基于结构方程模型的企业价值影响因素的研究——以制造业上市公司为例
|
摘要
文章以制造业上市公司为研究样本,运用结构方程模型,利用2014-2016年财务数据实证分析了对制造业企业价值的影响因素。研究结果表明:制造业的负债水平与企业价值显著负相关,负债率越高,企业价值越低;创新能力、盈利能力与制造业的企业价值显著正相关,创新投入越高、盈利能力越强,企业价值越高;而治理结构与企业价值的关系没有得到实证检验。因此,对于制造业而言,应当合理控制负债水平、进一步提高企业的盈利能力,同时加大企业的创新投入,推动企业进一步做大做强。
This paper takes manufacturing enterprises as examples,uses the financial data from 2014 to 2016 to analyze the influencing factors of enterprise value by the structural equation modeling.The results show that the debt level is negatively correlated with the enterprise value,the higher the debt ratio,the lower the enterprise value;the innovation ability and profitability are positively correlated with the enterprise value,the higher the innovation investment and profitability,the higher the enterprise value;but the governance structure has no relationship with the enterprise value.Therefore,the manufacturing industry should keep the debt level reasonably,improve the profitability,increase the innovation investment,and then the enterprise can become bigger and stronger.
This paper takes manufacturing enterprises as examples,uses the financial data from 2014 to 2016 to analyze the influencing factors of enterprise value by the structural equation modeling.The results show that the debt level is negatively correlated with the enterprise value,the higher the debt ratio,the lower the enterprise value;the innovation ability and profitability are positively correlated with the enterprise value,the higher the innovation investment and profitability,the higher the enterprise value;but the governance structure has no relationship with the enterprise value.Therefore,the manufacturing industry should keep the debt level reasonably,improve the profitability,increase the innovation investment,and then the enterprise can become bigger and stronger.
引文
[1]孙理军,严良.全球价值链上中国制造业转型升级绩效的国际比较[J].宏观经济研究,2016(1):73-85.Sun L J,Yan L.International Comparison of Chinese Manufacturing Transformation and Upgrading Performance on the Global Value Chain[J].Macroeconomics,2016(1):73-85.
[2]Ross,S.The Determination of Financial Structure:The Incentive-signaling Approach[J].Bell Journal of Economics,1977,8(1):23-40.
[3]Myers,S.C.,Majluf,N.S.Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have[J].Social Science Electronic Publishing,2001,13(2):187-221.
[4]汪辉.上市公司债务融资、公司治理与市场价值[J].经济研究,2003(08):28-35+91.Wang H.Debt Financing,Corporate Governance and Market Value of Listed Companies[J].Economic Research Journal,2003(08):28-35+91.
[5]金辉,李秋浩.资本结构、成长性与中小企业价值--基于面板门槛模型的实证研究[J].商业研究,2015,57(2):144-151.Jin H,Li Q H.Capital Structure,Growth and SME Enterprise Value:An Empirical Study Based on Panel Threshold Model[J].Commercial Research,2015,57(2):144-151.
[6]Masulis,R.W.The Impact of Capital Structure Change on Firm Value:Some Estimates[J].Journal of Finance,1983,38(1):107-126.
[7]郑祥风.中国上市公司动态最优资本结构的理论模型[J].中国管理科学,2015,23(3):47-55.Zheng X F.A Model of the Dynamic Optimal Capital Structure in China[J].Chinese Journal of Management Science,2015,23(3):47-55.
[8]李露.资本结构与企业价值的倒U型关系研究--基于企业风险承担的中介效应[J].江苏社会科学,2016(3):109-115.Li L.Inverted U Relationship between Capital Structure and Firm Value:Based on the Mediating Effect of Corporate Risk-Taking[J].Jiangsu Social Sciences,2016(3):109-115.
[9]Awunyovitor,D.,Badu,J.Capital Structure and Performance of Listed Banks in Ghana[J].Global Journal of Human-social Science Research,2012,12(5):57-62.
[10]陈文浩,刘春江,陈晓懿.管制放松背景下的利率变动与公司资本结构动态调整--基于制造业的经验分析[J].财经研究,2012,38(12):63-73.Chen W H,Liu C J,Chen X Y.The Changes in Interest Rates and Dynamic Adjustment for Corporate Capital Structure under Deregulation:Evidence from Manufacturing[J].Journal of Finance and Economics,2012,38(12):63-73.
