论文部分内容阅读
本文以沪市A股上市公司2004年的横截面数据为样本,检查了资本结构与公司价值之间的经验关系,着重考察了财务杠杆激励功能的行业差异,比较了不同产业样本公司的财务杠杆激励强度。作者发现,公司债务时公司价值具有显著的积极效应。对行业效应的调查显示:在各个行业中,资本结构具有不同的价值效应,其中,财务杠杆在某些行业中(如,制造业和综合业)能够发挥有效的激励作用,而在另外一些行业中(如,房地产和公用事业)却未能发挥有效的激励作用。
Based on the cross-sectional data of A-share listed companies in Shanghai in 2004, this paper examines the empirical relationship between capital structure and firm value, examines the industry differences in financial leverage and compares the financial leverage of different industry sample companies Incentive intensity. The authors found that company value has a significant positive effect on corporate debt. A survey of industry effects shows that in various industries, the capital structure has different value effects. Among them, the financial leverage can play an effective stimulating role in some industries (such as manufacturing and the integrated industry), while in other industries Medium (such as real estate and utilities) failed to play an effective incentive.