performance, the results indicate that the manager-to-employee ratio has a positive effect
on the return on assets in 2000. As more managers in China are better educated and better
trained, they will likely improve the productivity, implying higher profits for the enterprises.
However, manager-per-employee is not significant in 2002, implying that the effectiveness
of managers has diminished. The age of entrepreneurs appears to be negatively related
to financial performance for both the 2002 and 2000 survey data, indicating that younger
entrepreneurs tend to be more successful in this new market economy.
This study helps us better understand the characteristics of Chinese entrepreneurs in
a socialist regime, which are interesting in several ways. First, the organization of the
Chinese private firms are somewhat fragmented; stockholder meetings and board of directors
systems are not well-implemented. Second, bank loans are the major source of the total
debt financing. Third, profitability of Chinese private firms is quite impressive, reflecting
the booming Chinese economy in the past two decades. Fourth, Chinese private enterprises
incur excessive entertainment expenses but it appears that bigger private firms are able to
control better for the amount. More importantly, this study sheds light on factors that explain
profitability. As Chinese entrepreneurs need to overcome the difficulty of expanding sales
ERP环境下的企业内部审计英文文献和翻译through marketing efforts, we introduce the idea of social capital, which may have positive
or negative effects on the firm’s performance. In addition, we highlight the importance of
human capital, such as the age of the managers that may affect the firm performance. The
results shed light on how private Chinese firms behave. Of course, the Chinese economic
and business environment is a fast changing one! Future research could include additional
years as well as examine what additional factors contribute to the financial performance of
these Chinese firms and how this relates to the growth of the Chinese economy.
Our results also highlight the lack of externalfinancing for Chinese private firms (they are
mostly self-financed). Chinese policymakers have to encourage more financing programs
(such as more accessible bank loans, issuance of corporate debt, availability of venture
capital, etc.) that can 本文来自!辣~文^文#网*原文请找腾讯@3249'114 play a key role in China’s economic growth. Apparently,
private firms have indeed helped transform China from a socialist economy to a market
based economy in the years to come.
Acknowledgments
We thank Managing Editor Peter Koveos, Anthony Loviscek, Gaiyan Zhang and two anony
mous reviewers for valuable comments and suggestions, and Jennifer Dennis and Patricia
Richardson for editorial assistance. Eleanor Xu gratefully acknowledges the Institute for
International Business at Seton Hall University for generous financial support.
References
Anderson, AR, JH Li, RT Harrison and PJA Robson (2003). The increasing role of small business in
the Chinese economy.Journal of Small Business Management, 41(3), 310–316.
Belsley, DA, E Kuh and RE Welsch (1980).Regression Diagnostics, Identifying Influential Data and
Sources of Collinearity. New York: Wiley.
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