| 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. |
PDF Full Text Request