多元化程度、资本结构与企业价值的动态关系分析  

An Analysis of the Dynamic Relationship Among diversification, Capital Structure and Enterprise Value

作　　者：胡璇 吴国庆[1] HU Xuan;WU Guo-qing(School of Management,Shanghai University of Engineering Science,Shanghai 201620,China)

机构地区：[1]上海工程技术大学管理学院,上海201620

出　　处：《经济研究导刊》2023年第2期39-43,共5页Economic Research Guide

摘　　要：房地产作为支柱性产业,在进入中国特色社会主义新时代后社会对其有了新的要求。如今传统商业模式已不能满足房地产行业发展,如何开展多元化并合理布局资本结构对行业乃至国家至关重要。基于2011—2019年我国66家房地产上市公司的面板数据,利用pvar模型对多元化程度、资本结构和企业价值之间的动态交互效应进行探究。结果表明,多元化会导致企业价值折损;多元化战略短期内会造成资产负债率的降低,长期则会提升资产负债率;企业价值对资本结构的影响则与多元化相反。基于多元化折价理论、交易成本理论和共同保险效应理论,对房地产企业的多元化战略运用及调整提出了相关建议。As a pillar industry, real estate has new requirements after entering the new era of socialism with Chinese characteristics. The traditional business model has been unable to meet the development of the industry. How to carry out diversification and reasonable distribution of capital structure is very important for the industry and even the country. Based on the panel data of 66 listed real estate companies in China from 2011 to 2019, this paper uses the PVAR model to explore the dynamic interaction among the degree of diversification, capital structure and enterprise value. The results show that diversification will lead to the loss of enterprise value;diversification strategy will reduce the asset liability ratio in the short term, and increase the asset liability ratio in the long term. The impact of corporate value on capital structure is opposite to diversification. Based on the diversification discount theory, transaction cost theory and co-insurance effect theory, this paper puts forward some suggestions on the application and adjustment of diversification strategy of real estate enterprises.

关 键 词：多元化 PVAR模型 资本结构 企业价值 

分 类 号：F273.4[经济管理—企业管理]