债务融资行为对亏损上市公司财务价值的驱动研究.PDF

债务融资行为对亏损上市公司财务价值的驱动研究 1 2 杜勇 鄢波 (1 西南大学经济管理学院 重庆 400715 ；2 广东海洋大学经管学院 湛江524088) 要：文章研究了债务融资行为的三种特征（债务融资期限、债务融资方式和债务融资规模）对亏损上 市公司财务价值的驱动路径和驱动机理，实证结果表明，债务融资期限结构对亏损上市公司的财务价值 同时存在侵害和治理两种效应，并且随着流动负债比例的增加，亏损上市公司的财务价值表现出先升后 的趋势；从债务融资方式来看，银行借款的债务融资方式对亏损上市公司的财务价值也同时存在侵害 效应和治理效应，但利用商业信用和临时性占用款进行债务融资的方式对亏损上市公司财务价值产生明 显的反向驱动效应；债务融资规模对亏损上市公司的财务价值也同时存在正向和反向两种驱动效应，同 样，随着负债比率的增加，亏损上市公司的财务价值也表现出先升后 的趋势。 关键词：债务融资；亏损；财务价值 Abstract: This paper studies the drive path and the driving mechanism of the three characteristics of the behavior of debt financing, including debt financing term, debt financing and debt financing scale, to financial value of the loss listed companies. The empirical results show that the driving effects of the maturity structure of debt financing on the financial value of the loss listed companies includes two aspects: against and governance the financial value, and with the increase of the proportion of current liabilities, the financial value of the loss listed companies show the trend of increasing first and then decreasing. On the way of debt financing, the driving effects of banks financing on the loan on the financial value of the loss listed companies includes two aspects: against and governance the financial value, but the use of commercial credit and money for temporary occupation on debt financing have obvious reverse drive effect of the financial value of loss listed companies. The driving effects of the size of debt financing on listed companies of the losses financial value also include against and for effects, and the same as the debt ratio increases, the financial value of the loss listed companies also showed a trend of increasing first and then decreasing. Keywords: Debt financing; loss; financial value 作者简介： 勇，西南大学经济管理学院副教授，重庆大学工商管理流动站博士后，研究方向：公司财 务。鄢波，女