西藏上市公司财务杠杆对企业价值的影响研究

The Relationship between Financial Leverage and Corporate Value in Tibet Listed Companies

企业财务管理的目标是合理运用财务杠杆,优化资本结构,实现企业价值最大化。文章以2004-2014年中国A股上市公司为样本,研究财务杠杆对企业价值的影响,以及西藏地区与我国其他地区上市公司财务杠杆对企业价值影响的差异。研究发现:1.在我国上市公司中,财务杠杆与企业价值负相关,即财务杠杆的增加会降低企业价值;2.财务杠杆对企业价值的负向影响在西藏上市公司中更为显著。文章通过资本结构对企业价值的影响研究,为西藏上市公司降低财务杠杆、提升企业价值提供了依据。

The aims of corporate financial management are using financial leverage reasonably, optimizing capital structure and maximizing corporate value. This article empirically investigates how financial leverage affects corporate value, and how this influence reflects in Tibet＇s listed companies by using the financial data of A-share listed companies in Shenzhen and Shanghai stock market from 2004 to 2014. It comes to the results as follow：1.In Chinese listed companies, there is a negative relationship between financial leverage and corporate value,which means a higher financial leverage is associated with a lower corporate value; 2.The negative relationship between financial leverage and corporate value is more pronounced in Tibet listed companies. This article enriches the research about the influence of capital structure on corporate value, and provides evidence for Tibet listed companies to decrease their financial leverage.