摘要
本文基于2010-2016年食品上市公司的数据,从环境不确定性的角度出发,实证研究了债务融资对企业成长性的影响以及环境不确定性对两者关系的调节效应。研究结果表明,较高的资产负债率对企业成长性产生负面影响,而较高的环境不确定性会加剧债务融资对企业成长性的负面影响。
From the perspective of environmental uncertainty and with the data from2010-2016 of listed food companies, this paper empirically analyzes the impact of debt financing on company growth and regulating effect that the environmental uncertainty has on the relationship between the two. The results show that higher asset-liability ratio negatively impacts company growth which, in turn, is exacerbated by higher level of environmental uncertainty.
作者
许芳
余国新
XU Fang;YU Guoxin
出处
《上海立信会计金融学院学报》
2018年第3期82-93,共12页
Journal of Shanghai Lixin University of Accounting and Finance
基金
国家自然科学基金(编号:71463058)
新疆农业大学自治区级产学研联合培养研究生示范基地项目(xjaucxy-yjs-20152023
xjaucxy-yjs-20141021)
关键词
债务融资
环境不确定性
企业成长性
Debt financing
Environment uncertainty
Company growth
