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1、我国上市公司资本结构与企业价值关系研究ABSTRACTSCapitalstructureisanissueofsubstantialvaluetostudy,boththeoreticallyandpractically.Itisimportanttostudytheimpactofoptimizingcapitalstructureonthevalueofthecompany.CapitalStructureisusedtodescribevariouscapitalresourcesandtheirratios,Theoretic
2、ally,theoperationandmanagementoflistedcompaniesisappropriateforourstudyofcapitalstructure,andlistedcompaniesarebasedonthecapitalmarket,solistedcompaniesarechosentostudyinthispaper.Propercapitalstructureisofgreatsenseinourcountry:specifically,improvingthecapitalstructure
3、ishelpfultoincreasethevalueofcompanies,toincreasetheefficiencyoffinancingandoperation;generally,itishelpfultoreformthefinancinginstitutions,tosetupandenhancethefinancingsystemsincludingcompanydebtmarket,toconvenienceinvestmentandfinancingactivitiesofthesociety,allocatef
4、inancingresourceseconomically,andasaresulttospeedthelongtermeconomyincrease.Itisstatedinthemodemcapitalstructuretheory:inanefficientmarket,changesofcapitalstructurewillimpactonthevalueofcompany;andcapitalstructuresofthecompaniesindevelopedcountries,whicharebasedonasomew
5、hatefficientmarket,hasprovedthistheory.Soitisinferredthatcapitalstructureistightlyrelatedtothevalueofcompany.Thispaperisdevotedtoanalyzingdemonstratively,ifthecapitalstructureofacompanydoesimpactonitsvalue,and'verifyforeignclassictheories,andchecktheappropriatenessinChi
6、naofthetheory:"Thedebt-equityratiowhichhasimpactoncompany'sperformanceisrangedbetween0.23'-~0.45',whichisbackedbythemajorityofscholars.Debt-equityratioischosentoreflectthecapitalstructure,andreturnofequity(ROE)ischosentoreflectthevalueofthelistedcompanies.Withyears'data
7、ofthelistedcompanies,therelationshipoftheircapitalstructuresandtheirvaluesisanalyzedbothdemonstrativelyandtheoretically.VBythedemonstrativeanalysisandstudyofthecurrentsituations,conclusionisdrawninthispaper:1.Greatdifferenceexistsbetweendomesticlistedcompanies'capitalst
8、ructures,andthisreflectsdifferentoperationalenvironmenttheyfaceandtheirvariousoperationalstyles.2.Whentheratio
