增長性、融資靈活性與企業(yè)資本結構關系研究.pdf

1、華僑大學碩士學位論文增長性、融資靈活性與企業(yè)資本結構關系研究姓名：李寶玲申請學位級別：碩士專業(yè)：技術經(jīng)濟及管理指導教師：陳金龍200606014ABSTRACTThis dissertation stating from the research of the composition and measurement of enterprisevalue, through the analysis enterprise

2、value in growth opportunity and the financial flexibilityfrom financing, empirical analysis of China's listed companies growth opportunities and capitalstructure, and using option price technology to make the finan

3、cial flexibility conceptualization,model- based, and determines its value. On the basis of the expanded enterprise value, put forwardthe expanded of trade theory. And finally using the expanded trade

4、theory to explain the financingbehaviors of China's listed companies.The major flaw of modern capital structure theory is that it cannot explain very well manyenterprises remain low debt levels when tax

5、 benefits is large and bankruptcy costs is small.This kind of phenomenon deviated the basic perspective of the modern capital structuretheory. Under the meaning of traditional enterprise value, deviated t

6、he optimal capital structure ofenterprises value maximization. This dissertation carried on the thorough analysis to thisphenomenon from the financial flexibility, and proposed the expanded enterprise value theory,sho

7、wed enterprise's goal should be the expanded enterprise value maximization. Thus given agood reason to explain the enterprise's equity financing preferences well.This dissertation given a introduce of th

8、e measurement of expected cash flow basedenterprise value first, and demonstrated essential uniformity of DCF method and EVA methodemphatically.Then has carried on the theory and empirical analysis of the relationship of

9、 growthopportunities and capital structure, proved the growth opportunity and enterprise's debt ratiohighly negative related, enterprise who with higher growth opportunities, have the more inclinedto maintain low de

10、bt level. On this basis, the dissertation introduced the financial flexibility, anduse options pricing theory to price it. Then merges the financial flexibility value to traditionalenterprise valuation, expand the

11、 meaning of enterprise value and amended the traditional capitalstructure theory. In uncertain conditions, the financial flexibility value that obtains from equityfinancing can compensate for the increased capit

12、al cost from deviate the optimal capital structure.Finally, through analyze financing environment of our listed companies and resulting financingbehavior, the dissertation explained the maintain of financial

13、flexibility is a important reason forcompany’s equity financing preference, from a renewed perspective on the phenomenon of manyenterprises' low debt.Key Words: Growth opportunities; financial flex