A. and Mandelker, G. N. Managerial Incentives and Corporate Investment and Financing Decisions [J]. Journal of Finance,1987,42:823-837
[251]Friend, I. and Lang, L. H. P. An Empirical Test of the Impact of Managerial Self-interest on Corporate Capital Structure [J]. Journal of Finance,1988,43:271-281
[252]Holderness, C. G. and Sheehan, D. P. The Role of Majority Shareholders in Publicly Held Corporations:An Exploratory Analysis [J]. Journal of Financial Economics,1988,20: 317-346
[253]Amihud, Y., Lev, B. and Travlos, N. G. Corporate Control and the Choice of Investment Financing:The Case of Corporate Acquisitions [J]. Journal of Finance,1990,45:603-616
[254]Zeckhauser, R. J. and Pound, J. Are Large Shareholders Effective Monitors? An Investigation of Share Ownership and Corporate Performance [A]. In Hubbard, R. G. (Ed.), Asymmetric Information, Corporate Finance and Investment [C], Chicago:University of Chicago Press,1990:149-180
[255]Berger, P. G, Ofek, E. and Yermack, D. L. Managerial Entrenchment and Capital Structure Decisions [J]. Journal of Finance,1997,52:1411-1438
[256]Moh'd, M. A., Perry, L. G. and Rimbey, J. N. The Impact of Ownership Structure on Corporate Debt Policy:A Time Series Cross-sectional Analysis [J]. The Financial Review, 1998,33:85-98
[257]Short, H., Keasey, K. and Duxbury, D. Capital Structure, Management Ownership and Large External Shareholders:An UK Analysis [J]. International Journal of the Economics of Business,2002,9:375-399
[258]Zou, H. and Xiao, J. Z. The Financing Behaviour of Listed Chinese Firms [J]. The British Accounting Review,2006,38:239-258
[259]Cespedes, J., Gonzalez, M. and Molina, C. A. Ownership and Capital Structure in Latin America [J]. Journal of Business Research,2010,63:248-254
[260]Huyghebaert, N. and Van de Gucht, L. The Determinants of Financial Structure:New Insights from Business Start-ups [R]. SSRN Working Paper,2002, No.296841
[261]Huyghebaert, N. On the Determinants and Dynamics of Trade Credit Use:Empirical Evidence from Business Start-ups [R]. Department of Applied Economics, K. U. Leuven, Research Report,2003, No.0366
[262]Datta, S., Iskandar-Datta, M. and Raman, K. Managerial Stock Ownership and the Maturity Structure of Corporate Debt [J]. Journal of Finance,2005,60:2333-2350
[263]Arslan, O. and Karan, M. Ownership and Control Structure as Determinants of Corporate Debt Maturity:A Panel Study of an Emerging Market [J]. Corporate Governance: An International Review,2006,14:312-324
[264]Garcia-Teruel, P. J. and Martinez-Solano, P. Ownership Structure and Debt Maturity: New Evidence from Spain [R]. SSRN Working Paper,2007, No.970914
[265]Marchica, Maria-Teresa. On the Relevance of Ownership Structure in Determining the Maturity of Debt [R]. SSRN Working Paper,2008, No.1101103
[266]Bhagat, S., Bolton, B. and Subramanian, A. Manager Characteristics and Capital Structure:Theory and Evidence [R]. SSRN Working Paper,2009, No.1360244
[267]Brockman, P., Martin, X. and Unlu, E. Executive Compensation and the Maturity Structure of Corporate Debt [J]. Journal of Finance,2010,65:1123-1161
[268]Marchica, Maria-Teresa. Corporate Debt Maturity and Monitoring by Institutional Investors [R]. SSRN Working Paper,2012, No.1781239
[269]冯根福,吴林江,刘世彦.我国上市公司资本结构形成的影响因索分析[J].经济学家,2000,(5)：59-66
[270]吕长江,王克敏.上市公司资本结构、股利分配及管理股权比例相互作用机制研究[J].会计研究,2002,(3)：39-48
[271]曾牧.股权结构与资本结构选择[J].暨南学报(哲学社会科学),2003,(4)：55-63
[272]顾乃康,杨涛.股权结构对资本结构影响的实证研究[J].中山大学学报(社会科学版),2004,(1)：92-97
[273]胡国柳,董屹.上市公司股权结构与资本结构选择的实证分析[J].财经科学,2005,(5)：90-98
[274]朱德胜,宋晓宁.股权结构影响下的上市公司融资倾向研究[J].中央财经大学学报,2006,(12)：81-87
[275]汪忠,曾德明,龙淼.机构投资者优化企业资本结构选择研究[J].南开管理评论,2006,(1)：28-32
[276]汪强,吴世农.公司治理是如何影响资本结构的——基于我国上市公司的实证研究[J].经济管理,2007,(12)：4-13
[277]李小军,王平心.终极控制权、股权结构与资本结构[J].山西财经大学学报,2008,(5)：65-71
[278]罗进辉,万迪昉,蔡地.中国上市公司控股结构与债务融资关系的实证研究[J].财经论丛,2009,(1)：75-80
[279]高雷,丁章华.公司治理影响资本结构吗[J].财贸经济,2010,(9)：13-21
[280]罗栋梁.机构投资者促进上市公司负债融资的实证分析[J].学术交流,2010,(12)：96-99
[281]钟海燕,冉茂盛.基于计量模型的股权结构与资本结构分析[J].商业研究,2012,(6)：186-193
[282]肖作平,吴世农.我国上市公司资本结构影响因素实证研究[J].证券市场导报,2002,(8)：39-44
[283]谢军.资本结构与股权结构：公司融资的制度决定[J].商业经济与管理,2006,(1)：69-73
[284]王泽填,程建伟,孙爱琳.股权结构与公司债务期限结构的关系研究[J].山西财经大学学报,2008,(9)：47-53
[285]毛洪安,李晶晶.代理成本、股权结构与公司债务期限结构[J].中南财经政法大学学报,2010,(5)：104-109
[286]肖作平.终极控制股东对债务期限结构选择的影响——来自中国上市公司的经验证据[J].南开管理评论,2011,(6)：25-35
[287]段伟宇.创新型企业债务来源的选择——基于股权结构视角的研究[J].未来与发展,2013,(8)：82-87
[288]Delmar, F. Measuring Growth:Methodological Considerations and Empirical Results [A]. In Davidsson, P., Delmar, F. and Wiklund, J. (Ed.), Entrepreneurship and the Growth of Firms [C], Cheltenham, UK·Northampton, USA:Edward Elgar Publishing,2006:62-86
[289]Weinzimmer, L. G., Nystrom, P. C. and Freeman, S. J. Measuring Organizational Growth:Issues, Consequences and Guidelines [J]. Journal of Management,1998,24:235-262
