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Empirical Study On The Relevance Of Capital Structure And Firm Value: For Chinese Information Technology Listed Companies

Posted on:2018-10-02Degree:MasterType:Thesis
Country:ChinaCandidate:Y B QiFull Text:PDF
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With the era of economic globalization,the economic system of our country is transforming from planned economy to market economy.In this process,the information technology industry is developing rapidly,and the impact on the development of wholeChina’s economy is more and more important,becoming a new economic growth point of the rapid development of China’s economic.However,the development of the level of an enterprise is affected by many factors,one of the key is to improve the capital structure.If the company’s capital structure is perfect,it can make the management to make reasonable decision,making enterprise strategy conform to the development of enterprises,and then affect the corporate value.The ideal capital structure can improve the ability of the enterprise to repay the debt,and is able to control the financial risk and bring more profits to the enterprise.So finding the optimal capital structure is of great significance to enterprises.Based on the introduction of the relevant theories of capital structure and enterprise value,this paper selects the information technology industry to make an empirical study on the correlation between capital structure and enterprise value,using panel threshold model to find two threshold variables of growth ability and enterprise scale,and get the following conclusions in each threshold interval :when the ability to grow as the threshold variable,obtained three threshold and the four threshold interval.basing it,We divide the enterprise into four types of enterprises,such as high growth ability,general growth ability,low growth ability,and negative growth ability.When the enterprise in the negative growth ability,low growth ability and growth ability,capital structure and enterprise the value is negative,and the negative effect of influence gradually weakened.when the enterprise is high growth ability,the relationship between capital structure and enterprise value are positively related.When the scale of the enterprise as the threshold variable,obtained two threshold and the three threshold interval,we put the enterprise division of largeenterprises according to the threshold interval,medium-sized and small enterprises.The correlation of small and medium-sized enterprises and medium-sized enterprises capital structure and enterprise value is negative,and the negative effect gradually weakened,the function of large the influence of capital structure on corporate value is positive.Finally perfect the capital structure of the suggestions and opinions,according to the different growth ability of the enterprise,when growth in negative growth ability,growth ability and general ability of low growth,may be appropriate to increase the debt ratio in the controllable range,to enhance corporate value;for different scale enterprises in small and medium scale enterprises can improve corporate debt ratio,in order to enhance corporate value and maximize enterprise value.This paper is divided into five chapters,the first chapter is the introduction,mainly introducing the research background,significance,research review,the main content and technical route of the article,and the innovation and limitations.The second chapter is the introduction of capital structure and enterprise value theory,providing a theoretical basis for the following research.The third chapter introduces the characteristics of the industry and the present situation of the capital structure of China’s information technology enterprises to understand the analysis,China’s information technology enterprise from a macro perspective.The fourth chapter is the empirical research,first proposed hypotheses,sample selection,in the five years 2011-2015 Shanghai and Shenzhen two cities A shares of 197 information technology listed company as a sample,and then the design variables,here is the main station in the financial perspective to consider,and finally establish model,and using the panel threshold regression analysis model.The fifth chapter is the main conclusions and enlightenment.According to the results of theoretical analysis and empirical analysis of capital structure and enterprise value,this paper puts forward some reasonable suggestions to optimize capital structure and improve enterprise value.
Keywords/Search Tags:information technology enterprise, capital structure, enterprise value, growth ability, firm size
PDF Full Text Request
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