CAJ | 학술논문

在有摩擦的市场环境中，资本结构可以通过改变资本成本，改善公司治理，促进公司现金流的良性循环，达到提升企业价值，使现有股东财富最大化的目的。运用价值管理的新型计量工具——经济增加值（EVA），实证分析我国上市公司信息技术行业，电力、煤气及水的生产和供应业，房地产业，批发和零售贸易行业近年来的企业价值和资本结构之间的相互关系，得出如下结论：信息技术行业的资本结构与企业价值显著负相关；我国上市公司短期负债普遍占主导地位，除电力、煤气及水的生产和供应业外，其他三个行业的短期负债均与企业价值显著负相关；房地产行业长期负债率明显高于其他三个行业，并且也只有房地产行业的长期负债显著与企业价值正相关。
재유마찰적시장배경중，자본결구가이통과개변자본성본，개선공사치리，촉진공사현금류적량성순배，체도제승기업개치，사현유고동재부최대화적목적。운용개치관리적신형계량공구——경제증가치（EVA），실증분석아국상시공사신식기술행업，전력、매기급수적생산화공응업，방지산업，비발화령수무역행업근년래적기업개치화자본결구지간적상호관계，득출여하결론：신식기술행업적자본결구여기업개치현저부상관；아국상시공사단기부채보편점주도지위，제전력、매기급수적생산화공응업외，기타삼개행업적단기부채균여기업개치현저부상관；방지산행업장기부채솔명현고우기타삼개행업，병차야지유방지산행업적장기부채현저여기업개치정상관。
In frictional market, capital structure improves corporate governance and promotes cash flow by changing capital cost to enhances corporate value and maximize existing shareholders＇ wealth. This paper utilizes EVA （the econornie added value） to analyze relationship between enterprise value and capital structure empirically by using China＇s listed companies in information technology industry, electric power, gas and water production and supply industry, real estate industry, wholesale and retail trade sectors in recent years. The paper reaches the following conclusions： The capital structure of information technology industry has a significant negative correlation with enterprise value; Short - term liabilities of listed companies are generally dominant, and except electricity, gas and water sectors, the other three sectors＇ short-term liabilities and enterprise value are negatively correlated; The real estate industry＇s long-term debt ratio is significantly higher than the other three, and only long-term liabilities of the real estate industry has a significant positive correlation with the enterprise value.