An Empirical Study About The Influence From Capital Structure On Market Value Management Of Listed Companies

In recent years,the market value has been a new index to reflect the overall strength of the listed company.The interests of the demands of various shareholders are unified by the market value in listed companies.More and more attention on the market value management is aroused by listed company.To promote the healthy development of China's capital market,the state regulators also actively encourage listed companies to establish the market value management system.However,there is still a big gap between the theory and practice of market value management,many listed companies in the implementation is still faced with no place to start.Capital structure has a certain impact on the market value management.Compared with other industries,the capital structure of listed real estate companies were more significant impact on the market value of management.This article first reviewed the existing research results and related theories,and narrows the scope of the study on market value management.Then expounds the influence of the capital structure may produce on the market value of the management.Finally validated the theoretical research by the empirical test.In this paper,the average market values of listed companies in 2011-2015 were used to measure the effect of market value management.This paper constructs the fixed effect model of the panel data by decomposing the capital structure into several variables,such as current debt ratio,interest bearing debt ratio,equity ratio and other control variables.The empirical results show that the current liabilities,interest bearing liabilities,equity ratio are positively correlated with the effectiveness of market value management.Long term debt and equity concentration is negatively correlated with market value management.According to the conclusion,the paper puts forward some countermeasures and suggestions.