Empirical Analysis of the Impact of Capital Structure on Firm Value — Based on the Empirical Data of High-Tech Listed Enterprises
DOI:
https://doi.org/10.61360/BoniGHSS242016580703Keywords:
capital structure, enterprise value, high-tech enterpriseAbstract
This paper selects computer, communication and other electronic equipment manufacturing enterprises as the representative of high-tech enterprises, and takes the data of 76 listed high-tech enterprises in the industry from 2019 to 2020 as samples, and carries out empirical test and research analysis on the impact of capital structure on enterprise value. The research shows that for high-tech enterprises, there is a significant positive correlation between capital structure and enterprise value, enterprises can improve the capital structure appropriately within a reasonable range, and then promote the development of enterprises.
References
Gao, L., & Pang, S. (2017). Research on capital structure and firm performance from the perspective of risk taking. Journal of Dalian University of Technology (Social Science Edition), 38(03), 18–23.
Jin, H., & Li, Q. (2015). Capital structure, growth and SME value: An empirical study based on panel threshold model. Business Research, 2015(02), 144–151.
Parrino, R., & Poteshman, A. M. (2005). Weisbach M S. measuring investment distortions when risk‐averse managers decide whether to undertake risky projects. Financial Management, 34(1), 21–60.
Li, L. (2016). The inverse u-shaped relationship between capital structure and firm value -- based on the intermediary effect of firm risk taking. Jiangsu Social Sciences, 2016(03), 109–115.
Wu, J. (2014). Research on IPO pricing model and application of high-tech companies in GEM. Chongqing University.
Zhang, Y. (2011). Review of research on valuation methods of high-tech enterprises. Productivity Research, 2011(07), 202–203, 211.
Hu, X., Kong, Y., & Zhao, H. (2015). The selection of value multiplier in enterprise valuation: A study based on industry differences. Audit and Economic Research, 30(01), 66–73.
Zhang, J. (2019). Science and technology board in the eyes of science and technology enterprise. China Business News.
Published
Issue
Section
License
Copyright (c) 2024 Haiqi Jiang

This work is licensed under a Creative Commons Attribution 4.0 International License.