摘要
本文利用我国A股中小板上市的156家制造业公司2008年至2013年的面板数据,分别考虑资本结构和成长性变化差异,采用面板门槛模型对资本结构、成长性与企业价值的关系进行实证研究。结果表明,中小制造业企业的资本结构中负债的提高对企业价值具有正向影响;资本结构与成长性存在着显著的区间效应,随着自身的资本结构中负债的提高而下降,随着成长性的提高而上升;我国A股市场的中小板制造企业资本结构未有达到最优配置,目前还不能满足制造企业债务的融资需求。
Using the panel data of 156 manufacturing companies in A share SME board from 2008 to 2013, and considering the differences between capital structure and growth, the paper makes an empirical study on the relationship between capital structure, growth and enterprise value with panel threshold model. The results show that the increasing debt of SME manufacturing enterprises＇ capital structure has a positive impact on corporate value; there exists an interval effect significantly in capital structure and growth, the impact decreased with the increasing debt of capital structure and increased with the increase of growth; the capital structure of manufaeturing enterprises in A -share SMEs market hasn＇ t attained the optimal allocation, and eann＇t meet the financing needs of manufacturing enterprises debt.
出处
《商业研究》
CSSCI
北大核心
2015年第2期144-151,共8页
Commercial Research
基金
教育部人文社会科学研究规划基金项目
项目编号:12YJA790058
关键词
企业价值
资本结构
成长性
面板门槛模型
enterprise value
capital structure
growth
panel threshold model
