资本结构、股权结构与企业价值之实证分析

Demonstrative Analysis on Asset Structure,Stock Ownership Structure and Enterprise Value

根据资本结构理论,行业因素是影响资本结构的一个重要因素,不同的行业具有不同的资本结构。文章主要是以中国IT行业上市公司为研究对象,通过实证检验分析发现IT企业价值与流通股比例之间存在一定的负相关性,与资本结构也是负相关的关系,同时与长期借款率等指标有一定的相关性。

According to the theory of capital structure, the trade factor is an important factor that affects the capital structure, while different trades will have different capital structures. In this paper, the listed company of the IT trade in China is chosen as the research object. Through the demonstrative analysis on this object, the author has discovered that in IT trade a certain negative relativity exists between the value of IT enterprise itself and the proportion of its circulative stock, and so exists between the value of IT enterprise itself and its capital structure; while a certain negative relativity exists betwin it and the rate index of long - term loan as well.