最优资本结构对企业价值影响的定量化分析-quantitative analysis of the influence of optimal capital structure on enterprise value.docxVIP

II II Abstract The academia had started to focus on the relationship between capital structure and enterprise value and wanted to identify the optimal capital structure exists or not since the capital structure theory was born. The diversified enterprise funds generate different capital structure, conflicts of interest and financial risk, thus affect financing costs, economic benefits and market value. When environment of enterprise are constant changing, how determine the optimal capital structure which can maximize the value of enterprise is an ultimate goal for the pursuit of financial management. Over viewing the capital structure theory, and research situation between capital structure and enterprise value at home and abroad can be found: almost scholars identified that a significant relationship between capital structure and enterprise value, but because of the time and space, the selected samples, methods and many other factors are different, the relationship between them are positive or negative correlation hasn’t only the conclusion until now. This paper focuses on correlation between capital structure and enterprise value, establishes a prediction model of the optimal capital structure, and references the residual income model for building a model about optimal capital structure and enterprise value. Using about 627 listed companies’ financial data and economic data with stata11.0 for empirical analysis. Take deviation of actual capital structure and optimal capital structure as a breakthrough point, quantitative analysis the correlation between the optimal capital structure and enterprise value is the innovation points. Through empirical analysis shows that the deviation generates from the actual capital structure and the optimal capital structure has a significant negative influence on the enterprise value. After Sample subdivision, we found that negative deviation of the capital structure has a significant negative influence on the enterprise value, and