债务融资对提高公司价值的作用研究
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摘要
债务融资对于公司价值的提升作用一直是学界研究的热点问题。目前,国内外很多研究将债务视为同质的,未考虑不同期限、不同成长性和不同公司性质下的债务融资对公司价值的影响作用。本文选取2014年间制造业416家上市公司为样本,分别就三种非同质情况下研究债务融资能否提高公司价值的问题。实证结果表明,高成长性和低成长性公司,其负债融资均提升公司的价值;债务融资的构成方式也会影响公司价值,债务融资在长期负债为主的公司能够更加显著地提升公司价值。
The roles of debt financing on the enhancement of corporate value have always been a hot topic of research. At present,many studies at home and abroad regard debt as being homogeneous,without considering the impacts of different maturities,different growth and different corporate nature on corporate value. This paper,selecting 416 listed companies of manufacturing industry in 2014,studies whether debt financing can improve corporate value under the three different conditions. Empirical results show that debt financing can enhance corporate value in both high-growth and low-growth companies. The composition of debt financing can also affect corporate value and debt financing can significantly enhance the value of the companies that have long-term debts.
The roles of debt financing on the enhancement of corporate value have always been a hot topic of research. At present,many studies at home and abroad regard debt as being homogeneous,without considering the impacts of different maturities,different growth and different corporate nature on corporate value. This paper,selecting 416 listed companies of manufacturing industry in 2014,studies whether debt financing can improve corporate value under the three different conditions. Empirical results show that debt financing can enhance corporate value in both high-growth and low-growth companies. The composition of debt financing can also affect corporate value and debt financing can significantly enhance the value of the companies that have long-term debts.
引文
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[4]谭利,麦文琴.民营企业税盾价值对负债融资的影响研究[C]//中国会计学会.中国会计学会2011学术年会.重庆:西南财经大学出版社,2011:978-988.
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[7]张春美,康卫国.短期负债筹资对公司价值影响的实证研究[J].财会月刊,2012(20):10-11.
[8]张锦铭.债务融资的治理效应:一种新的实证研究设计[J].山西财经大学学报,2006(4):117-121.
[9]张慧.企业负责经营的风险防范[J].经营与管理,2007(1):68-69.
[10]江伟.负债的两面性与公司价值[J].中国经济问题,2004(6):64-73.
[11]刘锐.不同成长性的中国中小上市公司负债与公司绩效关系研究[D].济南:山东大学,2012.
[2] McConnal J,Servae H. Equity ownership and the twofaces of debt[J]. Journal of Financial Economics,1995(39):131-157.
[3]姜涛,王凯.民营上市公司负债与企业价值关系的实证研究[J].2008(2):33-38.
[4]谭利,麦文琴.民营企业税盾价值对负债融资的影响研究[C]//中国会计学会.中国会计学会2011学术年会.重庆:西南财经大学出版社,2011:978-988.
[5]田利辉.杠杆治理、预算软约束和中国上市公司绩效[J].经济学(季刊),2004,3(S1):15-26.
[6]肖作平.股权结构、资本结构与公司价值的实证研究[J].证券市场导报,2003(1):71-76.
[7]张春美,康卫国.短期负债筹资对公司价值影响的实证研究[J].财会月刊,2012(20):10-11.
[8]张锦铭.债务融资的治理效应:一种新的实证研究设计[J].山西财经大学学报,2006(4):117-121.
[9]张慧.企业负责经营的风险防范[J].经营与管理,2007(1):68-69.
[10]江伟.负债的两面性与公司价值[J].中国经济问题,2004(6):64-73.
[11]刘锐.不同成长性的中国中小上市公司负债与公司绩效关系研究[D].济南:山东大学,2012.