摘要
资本结构与企业价值关系的理论既有净收入法、净营业收入法又有 MM定理所述的无关论的观点。通过实证研究的方法 ,选取我国上市公司中的“综合”行业为研究对象 ,对 MM定理之命题 1进行的检验结果认为 ,资本结构与企业价值之间没有关系。究其原因 ,一方面在于资本结构的科学决策问题并没有得到上市公司的重视 ;另一方面在于市场的理性投资选择不够。
The research of the relationship between capital structure and firm value of listed companies in China can help us understand not only the decision ability of listed companies, but also the market and its responsiveness to information. This paper, therefore, discusses the theory of the relationship. The result of the empirical test of the proposition 1 of MM theorem, taking the companies with comprehensive business scope as the sample, shows that the firm value is irrelevant to the capital structure of listed companies. Finally, an explaining conclusion is obtained.
出处
《财经理论与实践》
北大核心
2002年第4期50-53,共4页
The Theory and Practice of Finance and Economics
