负债率水平的选择对企业经济增加值影响的实证检验  

Empirical Research on the Correlation between Choice of Debt Ratio and EVA of Enterprises

作　　者：郑萌萌[1] 

机构地区：[1]山东财政学院,山东济南250014

出　　处：《山东财政学院学报》2008年第3期22-26,共5页Journal of Shandong Finance Institute

摘　　要：经济增加值(EVA)作为衡量企业绩效的指标已经广泛应用于中国上市企业,许多学者通过实证检验证明了在中国股票市场EVA指标反映股票的能力优于传统指标。人们已经做出了大量关于企业负债率水平与企业价值相关性的研究,那么表示企业负债率水平的指标与经济增加值(EVA)是否也存在相关性呢?通过建立企业负债率与经济增加值的一元线性回归模型,研究发现二者没有明显的正相关性,同时建议考虑股权资本结构的调整来提高企业的经济增加值。EVA has been widely used in many Chinese listed companies as a new indicator for performance measurement. Many researchers have drawn the conchisions that EVA is much better than traditional indicators in evaluating Chinese stock market. They also have figured out that there is a correlation between the debt ratios and the value of enterprises. So the paper tells us whether this conclusion can be applied to researches between EVA and debt ratios. A simple linear regression model is used to determine the relationship between debt ratio and EVA of the listed companies. The research shows that there is no obvious positive correlation and suggests to adjust ownership capital structure for improving the EVA of the listed companies.

关 键 词：经济增加值(EVA) 负债率 最优资本结构 资本成本 

分 类 号：F830.91[经济管理—金融学]