债务融资比例、债务期限结构与企业价值关系的实证研究

Relationship Between Debt Financing Scale,Debt Maturity Structure and Enterprise Value

针对债务融资对企业价值的影响,以中国深、沪A股上市公司2008—2010年所有上市公司为初始样本进行研究。结果表明,债务融资比例与企业价值的关系呈倒"U"形,即较低债务融资比例水平上,债务比例与企业价值显著正相关,较高债务融资比例水平上,债务比例与企业价值显著负相关。通过控制负债比例还发现在不同的债务融资水平上债务期限也发挥出不同的治理效应,二者的作用不是独立的。不考虑产权的影响,债务融资比例和债务期限发挥的作用是一致的,但考虑产权因素,发现债务期限能加重债务融资比例带来的负面影响。

In view of the influence of debt financing on the value of the enterprise, this paper conducts a study taking Shenzhen and Shanghai A-share listed companies from 2008 to 2010 as the initial sample. The results show that the relationship between debt financing proportion and the enterprise value is a reversed ＂U＂ shape. Namely, at a lower debt financing scale level, debt ratios and enterprise value are significantly positively correlated, while, at a higher proportion of debt financing level, debt ratios and enterprise value have a significant negative correlation. In addition, by controlling liability rate, it is found that at different debt financing level, debt maturity level also plays out different treatment effect, and their roles are not independent. Without considering the effect of property rights, debt financing proportion and the debt maturity are consistent, hut debt maturity can increase the negative influence of the debt financing proportion by considering property factors.