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本文以创业板上市的科技型企业为研究对象,采取随机方式从不同行业中选取109家科技型企业2012~2015年的面板数据,建立债务期限结构与企业价值的多元非线性回归模型,实证检验两者的倒“U”型关系,并得出科技型企业最优债务期限结构为37.26%的结果。在此研究结论的基础上,提出鼓励长期融资,优化债务期限结构;扩大生产经营范围、发展多元化经营,寻求增值新途径等建议。
In this paper, the GEM-listed science and technology enterprises as the research object, a random way from different industries to select 109 science and technology enterprises from 2012 to 2015 panel data, the establishment of debt maturity structure and enterprise value of multiple nonlinear regression model, empirical test The results show that the optimal debt maturity structure of science and technology enterprises is 37.26%. Based on the conclusions of this study, some suggestions are put forward, such as encouraging long-term financing, optimizing the maturity structure of debt, expanding the scope of production and operation, developing diversified operations and seeking new ways of adding value.