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The Analysis of Optimal Capital Structure of the Equipment Manufacturing Industry Listed Companies Based on the Enterprise Value

机译:基于企业价值的装备制造业上市公司最优资本结构分析

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In order to reduce the deviation of model set, The article researches the relationship between capital structure and corporate value based on the nonparametric method, adjusts the form of the variables in ordinary panel data model, and evaluates the optimal capital structure of the equipment manufacturing industry listed companies by using LSDV. Based on the financial data of the equipment manufacturing industry listed companies in China in 2006-2013, The article examines the equipment manufacturing company's optimal capital structure from the perspective of enterprise value. The results showed that the relationship between the company's enterprise value and capital structure of equipment manufacturing industry presents u-shaped curve. There exists the capital structure which can make the enterprise value maximized. That is to say the optimal asset-liability ratio is 32.87%.
机译:为了减少模型集的偏差,本文基于非参数方法研究了资本结构与公司价值的关系,调整了普通面板数据模型中变量的形式,并评估了装备制造业的最优资本结构。使用LSDV的上市公司。本文基于2006-2013年中国装备制造业上市公司的财务数据,从企业价值的角度考察了装备制造业公司的最优资本结构。结果表明,企业价值与装备制造业资本结构之间的关系呈U形曲线。存在能够使企业价值最大化的资本结构。也就是说,最优资产负债率为32.87%。

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