entrepreneurs (AGEE), age of the company (AGEC) and sales of the firms (LSALES)
are higher than those in the 2000 data. The results suggest that Chinese private firms on
average become older and larger in scale, utilize more equity capital and spend more on
entertainment.
vs2008创建c++.net项目怎么引用自己的类库Panel C compares the mean difference s of regression variables between the large and
small firms in 2002 survey data. Small firms tend to be younger in both firm age and
entrepreneur age. Relative to their scale, small firms tend to have higher profitability, spend
more on entertainment expense, donate more tocharities, utilize more equity capital, have a
higher managers to employees ratio and have more investors in management. These results
are interesting, implying that (1) bigger private firms are able to utilize more external source
of funds, (2) they are able to have more control over entertainment expense and (3) they
may face the situation of diminishing returns on capital.
5. Summary and Concluding Remarks
This study uses two comprehensive surveys of over 3,600 Chinese private enterprises con
ducted by the National Association of Private Entrepreneurs in cooperation with the Chinese
Academy of Social Sciences in 2002 and 2000 to: (1) analyze the characteristics of Chinese
private enterprises, and (2) show how three types of capital (social, financing, and human
capital) affect the financial performance of these firms.
We find that the average age of the entrepreneurs is about 43–44 years old and the
majority of them are male. Many of them are well-educated with one-third of them having
college degrees or higher. The companies are young with an average age of six to seven years.
Over half of the firms do not have board of directors in the corporate structure while the
majority of the firms do not have shareholder meetings. A large percentage of the investors
also serve as managers of the firm.
无法解析的外部符号 "long __stdcall XLContinueTask(long)" (?XLContinueTask@@YGJJ@Z)Entertainment expense accounts for 15 percent or more of annual net income. The
entrepreneur’s cumulated charitable contribution in 1999 is averaged at 3 percent of the
firm’s total assets and in 2001 is 4 percent. Most of the company’s debts come from bank
loans, which account for 61 percent of the total debt in a firm in 2000 and 68 percent in
2002. The majority of the firms’ capital comes in the form of equity, which accounts for 68
percent of the total capital in 2000 and 78 percent in 2002. Entrepreneurs contribute most
of the equity capital (close to 80 percent) to these private enterprises.
Our regression 本文来自!辣~文^文#网*原文请找腾讯@3249;114 performance, suggesting the importance of paying
attention to public image and relationships. Yet, there is an inverse relationship between
the entertainment expense ratio and profitability, implying that firms have spent too much
money on entertainment so that it has becomedetrimental to the financial performance of
the firm. The result implies that entertainment expense can be viewed as negative social
capital in China’s setting.
The equity-to-total capital variable is found to be positively and significantly related to
the financial performance of the firm, suggesting that financial capital of owners plays a
critical role in Chinese private firms. With regard to the effects of human capital on firm
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