作　　者： ; ;

机构地区： 华南师范大学

出　　处： 《财贸经济》 2012年第12期71-77,共7页

摘　　要： 战略性新兴产业要不要发展以及如何发展,这是目前理论和实务界普遍关注的问题。本文以广东省的上市公司为样本,基于和传统产业的对比,研究了战略性新兴产业的企业规模和融资结构对其经营绩效的影响。研究发现企业规模和股权资本对传统产业和战略性新兴产业绩效的影响迥异,即规模扩张不利于传统产业提高经营绩效,却有利于战略性新兴产业提高经营绩效;股权资本降低了传统产业的经营绩效,却显著提高了战略性新兴产业经营绩效。这个研究结果表明战略性新兴产业目前还处于规模效应递增阶段,需要大力发展;同时表明其规模的扩张更倾向于通过股权融资的方式来实施。本文的研究结论有重要的理论意义,对国家宏观经济政策的制定具有一定的参考价值。 Whether and how to develop strategic emerging industries is a common concern of theory and practice. In this paper, the authors made a sub-industry comparative analysis of the impact of the firm size and capital structure on operating performance with the sample of listed companies of Guangdong province. Based on different characteristics between traditional industry and strategic emerging industry, the study found that： （1） scale expansion went against the operating performance of traditional industries but benefited that of strategic emerging industry; （2） equity financing weakened the operating performance of traditional industries, but significantly improved that of strategic emerging industry. The results of this study show that strategic emerging industries should be fully supported considering the internal IRS（Increasing Returns to Scale）. Equity financing will be more efficient. The results of this research are not only the development and complement of existing literature, but also have a reference value for macroeconomic policymaking.

关 键 词： 战略性新兴产业 企业规模 股权资本 经营绩效

领　　域： [经济管理]