融資結(jié)構(gòu)與企業(yè)價值關(guān)系的實證研究.pdf

1、首都經(jīng)濟貿(mào)易大學(xué)碩士學(xué)位論文融資結(jié)構(gòu)與企業(yè)價值關(guān)系的實證研究姓名：李曉芹申請學(xué)位級別：碩士專業(yè)：會計指導(dǎo)教師：閆華紅20090301II ABSTRACT As China's capital market development, China's listed companies revealed a growing number of issues, and financing is one of them. We

2、 can not help asking, whether a good financing mix can enhance the value of the corporate? What kind of financing mix is more reasonable? How to impact corporate value? On the theory and empirical analysis of the above-m

3、entioned issues, through studying, this paper comes to certain conclusions. This is very important reality Significance for China's listed companies to improve financing mix and management structure and to enhance co

4、rporate value and competitiveness of our country and to promote the healthy development of capital markets. This article is based on Chinese listed companies of manufacturing to research, describes systematically the rel

5、evant theory and research, then studies on the basis of the use of the Shanghai and Shenzhen stock markets, 2005-2007 manufacturing A-share listed companies related Data .First of all, the article studies the relations

6、hip of asset-liability ratio and corporate value. The paper concluded that the relationship of asset-liability ratio and corporate value is negative correlation； the relationship of long-term debt and corporate value is

7、negative correlation； the relationship of short-term debt and corporate value is positive correlation； The relationship of bank loans and commercial credit and corporate value is negative correlation. Second, the article

8、 studies the relationship of ownership structure and corporate value, the paper concluded that the state-owned shares, legal person shares and corporate value negatively correlate；tradable shares and corporate value posi

9、tively correlate； The largest shareholder and corporate value negatively correlate. This article holds that there is unreasonable phenomenon in China's listed manufacturing companies, for example ,home ownership is v

10、irtual, corporate governance mechanisms are imperfect, liability structure is irrational, the bankruptcy system has not really set up and the banking system is imperfect, and so on. This series of factors lead to debt an

11、d the equity could not play its due role in supervision and restraint, the unreasonable structure of the financing, resulting in a decline in value of the corporate. Key words： Financing mix Ownership Structure corporate