文化传媒上市公司资本结构对企业价值的影响研究

发布时间：2018-01-19 21:17

本文关键词： 文化传媒资本结构企业价值实证分析　出处：《东南大学》2016年硕士论文　论文类型：学位论文

【摘要】：随着我国经济的快速发展,在全面深入推进文化体制改革的背景之下,管理层陆续出台了多个支持文化产业发展的政策,我国文化传媒企业迎来新的契机。近年来文化传媒企业通过深化公司治理、推动兼并重组和推进股权激励等方式不断发展,与此同时企业资本结构也在企业发展过程中不断变化。文化传媒企业在享受良好发展机遇的同时,如何谨慎利用各种投资机会,规避风险,企业采取何种经营决策和融资决策,在企业转型的过程中如何通过优化企业资本结构提升企业价值,对轻资产、低负债率、偏好股权融资的文化传媒企业来说是十分重要的研究课题。本文研究我国文化传媒上市公司资本结构对企业价值的影响,对促进文化传媒企业的发展具有重大意义。本文以我国文化传媒上市公司为研究对象,首先阐述资本结构理论、企业价值理论以及资本结构对企业价值的作用机理,分析资本结构在企业价值评估中的重要地位；其次分析当前文化传媒企业的资本结构特点和企业发展现状,并选用EVA评估模型对文化传媒上市公司企业价值进行评估；之后选取我国38家文化传媒上市公司2009年至2014年六年间共228个样本的数据,并建立面板模型,利用Stata统计分析软件对我国文化传媒上市公司资本结构对企业价值的影响进行实证分析,并对我国民营文化传媒上市公司与国有文化传媒上市公司资本结构对企业价值的影响进行对比分析。本文研究发现,我国文化传媒上市公司资产负债率与企业价值呈倒“U”型相关关系；长期有息负债率与企业价值存在负相关性,但关系不显著；股权集中度对企业价值有负面影响,但股权集中度对民营文化传媒上市公司企业价值有正面影响：核心竞争力、公司规模、成长性与企业价值存在显著正相关关系。通过对回归结果的分析,结合当前我国文化传媒上市公司面临的市场环境和发展现状,对完善我国文化传媒上市公司资本结构,提高其企业价值提出改进建议。
[Abstract]:With the rapid economic development in China, in the context of comprehensive and in-depth promotion of cultural system reform, the management has issued a number of policies to support the development of cultural industry. In recent years, cultural media enterprises continue to develop through deepening corporate governance, promoting mergers and reorganization, and promoting equity incentives. At the same time, the capital structure of enterprises is constantly changing in the process of enterprise development. While enjoying the good development opportunities, cultural media enterprises how to make careful use of all kinds of investment opportunities to avoid risks. In the process of enterprise transformation, how to optimize the capital structure of the enterprise to enhance the value of the enterprise, light assets, low debt ratio. Cultural media enterprises prefer equity financing is a very important research topic. This paper studies the impact of capital structure on corporate value of listed companies of cultural media in China. It is of great significance to promote the development of cultural media enterprises. This paper takes the listed companies of cultural media in China as the research object, and firstly expounds the theory of capital structure. The theory of enterprise value and the action mechanism of capital structure on enterprise value are analyzed, and the important position of capital structure in enterprise value evaluation is analyzed. Secondly, it analyzes the characteristics of capital structure and the current situation of development of cultural media enterprises, and selects EVA evaluation model to evaluate the value of listed companies of cultural media. After that, the data of 228 samples of 38 listed cultural media companies from 2009 to 2014 were selected, and the panel model was established. Using the Stata statistical analysis software, this paper makes an empirical analysis on the influence of capital structure on the enterprise value of the listed companies of cultural media in China. And the private cultural media listed companies and state-owned cultural media listed companies on the impact of capital structure on the value of enterprises are compared and analyzed. The relationship between the asset-liability ratio and the enterprise value of the listed companies of cultural media in China is inverted "U" type. There is a negative correlation between long-term interest-bearing debt ratio and enterprise value, but the relationship is not significant. Ownership concentration has a negative impact on corporate value, but ownership concentration has a positive impact on the corporate value of private cultural media listed companies: core competitiveness, company size. There is a significant positive correlation between growth and enterprise value. Through the analysis of regression results, combined with the current market environment and development situation of listed companies of cultural media in China. Some suggestions are put forward to improve the capital structure and enterprise value of the listed companies of cultural media in China.
【学位授予单位】：东南大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：G124;F275

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