有色金属行业资本结构与企业价值关系的实证研究——基于企业增长的角度

An Empirical Study on the Relationship Between Capital Structure and Enterprise Value in Nonferrous Metals Industry——from the Perspective of Enterprise Growth

有色金属作为中国的重要基础产业,在国民经济发展中发挥了重要作用。文章以行业资本结构为理论基础,以2012年至2021年间中国沪深A股有色金属行业持续经营的上市企业为研究对象,基于企业增长的角度,实证检验了资本结构与企业价值的关系。研究发现:有色金属行业资本结构与企业价值呈现显著的负相关关系,并且低增长企业资本结构对企业价值的负向影响程度显著高于高增长企业。进一步深入分析发现,造成这一结果的原因可能是有色金属行业较高的存货资产占比和较低的存货周转率和营业利润率。对此,有色金属行业需要科学选择融资渠道,优化企业资本结构,提高盈利能力,提升企业价值,助力于行业的健康可持续发展。

As an important basic industry in China,non-ferrous metal industry plays an important role in the development of national economy.Based on the theory of industry capital structure,this paper takes the listed companies in China Shanghai and Shenzhen Ashare non-ferrous metal industry that have been continuously operating from 2012 to 2021 as the research object,and empirically tests the relationship between capital structure and enterprise value from the perspective of enterprise growth.It is found that the capital structure of non-ferrous metals industry has a significant negative correlation with enterprise value,and the negative impact of capital structure of low-growth enterprises on enterprise value is significantly higher than that of low-growth enterprises.Further in-depth analysis shows that this result may be due to the high proportion of inventory assets and the low inventory turnover rate and operating profit rate in the non-ferrous metal industry.In this regard,non-ferrous metal industry enterprises need to scientifically choose financing channels,optimize the capital structure of enterprises,improve profitability,enhance enterprise value,and help the healthy and sustainable development of non-ferrous metal industry.