CAJ | 학술논문

管理层的财务决策会对企业价值产生重要影响.财务决策大致可以分为筹资决策、运营决策、投资决策和分配决策.本文在相关理论综述的基础上,从负债结构、无形资产、股利政策、股权结构四个方面,选取沪深上市公司2014年财务报告相关指标,衡量并探讨其与企业价值的关系,揭示财务决策对企业价值影响的最新动态.
관리층적재무결책회대기업개치산생중요영향.재무결책대치가이분위주자결책、운영결책、투자결책화분배결책.본문재상관이론종술적기출상,종부채결구、무형자산、고리정책、고권결구사개방면,선취호심상시공사2014년재무보고상관지표,형량병탐토기여기업개치적관계,게시재무결책대기업개치영향적최신동태.
The financial decisions of management may have influences on the enterprise value.Financial deci-sions can be roughly divided into the financing decisions,the operating decisions,the investment decisions and the allocation decisions.On the basis of reviewing the related theory,in this paper,we consider debt structure,intangi-ble assets,dividend policy and equity structure,choose related indicators in 2014 financial reports of Shanghai and Shenzhen listed companies,and measure and explore their relationship with the enterprise value,to reveal the latest development of the impact of financial decision-making on the enterprise value.