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本文使用2006年至2008年上市公司数据,研究融资结构与企业价值的关系,结论如下:股权集中度与企业价值正相关;整体债务水平、短期债务比例与企业价值负相关;我国上市公司对债务结构选择能力较弱;总体而言债务治理效果不明显,内部理框架下大股东对债务期限结构优化作用不显著。本文另对国有企业和非国有企业进行了对比分析,结论更加全面。
This paper uses the data of listed companies from 2006 to 2008 to study the relationship between the financing structure and the enterprise value. The conclusions are as follows: the concentration of ownership is positively correlated with the enterprise value; the overall debt level and short-term debt ratio are negatively correlated with the enterprise value; The structure selection ability is weaker; on the whole, the effect of debt governance is not obvious, and the major shareholders under the internal rationale have no significant effect on the optimization of the debt maturity structure. In addition, the article makes a comparative analysis of state-owned enterprises and non-state-owned enterprises, and the conclusion is more comprehensive.