论文部分内容阅读
该文在吸收国内外资本结构与公司价值关系的理论和实证研究成果的基础上,探讨了上市公司发行债券对公司价值的影响,并分行业讨论了上市公司发行债券的影响。结果显示,上市公司融资对于公司股价的影响与公司所处的行业密切相关,固定资产要求的比率越大,行业对于资本密集程度要求越高,在公司进行债权融资后股票价格的走势相对越好。
Based on the theoretical and empirical research on the relationship between capital structure and firm value at home and abroad, this paper explores the impact of the issuance of bonds by listed companies on firm value, and discusses the influence of bond issuance by listed companies by industry. The results show that the impact of listed company’s financing on the company’s share price is closely related to the company’s industry. The higher the ratio of fixed asset requirements, the higher the capital-intensive industries demand, the better the stock price trend after the company’s debt financing .