[290]Delmar, F., Davidsson, P. and Gartner, W. B. Arriving at the High-growth Firm [J]. Journal of Business Venturing,2003,18:189-216
[291]Santos, J. B. and Brito, L. A. L. Toward a Subjective Measurement Model for Firm Performance [J]. Brazilian Administration Review,2012,9:95-117
[292]张炳坤.论企业的成长性及其财务评价[J].经济师,1998,(1)：39-40
[293]惠恩才.关于上市公司成长性分析[J].财经问题研究,1998,(4)：49-51
[294]宋剑峰.净资产倍率、市盈率与公司的成长性——来自中国股市的经验证据[J].经济研究,2000,(8)：36-45
[295]范柏乃,沈荣芳,陈德棉.中国风险企业成长性评价指标体系研究[J].科研管理,2001,(1)：112-117
[296]尚增健.我国中小企业成长性的实证研究[J].财贸经济,2002,(9)：65-73
[297]夏清华.创利与创值——企业成长绩效的评价与控制[J].数量经济技术经济研究,2003,(4)：96-99
[298]陈晓红,邹湘娟,佘坚.中小企业成长性评价方法有效性研究——来自沪深股市的实证[J].当代经济科学,2005,(5)：70-75
[299]王会芳.中小科技企业成长性评价问题研究[R].深圳证券交易所综合研究所研究报告,2006,No.0130
[300]李延喜,巴雪冰,薛光.企业成长性综合评价方法的实证研究[J].大连理工大学学报(社会科学版),2006,(3)：1-6
[301]李定珍,唐红涛,杨璠.我国上市零售企业成长性评价实证研究——基于因子分析法[J].财贸经济,2007,(11)：77-81
[302]符林,刘轶芳,迟国泰.上市公司的成长性判定方法与实证研究[J].财经问题研究,2008,(6)：71-77
[303]鲍新中,李晓非.基于时序数据的高技术企业成长性分析[J].科学学研究,2010,(2)：275-281
[304]李东红.云南上市公司的成长性分析[J].云南社会科学,2011,(2)：86-90
[305]宋鹏,黄倩.我国创业板上市公司成长性测量[J].财经科学,2012,(1)：66-72
[306]薛薇.SPSS统计分析方法及应用(第2版)[M].北京：电子工业出版社,2009
[307]杜栋,庞庆华,吴炎.现代综合评价方法与案例精选(第2版)[M].北京：清华大学出版社,2008
[308]叶宗裕.关于多指标综合评价中指标正向化和无量纲化方法的选择[J].浙江统计,2003,(4)：24-25
[309]陈军才.主成分与因子分析中指标同趋势化方法探讨[J].统计与信息论坛,2005,(2)：19-23
[310]张卫华,赵铭军.指标无量纲化方法对综合评价结果可靠性的影响及其实证分析[J].统计与信息论坛,2005,(3)：33-36
[2]中国创新型企业发展报告编委会.中国创新型企业发展报告(2010)[M].北京：经济管理出版社、2010
[3]中国创新型企业发展报告编委会.中国创新型企业发展报告(2011)[M].北京：经济管理出版社,2011
[4]Penrose, E. T. The Theory of the Growth of the Firm [M]. Oxford:Basil Blackwell,1959
[5][英]伊迪丝·彭罗斯(Penrose, E. T.)著,赵晓译.企业成长理论[M].上海：格致出版社·上海三联书店·上海人民出版社,2007
[6]赵晓.企业成长理论与中国工业发展[J].首都经济贸易大学学报,1999,(5)：5-10(a)
[7]赵晓.企业成长理论研究[D].北京：北京大学,1999：10-65(b)
[8]Wernerfelt, B. A Resource-Based View of the Firm [J]. Strategic Management Journal, 1984,5:171-180
[9]Wernerfelt, B. From Critical Resources to Corporate Strategy [J]. Journal of General Management,1989,14:4-12
[10]Barney, Jay B. Strategic Factor Markets:Expectations, Luck and Business Strategy [J]. Management Science,1986,32:1231-1241
[11]Barney, Jay B. Firm Resources and Sustained Competitive Advantage [J]. Journal of Management,1991,17:99-120
[12]Barney, Jay B. Gaining and Sustaining Competitive Advantage:Second Edition [M]. New York:Pearson Education, Inc.,2002
[13]Rumelt, R. P. Toward a Strategic Theory of the Firm [A]. In R. Lamb (Ed.), Competitive Strategic Management [C], Englewood Cliffs, NJ:Prentice-Hall,1984:556-570
[14]Collis, D. J. and Montgomery, C. A. Competing on Resources:Strategy in the 1990s [J]. Harvard Business Review, July-August,1995:118-128
[15]杨瑞龙,杨其静.企业理论：现代观点[M].北京：中国人民大学出版社,2005
[16]高程德.现代公司理论(第2版)[M].北京：北京大学出版社,2006
[17]席酉民,赵增耀.公司治理[M].北京：高等教育出版社,2004
[18]Williamson, Oliver E. Corporate Finance and Corporate Governance [J]. Journal of Finance,1988,43:567-591
[19][美]约瑟夫·熊彼特(Joseph A. Schumpeter)著,何畏等译.经济发展理论——对于利润、资本、信贷、利息和经济周期的考察[M].北京：商务印书馆,1990
[20][美]彼得德鲁克(Peter F. Drucker)著,王永贵译.管理：使命、责任、实务(责任篇)[M].北京：机械工业出版社,2007
[21][美]彼得·德鲁克(Peter F. Drucker)著,蔡文燕译.创新与企业家精神[M].北京：机械工业出版社,2009
[22]Douglass C. North. Institutions, Institutional Change and Economic Performance:First Edition [M]. Cambridge:Cambridge University Press,1990
[23]丁云伟.创新型企业的内涵与特征[J].学术交流,2008,(3)：92-96
[24]谢军,曾晓涛.股权结构和公司成长性：上市公司股权激励结构的实证分析[J].华南师范大学学报(社会科学版),2005,(5)：55-61
[25]Miller, M. H. and Modigliani, F. Dividend Policy, Growth and the Valuation of Shares [J]. Journal of Business,1961,34:411-433
[26]赵惠芳,徐歆,潘立生.成长性评价的指标法研究[J].重庆工学院学报(社会科学),2009,(2)：69-71
[27]王化成,刘俊勇.企业业绩评价模式研究——兼论中国企业业绩评价模式选择[J].管理世界,2004,(4)：82-91
[28]李维安等.现代企业活力理论与评价[M].北京：中国财政经济出版社,2001
[29]Berle, A. A. and Means, G. C. The Modern Corporation and Private Property [M]. New York:MacMillan,1932
[30]Jensen, M. C. and Meckling, W. H. Theory of the Firm:Managerial Behavior, Agency Costs and Ownership Structure [J]. Journal of Financial Economics,1976,3:305-360
[31]Demsetz, H. The Structure of Ownership and the Theory of the Firm [J]. Journal of Law and Economics,1983,26:375-390
[32]Demsetz, H. and Lehn, K. The Structure of Corporate Ownership:Causes and Consequences [J]. Journal of Political Economy,1985,93:1155-1177
[33]孙永祥.公司治理结构：理论与实证研究[M].上海：上海三联书店·上海人民出版 社,2002
[34]胡国柳.股权结构与企业理财行为研究[M].北京:中国人民大学出版社,2006
[35]裘益政.民营上市公司股权结构与公司价值一一基于代理理论与当家理论的分析[M].大连：东北财经大学出版社,2007
[36]马永斌.公司治理与股权激励[M].北京：清华大学出版社,2010
[37]孙杰.资本结构、治理结构和代理成本：理论、经验和启示[M].北京：社会科学文献出版社,2006
[38]Barclay, M. J. and Smith, C. W. The Maturity Structure of Corporate Debt [J]. Journal of Finance,1995,50:609-631 (a)
[39]Barclay, M. J. and Smith, C. W. The Priority Structure of Corporate Liabilities [J]. Journal of Finance,1995,50:899-917(b)
[40]Krishnaswami, S., Spindt, P. A. and Subramaniam, V. Information Asymmetry, Monitoring and the Placement Structure of Corporate Debt [J]. Journal of Financial Economics,1999,51:407-434
