RELATIONSHIP BETWEEN OWNERSHIP CONCENTRATION, DEBT FINANCING STRUCTURE AND ENTERPRISE VALUE
The relationship between financing structure and enterprise value is one of the theoretically explored and widely debated issues in recent years. This paper uses data of listed companies from 2006 to 2008 as research samples to study the relationship between financing structure and enterprise value. The conclusions are as follows: the ownership concentration is positively correlated with enterprise value; the overall debt level and short-term debt ratio are negatively correlated with enterprise value, which is difficult to achieve desired governance effect; the listed companies in China are weak in choosing debt structure, so under the internal governance framework the optimization role of large shareholders to debt maturity structure is insignificant. In addition, this paper also compares state-owned enterprises with non-state enterprises, makes analysis and obtains more specific conclusions, with greater practical significance.
Ownership concentration Financing structure Enterprise value，State-owned enterprises，Non-stateenterprises
Xiao Xiang Wang Yanan Kang Pu Zheng Lidong
School of Economics and Management, Beijing Jiaotong University, Beijing, P.R. China
国际会议
北京
英文
53-58
2011-06-08（万方平台首次上网日期，不代表论文的发表时间）