[11]王瑜,綦好东.实际税负、资本结构对企业价值影响的实证检验--农工一体化企业与农工非一体化企业的比较[J].税务研究,2015(3):108-112.Wang Y,Qi H D.Empirical Test on the Impact of Actual Tax Burden and Capital Structure on Enterprise Value:A Comparison between Agricultural-Industrial Integration Enterprises and Non-agricultural-industrial Integration Enterprises[J].Taxation Research,2015(3):108-112.
[12]高磊,庞守林.基于风险承担视角的资本结构与企业绩效研究[J].大连理工大学学报(社会科学版),2017,38(3):18-23.Gao L,Pang S L.Research on Capital Structure and Firm Performance from the Perspective of Risk Taking[J].Journal of Dalian University of Technology(Social Sciences),2017,38(3):18-23.
[13]陈共荣,谢建宏,胡振国.中国转轨经济中资本结构与企业价值的相关性分析[J].系统工程,2005,23(1):37-41.Chen G R,Xie J H,Hu Z G.Relevance between Capital Structure and Enterprise Value in Chinese Listed Companies[J].Systems Engineering,2005,23(1):37-41.
[14]Claessens,S.,Djankov,S.,Lang,L.H.P.The Separation of Ownership and Control in East Asian Corporations[J].Journal of Financial Economics,2000,58(1):81-112.
[15]李亚静,朱宏泉,黄登仕,周应峰.股权结构与公司价值创造[J].管理科学学报,2006,9(5):65-74.Li Y J,Zhu H Q,Huang D S,Zhou Y F.Ownership Structure and Value Creation[J].Journal of Management Sciences in China,2006,9(5):65-74.
[16]王晓巍,陈逢博.创业板上市公司股权结构与企业价值[J].管理科学,2014(6):40-52.Wang X W,Chen F B.Ownership Structure and Enterprises’Value of Growth Enterprise Market Listed Companies[J].Journal of Management Science,2014(6):40-52.
[17]魏熙晔,张前程.最优股权结构与公司价值--理论模型与来自中国的经验证据[J].当代经济科学,2014,36(3):92-103.Wei X Y,Zhang Q C.Optimal Equity Structure and Corporate Value:Theoretical Model and the Empirical Evidence from China[J].Modern Economic Science,2014,36(3):92-103.
[18]俞雪莲,王健俊.公司治理、多元化战略对企业价值的影响--基于零售业上市公司的实证分析[J].现代财经(天津财经大学学报),2017(5):86-100.Yu X L,Wang J J.The Impact of Corporate Governance and Diversification Strategy on Firm Value:An Empirical Analysis Based on Retail Listed Companies[J].Modern Finance and Economics-Fournel of Tianjin University of Finance and Economics,2017(5):86-100.
[19]陆伟,吴晓明.中国上市企业公司治理结构分析--基于医药行业的实证研究[J].江苏社会科学,2017(3):94-99.Lu W,Wu X M.An Analysis of the Corporate Governance Structure of Chinese Listed Companies:An Experimental Research Based on Pharmaceutical Industry[J].Jiangsu Social Sciences,2017(3):94-99.
[20]袁涛.股权结构、关联方交易与企业价值相关性研究[J].财会通讯,2017(03):40-44.Yuan T.Communication of Finance and Accounting[J].Communication of Finance and Accounting,2017(03):40-44.
[21]Brickley,J.A.,Coles,J.L.,Terry,R.L.Outside Directors and the Adoption of Poison Pills[J].Journal of Financial Economics,1994,35(3):371-390.
[22]Gupta,M.,Fields,L.P.Board Independence and Corporate Governance:Evidence from Director Resignations[J].Journal of Business Finance&Accounting,2010,36(1-2):161-184.
[23]张梅.独立董事、控股股东代理成本与企业价值[J].东南学术,2013(03):88-98.Zhang M.Independent Directors,Agency Cost of Controlling Shareholders and Enterprise Value[J].Southeast Academic Research,2013(03):88-98.
[24]石大林.股权集中度、董事会特征与公司绩效的关系研究[J].东北财经大学学报,2014(01):28-33.Shi D L.Research on the Relationship between Ownership Concentration,Board Characteristics and Corporate Performance[J].Journal of Northeast University of Finance and Economics,2014(01):28-33.