[41]Cotter, J. F. and Peck, S. W. The Structure of Debt and Active Equity Investors:The Case of the Buyout Specialist [J]. Journal of Financial Economics,2001,59:101-147
[42]Jandik, T. and Makhija, A. K. Debt, Debt Structure and Corporate Performance after Unsuccessful Takeovers:Evidence from Targets that Remain Independent [J]. Journal of Corporate Finance,2005,11:882-914
[43]杨兴全,郑军.基于代理成本的企业债务融资契约安排研究[J].会计研究,2004,(7)：61-66
[44]王化成.财务管理理论结构[M].北京：中国人民大学出版社,2006
[45]杨兴全.上市公司债务融资结构研究[M].北京：经济管理出版社,2008
[46]黄乾富,沈红波.债务来源、债务期限结构与现金流的过度投资——基于中国制造业上市公司的实证证据[J].金融研究,2009,(9)：143-155
[47]董黎明.上市公司债务融资结构、行为、绩效研究[M].上海：立信会计出版社,2010
[48]黄文青.债权融资结构与公司治理效率——来自中国上市公司的经验证据[J].财经理论与实践(双月刊),2011,(2)：46-50
[49]白仲林.面板数据的计量经济分析[M].天津：南开大学出版社,2008
[50]韩太祥.企业成长理论综述[J].经济学动态,2002,(5)：82-86
[51]徐全军.现代企业成长理论研究状况分析[J].山东经济,2009,(5)：54-63
[52]陈琦,曹兴.企业成长理论述评[J].湘潭大学学报(哲学社会科学版),2008,(3)：72-75
[53]张之梅.中外企业成长理论研究述评[J].山东经济,2010,(1)：60-66
[54]程丽霞,孟繁颖.企业成长理论的渊源与发展[J].江汉论坛,2006,(2)：53-56
[55]周三多,邹统钎.战略管理思想史(第2版)[M].上海：复旦大学出版社,2003
[56]Rumelt, R. P. Diversification Strategy and Profitability [J]. Strategic Management Journal, 1982,3:359-691
[57]Lippman, S. A. and Rumelt, R. P. Uncertain Imitability:an Analysis of Interfirm Differences in Efficiency under Competition [J]. Bell Journal of Economics,1982,13: 418-438
[58][美]大卫·J·科利斯(Collis, D. J.),辛西娅·A·蒙哥马利[(Montgomery, C. A.)著,王永贵,杨永恒译.公司战略：企业的资源与范围[M].大连：东北财经大学出版社,2000
[59]王丰,宣国良,范徵.资源基础观点及其在企业理论中的应用[J].经济理论与经济管理,2002,(4)：50-54
[60]江术元,马春光.资源基础观的战略管理理论的发展与前景[J].经济问题探索,2009,(8)：102-106
[61]Fahy, J. and Smithee, A. Strategic Marketing and the Resource Based View of the Firm [J]. Academy of Marketing Science Review,1999, (10):1-20
[62]刘力钢,刘杨,刘硕.企业资源基础理论演进评介与展望[J].辽宁大学学报(哲学社会科学版),2011,(2)：108-115
[63]Grant, R. M. The Resource-Based Theory of Competitive Advantage:Implications for Strategy Formulation [J]. California Management Review,1991,33:114-135
[64]Hafeez, K., Zhang Y. and Malak, N. Core Competence for Sustainable Competitive Advantage:A Structured Methodology for Identifying Core Competence [J]. IEEE Transactions on Engineering Management,2002,49:28-35
[65]晏双生,章仁俊.企业资源基础理论与企业能力基础理论辨析及其逻辑演进[J].科技进步与对策,2005,(5)：125-128
[66]吴金南,刘林.国外企业资源基础理论研究综述[J].安徽工业大学学报(社会科学版),2011,(6)：28-31
[67][丹麦]尼古莱·J·福斯(Foss, N. J.),克里斯第安·克努森(Knudsen, C.)编,李东红译. 企业万能：面向企业能力理论[M].大连：东北财经大学出版社,1998
[68]Prahalad, C. K. and Hamel, G. The Core Competence of the Corporation [J]. Harvard Business Review, May-June,1990:79-91
[69]Prahalad, C. K. and Hamel, G. Competing for the Future [M]. Cambridge:Harvard Business School Press,1994
[70]Teece, D. J., Pisano, G. and Shuen, A. Firm Capabilities, Resources and the Concept of Strategy [R]. Economic Analysis and Policy Working Paper EAP-38, Institute of Management, Innovation and Organization, University of California, Berkeley, CA,1990
[71]Teece, D. J., Pisano, G. and Shuen, A. Dynamic Capabilities and Strategic Management [J]. Strategic Management Journal,1997,18:509-533
[72]Leonard-Barton, D. Core Capabilities and Core Rigidities:A Paradox in Managing New Product Development [J]. Strategic Management Journal, Summer Special Issue,1992,13: 111-125
[73]杨杜.企业成长论——中日大企业的成长与革新的比较研究[D].北京：中国人民大学,1993：15-33
[74]杨杜.企业成长论[M].北京：中国人民大学出版社,1996
[75]李维安.公司治理学[M].北京：高等教育出版社,2005
[76]宁向东.公司治理理论(第2版)[M].北京：中国发展出版社,2006
[77]张维迎.产权、激励与公司治理[M].北京：经济科学出版社,2005
[78]刘汉民.企业理论、公司治理与制度分析[M].上海：上海三联书店·上海人民出版社,2007
[79]Fama, E. F. and Jensen, M. C. Separation of Ownership and Control [J]. Journal of Law and Economics,1983,26:301-325
[80]陈郁编.所有权、控制权与激励——代理经济学文选[M].上海：上海三联书店·上海人民出版社,2006
[81][美]保罗·米尔格罗姆(Paul Milgrom),约翰·罗伯茨(John Roberts)著,费方域主译.经济学、组织与管理[M].北京：经济科学出版社,2004
[82]Grossman, S. and Hart, O. The Costs and Benefits of Ownership:A Theory of Vertical and Lateral Integration [J]. Journal of Political Economy,1986,94:691-719
[83]Hart, O. and Moore, J. Property Rights and the Nature of the Firm [J]. Journal of Political Economy,1990,98:1119-1158
[84]Hart, O. Firms, Contracts and Financial Structure [M]. Oxford:Oxford University Press, 1995
[85][美]0.哈特(Hart, O.)著,费方域译.企业、合同与财务结构[M].上海：格致出版社·上海三联书店·上海人民出版社,2006
[86]聂辉华,杨其静.产权理论遭遇的挑战及其演变——基于2000年以来的最新文献[J].南开经济研究,2007,(4)：3-13
[87]Myers, S. C. The Capital Structure Puzzle [J]. Journal of Finance,1984,39:575-592
[88]沈艺峰.资本结构理论史[M].北京：经济科学出版社,1999
[89]Modigliani, F. and Miller, M. H. The Cost of Capital, Corporation Finance and the Theory of Investment [J]. American Economic Review,1958,48:261-297
[90]Harris, M. and Raviv, A. Corporate Control Contests and Capital Structure [J]. Journal of Financial Economics,1988,20:55-86
[91]Harris, M. and Raviv, A. Capital Structure and the Informational Role of Debt [J]. Journal of Finance,1990,45:321-349
