负债对公司权益价值影响的内在机理研究  

Study on Internal Mechanism of the Influence of Debt on the Value of Company Equity

作　　者：王立夏[1] 张楠 WANG Lixia;ZHANG Nan(SHU UTS SILC Business School,Shanghai University,Shanghai 200899,China)

机构地区：[1]上海大学悉尼工商学院,上海200899

出　　处：《上海管理科学》2018年第5期12-15,共4页Shanghai Management Science

摘　　要：现有文献关于负债对公司权益价值影响的研究存在正、负相关两种观点,笔者认为导致研究结果差异的主要原因是负债的构成不同对公司权益价值造成了不同的影响。由此,笔者力图以市场地位理论来深入探究负债对公司权益价值影响的内在机理,并选择中国资本市场2001—2016年共16年的数据进行实证研究。研究结果发现:当反映市场地位的负债对公司权益价值的影响大于非市场地位负债对其的影响时,负债对公司权益价值的影响呈正相关;反之,则呈负相关。According to the literature review,the related studies of the impact of liabilities on enterprise equity value have two views of positive and negative relations.The difference between these two results is not only due to the selection of samples,but also because of the different structure of liabilities.Therefore,this paper tries to explore the internal mechanism of the impact of liabilities on enterprise equity value based on market power theory.The result shows that：when the influence of market power liabilities（the sum of accounts receivables and unearned revenue）on enterprise equity value is greater than that of nonmarket power liabilities,the impact of liabilities on enterprise equity value is positive,on the contrary,it has a negative effect.

关 键 词：市场地位 公司负债 公司权益价值 预收账款 应付账款 

分 类 号：C931[经济管理—管理学] C934