| The capital market of China started in the early 1990s. After 20 years, it becomes the third biggest market in the word and has 2000 listed companies compared with less than 10 listed companies in the beginning. During the 20 years, the capital market of China obtains the supernormal development. The starting and development of the capital market of China no only promotes the development of financial industry of China, but also provides a new empirical data source to research financial theory especially firm value.Since the concept of firm value was put forward in the 1950s, lots of researchers research it from different aspects and angles. According to the existing pa-pers, the research on firm value focuses on three frameworks. Firstly, it is about the connotation of firm value and the mechanism of generation of firm value. Secondly, it is about the research of influence factors on firm value. Thirdly, it is about the research of evaluation of firm value. Each of frameworks produced profound academic achievements.As a modern enterprise financial goal, maximize firm value is paid more and more attention. In order to maximize firm value, entrepreneurs should understa-nd which factors influence on firm value. In previous literature, ownership struct-ure, capital structure, corporate governance and assets structure are regards as inf-luence factors. But until now, there is no consensus standpoint accepted by theory and practice because all of the research results can not explain influence factors via comprehensive aspects, let alone the relationship between factors.Reference to previous research, this paper explains the influence factors from various aspects and angles via many indexes which contain external and inter-nal index as well as fiscal and stock market index. Especially in order to compr-ehensively expression firm value, we select Tobin-q, PB and stock market return as firm value.Most of the data in this paper comes from CCER data base which contains the nonfinancial listed companies in the Yangtze River Delta district over a five-year period from 2005 to 2009.Structural Equation Modeling is used as research model in this paper. Struct-ural Equation Modeling is a important statistical method in the Behavior and soc- ial fields, it contains factor analysis and regression analysis. Using Structural Equ-ation Modeling we can not only analyze the relationship between latent variables, but also the relationship between latent variables and observed variables. In this paper, we summarize 2 exogenous latent variables including operating environm-ent, business model and 3 endogenous latent variables including management abil-ity, operating performance and firm value from 16 observed variables. The aim of this paper is to empirically analyze the influence of operating environment, bus-iness model and operating performance on firm value.The results of this paper shows that operating environment and business mo-del have a significant impact on operating performance and firm value, meanwh-ile, there is also a significant influence of operating environment and business model on operating management ability. Companies'internal and external environment has a important influence on operating performance and firm value.The theoretical significance of this paper is that first it can compensate the ins-ufficient of previous research on firm value. It can analyze the influence factors as comprehensive angles. Second, it can analyze the relationship between influence fac-tors. The practical significance of this paper is that it can provide theoretical directi-on on improving firm value and management. If we know which and how factors impact on firm value, then the managers of companies can carry out target manage-ment to improve firm value to maximum. This is very important for listed compani-es in China. |
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