[25]孙艳梅.不确定性冲击下的独立董事与企业投资行为研究[J].浙江社会科学,2015(1):49-61.Sun Y M.An Empirical Study on Independent Director and Investment Behavior under Environment Uncertainty[J].Zhejiang Social Sciences,2015(1):49-61.
[26]刘明达,顾强.从供给侧改革看先进制造业的创新发展--世界各主要经济体的比较及其对我国的启示[J].经济社会体制比较,2016(1):19-29.Liu M D,Gu Q.Path Analysis of Advanced Manufacturing Innovation and the Development of China:A Comparative Study of Economic Entities during the New Industrial Revolution[J].Comparative Economic&Social Systems,2016(1):19-29.
[27]Baum,J.A.C.,Dobbin,F.Firm Resources and Sustained Competitive Advantage[J].Journal of Management:Official Journal of the Southern Management Association,1991,17(1):3-10.
[28]Grant,R.M.The Resource-Based Theory of Competitive Advantage:Implications for Strategy Formulation[J].Knowledge&Strategy,1999,33(3):3-23.
[29]Myers,S.C.Determinants of Corporate Borrowing[J].Journal of Financial Economics,1976,5(2):147-175.
[30]Griliches,Z.Market Value,R&D and Patents[J].Economic Letters,1981,7(2):183-187.
[31]Lev,B.,Sougiannis,T.The Capitalization,Amortization,and Value-relevance of R&D[J].Journal of Accounting&Economics,1996,21(1):107-138.
[32]胡婉丽,汤书昆,胡长颂.合作创新与企业价值分析[J].运筹与管理,2004,13(4):147-150.Hu W L,Tang S K,Hu C S.Cooperation Research and Firm Value[J].Operations Research and Management Science,2004,13(4):147-150.
[33]刘辉,滕浩,王浩丁.研发创新影响下的人力资本与企业价值的关系--基于软件上市公司面板数据的实证研究[J].管理现代化,2016,36(6):85-87.Liu H,Teng H,Wang H D.The Relationship between Human Capital and Enterprise Value under the Impact of Innovation:Based on Panel Data of Software Listed Companies[J].Modernization of Management,2016,36(6):85-87.
[34]李海燕.管理者特质、技术创新与企业价值[J].经济问题,2017(6):91-97.Li H Y.Research on Managerial Traits,Innovation and Firm Value[J].On Economic Problems,2017(6):91-97.
[35]张小有,黄冰冰,周晓盼.上市公司无形资产与企业价值相关性分析[J].会计之友,2016(10):70-72.Zhang X Y,Huang B B,Zhou X P.Correlation Analysis between Intangible Assets and Enterprise Value of Listed Companies[J].Friends of Accounting,2016(10):70-72.
[36]谢文刚.创新投入、股权结构与企业价值[J].财会通讯,2017(12):93-97.Xie W G.Innovation Investment,Ownership Structure and Enterprise Value[J].Communication of Finance and Accounting,2017(12):93-97.
[37]Hershberger,S.L.The Growth of Structural Equation Modeling:1994-2001[J].Structural Equation Modeling,2003,10(1):35-46.
[38]Tremblay,P.F.,Gardner,R.C.On the Growth of Structural Equation Modeling in Psychological Journals[J].Structural Equation Modeling:A Multidisciplinary Journal,1996,3(2):93-104.
[2]Ross,S.The Determination of Financial Structure:The Incentive-signaling Approach[J].Bell Journal of Economics,1977,8(1):23-40.
[3]Myers,S.C.,Majluf,N.S.Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have[J].Social Science Electronic Publishing,2001,13(2):187-221.
[4]汪辉.上市公司债务融资、公司治理与市场价值[J].经济研究,2003(08):28-35+91.Wang H.Debt Financing,Corporate Governance and Market Value of Listed Companies[J].Economic Research Journal,2003(08):28-35+91.
[5]金辉,李秋浩.资本结构、成长性与中小企业价值--基于面板门槛模型的实证研究[J].商业研究,2015,57(2):144-151.Jin H,Li Q H.Capital Structure,Growth and SME Enterprise Value:An Empirical Study Based on Panel Threshold Model[J].Commercial Research,2015,57(2):144-151.
[6]Masulis,R.W.The Impact of Capital Structure Change on Firm Value:Some Estimates[J].Journal of Finance,1983,38(1):107-126.
