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“去杠杆”政策对煤炭业上市公司价值的影响研究 被引量:2

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摘要 高杠杆率是我国煤炭行业上市公司典型的财务特征。通过手工收集数据,筛选出2009~2016年煤炭行业的243家沪深上市公司,研究发现:煤炭行业资产负债率、金融性负债与企业价值负相关,金融性负债加剧了企业的过度投资行为,与主流财务理论相矛盾,可能的解释是我国煤炭业上市公司的债权人和企业之间存在明显的预算软约束。文章建议加强环境建设,强化负债的控制功能。
作者 杜得彪
出处 《中国集体经济》 2018年第15期63-66,共4页 China Collective Economy
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