农业类上市公司资本结构与企业价值间关系的实证研究

Empirical Study on the Relationship between Agricultural Listed Company's Capital Structure and Its Enterprise Value

对农业类上市公司资本结构与其企业价值间关系的研究能为该类企业资本结构的改进提供借鉴。在选择资本结构和企业价值度量指标的基础上建立了分析两者之间关系的时间序列模型,基于2000～2006年的数据对两者之间的关系进行了实证分析。研究结果表明,企业价值与资本结构之间存在显著的线性关系,而且数据越新关系越显著,同时模型结果也表明不同企业之间资本结构与企业价值之间的关系差别较大。

The research on the relationship between the capital structure （CS） and enterprise value （EV） can improve agricultural listed company＇ s CS and its further development. Based on the index＇ s selection of measuring CS and EV ,the time series model for the relationship between the both was set up. Based on the data during 2000 - 2006, the empirical analysis was carried on the relationship between the both. The results showed that EV and CS had a distinct linear relationship. The newer the data was, the more significant therelationship was. There was greater difference among relationship between CS and EV of different enterprises.