products, and enhance financial performance. This result is consistent with the results of
Zhang and Fung (2006), who use the total amount of donations.
Model 2 augments Model 1 by adding one financing capital variable (the equity-to-total
capital ratio). This ratio is positive and statistically significant at the 5 percent level in both
years, implying that the higher the equity financing percentage, the more profitable the firm.
The positive effect of 本文来自!辣~文^文#网*原文请找腾讯@324,9114 capital plays an important role in private enterprises.
Model 3 expands Model 2 by adding several measures of human capital as the explana
tory variables. These measures include MPE (number of managers/number of employees),
MPI (proportion of investors who are also managers), and AGEE (age of the entrepreneur).
In addition, we split the 2002 survey data into large and small private firms to examine if
there are differences of social, financial and human capital on firm performance.
The results for Model 3 indicate that the relative size of management as measured by
MPE (i.e., the number of managers divided by the number of employees) has a significant
and positive effect on financial performance in 2000 survey data but not in 2002 data (large
and small firms). The insignificance of MPE in the later year suggests that, although more
managers may enhance profitability of the enterprises, they may have been fully utilized
and thus become less effective than in earlier years.
企业信息化对软件开发技术和业务流程的学习该怎么兼顾AGEE (age of the entrepreneur) is negatively and significantly related to financial per
formance across both 2000 and 2002 surveys. The results imply that older firms will be less
profitable than younger firms. In 2002, large firms have a negative and significant sign with
AGEE; however, the age variable does not have significant effect on small private firms.
Smaller Chinese firms tend to be younger in general and thus, the age factor may not be
significant.
Chinese private firms are in an extremely competitive environment because of constant
change and innovation. In this dynamic economy, the younger generation tends to have
a competitive edge over the older generation because of their greater ability to adapt and
quicker responses to the changing environment. Therefore, a negative relationship between
AGEE and return on assets is interesting and not surprising.
The control variables, age of the enterprise and sales are initially strongly negative in
Model 1 for 2000 data but they become insignificant in the full model, Model 3. For 2002
data, the sales are insignificant in Model 1, but become significant in Model 3. Inclusion of
these two control variables does not affect the overall results in a systematic way.
We use variance inflation factor (VIF) analysis to check for potential multicollinearity.
Because all our independent variables have VIFs substantially under 10, our regression
results do not appear to be affected by the multi-collinearity problem (Belsley, Kuh and
Welsch, 1980).f
Panel B of Table 4 compares 本文来自!辣~文^文#网*原文请找腾讯@3249'114 that, in the later year of 2002, the return of
assets (ROA), entertainment expense ratio (ENTP), equity to income (ETC), age of the
上一页 [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] ... 下一页 >>
中小企业融资的英文参考文献和翻译 第10页下载如图片无法显示或论文不完整，请联系qq752018766
