基于資本成本角度的企業(yè)價(jià)值影響因素研究

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摘 要
資本成本經(jīng)過長期的發(fā)展，已為越來越多的企業(yè)所了解。然而在現(xiàn)實(shí)中，企業(yè)管理者過于追求企業(yè)利潤最大化，而對企業(yè)價(jià)值最大化認(rèn)識程度不夠，進(jìn)而無法充分重視資本成本的優(yōu)化，而只是把資本成本高低當(dāng)成是企業(yè)的籌資管理手段。從而導(dǎo)致企業(yè)無法將自身發(fā)展與資本成本聯(lián)系起來，導(dǎo)致企業(yè)成本高漲，企業(yè)陷入困境，難以自拔，最終導(dǎo)致企業(yè)走向沒落。本文首先對相關(guān)概念進(jìn)行了介紹，在此基礎(chǔ)上，對我國上市公司的資本結(jié)構(gòu)現(xiàn)狀進(jìn)行了分析。然后，進(jìn)行了實(shí)證分析，認(rèn)為企業(yè)價(jià)值和產(chǎn)業(yè)集中度呈正相關(guān)關(guān)系。產(chǎn)業(yè)內(nèi)競爭越激烈，那么赫芬達(dá)爾指數(shù)就越小，根據(jù)正向比率的關(guān)系，企業(yè)最優(yōu)資產(chǎn)結(jié)構(gòu)中資產(chǎn)負(fù)債率水平就越低。一個(gè)產(chǎn)業(yè)內(nèi)競爭程度越高，企業(yè)往往會傾向于選擇股權(quán)融資，繼而它的資產(chǎn)負(fù)債率為企業(yè)的最佳資本結(jié)構(gòu)，以便降低企業(yè)的風(fēng)險(xiǎn)，從而實(shí)現(xiàn)企業(yè)的長期生存和發(fā)展，進(jìn)而實(shí)現(xiàn)企業(yè)價(jià)值最大化的目標(biāo)。最后，本文結(jié)合問題提出了相應(yīng)的對策思考。

關(guān)鍵詞：企業(yè)價(jià)值 資本成本 資本結(jié)構(gòu)


ABSTRACT

Through years of development, more and more enterprises know the cost of capital. However in reality, Company managers over the pursuit of maximum profit, lacking the awareness to maximize the value of enterprises, Then it is unable to give full attention to the optimization of capital cost, But the capital cost as financing management of enterprises. Leading enterprises are unable to connect their own development and the cost of capital, Causing the enterprise costs highly，Companies in trouble, it is difficult to extricate themselves, leading to the enterprises to decline. This paper firstly introduces the related concepts, On this basis, the capital structure of the status quo of China's listing Corporation is analyzed. Then, I has carried on the empirical analysis, that there is a positive correlation between the degree of concentration of industry and enterprise value. Intra industry competition is more intense, so the Be hFinn Dahl index is smaller, According to the relationship between positive rate, the optimal enterprise asset structure of assets and liabilities rate is low. A higher degree of competition in the industry, companies often prefer to equity financing, Then it's assets and liabilities rate of the best capital structure of enterprise, in order to reduce the risk of enterprises, In order to achieve long-term survival and development of enterprises, so as to realize the goal of maximizing the value of enterprise. Finally, this paper puts forward some corresponding countermeasures.


KEYWORD：enterprise value capital cost capital structure

目錄
引言··································································- 1-
1 企業(yè)價(jià)值和資本成本·············································-2-
1.1企業(yè)價(jià)值與資本成本的涵義····································- 2-
1.1.1企業(yè)價(jià)值的含義···································· -2-
1.1.2企業(yè)價(jià)值的表現(xiàn)形式·································-2-
1.1.3資本成本含義·······································-3-
1.2企業(yè)價(jià)值和資本成本的關(guān)系·······························- 3-
2 中國上市公司資本結(jié)構(gòu)分析····································-4-
2.1上市公司資本結(jié)構(gòu)現(xiàn)狀········································-4-
2.1.1資產(chǎn)負(fù)債率水平不高·································-4-
2.1.2.上市公司長期債務(wù)低而短期債務(wù)高····················- 6-
2.1.3上市公司股權(quán)集中度高······························- 7-
2.2中國上市公司資本結(jié)構(gòu)現(xiàn)狀的原因分析·····················- 8-
2.2.1我國上市公司股票融資成本較低·······················-8-
2.2.2債券投資的低收益高破產(chǎn)成本預(yù)期·····················-8-
2.2.3上市公司治理結(jié)構(gòu)不合理·····························-9-
3 中國上市公司資本成本與企業(yè)價(jià)值實(shí)證研究·················-10-
3.1樣本的選取和說明·······································-10-
3.2變量設(shè)計(jì)···············································-10-
3.2.1被解釋變量········································-10-
3.2.2解釋變量···········································-10-
3.2.3控制變量········..