Financing Characteristics of High-tech Enterprises in Chinese SME Market

被引：0

作者：

Yan Hongyan ^{[1
]}

Yang Yi ^{[1
]}

机构：

[1] Beijing Union Univ, Coll Management, Beijing, Peoples R China

来源：

SOCIAL SCIENCES AND SOCIETY | 2013年 / 8卷

关键词：

SME Market; High-tech Enterprises; Financing Characteristics; Life cycle;

D O I：

暂无

中图分类号：

C [社会科学总论];

学科分类号：

03 ; 0303 ;

摘要：

This paper analysed the operation characteristics and financing characteristics of high-tech enterprises in each life-cycle stage using the data from Chinese SME Market. A combination pattern of firm's cash flows was used to classify different stages of high-tech enterprises. Evidence revealed that for Chinese listed high-tech enterprises, the firm characteristics in each stage of life cycle typically follow a systematic variation. The relationship between life-cycle stage and debt ratio is nonlinear.

引用

页码：137 / 141

页数：5

共 9 条

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