[92]Harris, M. and Raviv, A. The Theory of Capital Structure [J]. Journal of Finance,1991, 46:297-355
[93]Jensen, M. C. Agency Costs of Free Cash Flow, Corporate Finance and Takeovers [J]. American Economic Review,1986,76:323-339
[94]Myers, S. C. Determinants of Corporate Borrowing [J]. Journal of Financial Economics, 1977,5:147-175
[95]Leland, H. E. and Pyle, D. H. Informational Asymmetries, Financial Structure and Financial Intermediation [J]. Journal of Finance,1977,32:371-388
[96]Ross, S. A. The Determination of Financial Structure:the Incentive Signaling Approach [J]. Bell Journal of Economics,1977,8:23-40
[97][法]让·梯若尔(Jean Tirole)著,王永钦等译.公司金融理论(上下册)[M].北京：中国人民大学出版社,2007
[98]肖作平,廖理.债务期限结构影响因素研究——理论和证据[M].北京：中国人民大学出版社,2009
[99][美]托马斯·E·科普兰(Copeland, T. E.), J·弗雷德·韦斯顿(Weston, J. F.),库尔迪
普·夏斯特里(Shastri, K.)著,刘婷,张小涛,邢恩泉译.金融理论与公司政策(第4版)[M].北京：中国人民大学出版社,2012
[100]Flannery, M. J. Asymmetric Information and Risky Debt Maturity Choice [J]. Journal of Finance,1986,41:18-38
[101]Diamond, D. W. Debt Maturity Structure and Liquidity Risk [J]. Quarterly Journal of Economics,1991,106:709-737(a)
[102]Diamond, D. W. Monitoring and Reputation:the Choice between Bank Loans and Directly Placed Debt [J]. Journal of Political Economy,1991,99:689-721(b)
[103]Barnard, C. I. The Functions of the Executive:First Edition [M]. Cambridge:Harvard University Press,1938
[104]Coad, A. Firm Growth:A Survey [R]. Documents de Travail du Centre d'Economie de la Sorbonne, CES Working Paper, No.2007-24
[105]Gibrat, R. Les Inegalites Economiques:First Edition [M]. Paris:Librairie du Recueil Sirey,1931
[106]Santarelli, E., Klomp, L. and Thurik, A. R. Gibrat's Law:An Overview of the Empirical Literature [A]. In Enrico Santarelli (Ed.), Entrepreneurship, Growth and Innovation:The Dynamics of Firms and Industries [C], Springer US,2006,12:41-73
[107]Audretsch, D. B., Klomp, L., Santarelli, E. and Thurik, A. R. Gibrat's Law:Are the Services Different? [J]. Review of Industrial Organization,2004,24:301-324
[108]Piergiovanni, R. Gibrat's Law in the "Third Italy":Firm Growth in the Veneto Region [J]. Growth and Change,2010,41:28-58
[109]Bottazzi, G. and Secchi, A. Common Properties and Sectoral Specificities in the Dynamics of US Manufacturing Companies [J]. Review of Industrial Organization,2003,23: 217-232
[110]Bottazzi, G., Cefis, E., Dosi, G. and Secchi, A. Invariances and Diversities in the Evolution of Manufacturing Industries [J]. Small Business Economics,2007,28:151-166
[111]Falk, M. Quantile Estimates of the Impact of R&D Intensity on Firm Performance [J]. Small Business Economics,2010,35:201-220
[112]Coad, A. and Rao, R. Innovation and Finn Growth in High-tech Sectors:A Quantile Regression Approach [J]. Research Policy,2008,37:633-648
[113]Stam, E. and Wennberg, K. The Roles of R&D in New Firm Growth [J]. Small Business Economics,2009,33:77-89
[114]Bottazzi, G., Dosi, G., Lippi, M., Pammolli, F. and Riccaboni, M. Innovation and Corporate Growth in the Evolution of the Drug Industry [J]. International Journal of Industrial Organization,2001,19:1161-1187
[115]Evangelista, R. and Savona, M. Innovation, Employment and Skills in Services:Firm and Sectoral Evidence [J]. Structural Change and Economic Dynamics,2003,14:449-474
[116]Harrison, R., Jaumandreu, J., Mairesse, J. and Peters, B. Does Innovation Stimulate Employment? A Firm-level Analysis Using Comparable Micro-data on Four European Countries [R]. NBER Working Paper,2008, No.14216
[117]Coad, A. Testing the Principle of "Growth of the Fitter":The Relationship between Profits and Firm Growth [R]. Emory University, Atlanta GA, Dept. of Economics Working Paper, No.2005-31
[118]Bottazzi, G., Secchi, A. and Tamagni, F. Productivity, Profitability and Financial Fragility:Evidence from Italian Business Firms [R]. Sant'Anna School of Advanced Studies, Pisa, LEM Working Paper Series, No.2006-08
[119]Hardwick, P. and Adams, M. Firm Size and Growth in the United Kingdom Life Insurance Industry [J]. Journal of Risk and Insurance,2002,69:577-593
[120]Dosi, G. and Grazzi, M. Technology as Problem-solving Procedures and Technology as Input-output Relations:Some Perspectives on the Theory of Production [J]. Industrial and Corporate Change,2006,15:173-202
[121]Almus, M. What Characterizes a Fast-growing Firm? [J]. Applied Economics,2002,34: 1497-1508
[122]Robson, P. A. J. and Bennett, R. J. SME Growth:The Relationship with Business Advice and External Collaboration [J]. Small Business Economics,2000,15:193-208
[123]Geroski, P. A. and Gugler, K. Corporate Growth Convergence in Europe [R]. Oxford Economic Papers,2004,56:597-620
[124]Hyland, D. C. The Long-run Performance of Diversifying Firms [J]. Journal of Economics and Finance,2008,32:294-310
