债权融资期限结构对企业价值影响的实证分析

不同期限的负债资金，构成了企业的债权融资期限结构。企业对债权融资期限结构进行选择，目的是为了降低债权融资成本，提高债权融资的收益，最终促进企业价值最大化的实现。本文利用34家电力行业上市公司1997—2004年的财务数据，通过建立变截距固定效应面板模型，证明企业价值与债权融资期限结构具有显著的正相关关系，这一结果支持了本文的理论分析；实证结果还表明企业规模、流通股比例、第一大股东持股比例对企业价值具有显著的影响。

An Empirical Study of the Influence of Maturity Structure of Debt Financing on Enterprise Value

Maturity structure of debt financing means the different ratio of short - term debt to long - term debt. A proper selection of maturity structure of debt financing is for enterprises to reduce the cost and boost the revenue of debt financing in order to maximize the enterprise value. The variable intercept frxed effect panel data model set up in this paper based on the financial data between 1997 and 21304 of 34 listed companies in electric power industry has proved that the theoretical analysis of this paper is well founded in that the maturity structure of debt financing has remarkable positive relation with enterprise value; and that the size of enterprises, the ratio of negotiable share and the shareholding ratio of the first shareholder have sianificant influence on enterprise value.