負(fù)債融資結(jié)構(gòu)與公司價(jià)值關(guān)系的實(shí)證研究.pdf

1、洳≯j～碩士學(xué)位論文⑧論文題目魚(yú)籃融姿繾塑皇壘旦盆魚(yú)差丕盥塞適嬰塞指導(dǎo)教師逮鲞堡浙江大學(xué)碩士學(xué)位論文負(fù)債融資結(jié)構(gòu)與公司價(jià)值關(guān)系的實(shí)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