[125]Audretsch, D. B. Innovation, Growth and Survival [J]. International Journal of Industrial Organization,1995,13:441-457
[126]Geroski, P. A. and Toker, S. The Turnover of Market Leaders in UK Manufacturing Industry:1979-1986 [J]. International Journal of Industrial Organization,1996,14:141-158
[127]Higson, C., Holly, S. and Kattuman, P. The Cross-sectional Dynamics of the US Business Cycle:1950-1999 [J]. Journal of Economic Dynamics and Control,2002,26: 1539-1555
[128]Higson, C., Holly, S., Kattuman, P. and Platis, S. The Business Cycle, Macroeconomic Shocks and the Cross-section:The Growth of UK Quoted Companies [J]. Economica,2004, 71:299-318
[129]Gabe, T. M. and Kraybill, D. S. The Effect of State Economic Development Incentives on Employment Growth of Establishments [J]. Journal of Regional Science,2002,42: 703-730
[130]McPherson, M. A. Growth of Micro and Small Enterprises in Southern Africa [J]. Journal of Development Economics,1996,48:253-277
[131]Harabi, N. Determinants of Firm Growth:An Empirical Analysis from Morocco [R]. Solothurn University of Applied Sciences, Northwestern Switzerland, MPRA Paper,2007, No. 4394
[132]Bartelsman, E., Scarpetta, S. and Schivardi, F. Comparative Analysis of Firm Demographics and Survival:Evidence from Micro-level Sources in OECD Countries [J]. Industrial and Corporate Change,2005,14:365-391
[133]Nichter, S. and Goldmark, L. Small Firm Growth in Developing Countries [J]. World Development,2009,37:1453-1464
[134]Beck, T., Demirguc-Kunt, A. and Maksimovic, V. Financial and Legal Constraints to Growth:Does Firm Size Matter? [J]. Journal of Finance,2005,60:137-177
[135]Beck, T., Demirguc-Kunt, A., Laeven, L. and Levine, R. Finance, Firm Size and Growth [J]. Journal of Money, Credit and Banking,2008,40:1379-1405
[136]吴世农,李常青,余玮.我国上市公司成长性的判定分析和实证研究[J].南开管理评论,1999,(4)：49-57
[137]岑成德.上市公司成长性的实证研究[J].商业研究,2002,(15)：32-34
[138]徐迁,张士伟,张芳.上市公司成长性的归因分析及识别模型[R].万联证券有限责 任公司,深圳证券交易所第六届会员单位、基金公司研究成果评选,2003
[139]张维迎,周黎安,顾全林.高新技术企业的成长及其影响因素：分位回归模型的一个应用[J].管理世界,2005,(10)：94-101
[140]谢军.企业成长性的因素分析：来自上市公司的证据[J].经济管理,2005,(20)：82-88
[141]陈晓红,何鹏.上市公司规模及成长率概率分布对比实验研究[J].系统工程,2006,(2)：1-10
[142]曾江洪,何鹏.我国上市公司成长率分布实证研究[J].系统工程,2006,(9)：48-53[143]沈维涛,王贞洁.我国民营上市公司持续成长影响因素的实证研究[J].经济管理,2008,(6)：11-16
[144]范慧慧,黄江红.我国高科技上市公司成长性影响因素的实证研究[J].中国科技论坛,2008,(6)：51-55
[145]沈海平,吴秋璟.中小企业成长性影响因素分析——基于中小板上市公司面板数据的实证研究[J].金融发展研究,2010,(2)：66-70
[146]宋英华,庄越,张乃平.创新型企业成长的内部影响因素实证研究[J].科学学研究,2011,(8)：1274-1280
[147]冒乔玲,许敏.技术创新驱动企业成长的绩效分析——基于创新型上市公司的实证研究[J].企业经济,2012,(4)：17-23
[148]陈晓红,马鸿烈.中小企业技术创新对成长性影响——科技型企业不同于非科技型企业?[J].科学学研究,2012,(11)：1749-1760
[149]蔡华,张宁静.企业成长的影响因素——基于中国寿险业的实证研究[J].保险研究,2012,(1)：60-70
[150]白俊.股权结构及其治理绩效研究——基于上市公司股权分置改革的实证研究[M].上海：立信会计出版社,2010
[151]Shleifer, A. and Vishny, R. W. Large Shareholders and Corporate Control [J]. Journal of Political Economy,1986,94:461-488
[152]Lins, K. V. Equity Ownership and Firm Value in Emerging Markets [J]. Journal of Financial and Quantitative Analysis,2003,38:159-184
[153]La Porta, R., Lopez-de-Silanes, F. and Shleifer, A. Corporate Ownership around the World [J]. Journal of Finance,1999,54:471-517
[154]Muller, E. Benefits of Control, Capital Structure and Company Growth [J]. Applied Economics,2008,40:2721-2734
[155]Arosa, B., Iturralde, T. and Maseda, A. Ownership Structure and Firm Performance in Non-listed Firms:Evidence from Spain [J]. Journal of Family Business Strategy,2010,1: 88-96
[156]Gedajlovic, E. and Shapiro, D. Management and Ownership Effects:Evidence from Five Countries [J]. Strategic Management Journal,1998,19:533-553
[157]Demsetz, H. and Villalonga, B. Ownership Structure and Corporate Performance [J]. Journal of Corporate Finance,2001,7:209-233
[158]Minguez-Vera, A. and Martin-Ugedo, J. F. Does Ownership Structure Affect Value? A Panel Data Analysis for the Spanish Market [J]. International Review of Financial Analysis, 2007,16:81-98
[159]Morck, R., Shleifer, A. and Vishny, R. W. Management Ownership and Market Valuation:An Empirical Analysis [J]. Journal of Financial Economics,1988,20:293-315
[160]Shleifer, A. and Vishny, R. W. Management Entrenchment:The Case of Manager-Specific Investments [J]. Journal of Financial Economics,1989,25:123-139
[161]Cho, Myeong-Hyeon. Ownership Structure, Investment and the Corporate Value:An Empirical Analysis [J]. Journal of Financial Economics,1998,47:103-121
[162]Himmelberg, C. P., Hubbard, R. G. and Palia, D. Understanding the Determinants of Managerial Ownership and the Link between Ownership and Performance [J]. Journal of Financial Economics,1999,53:353-384
[163]Kapopoulos, P. and Lazaretou, S. Corporate Ownership Structure and Firm Performance: Evidence from Greek Firms [J]. Corporate Governance,2007,15:144-158
[164]Pound, J. Proxy Contests and the Efficiency of Shareholder Oversight [J]. Journal of Financial Economics,1988,20:237-265
