摘要
主流的关于融资结构理论考察的企业价值和融资结构都是以有效率资本市场为前提,而能在有效率的公开资本市场上融资的一般都是大企业,这些理论是否适合于对我国中小企业融资结构与企业价值的分析,有待检验。本文假设:1.在无效率的资本市场下,企业融资结构同样影响企业价值;2.我国的中小企业融资结构对其企业价值存在负影响,并利用武汉市中小企业数据资料的统计分析证实了假设。
The main-stream theories on fund-raising structure study the value and fund-raising structure of enterprises on the premise of an efficient capital market. However, usually large-sized enterprises can raise funds in efficient public capital market. It is under study whether the theories can be applied to the analysis of the fund-raising structures and enterprises of medium and small-sized firms in our country. The paper puts forward two hypotheses: first, the fund-raising structure influences the enterprise value in inefficient capital market; second, the fund-raising structure of the medium and small enterprise affects their enterprise value. The author proves his hypotheses with the statistics of medium and small-sized enterprises in Wuhan.
出处
《广东经济管理学院学报》
2005年第2期12-15,共4页
Journal of Guangdong Institute of Business Administration
关键词
中小企业
融资结构
企业价值
medium and small-sized enterprises,fund-raising structure,enterprise value.
