上市公司融资行为与市场价值相互关系的实证研究

本文建立了以债务融资率、股权再融资率和市场价值为系统内生变量的结构方程,对我国上市公司的数据进行实证分析。结果表明,股权再融资率与债务融资率之间存在显著的正相关关系;债务融资率与市场价值之间存在显著的负相关关系;市场价值对股权再融资率有显著的正的影响,而股权再融资率对市场价值有显著的负的影响。本文对这些关系进行了分析,并与单方程的检验结果进行比较,表明单方程估计会导致忽略某些重要的因素。

Empirical Study on Interrelation of the Financing Behavior of Listed Companies and Market Value

This article set up a simultaneous equation with debt financing rate, stock re financing rate and market value as system endogenous variables. Result indicates that stock re financing rate and debt financing rate have remarkable positive correlation; There are remarkable negative relevant relations between debt financing rate and market value; Market value has remarkable positive influence on stock re financing rate, while the latter has negative influence on the former. This text analyzes these relations and compare to the results of single equation, indicating that single equation estimate can neglect some important factors.