本文对沪深两市747家上市公司按成长性进行了划分,对其负债比率与公司价值之间的关系进行实证检验。研究结果表明,在我国,无论对于高成长还是低成长的公司,上市公司的负债比率与公司价值之间都呈显著的负相关关系,负债的两面性没有在我国的上市公司中表现出来。对高成长的公司而言,负债没有引起上市公司投资不足的问题,却反而导致公司严重的资产替代问题;而对低成长的公司而言,负债没有引起公司的资产替代问题,但负债的控制效应却没有发挥出应有的作用。这一研究发现为深化我国国有商业银行的市场化运作,并加强国有商业银行在上市公司中的治理作用提供了重要的经验证据。 In this paper, 747 listed companies in Shanghai and Shenzhen are divided according to the growth, and the relationship between the debt ratio and the company's value is tested empirically. The results show that, in our country, the debt ratio of listed companies shows a significant negative correlation with company value both for high-growth and low-growth companies, and the two sides of liabilities have not shown in the listed companies in our country. For high-growth companies, debt has not caused the under-investment of listed companies, but on the contrary, the company's serious asset replacement problem; for low-growth companies, the debt did not cause the company's asset replacement problem, but the debt control Effect has not played its due role. This research found that it provides important empirical evidence for deepening the market-oriented operation of state-owned commercial banks and strengthening the governance role of state-owned commercial banks in listed companies.