不同行业上市公司资本结构和公司价值  

Empirical Study on Capital Structure and Firm Value of Chinese Listed Companies Based on Different Industries

作　　者：叶娣[1] 金铭[1] 

机构地区：[1]上海交通大学安泰经济与管理学院,上海200030

出　　处：《科学技术与工程》2009年第8期2264-2267,共4页Science Technology and Engineering

摘　　要：资本结构的优化能否带来公司价值的提升一直是学术界关注的重点。本研究以沪深两市A股上市公司2006年和2007年的横截面数据为样本,运用OLS法着重考察和比较了财务杠杆价值效应和激励强度的行业差异。研究发现,财务杠杆对公司价值具有显著的积极效应。同时对分行业样本公司的实证分析显示,公司的行业属性对财务杠杆的价值效应具有一定的影响。财务杠杆在大多数行业中发挥有效的价值激励作用,在某些行业的激励强度要高于另外一些行业。Whether it could improve corporate value by optimizing the capital structure is still a matter of academic discussion.Using a firm-level panel dataset of China＇s A-share stock market over the period of 2006—2007,financial leverage effect on firm value by OLS method based on industries is examined.Empirical test shows that firm value is significantly positivity related to financial leverage.The test also shows industry attribute could influence financial leverage effect which plays significantly positive role to improve corporate value and in most industries and plays more effective incentive strength in given industries.

关 键 词：资本结构 公司价值 行业 

分 类 号：F222.1[经济管理—国民经济]