民营上市公司负债与企业价值关系的实证研究

Empirical study on the relationship between debt and firm value of private listed companies

选取民营上市公司2001年至2006年数据,共1338个混合数据样本,对民营上市公司负债总体水平、债权人性质、债务期限结构与企业价值间的关系进行理论分析与实证研究。结果表明:民营上市公司的负债水平与企业价值间呈倒U型关系,债权治理在民营上市公司中表现出一定程度的有效性。银行作为民营上市公司的主要债权人,在公司治理中能够发挥积极的监督效应,有利于提高企业价值。特别是银行长期借款对企业价值有显著的正面影响。

Based on the data sampled from 1,338 private listed companies from the year 2001 to 2000 in China, an empirical study and relative theoretical analyses were conducted on the relationship between firm value and total debts, character of creditor and debt maturity structure respectively. The result shows that the relationship between the firm value and debts in private listed companies is a reverse U, that is, creditor＇ s governance takes effects to some extent. As the main creditor, bank regulates the effectual operation on the private listed companies＇ governance, and then enhances the firm value. Especially, long-term bank loan has strong positive impacts on firm value.