| 中小企业融资结构与企业价值 |
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| 引用本文： | 胡竹枝,李明月.中小企业融资结构与企业价值[J].广东经济管理学院学报,2005,20(2):12-15. |
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| 作者姓名： | 胡竹枝 李明月 |
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| 作者单位： | 华南农业大学,广东,广州,510642 |
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| 摘 要： | 主流的关于融资结构理论考察的企业价值和融资结构都是以有效率资本市场为前提，而能在有效率的公开资本市场上融资的一般都是大企业，这些理论是否适合于对我国中小企业融资结构与企业价值的分析，有待检验。本文假设：1．在无效率的资本市场下，企业融资结构同样影响企业价值；2．我国的中小企业融资结构对其企业价值存在负影响，并利用武汉市中小企业数据资料的统计分析证实了假设。
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| 关 键 词： | 中小企业 融资结构 企业价值 |
| 文章编号： | 1672-4100(2005)02-0012-04 |
| 修稿时间： | 2005年2月28日 |
The fund-raising structure of medium and small-sized enterprises and enterprise value |
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| Hu Zhuzhi,Li Mingyue.The fund-raising structure of medium and small-sized enterprises and enterprise value[J].Journal of Guangdong Institute of Business Administration,2005,20(2):12-15. |
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| Authors: | Hu Zhuzhi Li Mingyue |
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| Abstract: | The main-stream theories on fund-raising structure study the value and fund-raising structure of enterprises on the premise of an efficient capital market. However, usually large-sized enterprises can raise funds in efficient public capital market. It is under study whether the theories can be applied to the analysis of the fund-raising structures and enterprises of medium and small-sized firms in our country. The paper puts forward two hypotheses: first, the fund-raising structure influences the enterprise value in inefficient capital market; second, the fund-raising structure of the medium and small enterprise affects their enterprise value. The author proves his hypotheses with the statistics of medium and small-sized enterprises in Wuhan. |
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| Keywords: | medium and small-sized enterprises fund-raising structure enterprise value |
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