本文關(guān)鍵詞： 時間效應(yīng) 公司價值 企業(yè)生命周期 上市公司　出處：《吉林大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著金融學(xué)的不斷演進，現(xiàn)代金融學(xué)產(chǎn)生了很多核心理論，公司價值便是其中之一，它被用來衡量企業(yè)給予其股東、債務(wù)人及其他利益相關(guān)者回報的能力，是公司金融決策的核心判別依據(jù)�，F(xiàn)有的企業(yè)生命周期理論將公司價值隨著時間的變化聯(lián)系起來。企業(yè)如同一個有機的生命體，它需要不斷地成長與發(fā)展來讓自己變得越來越強。企業(yè)的使命是公司價值最大化，因此自企業(yè)注冊成立的那天起，它就開始不斷追求成長和發(fā)展，和其他生命體一樣，企業(yè)的發(fā)展也要經(jīng)歷不同的生命周期。企業(yè)的生命周期論述的是企業(yè)價值從無到有，由小到大，到了成熟期后其價值漸漸衰弱，最后逐漸消亡的過程。 本篇論文主要討論公司金融領(lǐng)域的相關(guān)內(nèi)容，本文的思路為：首先用面板數(shù)據(jù)模型來研究公司價值時變特征，然后根據(jù)對美國紐約證券交易所1996-2010年325家上市公司價值隨時間變化的一般性規(guī)律，通過不同上市年度樣本和不同上市周期長度樣本來考察上市公司價值是否存在時變效應(yīng)，最后，對上述上市公司的財務(wù)數(shù)據(jù)進行實證檢驗，探尋究竟是哪些財務(wù)指標(biāo)能解釋公司價值時變特征。 結(jié)果表明： 1.無論是否剔除宏觀因素的影響，無論是否采用不同上市年度樣本和不同上市周期長度樣本，美國紐約證券交易所上市公司價值隨時間變化均呈現(xiàn)出典型的U型曲線特征，與前人對中國上海證券交易所上市的314家上市公司價值進行的時間效應(yīng)檢驗結(jié)果相比，結(jié)論是基本一致的，，但略有不同，體現(xiàn)在美國紐約證券交易所上市公司價值隨時間變化呈現(xiàn)的U型曲線特征并不如中國上市公司隨時間變化呈現(xiàn)的U型曲線特征結(jié)果明顯。這可能是因為中國公司上市前粉飾報表的動機較強，導(dǎo)致公司價值虛高，公司上市后真實的公司價值指標(biāo)開始顯現(xiàn)，導(dǎo)致公司價值下滑，最后又由于公司上市后獲得了較低成本的融資，推動了公司的發(fā)展，因此公司價值又逐漸上升所致。 2.無論是否采用不同上市年度樣本或者不同上市周期長度樣本，剔除宏觀因素后得到的回歸結(jié)果都要優(yōu)于未剔除宏觀因素得到的回歸結(jié)果，這可以說明上市公司價值確受宏觀因素影響。從不同上市周期長度樣本得到的實證結(jié)果，上市年份越長，回歸結(jié)果就越顯著。說明上市公司價值確實會隨著時間跨度變長而呈現(xiàn)出明顯的U型特征。 3.通過對美國上市公司的財務(wù)數(shù)據(jù)進行實證檢驗，結(jié)果表明，資產(chǎn)周轉(zhuǎn)率、凈股利的總回報指數(shù)、加權(quán)平均資本成本股本成本和加權(quán)平均資本成本債務(wù)成本這四個數(shù)據(jù)共同解釋了上市公司價值隨時間變化呈現(xiàn)出典型U型曲線特征的原因。
[Abstract]:With the continuous evolution of finance, modern finance has produced many core theories, one of which is corporate value, which is used to measure the ability of an enterprise to give returns to its shareholders, debtors and other stakeholders. It is the core judgment basis of corporate financial decision. The existing enterprise life cycle theory connects the value of the company with the change of time. The enterprise is like an organic organism. It needs to grow and grow to make itself stronger and stronger. The mission of the enterprise is to maximize the value of the company, so it has been pursuing growth and development since the day the company was registered, just like other living things. The enterprise life cycle discusses the process of enterprise value from nothing to existence, from small to large, after mature period, its value gradually weakens and finally dies out. This paper mainly discusses the related contents in the field of corporate finance. The ideas of this paper are as follows: firstly, we use the panel data model to study the time-varying characteristics of corporate value. Then, according to the general law of the value of 325 listed companies in the New York Stock Exchange from 1996 to 2010, the time-varying effect of the value of listed companies is investigated by using different annual samples and samples of different periods of listing. Finally, the financial data of the listed companies are empirically tested to find out which financial indicators can explain the time-varying characteristics of corporate value. The results show that:. 1. Whether or not the influence of macro factors is excluded, whether or not the samples of different annual listing years and different listing cycles are used, the value of listed companies on the New York Stock Exchange of the United States shows a typical U-shaped curve with the change of time. Compared with the time effect test results of 314 listed companies listed on Shanghai Stock Exchange, the conclusion is basically the same, but slightly different. The value of listed companies in the New York Stock Exchange of the United States of America shows a U-curve characteristic that changes with time, which is not as obvious as that of Chinese listed companies over time. This may be due to the fact that Chinese companies have shown the characteristics of U-shaped curves. The motivation to whitewash the statements before going to the market is stronger, As a result of the high value of the company, the real index of the value of the company after listing began to appear, which led to the decline of the value of the company. Finally, because of the low cost of financing after the listing of the company, it promoted the development of the company. As a result, the value of the company is gradually rising again. 2. Whether or not different annual samples are used or not, the regression results obtained after removing macro factors are better than those obtained without macro factors. This can show that the value of listed companies is really influenced by macro factors. The longer the year of listing, the longer the empirical results obtained from samples of different listing cycles. The more significant the regression result is, the more obvious the U shape characteristic of the listed company value is with the time span increasing. 3. An empirical test on the financial data of listed companies in the United States shows that the asset turnover, the total return index of net dividend, The four data of weighted average capital cost equity cost and weighted average capital cost debt cost together explain why the value of listed companies shows the typical U-shaped curve characteristics over time.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F837.12;F224

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