创业板公司融资结构对公司价值影响的实证分析

发布时间：2018-02-28 03:44

本文关键词： 融资结构公司价值创业板　出处：《西南交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：公司价值是财务管理学中非常重要的概念,财务管理的目标是增加公司价值,公司的筹资活动、投资活动、营运资本管理活动都是围绕公司价值创造展开。影响公司价值的因素涉及到管理学、财务学和经济学的很多方面,其中融资结构对公司价值影响的研究是学术界的热点。国内对于融资结构与公司价值关系的研究多集中于主板市场,创业板是我国2009年新推出的市场板块,对创业板公司融资结构对公司价值影响的研究很少。本文在以往研究的基础上,对相关理论进行阐述,并实证检验了创业板公司融资结构对公司价值的影响。本文在文献回顾的基础上,采用实证分析方法,利用2010～2011年创业板上市公司和上证A股上市公司数据,对创业板上市公司的融资结构表现以及融资结构与公司价值之间的关系进行研究,并将研究结果与上证A股上市公司的研究结果进行对比,观察创业板上市公司与上证A股上市公司的研究结果是否存在差异,同时对差异形成的原因进行推测和分析。研究结果表明：(1)我国创业板上市公司总体负债水平偏低,负债总体水平与公司价值显著正相关,而上证A股总体负债水平与公司价值显著负相关,两者之间差异显著。(2)创业板上市公司债务融资期限结构不合理,短期负债比例偏高,长期负债比例偏低,其中短期负债比例与公司价值显著正相关,长期负债比例与公司价值显著负相关,且创业板与上证A股公司债务期限结构对公司价值的影响存在显著差异。(3)我国创业板上市公司的股权结构相对集中,股权结构与公司价值之间存在倒“U”型的关系,这与上证A股上市公司得出的结论一致。最后,根据本文实证研究结果,结合我国的实际情况,为改善我国创业板公司的融资结构提出了相关政策建议。
[Abstract]:Corporate value is a very important concept in financial management, the goal of financial management is to increase the value of the company, the financing activities of the company, investment activities, Working capital management activities revolve around the creation of corporate value. The factors affecting corporate value involve many aspects of management, finance and economics. Among them, the research on the influence of financing structure on corporate value is a hot topic in academic circles. The domestic research on the relationship between financing structure and corporate value is mainly focused on the main board market, and the gem is the new market plate in 2009. There is little research on the influence of gem financing structure on corporate value. Based on the previous research, this paper expounds the relevant theories, and empirically tests the effect of gem financing structure on corporate value. On the basis of literature review, this paper uses empirical analysis method to make use of the data of listed companies in gem and A shares in Shanghai Stock Exchange from 2010 to 2011. This paper studies the performance of financing structure and the relationship between financing structure and company value of gem listed companies, and compares the results with those of listed companies listed in Shanghai Stock Exchange. To observe whether there are differences in the research results between gem listed companies and Shanghai A-listed companies, and to speculate and analyze the causes of the differences. The results show that the total debt level of gem listed companies in China is low, the total debt level is positively correlated with the company value, while the total debt level of Shanghai A shares is significantly negative correlation with the company value. The difference between the two is significant. (2) the debt financing term structure of gem listed companies is unreasonable, the proportion of short-term liabilities is on the high side, and the proportion of long-term liabilities is low, among which the proportion of short-term liabilities is significantly positively related to the value of the company. The long-term debt ratio is negatively correlated with the company value, and there is a significant difference between the debt maturity structure of the gem and the Shanghai Stock Exchange A share company on the value of the company. (3) the equity structure of the listed companies in the gem is relatively concentrated. There is an inverted "U" relationship between ownership structure and corporate value, which is consistent with the conclusion of listed companies listed in A shares of Shanghai Stock Exchange. Finally, according to the empirical results of this paper, combined with the actual situation in China, the paper puts forward relevant policy recommendations for improving the financing structure of gem companies in China.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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