影響上海地區上市公司企業價值因素之研究

The Study of Influencing Factors on Enterprise’s value of Listed Companies in Shanghai.

郭子龍(Zi-Long Guo)

指導教授 ： 劉燦樑

共同指導教授 ： 趙慕芬

淡江大學/管理學院/管理科學研究所企業經營碩士在職專班/碩士(2006年)

https://doi.org/10.6846/TKU.2006.00371

摘要

在過去從事有關企業價值影響因素探討的文獻大都是在自由經濟制度下的地區或國家，而中國大陸經濟體質及政策上仍未脫離計畫經濟制度的思維，尤其A類股票上市公司有80%以上仍屬國有企業，加上大陸地區研究文獻幾是大談理論，鮮少實證。故本研究以中國上海A股為研究對象，進行實證研究，以瞭解影響這些企業之價值因素有那些。
在2003年，中國官方施行第五次宏觀調控後，本研究探討儼然已成為明日之星的上海A股上市公司之企業價值，以具代表性的12種產業673家樣本公司，進行多元迴歸模式實證，探討影響上海地區上市公司企業價值的主要因素，得到以下結果︰
一、各產業與應變數市場附加價值(MVA)具有正向顯著關係的變數有公司規模、營業風險、資產總額對數值、公司市值對帳面價值比、總市值對總資產比、有形資產比率、未來成長機會、成長性、內部現金流量、股票報酬率、淨資產、保留盈餘、現金增資、資金不足額等14項。
二、各產業與應變數市場附加價值(MVA)具有負向顯著關係的變數有非負債性租稅利益、現金股利對普通股市值比、持續性成長率等3項。
三、各產業與應變數市場附加價值(MVA)具有顯著關係，但會隨產業之不同而有所不同的變數有盈餘及淨現金流量波動性、各項稅費變動數等2項。
整體而言，將以往國內外研究顯著影響變數，在上海地區印證，其各模式R2皆相當高，故可以推論，資本結構理論仍適合上海地區A類股票上市公司，且影響其企業價值的因素亦相近，但是不同產業間卻有顯著的差異

關鍵字

資本結構 ； 市場附加價值 ； 企業價值

並列摘要

In the past decades, many research literatures about the element. That have effect on the business value were conducted in the countries or regions under the structure of free economy. However, in China, the notion of its economical style and policies still remain at the planning economy structure. This was best demonstrated by referring to the listed companies in A shares; which 80% of the firms listed in such share are state own enterprises. Through the review of many literatures done in China, most of them were still theory based rather than on the foundation of empirical research. Thus, in order to find out what factors affect the values of listed companies in China, the main objective is to conduct an empirical research on the A shared in Shanghai Stock Exchange.

In year 2003 after the fifth Macro-economical control in China, this study became a valuable research for the organizations listed in A shares of Shanghai Stock Exchange. Based on Multiple Regression Mode analysis on 673 companies that included 12 industries, the following findings had been found:
1.Industries and MVA were found to have positive relations with firm size, business risk, gross asset to value, market/book ratio, total market value to total asset ratio, tangible asset rate future growth opportunity, growth rate, cash inflow, Earnings per share, net asset, net profit, cash investment, and cash shortage.
2.Industries and MVA were found to have negative relations with dividends per share, continuing growth rate, and non-debt tax shield.
3.Industries were found to have relations with MVA; however, with cash different industry, some variables tend to change. Those variables were net profit and net cash flow movement, and change of tax and fee.

Overall, based on the R²test on the variables used by previous scholars, the results showed a high value of R². Thus, the study can conclude that the theory of capital structure is still suitable for the listed companies in A shares of Shanghai Stock Exchange. Also, the effect of variables on the business value is similar as well. However, based on the findings, the differences still exist among different industries.

並列關鍵字

the capital structure ； Market Value Added ； enterprise`s value

參考文獻

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