畜牧业上市公司资本结构与经济增加值实证研究
发布时间：2018-07-18 09:58
【摘要】：畜牧业作为我国农业的重要组成部分,是国民经济的基础,然而由于其质量安全以及生产条件落后等原因,畜牧业的发展面临着巨大的压力。在严峻的形势下如何合理安排股权结构和负债结构,以提升畜牧业上市公司治理效率、控制风险和达到企业价值最大化显得尤为重要。笔者以经济增加值作为畜牧业上市公司的业绩评价指标,构造资本结构与经济增加值相关函数进行回归分析。结果表明:畜牧业上市公司流动负债率、有息负债率和Z指数对经济增加值有负影响;长期负债率对经济增加值有正影响;资产负债率与经济增加值呈二次函数关系,当资产负债率为55.16%时,企业存在最大的经济增加值。
[Abstract]:As an important part of agriculture in China, animal husbandry is the foundation of national economy. However, because of its quality safety and backward production conditions, the development of animal husbandry is facing great pressure. In the severe situation how to arrange the ownership structure and the debt structure reasonably in order to improve the efficiency of the stockbreeding listed company control the risk and achieve the maximization of the enterprise value is particularly important. The author takes the economic added value as the performance evaluation index of listed stockbreeding companies and constructs the correlation function of capital structure and economic added value for regression analysis. The results show that the current debt ratio, interest-bearing debt ratio and Z index of listed stockbreeding companies have negative effects on the economic added value, the long-term debt ratio has a positive effect on the economic added value, and the asset-liability ratio has a quadratic function relationship with the economic added value. When the asset-liability ratio is 55.16, the enterprise has the largest economic added value.
【作者单位】： 东北农业大学经济管理学院;
【基金】：基金项目:黑龙江省小浆果产业发展研究(12B073)
【分类号】：F302.6;F326.3
，
本文编号：2131549
[Abstract]:As an important part of agriculture in China, animal husbandry is the foundation of national economy. However, because of its quality safety and backward production conditions, the development of animal husbandry is facing great pressure. In the severe situation how to arrange the ownership structure and the debt structure reasonably in order to improve the efficiency of the stockbreeding listed company control the risk and achieve the maximization of the enterprise value is particularly important. The author takes the economic added value as the performance evaluation index of listed stockbreeding companies and constructs the correlation function of capital structure and economic added value for regression analysis. The results show that the current debt ratio, interest-bearing debt ratio and Z index of listed stockbreeding companies have negative effects on the economic added value, the long-term debt ratio has a positive effect on the economic added value, and the asset-liability ratio has a quadratic function relationship with the economic added value. When the asset-liability ratio is 55.16, the enterprise has the largest economic added value.
【作者单位】： 东北农业大学经济管理学院;
【基金】：基金项目:黑龙江省小浆果产业发展研究(12B073)
【分类号】：F302.6;F326.3
，
本文编号：2131549
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