基于结构方程模型的企业价值影响因素的研究——以制造业上市公司为例

Research on Influencing Factors of Enterprise Value Based on Structural Equation Modeling:Taking Manufacturing Enterprises as an Example

文章以制造业上市公司为研究样本,运用结构方程模型,利用2014-2016年财务数据实证分析了对制造业企业价值的影响因素。研究结果表明:制造业的负债水平与企业价值显著负相关,负债率越高,企业价值越低;创新能力、盈利能力与制造业的企业价值显著正相关,创新投入越高、盈利能力越强,企业价值越高;而治理结构与企业价值的关系没有得到实证检验。因此,对于制造业而言,应当合理控制负债水平、进一步提高企业的盈利能力,同时加大企业的创新投入,推动企业进一步做大做强。

This paper takes manufacturing enterprises as examples, uses the financial data from 2014 to 2016 to analyze the influencing factors of enterprise value by the structural equation modeling. The results show that the debt level is negatively correlated with the enterprise value, the higher the debt ratio, the lower the enterprise value;the innovation ability and profitability are positively correlated with the enterprise value, the higher the innovation investment and profitability, the higher the enterprise value;but the governance structure has no relationship with the enterprise value. Therefore, the manufacturing industry should keep the debt level reasonably, improve the profitability, increase the innovation investment, and then the enterprise can become bigger and stronger.