金融危机下企业资本结构重构与公司价值关系研究

A Study on Relationship between Capital Restructure and Corporate Value under Financial Crisis

中文关键词:  金融危机  资本结构重构  公司价值  回归分析

英文关键词:financial crisis  capital restructure  corporate value  regression analysis

中文摘要:

      基于2006—2010年资本结构发生变化的A股上市公司财务数据，通过构建多元回归模型，检验了企业资本结构重构与公司价值的相关性。研究结果表明，金融危机下受政府宏观经济政策调整的影响，资本结构重构与企业价值之间的关系呈现阶段性变化的特征。研究结论为企业面对危机有的放矢地进行融资决策、促进公司价值提升提供了有益的启示。

英文摘要:

      Based on the A-share financial data of China’s listed companies in the years from 2006 to 2010 when capital structure has changed, the correlation between capital restructure and corporate value is tested by a multiple regression model. The results show that the impact of the government's macroeconomic policy adjustments under the financial crisis has caused periodic changes in the characteristics of the relationship between capital restructure and corporate value. The research conclusion is enlightening to making the financing decision and enhancing the corporate value in the face of crisis.