负债经营对公司价值的影响及问题分析

Indebtedness Effect on the Value of the Company and Problem Analysis

企业的资本结构是由负债和所有者权益构成的,这两部分资本共同提供企业资金运作所需要的资金,不断地为企业日常经营活动创造价值。但是由于债权人和企业所有者要求的经济利益不一致,债权人享受的是固定利息收益,所有者享受的是企业的剩余价值,所以也会对企业价值产生不一样的效果。在现有文献中,大部分的研究倾向于资本结构对价值的影响,而研究负债经营对企业价值影响的文献偏少。在此,收集现有关于负债经营的研究文献,巩固相关的理论知识,以保利房地产为案例进行实证分析,运用多元回归方法研究负债经营与企业价值的逻辑关系,进一步丰富对企业价值的考究。

Corporation＇s capital structure is composed of liabilities and owners＇ equity. These two components of the contributed capital provide the funds required by enterprise＇ s operation and constantly create value for the enterprise＇ s dai- ly operational activities. However, due to the economic interest, the owner enjoys the residual value of an enterprise. Therefore, it will exert different effects on the enterprise. In the existing documents, most of the studies are about influ- ence of capital structure on value. However, there have been seldom studies on the relationship between the debt manage- ment and the enterprise value. In this paper, we collect the existing research literature about debt management, consoli- date the related theory knowledge. Finally, take Poly Real Estate as an example, the paper probes into the logic of the lia- bilities management as well as enterprise value relations through multiple regression research, in order to further enrich the study of enterprise value.