摘要
钢铁行业作为我国的重要基础产业,在国民经济发展中发挥重要作用。本文以2009至2019年我国沪深A股钢铁行业上市公司为研究对象,实证检验了资本结构与企业价值的关系,并引入宏观政策环境因素,关注货币政策对钢铁上市公司资本结构与企业价值之间关系的调节效应。研究发现:(1)在杠杆率水平较高的情况下,钢铁企业资本结构与企业价值之间存在着显著的负相关关系;(2)货币政策正向调节资本结构与企业价值的关系,相对于货币政策紧缩时期,货币政策宽松时期钢铁企业资本结构对企业价值的负向影响更加显著。对此,钢铁企业需要科学选择融资渠道,优化资本结构,助力企业可持续发展。
As an important basic industry of our country,the steel industry plays an important role in the development of the national economy.This article takes my country's Shanghai and Shenzhen A-share steel industry listed companies from 2009 to 2019 as the research object,empirically tests the relationship between capital structure and corporate value,and introduces macroeconomic policy environmental factors,focusing on the monetary policy on the capital structure and corporate value of listed steel companies.The moderating effect of the relationship.The study found that:(1)In the case of a high leverage ratio,there is a significant negative correlation between the capital structure of steel companies and corporate value;(2)Monetary policy positively regulates the relationship between capital structure and corporate value,relative During the period of monetary policy tightening,the negative impact of the capital structure of steel enterprises on corporate value is more significant during the period of loose monetary policy.In this regard,steel companies need to scientifically select financing channels,optimize the capital structure,and help the company's sustainable development.
出处
《价格理论与实践》
北大核心
2020年第2期91-94,共4页
Price:Theory & Practice
关键词
宏观环境
资本结构
企业价值
去杠杆
macro environment
capital structure
corporate value
deleveraging
