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战略性EVA因素对资本结构的影响——基于中国中西部中小上市公司的实证研究
引用本文:毛道维,刘俊.战略性EVA因素对资本结构的影响——基于中国中西部中小上市公司的实证研究[J].经济理论与经济管理,2005,0(10):61-67.
作者姓名:毛道维  刘俊
作者单位:1. 四川大学工商管理学院, 成都, 610064;2. 西华大学经济与贸易学院, 成都, 610049
基金项目:教育部人文社会科学基金项目(02JA790040)
摘    要:基于中国西部中小上市公司1998-2003年的面板数据,对EVA与资本结构的关系进行实证研究的结果表明,资本结构的形成与主营业务定位、投资倾向和方式、财务杠杆选择等战略性行为密切相关;EVA确实对资本结构产生了显著性滞后影响,但影响程度和方向主要决定于战略性EVA因素;以显著性和持续性作为选取战略性因素的标准,主营业务和财务杠杆是对资本结构产生长远影响的战略性EVA因素;主营EVA、融资EVA对资本结构的逐年持续增强的显著性正向影响,导致了整体EVA与资本结构的相关关系在滞后3年时由负向变为正向。

关 键 词:战略性EVA因素  资本结构  中小上市公司  面板数据
文章编号:1000-596X(2005)10-0061-07
收稿时间:2005-07-16
修稿时间:2005年7月16日

STRATEGIC EVA FACTOR'S IMPACT ON CAPITAL STRUCTURE--Demonstration Study on Small and Medium-sized Listed Companies in Central and Western China
MAO Dao-wei,LIU Jun.STRATEGIC EVA FACTOR''''S IMPACT ON CAPITAL STRUCTURE--Demonstration Study on Small and Medium-sized Listed Companies in Central and Western China[J].Economic Theory and Business Management,2005,0(10):61-67.
Authors:MAO Dao-wei  LIU Jun
Institution:1. Business School, Sichuan University, Chengdu, 610064, China;2. School of Economics and Trade, Xihua University, Chengdu, 610049, China
Abstract:This paper focuses on the 1998-2003 panel data for the western small and medium-sized enterprises and analyses the relationship between EVA and capital structure.The result shows that capital structure has close relationship with main business position,investment trends and ways,finance lever selections,etc.EVA has significant lag impact on capital structure,but the impact direction main lies in strategic EVA factor with the standard of 99% significant and 3 years of time constant.Main business and finance lever hold long impact on strategic EVA factor,main business EVA and finance EVA have step by step significant positive impact on capital structure with the years on,which leads to relationship between whole EVA and capital structure turned from negative to positive when the time lags 3 years.
Keywords:strategic EVA factor  capital structure  small and medium-sized enterprises  panel dada
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