文献类型：会议论文

英文题名：Financing Characteristics of High-tech Enterprises in Chinese SME Market

作者：Yan Hongyan[1];Yang Yi[1]

第一作者：严鸿雁

机构：[1]Beijing Union Univ, Coll Management, Beijing, Peoples R China

第一机构：北京联合大学管理学院

会议论文集：2nd International Conference on Social Sciences and Society (ICSSS 2012)

会议日期：NOV 01-02, 2012

会议地点：San Diego, CA

语种：英文

外文关键词：SME Market; High-tech Enterprises; Financing Characteristics; Life cycle

摘要：This paper analysed the operation characteristics and financing characteristics of high-tech enterprises in each life-cycle stage using the data from Chinese SME Market. A combination pattern of firm's cash flows was used to classify different stages of high-tech enterprises. Evidence revealed that for Chinese listed high-tech enterprises, the firm characteristics in each stage of life cycle typically follow a systematic variation. The relationship between life-cycle stage and debt ratio is nonlinear.