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本文对资本结构权衡理论加以研究,试图找出使创业板首批上市公司企业价值最大化的最优资本结构,通过对上市公司的资产负债率和企业价值进行实证研究,发现我国创业板上市公司企业价值与资本结构呈现二次函数非线性关系,并且可以找出精确的最优资本结构,且上市公司的资本结构虽然受到宏观经济影响,但存在向目标资本结构移动的趋势。
This paper studies the capital structure trade-off theory and attempts to find out the optimal capital structure that maximizes the enterprise value of the first batch of listed companies. By studying the asset-liability ratio and corporate value of the listed companies, it is found that the listed companies in China’s GEM The enterprise value and capital structure show a quadratic nonlinear relationship, and can find the exact optimal capital structure. Although the capital structure of listed companies is affected by the macroeconomy, there is a tendency to move towards the target capital structure.