上市公司融资结构与企业价值研究——基于有色金属行业上市公司的实证研究

Research on the relationship of financing structure and corporate value——Empirical Study of the listed companies of nonferrous metal industry

本文利用2005-2007年有色金属上市公司的数据,探讨了有色金属行业上市公司资本结构、股权结构与公司价值之间的关系。实证发现,有色金属行业上市公司价值与资本结构、股权集中度、法人股比例负相关,与国有股比例相关关系不显著,与流通股比例正相关。

Based on the data of listed companies of nonferrous metal industry from 2005 to 2007,this paper discusses the relationship among capital structure,ownership structure and corporate value.It is observed in the empircal study that capital structure,equity concentrate degree and legal-person shares are negatively related to the corpotate value,while the relation between state-owned shares and corpotate value is vague,and tradable shares is positively related to the corporate value.