不同成长机会下安徽省上市公司企业绩效与资本结构关系研究

Relationship between Enterprise Value and Capital Structure with Different Growth of Listed Companies in Anhui Province

在考虑了成长性的前提下,利用门槛面板模型研究了安徽省上市公司的企业绩效与资本结构之间的关系。分析结果表明,由于成长性的不同,企业的资本结构和企业价值之间呈现非线性关系。对于成长性较低的公司,其负债率越高,企业价值越低;对于成长性较高的公司,负债率与企业绩效成正比。根据分析结果,文章分别从债务市场和股票市场的角度提出了对策建议。

This paper makes an empirical study on the relationship between capital structure and enter prise value with different growth of listed companies in Anhui Province using panel threshold model. The results show that there is a non linear relationship between capital structure and enterprise value because of different growth of firms. Capital structure and enterprise value are negatively related for low growth firms and positively related for high growth firms. According to the results, some advises are proposed from the perspectives of debt market and stock market.