期刊论文

中文

财经理论与实践

1003-7217

2014

35

6

65-69

10.3969/j.issn.1003-7217.2014.06.012

国家自然科学基金项目(71373072);国家自然科学基金项目(71340014);高等学校博士点专项科研基金项目(20130161110031)

本校为其他机构

基于债务融资成本理论,以沪深证券市场A股房地产上市公司为研究样本,实证考察债务融资期限结构对企业价值的影响,进而探讨债务期限结构的优化以实现企业价值的提升。通过逐步回归模型的实证分析结果表明,房地产企业债务期限结构与企业价值之间呈倒U型关系,行业最优债务期限结构比例均值为36.4929%,且抽样分析检验给出的最优长期债务比例区间为34%-38%。

Based on the theory of debt financing cost,the Chinese A-share real estate listed enterprises in the Shanghai and Shenzhen Stock Markets are selected as samples to analyze the impact of debt maturity structure on corporate value,and then optimize the debt maturity structure in order to enhance the corporate value.The empirical analysis results of stepwise regression models show that there is a significant reverse U-shaped relationship between debt maturity structure and corporate value in real estate listed enterprises.The mean optimal ratio of debt maturity structure in real estate industry i...