上市公司筹资战略与股票价值的相关性分析.docVIP

PAGE PAGE 27 上市公司筹资战略与股票价值的相关性分析 摘要：随着我国经济和证券市场的发展，越来越多的上市公司在上市后选择了继续筹资，筹集资金以便于实现快速发展，筹集资金的金融工具的使用也从初始的简单权益、负债转变到现有的权益、半权益半负债、负债、自有资金等多种金融工具的组合使用。合理的运用筹资策略可以帮助企业快速的扩张，更为便捷的占据资金资源，并能够帮助企业减少融资成本、提高企业自身信誉度。在筹资的过程中，不同的筹资战略会导致企业在管理上、经营上、风险控制等多方面的改变，直接或间接的产生对股价的影响。但由于影响上市公司股票价值的因素较多、筹资战略对企业产生的作用的多方面性，股价和筹资战略之间的量化关系仍较为模糊。本文从筹资战略对企业经营方面的作用进行分析，研究企业获取资金并投入生产扩张的行为对上市公司股价的长期影响。根据2005年至2014年度的股市数据，通过建立筹资方式及规模与企业股票价值变动幅度的比例模型，分析各融资方式与企业股票价值的线性关系，判断是否更多的融资能够为企业创造价值，提高股票价值。此外，本文将对每一种融资方式均进行分析，分析债权融资、权益融资、半权益半债权融资各自与股票价值存在的线性关系。 关键词：筹资融资资本结构金融工具公司价值 Correlation analysis of financing strategy and share value Abstract：Along with the development of China’s economy and securities market, more and more public companies chose to finance after being listed, in order to develop and grow faster. In the same time, the development of financial instruments which changes from simple equity or simple debt to the combination of debt and equity makes the access to funds more possible for public companies. A reasonable financing strategy can help a listed company grow much faster by having more capital to invest and operate, while still maintain or even enhance the company’s reputation and decrease the average cost of capital. During the process of financing, different method will lead to changes in management, operation and risk control of the company and this can also influence the share price directly or indirectly. However, due to too much factors that have an impact on share price, it is quite hard to make a clear correlation between the financing strategy and share price. This paper analyses the impact of financing strategy on company’s operation, and studies the influence of more funds by financing to public company’s share price in long-term. By modelling the correlation between the amount and size of financing and the increment of share price from 2005 to 2014, this article analyses the relationship of this two subject and find out whether more amount of finance can lead to the growth