企业吸收能力、资本结构与企业价值——以长江经济带战略性新兴产业上市公司为例

Enterprise Absorptive Capability,Capital Structure and Corporation Value——A Case Study of Listed Companies of Strategic Emerging Industries in the Yangtze River Economic Zone

本文以长江经济带战略性新兴产业上市公司为研究样本,采用结构方程建模和多元回归模型来考察企业吸收能力、资本结构与企业价值的关系。实证结果表明:企业吸收能力在资本结构影响企业价值过程中充当了部分中介作用;企业吸收能力增强了股权结构和资产负债率的影响,减弱了负债期限结构的影响;提升第一大股东持股比例对资本结构影响企业价值有正向贡献,但受制于前五大股东之间的股权制衡状态。战略性新兴产业上市公司应通过对股权结构及负债率的合理配置,提高企业吸收能力,最终提升企业价值。本文的研究结论对于创新型企业利用资本结构和企业吸收能力,最终提高企业价值具有一定的借鉴意义。

Based on the strategic emerging industry listed companies in the Yangtze River Economic Zone, this paper uses structural equation mod- eling and panel data mixed regression model to examine the impact of corporate absorptive capacity on capital structure - performance relationship. The empirical results show that the absorptive capacity of enterprises plays an intermediary role in the process of capital structure value creation. The absorptive capacity of enterprises enhances the effect of ownership structure and asset-liability ratio, and reduces the influence of debt maturity structure on this val- ue creation process. The shareholding ratio of major shareholders has a positive contribution to the value creation of capital structure, but it is subject to the balance of equity between the top five shareholders. The conclusion of this paper has some reference significance for the use of capital structure and en- terprise absorptive capacity of innovative enterprises and finally improving the value of enterprises.