北京工商大学学报
(
社会科学版
)摇 摇 摇 摇 2015
年
摇
第
6
期
ships
[
J
]
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]
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.
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]
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]
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[
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]
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,
张敏
,
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,
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.
管理者过度自信
、
企
业扩张与财务困境
[
J
]
.
经济研究
,
2009
(
1
):
131 - 143.
Operating Liabilities and Financing Liabilities
:
Research on Effect of Firm Expansion
WANG Jue & LIU Yiyuan
(
School of Banking and Finance
,
University of International Business and Economics
,
Beijing 100029
,
China
)
Abstract
: Based on the data of China蒺s listed firms in A鄄stock market during the years from 2009 to 2014, this paper analy鄄
zes the impact of operating liabilities and financing liabilities on the effect of firm expansion. The research shows that firms based
mainly on operating liabilities have a smaller scale of expansion but better profitability than those based mainly on financing liabil鄄
ities. In general, both cumulative expansion scale and internal expansion scale are negatively correlated with profitability. The
firms based mainly on operating liabilities have better profitability than those based mainly on financing liabilities in terms of cu鄄
mulative expansion scale and internal expansion scale. This paper provides an empirical support for prudent and effective firm ex鄄
pansion by rational use of operating liabilities.
Key Words
: operating liabilities; financing liabilities; firm expansion
(
本文责编
摇
王沈南
)
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