不同成长性下信息技术企业债务融资对企业价值的影响分析-analysis on the impact of debt financing of information technology enterprises on enterprise value under different growth.docxVIP

AbstractAs one of the external financing methods,debt financing has a potent effect on the development of mothern enterprise.So the domestic and foreign schorlars have done a lot of research on the effect of debt financing on corporate value,but no consensus has been reached, even often with the opposite effect.During the course of analyzing the causes of this phenomenon,people have found that fund and capital the corporate need would differ through different phases of enterprise development .At the same time , information technology enterprises ischaracterized by high investment、high technology and a substantial increasethrough the period of rapid developmen,so this paper took information technology enterprises in the sample data, made empirical analysis through the application of statistical method based on the analysis of theory,to delve into the effect of debt financing on enterprise value on different growth opportunities.So this paper is greatly significant for making enterprise’s debt financing reasonable and improving enterprise value.This paper summarized systematically some theory relevant to debt financing ,like MM theory and the theory of agency cost.And it put forward study hypothesis , described data source and variables selected based on the analysis of theory.Through the method of factor analysis,this paper sorted sample companies in order of growth to get the samples with high growth or low growth.Trough empirical analysis on data , this paper drew a conclusion that for the overall samples,debt financing and enterprise value had significantly negative correlations;for the samples with high growth, debt financing and enterprise value had significantly negative correlations;for the samples with low growth , debt financing and enterprise value did not have significant correlations.And it used background information and relevant theory to explain the empirical results,then put forward suggestion from the three angles of internal and external