摘要
公司财务杠杆具有正负效应,并与企业价值呈相关关系。选择沪深两市向社会公众发行A股的公司作为样本,进行分析论证和检验,得出的结论是:财务杠杆水平与资产赢利能力呈显著负相关关系,与公司规模则呈显著正相关关系,与成长性和抵押价值没有明显关系;我国负债比率逐年加大,财务杠杆作用程度呈负效应上升趋势。
The financial leverage of companies has straight negative effects, and presents relevant relations with companies＇ value. This selected work selects the companies listed in Shanghai and Shenzben stock markets that issue the A- share to the public as sample companies. The main conclusion drawn is： The level of the financial leverage is significantly and negatively related to assets＇ earning capacity, significantly and positively related to company＇s scale, and there is not obvious relation between growth and mortgage value. The financial leverage of China shows a tendency to rise year by year, and the rate in debt is strengthened year by year, therefore, the financial leverage degree shows a tendency to rise in negative effects.
出处
《财经科学》
CSSCI
北大核心
2006年第1期119-124,共6页
Finance & Economics
关键词
财务杠杆
总体平均水平
分布情况
相关关系
正负效应
financial leverage
overall average level
distibution situation
correlation
straight negative effects
