本文關鍵詞： 文化傳媒 資本結構 企業(yè)價值 實證分析　出處：《東南大學》2016年碩士論文　論文類型：學位論文

【摘要】：隨著我國經(jīng)濟的快速發(fā)展,在全面深入推進文化體制改革的背景之下,管理層陸續(xù)出臺了多個支持文化產(chǎn)業(yè)發(fā)展的政策,我國文化傳媒企業(yè)迎來新的契機。近年來文化傳媒企業(yè)通過深化公司治理、推動兼并重組和推進股權激勵等方式不斷發(fā)展,與此同時企業(yè)資本結構也在企業(yè)發(fā)展過程中不斷變化。文化傳媒企業(yè)在享受良好發(fā)展機遇的同時,如何謹慎利用各種投資機會,規(guī)避風險,企業(yè)采取何種經(jīng)營決策和融資決策,在企業(yè)轉型的過程中如何通過優(yōu)化企業(yè)資本結構提升企業(yè)價值,對輕資產(chǎn)、低負債率、偏好股權融資的文化傳媒企業(yè)來說是十分重要的研究課題。本文研究我國文化傳媒上市公司資本結構對企業(yè)價值的影響,對促進文化傳媒企業(yè)的發(fā)展具有重大意義。本文以我國文化傳媒上市公司為研究對象,首先闡述資本結構理論、企業(yè)價值理論以及資本結構對企業(yè)價值的作用機理,分析資本結構在企業(yè)價值評估中的重要地位；其次分析當前文化傳媒企業(yè)的資本結構特點和企業(yè)發(fā)展現(xiàn)狀,并選用EVA評估模型對文化傳媒上市公司企業(yè)價值進行評估；之后選取我國38家文化傳媒上市公司2009年至2014年六年間共228個樣本的數(shù)據(jù),并建立面板模型,利用Stata統(tǒng)計分析軟件對我國文化傳媒上市公司資本結構對企業(yè)價值的影響進行實證分析,并對我國民營文化傳媒上市公司與國有文化傳媒上市公司資本結構對企業(yè)價值的影響進行對比分析。本文研究發(fā)現(xiàn),我國文化傳媒上市公司資產(chǎn)負債率與企業(yè)價值呈倒“U”型相關關系；長期有息負債率與企業(yè)價值存在負相關性,但關系不顯著；股權集中度對企業(yè)價值有負面影響,但股權集中度對民營文化傳媒上市公司企業(yè)價值有正面影響：核心競爭力、公司規(guī)模、成長性與企業(yè)價值存在顯著正相關關系。通過對回歸結果的分析,結合當前我國文化傳媒上市公司面臨的市場環(huán)境和發(fā)展現(xiàn)狀,對完善我國文化傳媒上市公司資本結構,提高其企業(yè)價值提出改進建議。
[Abstract]:With the rapid economic development in China, in the context of comprehensive and in-depth promotion of cultural system reform, the management has issued a number of policies to support the development of cultural industry. In recent years, cultural media enterprises continue to develop through deepening corporate governance, promoting mergers and reorganization, and promoting equity incentives. At the same time, the capital structure of enterprises is constantly changing in the process of enterprise development. While enjoying the good development opportunities, cultural media enterprises how to make careful use of all kinds of investment opportunities to avoid risks. In the process of enterprise transformation, how to optimize the capital structure of the enterprise to enhance the value of the enterprise, light assets, low debt ratio. Cultural media enterprises prefer equity financing is a very important research topic. This paper studies the impact of capital structure on corporate value of listed companies of cultural media in China. It is of great significance to promote the development of cultural media enterprises. This paper takes the listed companies of cultural media in China as the research object, and firstly expounds the theory of capital structure. The theory of enterprise value and the action mechanism of capital structure on enterprise value are analyzed, and the important position of capital structure in enterprise value evaluation is analyzed. Secondly, it analyzes the characteristics of capital structure and the current situation of development of cultural media enterprises, and selects EVA evaluation model to evaluate the value of listed companies of cultural media. After that, the data of 228 samples of 38 listed cultural media companies from 2009 to 2014 were selected, and the panel model was established. Using the Stata statistical analysis software, this paper makes an empirical analysis on the influence of capital structure on the enterprise value of the listed companies of cultural media in China. And the private cultural media listed companies and state-owned cultural media listed companies on the impact of capital structure on the value of enterprises are compared and analyzed. The relationship between the asset-liability ratio and the enterprise value of the listed companies of cultural media in China is inverted "U" type. There is a negative correlation between long-term interest-bearing debt ratio and enterprise value, but the relationship is not significant. Ownership concentration has a negative impact on corporate value, but ownership concentration has a positive impact on the corporate value of private cultural media listed companies: core competitiveness, company size. There is a significant positive correlation between growth and enterprise value. Through the analysis of regression results, combined with the current market environment and development situation of listed companies of cultural media in China. Some suggestions are put forward to improve the capital structure and enterprise value of the listed companies of cultural media in China.
【學位授予單位】：東南大學
【學位級別】：碩士
【學位授予年份】：2016
【分類號】：G124;F275

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本文編號：1445565