融资约束、风险承受与企业价值关系研究  

Relationship Between Financing Constraints,Risk Bearing and Enterprise Value

作　　者：王治[1] 章晶晶[1] 张多蕾[1] 

机构地区：[1]安徽财经大学会计学院,安徽蚌埠233030

出　　处：《黑龙江工业学院学报（综合版）》2017年第8期58-63,共6页Journal of Heilongjiang University of Technology(Comprehensive Edition)

基　　金：国家社会科学基金一般项目(16BJY020);安徽省高校人文社科重点项目(SK2017A0440);安徽财经大学研究生科研创新基金项目(ACYC2015192)

摘　　要：采用我国A股上市公司数据,实证研究了融资约束、风险承受与企业价值的关系,研究结果表明:融资约束与企业价值负相关,即企业面临较大融资约束时,会减损企业价值;风险承受与企业价值呈倒U型关系,说明企业对风险的承受要适度而行,过度的规避或者承受风险都有损企业价值;风险承受和融资约束的交互作用会减损企业价值。本文的研究结果进一步完善了企业价值影响因素的已有文献,对揭示融资约束、风险承受与企业价值的关系具有一定的意义。By using the data of A share listed companies in China,this paper empirically studies the relationship among financing constraints,risk bearing and firm value.The results show that：（1） there is a negative correlation between financing constraints and enterprise value;That is when the enterprise faced with financing constraints,it will damage the enterprise value;（2）the relationship between the risk bearing and the value of the firm is U type,which indicates that the enterprise should take appropriate measures to the risk,and the excessive circumvention or the risk will damage the value of the enterprise;（3） the interaction of risk bearing and financing constraints will detract from enterprise value.The results of this study further improve the existing literature on the impact factors of enterprise value,which has certain significance to reveal the relationship between financing constraints,risk bearing and corporate value.

关 键 词：融资约束 风险承受 企业价值 

分 类 号：F275[经济管理—企业管理]