负债经营与公司价值的相关性分析——以信息技术行业上市公司为例

Value an Analysis of the Correlation between Debt Management and Corporate-A Case Study of Listed Companies in the Information Technology Industry

现代企业的进一步发展离不开资金的支持,负债经营更是现代企业进行生产发展不可或缺的经营方法。它可以保证公司有足够的发展资金,能够降低公司加权平均资金成本,但是负债经营也存在许多不容忽视的弊端,由于负债经营本身存在的潜在风险很多,往往容易被忽视,所以有效安排负债对公司的生产发展有重要意义。在此,以信息技术行业的上市公司为代表来进行研究,并搜集现有中外相关资料,运用有关的理论与实证分析方法研究负债经营与企业价值的相关关系,从而对企业价值进行进一步的探究。实证分析部分衡量负债经营和公司价值的指标分别为总资产负债率、账面价值与市值的比率。本文所选的信息技术行业上市公司均为深圳和上海证券交易所上市公司,研究时间为2010年12月31日至2020年12月31日,主要数据来源来自国泰安金融数据库。主要运用SPSS分析软件数据及Excel软件,进而分析数据相关性、一元回归及二次曲线拟合模型进行线性分析和二次拟合回归分析。实证结果表明,在不受其他条件的影响下信息技术行业负债经营与市场价值有明显相关关系,且存在最优资产负债率。

The further development of modern enterprises can not be separated from the support of funds,and debt management is an indispensable business method for modern enterprises to develop production.It can ensure sufficient capital for the development of the company and reduce the weighted average capital cost of the company.However,there are also many disadvantages that cannot be ignored in debt operation.Because there are many potential risks in debt operation,it is often easy to be ignored,so it is important to effectively arrange debt for the production and development of the company.Here,take the listed companies in the information technology industry as the representative to conduct research,collect existing relevant materials at home and abroad,use relevant theories,and use empirical analysis methods to study the relationship between debt management and enterprise value,so as to further explore the enterprise value.In the empirical analysis part,the indicators for measuring debt operation and company value are total asset liability ratio,book value and market value ratio respectively.The listed companies in the information technology industry selected in this paper are all listed companies in Shenzhen and Shanghai Stock Exchanges.The research period is from December 3l,2010 to December 31,2020.The main data source is Guotai an Financial Database.Spss analysis software data and Excel software are mainly used to analyze data correlation,single regression and quadratic curve fitting model for linear analysis and quadratic fitting regression analysis.The empirical results show that there is an obvious correlation between debt operation and market value in the in-formation technology industry without the influence of other conditions,and there is an optimal asset liability ratio.