创业板上市公司资本结构与企业价值关系研究--以信息技术业为例

Research on Relationship between Capital Structure and Enterprise Value of Listed Companies on GEM——Taking Information Technology Industry as an Example

我国上市公司资本结构与企业价值总体呈"倒U型"二次曲线关系,一些行业表现出线性相关。以92家创业板信息技术公司为样本,引入价值增值构建模型,利用2017年截面数据进行回归分析,结果表明,创业板信息技术公司的资本结构与企业价值之间仍表现为二次函数关系,建议创业板信息技术公司积极寻求最优资本结构,完善公司治理结构,强化公司绩效考核和投资风险管理,提升企业价值创造能力。

At present,research has shown that there is an inverse U-shaped curve between the capital structure and enterprise value of listed companies in China,and some industries show a linear correlation.The article takes 92GEM companies as samples,introduces the value added to structure model,and uses the cross section data in 2017 to carry out regression analysis.The results show that between the capital structure and enterprise value of GEM companies is still shown as a two function relationship.It is suggested that the information technology companies in the GEM actively seek the best capital structure,improve the corporate governance structure,strengthen the company performance assessment and investment risk management,and improve the enterprise value creation ability.