负债融资与公司价值的关联性分析

Relation analysis between liability financing and business value

从现代资本结构的基本理论入手,着重分析了资本结构中的负债融资在完善契约、传递信号以减少信息不对称中的作用,进而得出一定限度的负债是有利于提高公司价值的结论。并以此结论为基础从多方面剖析了影响我国负债治理功能有效发挥的原因,并提出了相应的治理对策。

This paper starts from basic theory of modern capital structure and emphatically analyses the liability financing in perfecting contract,transferring signal to reduce asymmetry of information and then the conclusion that the liability of certain limit is helpful to raise company＇s value. With this conclusion,we the reason that influences effective performance of the administering function of liability in our country forward some corresponding countermeasures.