资本结构与企业价值来自中国制造业上市公司的证据
关键词 企业价值 资产结构 制造业上市公司 高新科技制造业
毕业论文外文摘要
Title Capital Structure and Company Value
- Evidence from Chinese Manufacturing Listed Companies
Abstract
This paper aims to study the relationship between capital structure and company value of listed manufacturing firms。The paper has collected 1659 samples from Shanghai and Shenzhen A-share stock markets which have published financial restatements from 2010 to 2012。 Using Multiple Linear Regression Model to show the influence of capital structure, including the total debt ratio, long-term debt ratio and short-term debt to capital ratio to enterprise value influence, With the scale of the enterprise and the enterprise main business growth rate as the control variable factors of capital structure。The enterprise value is calculated by Tobin’s Q index。 In particular, there is a separate study of manufacturing industry in the high-tech enterprises Empirical results show that at the present stage of China's manufacturing industry listing company value is positively correlated to capital structure, negatively related to firm size and positively related to the main business growth rate。The high-tech manufacturing industry has a higher Tobin’s Q value ,a lower rate of assets and liabilities and the capital structure has a higher degree of the influence on firm value than the whole manufacturing industry。
Keywords capital structure company value listed manufacturing firms
high-tech manufacturing industry
目次
1 引言 1
2 相关文献综述 2
2．1 国外相关文献综述 2
2．2 国内相关文献综述 3
3 研究方案设计 5
3。1 假设提出 5
3。2 变量和指标选取 6
3。2。1 被解释变量 6
3。2。2 解释变量 7
3。2。3 控制变量 8
3。3 数据来源 8
3。4 模型建立 9
4 我国制造业资本结构与企业价值实证分析 10
4。1 制造业总体统计结果与分析 10
4。1。1 描述性统计 10
4。1。2 相关性分析 11
4。1。3 制造业总体回归结果分析 11
4。2 高新科技制造业统计结果与分析 13
4。2。1 描述性统计 13
4。2。2 相关性检验 14
4。2。3 回归模型结果分析 15
结 论 17
致 谢 18
参考文献19
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