市场份额、负债融资与企业价值——基于中国房地产上市公司的实证研究

Market Share,Debt Financing and Firm Performance:Empirical Research on Listed Companies from Real Estate Industry in China

利用2008—2015年中国沪深A股房地产上市企业的数据,实证分析了负债融资和市场份额对企业价值的影响。结果显示:市场份额与负债水平正相关,两者之间存在显著的替代关系;从市场份额的角度看,负债水平能提升企业价值,且负债水平与企业价值的关系曲线呈U型;销售预期对企业价值具有调节作用,且高销售预期下这种调节作用更为明显。

Using the data of real estate companies listed in Shanghai and Shenzhen stock markets of China from 2008 to 2015,this paper analyzes empirically the impact of market share and debt financing on firm value.The result shows as follows：market share is positively related to debt financing,and there is a significant substitution relation between them;from the perspective of market share,debt financing could improve firm value,and the relationship curve between them takes on a U-shape;sales expectation has a moderating effect on firm value,and the moderating effect is more obvious when sales expectation is high.