Research On Financial Crisis Shock,Financing Constraints And Corporate Value

Since the imperfection of the capital market, asymmetric information, agency and other factors, there is a difference of internal and external financing costs that enterprises are facing the problem of financing constraints. But the outbreak of the financial crisis affected the degree of financing constraints of China’s enterprises to a certain extent, it will be directly related to changes in firm value, thus enhancing the value of enterprise can not be ignored. In the post-crisis era, it is of great theoretical and practical significance in the current to explore the relationship between the impact of financial crisis, financing constraints and firm value, study the impact of the financial crisis on enterprise financing constraints degree, and then discuss how financial constraints affect firm value.This thesis consists of five parts:The first part is relevant literature review of the corporate finance constraints and enterprise value, which determine the main framework. The second part is summary the theoretical foundation of corporate financing constraints and enterprise value. In the third part, we use the financial data of China listed manufacturing companies from2005to2012, to build a logistic regression model of financing constraints index. According to the index before and after the financial crisis,we assess the impact of the financial crisis on the extent of corporate financing capacity and financing constraints. The fourth part is to establish the panel regression model to study how financing constraints before and after the relaxation affect the corporate value in the different stages of the financial crisis. The fifth part is the countermeasure of financial constraints and strategy to enhance the corporate value in the post-crisis era.