企业价值转移和资本结构:一项实证分析

Value Migration and Capital Structure: An Empirical Analysis

本文选取2001年沪深A股677家上市公司的市场和财务数据,首先检验两个指标是否具有显著相关性:市值规模比和长期负债比率。并按价值转移理论,利用市值规模比把677家上市公司划分为三组:价值流入期、价值稳定期和价值流出期。实证研究处于不同价值转移阶段企业资本结构的特点。

Based on the finance and market data of 677 listed companies in the Shanghai and Shenzhen stock markets,it is f irstly analyzed the significant level of the correlation between the ratio of market value to company scale and the ratiooflong-term debt to total capital Then according to the theory of value migration and the ratio of market value,the 677 listed companies can be classified into 3 groups:companies in the value-flow-in period,in the value-stabled period, and in the value-flow-out period. At the end is the experimental study of the characteristics of companies in different value migration period.