摘要随着市场经济的发展，为了给暂时无法在主板市场上市的创业型企业、中小企业和高 科技产业企业等需要进行融资和发展的企业提供融资途径和成长空间，我国推出了创业板 市场作为主板市场的补充。随着近年来的发展，创业板在资本市场中的位置愈发重要，已 成为社会zhuyi市场经济一个重要的组成部分。随着“大众创业，万众创新”口号的提出， 各种创新创业企业如雨后春笋般冒出。但很多创业者在企业管理方面缺乏经验，在企业债 务结构和成长性方面都出现不少问题，制约着企业长期的健康的发展。本文选取我国创业 板上市公司为研究对象，就其债务结构对成长性的影响进行实证分析，以期为创业板上市 公司选择合理的债务结构提供一定的参考价值。79491

本文以 2013 年至 2015 年创业板上市公司的财务数据为样本，以托宾 Q 值代表企业的 成长性作为因变量 Y，以债务结构的三个维度即债务水平、债务期限和债务来源为自变量， 在控制了部分企业成长性影响因素的情况下对债务结构与创业板上市公司成长性的相关关 系进行了实证研究。

实证结果表明：我国创业板上市公司的债务水平对其成长性有较弱的负面影响，资产 负债率越高，其成长性越低；债务期限中的流动负债率对企业成长性的影响不显著，仅有 微弱正影响；而债务来源中商业信用比例和银行借款比例均与企业成长性显著负相关，商 业信用比例和银行借款比例的提高均会降低创业板上市公司的成长性。通过对上述研究发 现的分析，本文提出了以下四方面的建议：跟紧时代步伐，拓宽融资渠道；调整债务期限， 关注风险防范；减少利益冲突，加强信用构建；提高信息质量，改善银企关系。

毕业论文关键词 创业板 债务结构 成长性

Title Research on the impact of the debt structure of the GEM Listing Corporation on its growth

Abstract With the development of market economy, in order to provide financing way and the growth space to the entrepreneurial enterprises, small and medium-sized enterprises and high-tech industry enterprises which temporarily unable to in the motherboard market listing, China launched a gem market as the main market supplement。 With recent years’ development, the position of the gem in the capital market is becoming more and more important, which has become an important part of the socialist market economy。 With the propose of the slogan “Mass entrepreneurship and innovation”, a variety of innovative enterprises appear such as bamboo shoots after a spring rain emerge。 However, many entrepreneurs lack experience in business management, which cause many problems in the corporate debt structure and growth aspects of the emergence, restricting the long-term health of the enterprise development。 This paper selects China's GEM listed companies as the research object, make an empirical analysis of the effect of its debt structure on the growth, in order to provide a certain reference to GEM listed companies choosing a reasonable debt structure。

This paper choose the GEM listed company's financial data during 2013 to 2015 as a sample, the Tobin's Q value on behalf of enterprises growth as the dependent variable Y, to three dimensions of the structure of debt (debt level, debt maturity structure and debt source) as independent variables, make an empirical research in the control of the part of the enterprise growth factors of debt structure and the GEM listed company growth。

The empirical results show that: the negative influence of China's GEM listed companies debt levels on the growth is weak, the higher the assets and liabilities rate is, the lower the growth will be; debt maturity in the current liabilities ratio does not have a significant impact on the growth of enterprises, only weak positive influence; and debt source proportion of commercial credit and bank loan ratio both have significant negative effect to enterprise growth, improve