원문정보
초록
영어
In view of the bias of panel data model set can lead to misjudgment to the relationship between enterprise value and the capital structure, this article uses nonparametric method to study the relationship between them, adjusts variables in the model. The article evaluates the optimal capital structure of listed companies of the equipment manufacturing industry in our country Based on financial data from 2006 to 2013, analyzes from the Angle of enterprise value and agency cost respectively,. The results show that, The relationship between enterprise value and capital structure is inverted u-shaped, there exists a maximum asset-liability ratio in enterprise value. And the relationship between agency cost and capital structure present u-shaped roughly, there is a minimum asset-liability ratio in agency costs, there is a reasonable capital structure interval when asset-liability ratio is in range (32.87%, 58.21%).
목차
1. Introduction
2. Variable Selection and Data Sources
2.1 The Selection of Variable
2.2 Sources of Data
3. The Empirical Test and Analysis Results
3.1 The Optimal Capital Structure of Equipment Manufacturing Industry Listed Companies in the Perspective of the Enterprise Value
3.2 The Optimal Capital Structure of Equipment Manufacturing Industry Listed Companies in the Perspective of the Agency Costs
4. Conclusion
Acknowledgements
References