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中南大学学报(社会科学版)
ZHONGNAN DAXUE XUEBAO(SHEHUI KEXUE BAN)

2011年06月第17卷第3期
   
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文章编号:1672-3104(2011)03-0016-05
 
流动资产结构、债务再融资结构与企业价值的关系研究
 
袁放建,许燕红,刘德运
 
(陕西师范大学国际商学院,陕西西安,710062)
 
摘  要: 在总结国内外大量对资本结构、股权结构与企业价值的关联性研究成果的基础上,从定量和动态分析视角出发,基于2004~2009年传统行业上市公司数据,运用多元线性回归模型对我国传统行业上市公司的流动资产结构、债务再融资结构与企业价值的关系进行理论探析和实证检验。研究结果显示:流动资产在传统行业上市公司总资产中所占比重较大,对企业价值影响显著,其中自由现金量对企业价值的影响较为突出;其他流动资产与企业价值关系不显著;较之非流动债务再融资结构对企业价值的影响,流动债务再融资结构与企业价值的关系更为显著,呈负相关性。
 
关键字: 流动资产结构;债务再融资结构;企业价值; 传统行业上市公司
 
 
The empirical research between current asset structure,

debt refinancing structure and enterprise market valuation

——Based on the traditional industries listed company panel data of dynamic analysis

 
YUAN Fangjian, XU Yanhong, LIU Deyun
 
(International Business School of Shaanxi Normal University, Xi’an 710062, China)
 
Abstract: In summary of domestic and international capital structure, and a large number of ownership structure and the relevance of enterprise value on the basis of research achievements, this paper quantitatively makes a dynamic analysis, based on 2004-2009 traditional industries listed company data, using multivariate linear regression model to traditional Chinese companies liquid assets structure, debt financing structure and enterprise value to the relationship between the theoretical and empirical tests webblogs Research result shows that: current assets on traditional industries listed company total asset accounts for a bigger chunk of significant effects on the enterprise value, including free cash amount of enterprise value influence environment; Other current assets and enterprise value relations are not significant; Compared with non-current debt financing structure on the value of the enterprise again, the influence of liquid debt financing structure and enterprise value again, the relationship shows a more significantly negative correlation.
 
Key words: current assets structure; debt financing structure again; enterprise value; traditional industries listed companies
 
 
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