中国物流上市公司的债务融资与市场价值研究
Debt Financing and Market Value: Empirical Research for China's Listed Logistics Corporations
作者:支燕;
Author:
收稿日期: 年卷(期)页码:2006,(03):-63-68
期刊名称:四川大学学报(哲学社会科学版)
Journal Name:Journal of Sichuan University (Social Science Edition)
关键字:物流上市公司;债务融资;市场价值
Key words:
基金项目:
中文摘要
分析发现物流企业的债务融资率的提高对企业市场价值的增加具有积极的促进作用。同时,债务融资对企业下一年的业绩具有积极的作用,这主要得益于物流企业的整体资产回报率高于借款的成本,从而使企业的股东得到收益,也促进企业价值的提升。
参考文献
[1]Modigliani and Miller,M.H.The Cost of Capital,Corporation Finance,and the Theory of Investment[J].A-merican Economic Review,1958,(48):261-297.
[2]Jensen,M.C.,and Meckling,W.H.Theory of the Firm:Managerial Behavior,Agency Costs and OwnershipStructure[J].Journal of Financial Economics.1976,(3):305-360.
[3]Jensen,M.C.Agency Costs of Free Cash Flow,Corporate Capital Finance and Takeovers[J].American Eco-nomic Review.1986,(76):322-339.
[4]Grossman,Sanford J.and Hart,Oliver,The Economics of Information and Uncertainty[M].Corporate Finan-cial Structure and Managerial Incentives,in J.McCall,ed..Chicago:University of Chicago Press,1982.
[5]Heinkel,Robert.A Theory of Capital Structure Relevance Under Imperfect Information[J].Journal of Finance,1982,(37):1141-1150.
[6]Poitevin,Michel,Financial Signaling and the‘Deep-Pocket’Argument[J].Rand Journal of Economics.1989,(20):26-40.
[7]Opler,Kim,Pinkowitz Lee,Stulz Rene,Williamson Rohan.The Determinants and Implications of Corporate CashHoldings[J].Journal of Financial Economics.1990,(52):3-46.
[8]Harvey,Campbell R.&Lins,Karl V.&Roper,Andrew H.The Eff Ect of Capital Structure When Expected A-gency Costs are Extreme[J].Journal of Financial Economics.vol.74.2004,(1):3-30.
[9]Smith,C.W.,and R.L.Watts The Investment Opportunity Set and Corporate Financing,Dividend and Compen-sation Policies[L].Journal of Financial Economics.1992,32,262-292.
[10]袁国良,郑江淮,胡志乾.我国上市公司融资偏好和融资能力的实证研究[J].管理世界,1999,(9).
[11]汪辉.上市公司债务融资、公司治理与市场价值[J].经济研究,2003,(8).
[12]黄志忠,白云霞.上市公司举债、股东财富与股市效应关系的实证研究[J].经济研究,2002,(7).
[13]李志文,宋衍蘅.上市公司的“变脸现象”[R].中国会计与财务问题国际研讨会论文集,2002.
[14]郭鹏飞,孙培源.资本结构的行业特征:基于中国上市公司的实证研究[J].经济研究,2003,(5).
【关闭】