中国上市公司资本结构与企业价值的关系研究

A Study of the Relationship between Capital Structureand Enterprise Value

在有摩擦的市场环境中,资本结构可以通过改变资本成本,改善公司治理,促进公司现金流的良性循环,达到提升企业价值,使现有股东财富最大化的目的。运用价值管理的新型计量工具——经济增加值(EVA),实证分析我国上市公司信息技术行业,电力、煤气及水的生产和供应业,房地产业,批发和零售贸易行业近年来的企业价值和资本结构之间的相互关系,得出如下结论:信息技术行业的资本结构与企业价值显著负相关;我国上市公司短期负债普遍占主导地位,除电力、煤气及水的生产和供应业外,其他三个行业的短期负债均与企业价值显著负相关;房地产行业长期负债率明显高于其他三个行业,并且也只有房地产行业的长期负债显著与企业价值正相关。

In frictional market, capital structure improves corporate governance and promotes cash flow by changing capital cost to enhances corporate value and maximize existing shareholders＇ wealth. This paper utilizes EVA （the econornie added value） to analyze relationship between enterprise value and capital structure empirically by using China＇s listed companies in information technology industry, electric power, gas and water production and supply industry, real estate industry, wholesale and retail trade sectors in recent years. The paper reaches the following conclusions： The capital structure of information technology industry has a significant negative correlation with enterprise value; Short - term liabilities of listed companies are generally dominant, and except electricity, gas and water sectors, the other three sectors＇ short-term liabilities and enterprise value are negatively correlated; The real estate industry＇s long-term debt ratio is significantly higher than the other three, and only long-term liabilities of the real estate industry has a significant positive correlation with the enterprise value.