中文摘要：

以2009—2014年我国A股上市公司为样本,研究了经营性负债和金融性负债对企业扩张效应的影响。研究结果表明,以经营性负债为主的企业的扩张规模要小于以金融性负债为主的企业,但其盈利能力要好于以金融性负债为主的企业。总体而言,无论是累计扩张规模还是内部新增扩张规模,都与盈利能力负相关。进一步研究发现,无论是累积扩张还是内部新增扩张,以经营性负债为主的企业都比以金融性负债为主的企业具有更强的盈利能力。文章为企业合理利用经营性负债进行谨慎、有效的扩张提供了实证支持。

英文摘要：

Based on the data of China＇s listed firms in A-stock market during the years from 2009 to 2014,this paper analyzes 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 liabilities. 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 cumulative expansion scale and internal expansion scale. This paper provides an empirical support for prudent and effective firm expansion by rational use of operating liabilities.