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自2009年10月30日首批28家公司挂牌上市以来,创业板市场快速发展,新上市公司数量逐年增加,市场规模稳步扩大。经批准上市的创业板公司被认为具有长远的发展态势和增长潜力,研究其资本结构具有一定的现实意义。笔者选取2012-2014年创业板上市公司资产负债率数据,进行资本结构现状分析。分析结构显示,我国大多数创业板上市公司采取的是低财务杠杆的财务管理策略,整体行业的资产负债率水平不高,创业板上市公司应改善资本结构,进一步提升发展潜力。
Since the first batch of 28 listed companies was listed on October 30, 2009, the market for GEM has been developing rapidly. The number of newly listed companies has been increasing year by year, and the market size has steadily expanded. Listed GEM companies are considered to have long-term development momentum and growth potential, to study its capital structure has some practical significance. The author chooses the gearing data of GEM listed companies from 2012 to 2014 to analyze the status quo of capital structure. Analysis of the structure shows that most of the listed companies in China take the financial management strategy of low financial leverage. The asset-liability ratio of the whole industry is not high. The GEM companies should improve the capital structure and further enhance the development potential.