[165]McConnell, J. J. and Servaes, H. Additional Evidence on Equity Ownership and Corporate Value [J]. Journal of Financial Economics,1990,27:595-612
[166]Gugler, K., Mueller, D. C. and Yurtoglu, B. B. Insider Ownership, Ownership Concentration and Investment Performance:An International Comparison [J]. Journal of Corporate Finance,2008,14:688-705
[167]Gunasekarage, A., Hess, K. and Amity (Jie) Hu. The Influence of the Degree of State Ownership and the Ownership Concentration on the Performance of Listed Chinese Companies [J]. Research in International Business and Finance,2007,21:379-395
[168]施东晖.股权结构、公司治理与绩效表现[J].世界经济,2000,(12)：37-44
[169]朱武祥,宋勇.股权结构与企业价值——对家电行业上市公司实证分析[J].经济研究,2001,(12)：66-72
[170]刘芍佳,孙霈,刘乃全.终极产权论、股权结构及公司绩效[J].经济研究,2003,(4)：51-62
[171]申尊焕,郑秋亚.股权集中度与公司业绩：一个关系模型[J].数量经济技术经济研究,2004,(1)：116-121
[172]陈信元,汪辉.股东制衡与公司价值：模型及经验证据[J].数量经济技术经济研究,2004,(11)：102-110
[173]曹廷求,孙文祥,于建霞.资本结构、股权结构、成长机会与公司绩效[J].南开管理评论,2004,(1)：57-63
[174]王俊峰,赵晓涛.股权结构对上市公司成长性影响的研究[J].重庆工学院学报,2005,(6)：15-18
[175]陈晓红,尹哲,曾江洪.家族控制、企业规模与成长性——对沪深中小上市公司的经验分析[J].系统工程,2006,(10)：39-45
[176]曾江洪,丁宁.大股东对中小上市公司成长性影响的实证研究[J].预测,2007,(1)：38-43
[177]冯根福,温军.中国上市公司治理与企业技术创新关系的实证分析[J].中国工业经济,2008,(7)：91-101
[178]杨建君,盛锁.股权结构对企业技术创新投入影响的实证研究[J].科学学研究,2007,(4)：787-792
[179]杨勇,达庆利,周勤.公司治理对企业技术创新投资影响的实证研究[J].科学学与科学技术管理,2007,(11)：61-65
[180]王雷,党兴华.剩余控制权、剩余索取权与公司成长绩效——基于不完全契约理论的国有上市公司治理结构实证研究[J].中国软科学,2008,(8)：128-138
[181]冯根福,黄建山.中国上市公司治理对公司成长能力影响的实证分析[J].经济管理,2009,(12)：61-68
[182]李占雷,吴斯.股权结构、董事会治理与公司成长性——来自中小企业板的实证研究[J].经济与管理,2010,(5)：28-34
[183]谭庆美,吴金克.资本结构、股权结构与中小企业成长性——基于中小企业板数据的实证分析[J].证券市场导报,2011,(2)：65-70
[184]段伟宇,师萍,陶建宏.创新型企业股权结构与成长性的关系研究——基于沪深上市企业的实证检验[J].投资研究,2012,(5)：79-90(a)
[185]吴晓晖,姜彦福.机构投资者治理效率研究[J].统计研究,2006,(9)：33-36
[186]石良平,李洋.机构投资者介入公司治理的作用研究[J].上海经济研究,2007,(7)：83-90
[187]李维安,李滨.机构投资者介入公司治理效果的实证研究——基于CCGINK的经验研究[J].南开管理评论,2008,(1)：4-14
[188]石美娟,童卫华.机构投资者提升公司价值吗?——来自后股改时期的经验证据[J].金融研究,2009,(10)：150-161
[189]唐松莲,袁春生.监督或攫取：机构投资者治理角色的识别研究——来自中国资本市场的经验证据[J].管理评论,2010,(8)：19-29
[190]刘星,吴先聪.机构投资者异质性、企业产权与公司绩效——基于股权分置改革前后的比较分析[J].中国管理科学,2011,(5)：182-192
[191]陈峥嵘,李佳明.机构投资者的羊群行为与中小市值企业的成长性——基于中小板和创业板市场的实证检验[J].金融评论,2012,(2)：73-84
[192]梁能主编.公司治理结构：中国的实践与美国的经验[M].北京：中国人民大学出版社,2000
[193]赵蒲,孙爱英.产业竞争、非理性行为、公司治理与最优资本结构——现代资本结构理论发展趋势及理论前沿综述[J].经济研究,2003,(6)：81-89
[194]Grossman, S. and Hart, O. Corporate Financial Structure and Managerial Incentives [A]. In McCall, J. (Ed.), The Economics of Information and Uncertainty [C], Chicago:University of Chicago Press,1982:107-140
[195]Stulz, R. Managerial Control of Voting Rights:Financing Policies and the Market for Corporate Control [J]. Journal of Financial Economics,1988,20:25-54
[196]Stulz, R. Managerial Discretion and Optimal Financing Policies [J]. Journal of Financial Economics,1990,26:3-27
[197]Aghion, P. and Bolton, P. An Incomplete Contracts Approach to Financial Contracting [J]. Review of Economic Studies,1992,59:473-494
[198]陈耿,周军,王志.债权融资结构与公司治理：理论与实证分析[J].财贸研究,2003,(2)：69-74
[199]郭春丽.西方关于负债与公司价值关系的研究综述[J].首都经济贸易大学学报,2006,(1)：66-71
[200]吴婧.负债融资治理效应研究综述[J].经济学动态,2008,(5)：75-78
[201]Modigliani, F. and Miller, M. H. Corporate Income Taxes and the Cost of Capital:A Correction [J]. American Economic Review,1963,53:433-443
[202]Miller, M. H. Debt and Taxes [J]. Journal of Finance,1977,32:261-275
[203]Auerbach, A. J. Real Determinants of Corporate Leverage [A]. In Friedman, B. M. (Ed.), Corporate Capital Structures in the United States [C], Chicago:University of Chicago Press, 1985:301-324
[204]Titman, S. and Wessels, R. The Determinants of Capital Structure Choice [J]. Journal of Finance,1988,43:1-19
[205]McConnell, J. J. and Servaes, H. Equity Ownership and the Two Faces of Debt [J]. Journal of Financial Economics,1995,39:131-157
[206]Lang, L., Ofek, E. and Stulz, R. M. Leverage, Investment and Firm Growth [J]. Journal of Financial Economics,1996,40:3-29
[207]Huynh, K. P. and Petrunia, R. J. Age Effects, Leverage and Firm Growth [R]. SSRN Working Paper,2009, No.879284
[208]Serrasqueiro, Z. and Nunes, P. M. Non-linear Relationships between Growth Opportunities and Debt:Evidence from Quoted Portuguese Companies [J]. Journal of Business Research,2010,63:870-878
[209]Schiantarelli, F. and Sembenelli, A. The Maturity Structure of Debt:Determinants and Effects on Firms' Performance:Evidence from the United Kingdom and Italy [R]. Finance and Private Sector Development Division, Policy Research Department, World Bank, Policy Research Working Paper,1997, No.1699
[210]Johnson, S. A. Debt Maturity and the Effects of Growth Opportunities and Liquidity Risk on Leverage [J]. Review of Financial Studies,2003,16:209-236
[211]Chen, J. J. Determinants of Capital Structure of Chinese-listed Companies [J]. Journal of Business Research,2004,57:1341-1351
