成长机会、债务融资与公司价值--来自中国上市公司的经验证据  

Growth Opportunities,Debt Financing and Corporate Value——Empirical Evidence from Chinese Listed Companies

作　　者：杨兴全[1] 梅波[2] 

机构地区：[1]石河子大学经济贸易学院,新疆石河子832003 [2]重庆三峡学院经贸系,重庆404000

出　　处：《云南财经大学学报》2008年第2期70-78,共9页Journal of Yunnan University of Finance and Economics

基　　金：国家社会科学基金项目(05CJY008)

摘　　要：以中国上市公司为样本,结合公司的成长机会研究了债务融资比例、债务期限结构与公司价值的关系。研究发现,债务融资比例与低成长公司的价值正相关,与高成长公司的价值负相关,债务融资比例与公司价值之间的关系受公司控股股东性质的影响,债务期限结构在公司价值中的作用没有得到检验结果的支持。Taking Chinese listed companies as investigation subjects and considering growth opportunities of the companies into consideration, the paper studies the relationship between debt financing, debt maturity structure and corporate values. Results show that debt financing is positively correlated with the value of slow developing companies, and negatively correlated with the value of fast developing companies. The relationship between proportion of debt financing and corporate value is influenced by the property of controlling shareholders. The results do not support the influence of debt maturity structure on corporate value.

关 键 词：成长机会 债务融资 债务期限结构 公司价值 

分 类 号：F275[经济管理—企业管理]