基于市场地位的商业信用对企业权益价值影响研究

An Empirical Study of the Impact of Market Power-Based Commercial Credit on Enterprise Equity Value

本文以2001-2016年我国资本市场制造业上市企业为样本,基于改进的RIM模型(剩余收益估价模型),对基于市场地位的商业信用对企业权益价值的影响进行实证研究。结果发现:基于市场地位的商业信用对企业权益价值具有显著正相关关系,但同时存在二次方的负相关关系。本文认为,公司应该合理提升其市场地位,并且避免成为行业垄断企业,进而做出合理的经营与投资决策,实现提升企业价值的目标。

This paper uses public enterprises in capital market manufacturing industries from 2001 to 2016 as samples, and conducts an empirical study of the impact of market pow- er-based commercial credit on enterprise equity value, based on advanced RIM Model （Residual Income Valuation Model）. The result shows that： there is a significant positive correlation between market power-based commercial credit and enterprise equity value, meanwhile, a negative correlation of quadratic also exists. Based on the empirical results, this paper also provides enterprises with corresponding strategies and recommendations.