負債融資結(jié)構(gòu)與公司價值關(guān)系的實證研究.pdf

1、洳≯j～碩士學位論文⑧論文題目魚籃融姿繾塑皇壘旦盆魚差丕盥塞適嬰塞指導教師逮鲞堡浙江大學碩士學位論文負債融資結(jié)構(gòu)與公司價值關(guān)系的實證研究AbstraotDebtfinancingisoneofacompany’simportantfinancingdecisionsA1soitisacentralissueinfinancethathowdebtaffectsfiITn’SvalueScholarsoftraditional右nance

2、theoryagentialtheoryandinformationeconomyhavedonealotofresearchesondebt’staxfreeandfinancingleveragefunctionfinancialcostreductionandcompanysmanagementimpmvementTheseresearchesmadeusknownalotabouthowdebtfinancingimproves

3、firm’svalueHowevertheseresearchesregardeddebtas‘thesamekind”Theyneglectedthatdebtofdifferentmaturityandfromdifirerentcreditorswollldinfluencefirill’SValueindifierentwaysOnthebasisoftheoryandpraeticalresearchesaboutdebtma

4、nagerialfunctionhomeandabroad，andalsoconsideringChina’slistedcompanies’realis廿cstatustheessaydiscussestherelationshipofdebtfinancingstructureandmanufacturinglistedcompany’valueUrndertheperfectcapitalmarketenvironmentthev

5、alueofcompanysstockmarketreflectsitsstockpriceandthestockpricesappreciationinagreatmeasureisdependuponbusinessperformanceofcompanYonthemarketfromlongtermstockvalueofthecompanywhosebusinessperforlTlanceisbettcrishigherrel

6、atively’itisobviousthatbusinessperformanceofcompanyandcompanyvaluehaveanintimaterelationshipAsresult，debtfinancingforactiononcorporategovernanceimpactstheperformanceofcompanyfromthispointofviewtheessaymostlyresearchedtha

7、tdebtoncorporategovemancehasonthevalueofcompanyTheessaydiscussesthisproblemmainlyin‘threepartsInthefastpart，wediSCusStherelationshipbetweentheoveralldebtlevelandfi瑚’svalue1I)lkchooseasset—debtratiotomeasurethedebtlevelIn

8、thesecondpartaceordingtothedifferentmaturitywedividethedebtintolongtermdebtandshort—termdebtanddiscusstherelationshipbetweendebtmaturitystructureandfirlTl’SvalueInthethirdpartaccordingtothedebt’sdifferentsource，wedividet

9、hedebtintocommercialeredit，bankloanandotherdebt(includingsalarypayable，welfarepayableanddividendpayable)anddiscusstherelationshiPbetweendebttypestructureandfirln’svalueMeanwhileconsidering廿1atdebtfinancingmayinfluencefir

10、m’svaluedifferentlyinstate—ownedcompaniesandnonstateownedcompanies，theessayalSOdividesthesamplecompaniesintotwogroupaccordingtothestate—ownedsharesandfurtherdiscussestherelationshipbetweentheoveralldebtlevel，debtmaturity

11、structure，debttypestructureandfirm’svalueTheessaychooses430Asharemanufacturinglistedcompaniesassamplecompaniesandanalyzestheir20012005datawithSPSSl40neregressionresuItsshowthatfirstlywiththedebtproportionbecominghigherth

12、ecompanies’businessperformancechangesin“Converse—U“wayandthebusinessperfornlanceisbestwhenthedebtproportionisaround30％：secondlyshort—termdebtproducesnegativeefiectonfilms’perfoITnancewhilelong—termdebtproducespositiveinf

13、luenceonfirills’perforrnance；thirdlycomrnercialereditandbank10aRhavenegativeinfluenceonthecompanies’businessperforlnanceandtheinnuencefromcommercialereditismoresignificantthanthatfrombankloanOtherdebthaspositivecitectont