[7]郑祥风.中国上市公司动态最优资本结构的理论模型[J].中国管理科学,2015,23(3):47-55.Zheng X F.A Model of the Dynamic Optimal Capital Structure in China[J].Chinese Journal of Management Science,2015,23(3):47-55.
[8]李露.资本结构与企业价值的倒U型关系研究--基于企业风险承担的中介效应[J].江苏社会科学,2016(3):109-115.Li L.Inverted U Relationship between Capital Structure and Firm Value:Based on the Mediating Effect of Corporate Risk-Taking[J].Jiangsu Social Sciences,2016(3):109-115.
[9]Awunyovitor,D.,Badu,J.Capital Structure and Performance of Listed Banks in Ghana[J].Global Journal of Human-social Science Research,2012,12(5):57-62.
[10]陈文浩,刘春江,陈晓懿.管制放松背景下的利率变动与公司资本结构动态调整--基于制造业的经验分析[J].财经研究,2012,38(12):63-73.Chen W H,Liu C J,Chen X Y.The Changes in Interest Rates and Dynamic Adjustment for Corporate Capital Structure under Deregulation:Evidence from Manufacturing[J].Journal of Finance and Economics,2012,38(12):63-73.
[11]王瑜,綦好东.实际税负、资本结构对企业价值影响的实证检验--农工一体化企业与农工非一体化企业的比较[J].税务研究,2015(3):108-112.Wang Y,Qi H D.Empirical Test on the Impact of Actual Tax Burden and Capital Structure on Enterprise Value:A Comparison between Agricultural-Industrial Integration Enterprises and Non-agricultural-industrial Integration Enterprises[J].Taxation Research,2015(3):108-112.
[12]高磊,庞守林.基于风险承担视角的资本结构与企业绩效研究[J].大连理工大学学报(社会科学版),2017,38(3):18-23.Gao L,Pang S L.Research on Capital Structure and Firm Performance from the Perspective of Risk Taking[J].Journal of Dalian University of Technology(Social Sciences),2017,38(3):18-23.
[13]陈共荣,谢建宏,胡振国.中国转轨经济中资本结构与企业价值的相关性分析[J].系统工程,2005,23(1):37-41.Chen G R,Xie J H,Hu Z G.Relevance between Capital Structure and Enterprise Value in Chinese Listed Companies[J].Systems Engineering,2005,23(1):37-41.
[14]Claessens,S.,Djankov,S.,Lang,L.H.P.The Separation of Ownership and Control in East Asian Corporations[J].Journal of Financial Economics,2000,58(1):81-112.
[15]李亚静,朱宏泉,黄登仕,周应峰.股权结构与公司价值创造[J].管理科学学报,2006,9(5):65-74.Li Y J,Zhu H Q,Huang D S,Zhou Y F.Ownership Structure and Value Creation[J].Journal of Management Sciences in China,2006,9(5):65-74.
[16]王晓巍,陈逢博.创业板上市公司股权结构与企业价值[J].管理科学,2014(6):40-52.Wang X W,Chen F B.Ownership Structure and Enterprises’Value of Growth Enterprise Market Listed Companies[J].Journal of Management Science,2014(6):40-52.
[17]魏熙晔,张前程.最优股权结构与公司价值--理论模型与来自中国的经验证据[J].当代经济科学,2014,36(3):92-103.Wei X Y,Zhang Q C.Optimal Equity Structure and Corporate Value:Theoretical Model and the Empirical Evidence from China[J].Modern Economic Science,2014,36(3):92-103.
[18]俞雪莲,王健俊.公司治理、多元化战略对企业价值的影响--基于零售业上市公司的实证分析[J].现代财经(天津财经大学学报),2017(5):86-100.Yu X L,Wang J J.The Impact of Corporate Governance and Diversification Strategy on Firm Value:An Empirical Analysis Based on Retail Listed Companies[J].Modern Finance and Economics-Fournel of Tianjin University of Finance and Economics,2017(5):86-100.
[19]陆伟,吴晓明.中国上市企业公司治理结构分析--基于医药行业的实证研究[J].江苏社会科学,2017(3):94-99.Lu W,Wu X M.An Analysis of the Corporate Governance Structure of Chinese Listed Companies:An Experimental Research Based on Pharmaceutical Industry[J].Jiangsu Social Sciences,2017(3):94-99.
[20]袁涛.股权结构、关联方交易与企业价值相关性研究[J].财会通讯,2017(03):40-44.Yuan T.Communication of Finance and Accounting[J].Communication of Finance and Accounting,2017(03):40-44.
