firm performance, while the ability of management and firm technology positively affected
firm performance.
Watanabe (2002) argues that excellent Chinese companies can fall into financial difficul
ties and disappear from the industry because controlling shareholders can funnel financial
resources of the listed companies to non-listed holding companies. Thus, the corporate gov
ernance structure of Chinese listed firms cansignificantly affect the financial performance
of listed firms.
Sunet al.(2002) offer evidence supporting the positive effects of governmentownership
on partially privatized firms. There appears to be an inverted U-shaped pattern between
the level of government ownership and firm performance. Sun and Tong (2003) present
additional results indicating that privatization improves state-owned enterprises’ earnings
ability, real sales, and worker productivity. Legal-person ownership, rather than government
and foreign ownership, is positively related to firm performance.
3. Methodology and Data
We use regression analysis to examine the effects of three types of capital (social, financing
and human) on the本文来自!辣~文^文#网*原文请找腾讯@32491'14 in the following regression model:
ROA=f(Social Capital, Financing Capital, Human Capital, Control Variables)
We use different variables to proxy for social capital, financing capital and human capital.
The entertainment expense and charitable contributions ratios are used as proxies for social
capital. Entertainment expenses include costs related to meals, gifts and other such expenses
in an enterprise engaging in interactions with other people and organizations. We calculate
the entertainment expense ratio as annual entertainment expense divided by net income.
The entrepreneur’s total charitable contributions over time measure the cumulative long
term effects of social networking on firm performance, as social networking takes time.
We calculate the charitable contributions ratio as the entrepreneur’s cumulative charitable
contributions divided by the total assets of the enterprise.
settimeofday重启后时间还是1970怎么办Financial capital is measured by the equity-to-total capital ratio. It is important to note
that the private enterprises in China may be financed by equity (private equity rather than
publicly traded equity) and/or debt (from banks or family and friends). Human capital
is proxied by three variables: MPE (managers as a percentage of employees: number of
managers/number of employees), MPI (managers as percentage of investors: proportion of
investors who are also managers), and AGEE (age of the entrepreneur as of 2000). We also
use log sales revenue and age of the enterprise to control for firm size and age factors.
We expect all three types of capital (social capital, financing capital and human capital)
to have a significant effect on the return on assets, while control variables are used to control
for firm size and firm age factors.
The data comes from two surveys of China’s private enterprises conducted by the
National Association of Private Entrepreneursin cooperation with theChinese Academy of
Social Sciences, in 2002 and 2000 respectively. Every Local Association of Private Enter
prises sent investigators to interview entrepreneurs. The 2002 (2000) survey covered 31
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