[212]Antoniou, A., Guney, Y. and Paudyal, K. The Determinants of Debt Maturity Structure: Evidence from France, Germany and the UK [J]. European Financial Management,2006,12: 161-194
[213]Cai, K., Fairchild, R. and Guney, Y. Debt Maturity Structure of Chinese Companies [J]. Pacific-Basin Finance Journal,2008,16:268-297
[214]Fama, E. F. Contract Costs and Financing Decisions [J]. Journal of Business,1990,63: 71-91
[215]Demirguc-Kunt, A. and Maksimovic, V. Law, Finance and Firm Growth [J]. Journal of Finance,1998,53:2107-2137
[216]Hosono, K. Growth Opportunities, Collateral and Debt Structure:The Case of the Japanese Machine Manufacturing Finns [J]. Japan and the World Economy,2003,15: 275-297
[217]Huyghebaert, N., Van de Gucht, L. and Hulle, C. V. The Trade-off between Bank Debt and Trade Credit for Business Start-ups:Financing Costs versus Liquidation Policy [R]. Department of Applied Economics, K. U. Leuven, Research Report,2004, No.0445
[218]O'Brien, J. and David, P. Firm Growth and Type of Debt:The Paradox of Discretion [J]. Industrial and Corporate Change,2009,19:51-80
[219]Rahaman, M. M. Access to Financing and Firm Growth [J]. Journal of Banking & Finance,2011,35:709-723
[220]张文魁.企业负债的作用和偿债保障机制研究[J].经济研究,2000,(7)：48-55
[221]李义超,蒋振声.上市公司资本结构与企业绩效的实证分析[J].数量经济技术经济研究,2001,(2)：118-120
[222]何卫东,张嘉颖.所有权结构、资本结构、董事会治理与公司价值[J].南开管理评论,2002,(2)：17-20
[223]汪晓春.企业创新投资决策的资本结构条件[J].中国工业经济,2002,(10)：89-95
[224]程惠芳,幸勇.中国科技企业的资本结构、企业规模与企业成长性[J].世界经济,2003,(12)：72-75
[225]童光荣,胡耀亭.公司的成长机会、银行债务与资本结构的选择——来自中国上市 公司的证据[J].南开管理评论,2005,(4)：54-59
[226]童盼,陆正飞.负债融资、负债来源与企业投资行为——来自中国上市公司的经验证据[J].经济研究,2005,(5)：75-84
[227]吕长江,金超,陈英.财务杠杆对公司成长性影响的实证研究[J].财经问题研究,2006,(2)：80-85
[228]杨兴全.债务融资、债务期限与企业的成长性——来自我国上市公司的经验证据[J].河北经贸大学学报,2007,(4)：51-57
[229]陈晓红,王小丁,曾江洪.中小企业债权治理评价与成长性研究——来自中国中小上市公司的经验证据[J].中国管理科学,2008,(1)：163-171
[230]褚玉春,刘建平.债务融资对制造业经营绩效的影响效应研究——基于广义矩法估计的动态面板数据分析[J].数量经济技术经济研究,2009,(9)：79-91
[231]段伟宇,师萍,陶建宏.创新型企业债务结构与成长性的关系研究——基于沪深上市企业的实证检验[J].预测,2012,(5)：34-39(b)
[232]陈晓,单鑫.债务融资是否会增加上市企业的融资成本?[J].经济研究,1999,(9)：39-46
[233]陈耿,周军.企业债务融资结构研究——一个基于代理成本的理论分析[J].财经研究,2004,(2)：58-65
[234]袁卫秋.债务期限结构理论综述[J].会计研究,2004,(10)：9-13
[235]张慧,张茂德.债务结构、企业绩效与上市公司治理问题的实证研究[J].改革,2003,(5)：77-81
[236]沈坤荣,张成.中国企业的外源融资与企业成长——以上市公司为案例的研究[J].管理世界,2003,(7)：120-126
[237]李朝霞.影响中国上市公司融资结构的主要因素分析[J].数量经济技术经济研究,2003,(10)：5-12
[238]童盼.负债期限结构与企业投资规模——来自中国A股上市公司的经验研究[J].经济科学,2005,(5)：93-101
[239]曾晓涛,谢军.财务杠杆、债务结构与公司成长性——基于上市公司的实证分析[J].广东水利电力职业技术学院学报,2006,(1)：63-67
[240]朱德胜,张顺葆.债务期限、债务类型与公司绩效——基于制造业上市公司的经验证据[J].山东财政学院学报(双月刊),2008,(6)：48-50,74
[241]韩德宗,向凯.我国上市公司债权融资结构的实证研究——以医药、生物制品行业为例[J].经济科学,2003,(2)：68-75
[242]王鲁平,王静,张勉.资本结构、股权结构与企业价值关系的研究——来自公共事业上市公司的经验证据[J].西安交通大学学报(社会科学版),2006,(4)：16-21,30
[243]张兆国,何威风,梁志钢.资本结构与公司绩效——来自中国国有控股上市公司和民营上市公司的经验证据[J].中国软科学,2007,(12)：141-151
[244]黄莲琴,屈耀辉.经营负债杠杆与金融负债杠杆效应的差异性检验[J].会计研究,2010,(9)：59-65
[245]肖坤,秦彬.我国上市公司债务结构对财务治理效率的影响[J].经济管理,2011,(2)：109-115
[246]Short, H. Ownership, Control, Financial Structure and the Performance of Firms [J]. Journal of Economic Surveys,1994,8:203-249
[247]肖作平.公司治理和融资政策的关系研究综述[J].证券市场导报,2007,(8)：50-56
[248]Roshan, B. Capital Structure and Ownership Structure:A Review of Literature [J]. Journal of Online Education,2009, (1):1-8
[249]Kim, W. S. and Sorenson, E. H. Evidence on the Impact of the Agency Costs of Debt on Corporate Debt Policy [J]. Journal of Financial and Quantitive Analysis,1986,21:131-144
[250]Agrawal, A. and Mandelker, G. N. Managerial Incentives and Corporate Investment and Financing Decisions [J]. Journal of Finance,1987,42:823-837
[251]Friend, I. and Lang, L. H. P. An Empirical Test of the Impact of Managerial Self-interest on Corporate Capital Structure [J]. Journal of Finance,1988,43:271-281
[252]Holderness, C. G. and Sheehan, D. P. The Role of Majority Shareholders in Publicly Held Corporations:An Exploratory Analysis [J]. Journal of Financial Economics,1988,20: 317-346
[253]Amihud, Y., Lev, B. and Travlos, N. G. Corporate Control and the Choice of Investment Financing:The Case of Corporate Acquisitions [J]. Journal of Finance,1990,45:603-616
[254]Zeckhauser, R. J. and Pound, J. Are Large Shareholders Effective Monitors? An Investigation of Share Ownership and Corporate Performance [A]. In Hubbard, R. G. (Ed.), Asymmetric Information, Corporate Finance and Investment [C], Chicago:University of Chicago Press,1990:149-180
[255]Berger, P. G, Ofek, E. and Yermack, D. L. Managerial Entrenchment and Capital Structure Decisions [J]. Journal of Finance,1997,52:1411-1438
[256]Moh'd, M. A., Perry, L. G. and Rimbey, J. N. The Impact of Ownership Structure on Corporate Debt Policy:A Time Series Cross-sectional Analysis [J]. The Financial Review, 1998,33:85-98