[21]Brickley,J.A.,Coles,J.L.,Terry,R.L.Outside Directors and the Adoption of Poison Pills[J].Journal of Financial Economics,1994,35(3):371-390.
[22]Gupta,M.,Fields,L.P.Board Independence and Corporate Governance:Evidence from Director Resignations[J].Journal of Business Finance&Accounting,2010,36(1-2):161-184.
[23]张梅.独立董事、控股股东代理成本与企业价值[J].东南学术,2013(03):88-98.Zhang M.Independent Directors,Agency Cost of Controlling Shareholders and Enterprise Value[J].Southeast Academic Research,2013(03):88-98.
[24]石大林.股权集中度、董事会特征与公司绩效的关系研究[J].东北财经大学学报,2014(01):28-33.Shi D L.Research on the Relationship between Ownership Concentration,Board Characteristics and Corporate Performance[J].Journal of Northeast University of Finance and Economics,2014(01):28-33.
[25]孙艳梅.不确定性冲击下的独立董事与企业投资行为研究[J].浙江社会科学,2015(1):49-61.Sun Y M.An Empirical Study on Independent Director and Investment Behavior under Environment Uncertainty[J].Zhejiang Social Sciences,2015(1):49-61.
[26]刘明达,顾强.从供给侧改革看先进制造业的创新发展--世界各主要经济体的比较及其对我国的启示[J].经济社会体制比较,2016(1):19-29.Liu M D,Gu Q.Path Analysis of Advanced Manufacturing Innovation and the Development of China:A Comparative Study of Economic Entities during the New Industrial Revolution[J].Comparative Economic&Social Systems,2016(1):19-29.
[27]Baum,J.A.C.,Dobbin,F.Firm Resources and Sustained Competitive Advantage[J].Journal of Management:Official Journal of the Southern Management Association,1991,17(1):3-10.
[28]Grant,R.M.The Resource-Based Theory of Competitive Advantage:Implications for Strategy Formulation[J].Knowledge&Strategy,1999,33(3):3-23.
[29]Myers,S.C.Determinants of Corporate Borrowing[J].Journal of Financial Economics,1976,5(2):147-175.
[30]Griliches,Z.Market Value,R&D and Patents[J].Economic Letters,1981,7(2):183-187.
[31]Lev,B.,Sougiannis,T.The Capitalization,Amortization,and Value-relevance of R&D[J].Journal of Accounting&Economics,1996,21(1):107-138.
[32]胡婉丽,汤书昆,胡长颂.合作创新与企业价值分析[J].运筹与管理,2004,13(4):147-150.Hu W L,Tang S K,Hu C S.Cooperation Research and Firm Value[J].Operations Research and Management Science,2004,13(4):147-150.
[33]刘辉,滕浩,王浩丁.研发创新影响下的人力资本与企业价值的关系--基于软件上市公司面板数据的实证研究[J].管理现代化,2016,36(6):85-87.Liu H,Teng H,Wang H D.The Relationship between Human Capital and Enterprise Value under the Impact of Innovation:Based on Panel Data of Software Listed Companies[J].Modernization of Management,2016,36(6):85-87.
[34]李海燕.管理者特质、技术创新与企业价值[J].经济问题,2017(6):91-97.Li H Y.Research on Managerial Traits,Innovation and Firm Value[J].On Economic Problems,2017(6):91-97.
[35]张小有,黄冰冰,周晓盼.上市公司无形资产与企业价值相关性分析[J].会计之友,2016(10):70-72.Zhang X Y,Huang B B,Zhou X P.Correlation Analysis between Intangible Assets and Enterprise Value of Listed Companies[J].Friends of Accounting,2016(10):70-72.
[36]谢文刚.创新投入、股权结构与企业价值[J].财会通讯,2017(12):93-97.Xie W G.Innovation Investment,Ownership Structure and Enterprise Value[J].Communication of Finance and Accounting,2017(12):93-97.
[37]Hershberger,S.L.The Growth of Structural Equation Modeling:1994-2001[J].Structural Equation Modeling,2003,10(1):35-46.
[38]Tremblay,P.F.,Gardner,R.C.On the Growth of Structural Equation Modeling in Psychological Journals[J].Structural Equation Modeling:A Multidisciplinary Journal,1996,3(2):93-104.