[257]Short, H., Keasey, K. and Duxbury, D. Capital Structure, Management Ownership and Large External Shareholders:An UK Analysis [J]. International Journal of the Economics of Business,2002,9:375-399
[258]Zou, H. and Xiao, J. Z. The Financing Behaviour of Listed Chinese Firms [J]. The British Accounting Review,2006,38:239-258
[259]Cespedes, J., Gonzalez, M. and Molina, C. A. Ownership and Capital Structure in Latin America [J]. Journal of Business Research,2010,63:248-254
[260]Huyghebaert, N. and Van de Gucht, L. The Determinants of Financial Structure:New Insights from Business Start-ups [R]. SSRN Working Paper,2002, No.296841
[261]Huyghebaert, N. On the Determinants and Dynamics of Trade Credit Use:Empirical Evidence from Business Start-ups [R]. Department of Applied Economics, K. U. Leuven, Research Report,2003, No.0366
[262]Datta, S., Iskandar-Datta, M. and Raman, K. Managerial Stock Ownership and the Maturity Structure of Corporate Debt [J]. Journal of Finance,2005,60:2333-2350
[263]Arslan, O. and Karan, M. Ownership and Control Structure as Determinants of Corporate Debt Maturity:A Panel Study of an Emerging Market [J]. Corporate Governance: An International Review,2006,14:312-324
[264]Garcia-Teruel, P. J. and Martinez-Solano, P. Ownership Structure and Debt Maturity: New Evidence from Spain [R]. SSRN Working Paper,2007, No.970914
[265]Marchica, Maria-Teresa. On the Relevance of Ownership Structure in Determining the Maturity of Debt [R]. SSRN Working Paper,2008, No.1101103
[266]Bhagat, S., Bolton, B. and Subramanian, A. Manager Characteristics and Capital Structure:Theory and Evidence [R]. SSRN Working Paper,2009, No.1360244
[267]Brockman, P., Martin, X. and Unlu, E. Executive Compensation and the Maturity Structure of Corporate Debt [J]. Journal of Finance,2010,65:1123-1161
[268]Marchica, Maria-Teresa. Corporate Debt Maturity and Monitoring by Institutional Investors [R]. SSRN Working Paper,2012, No.1781239
[269]冯根福,吴林江,刘世彦.我国上市公司资本结构形成的影响因索分析[J].经济学家,2000,(5)：59-66
[270]吕长江,王克敏.上市公司资本结构、股利分配及管理股权比例相互作用机制研究[J].会计研究,2002,(3)：39-48
[271]曾牧.股权结构与资本结构选择[J].暨南学报(哲学社会科学),2003,(4)：55-63
[272]顾乃康,杨涛.股权结构对资本结构影响的实证研究[J].中山大学学报(社会科学版),2004,(1)：92-97
[273]胡国柳,董屹.上市公司股权结构与资本结构选择的实证分析[J].财经科学,2005,(5)：90-98
[274]朱德胜,宋晓宁.股权结构影响下的上市公司融资倾向研究[J].中央财经大学学报,2006,(12)：81-87
[275]汪忠,曾德明,龙淼.机构投资者优化企业资本结构选择研究[J].南开管理评论,2006,(1)：28-32
[276]汪强,吴世农.公司治理是如何影响资本结构的——基于我国上市公司的实证研究[J].经济管理,2007,(12)：4-13
[277]李小军,王平心.终极控制权、股权结构与资本结构[J].山西财经大学学报,2008,(5)：65-71
[278]罗进辉,万迪昉,蔡地.中国上市公司控股结构与债务融资关系的实证研究[J].财经论丛,2009,(1)：75-80
[279]高雷,丁章华.公司治理影响资本结构吗[J].财贸经济,2010,(9)：13-21
[280]罗栋梁.机构投资者促进上市公司负债融资的实证分析[J].学术交流,2010,(12)：96-99
[281]钟海燕,冉茂盛.基于计量模型的股权结构与资本结构分析[J].商业研究,2012,(6)：186-193
[282]肖作平,吴世农.我国上市公司资本结构影响因素实证研究[J].证券市场导报,2002,(8)：39-44
[283]谢军.资本结构与股权结构：公司融资的制度决定[J].商业经济与管理,2006,(1)：69-73
[284]王泽填,程建伟,孙爱琳.股权结构与公司债务期限结构的关系研究[J].山西财经大学学报,2008,(9)：47-53
[285]毛洪安,李晶晶.代理成本、股权结构与公司债务期限结构[J].中南财经政法大学学报,2010,(5)：104-109
[286]肖作平.终极控制股东对债务期限结构选择的影响——来自中国上市公司的经验证据[J].南开管理评论,2011,(6)：25-35
[287]段伟宇.创新型企业债务来源的选择——基于股权结构视角的研究[J].未来与发展,2013,(8)：82-87
[288]Delmar, F. Measuring Growth:Methodological Considerations and Empirical Results [A]. In Davidsson, P., Delmar, F. and Wiklund, J. (Ed.), Entrepreneurship and the Growth of Firms [C], Cheltenham, UK·Northampton, USA:Edward Elgar Publishing,2006:62-86
[289]Weinzimmer, L. G., Nystrom, P. C. and Freeman, S. J. Measuring Organizational Growth:Issues, Consequences and Guidelines [J]. Journal of Management,1998,24:235-262
[290]Delmar, F., Davidsson, P. and Gartner, W. B. Arriving at the High-growth Firm [J]. Journal of Business Venturing,2003,18:189-216
[291]Santos, J. B. and Brito, L. A. L. Toward a Subjective Measurement Model for Firm Performance [J]. Brazilian Administration Review,2012,9:95-117
[292]张炳坤.论企业的成长性及其财务评价[J].经济师,1998,(1)：39-40
[293]惠恩才.关于上市公司成长性分析[J].财经问题研究,1998,(4)：49-51
[294]宋剑峰.净资产倍率、市盈率与公司的成长性——来自中国股市的经验证据[J].经济研究,2000,(8)：36-45
[295]范柏乃,沈荣芳,陈德棉.中国风险企业成长性评价指标体系研究[J].科研管理,2001,(1)：112-117
[296]尚增健.我国中小企业成长性的实证研究[J].财贸经济,2002,(9)：65-73
[297]夏清华.创利与创值——企业成长绩效的评价与控制[J].数量经济技术经济研究,2003,(4)：96-99
[298]陈晓红,邹湘娟,佘坚.中小企业成长性评价方法有效性研究——来自沪深股市的实证[J].当代经济科学,2005,(5)：70-75
[299]王会芳.中小科技企业成长性评价问题研究[R].深圳证券交易所综合研究所研究报告,2006,No.0130
[300]李延喜,巴雪冰,薛光.企业成长性综合评价方法的实证研究[J].大连理工大学学报(社会科学版),2006,(3)：1-6
[301]李定珍,唐红涛,杨璠.我国上市零售企业成长性评价实证研究——基于因子分析法[J].财贸经济,2007,(11)：77-81
[302]符林,刘轶芳,迟国泰.上市公司的成长性判定方法与实证研究[J].财经问题研究,2008,(6)：71-77
[303]鲍新中,李晓非.基于时序数据的高技术企业成长性分析[J].科学学研究,2010,(2)：275-281
[304]李东红.云南上市公司的成长性分析[J].云南社会科学,2011,(2)：86-90
[305]宋鹏,黄倩.我国创业板上市公司成长性测量[J].财经科学,2012,(1)：66-72
[306]薛薇.SPSS统计分析方法及应用(第2版)[M].北京：电子工业出版社,2009
[307]杜栋,庞庆华,吴炎.现代综合评价方法与案例精选(第2版)[M].北京：清华大学出版社,2008
[308]叶宗裕.关于多指标综合评价中指标正向化和无量纲化方法的选择[J].浙江统计,2003,(4)：24-25
[309]陈军才.主成分与因子分析中指标同趋势化方法探讨[J].统计与信息论坛,2005,(2)：19-23
[310]张卫华,赵铭军.指标无量纲化方法对综合评价结果可靠性的影响及其实证分析[J].统计与信息论坛,2005,(3)：33-36