本文關(guān)鍵詞： 文化傳媒 資本結(jié)構(gòu) 企業(yè)價(jià)值 實(shí)證分析　出處：《東南大學(xué)》2016年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：隨著我國(guó)經(jīng)濟(jì)的快速發(fā)展,在全面深入推進(jìn)文化體制改革的背景之下,管理層陸續(xù)出臺(tái)了多個(gè)支持文化產(chǎn)業(yè)發(fā)展的政策,我國(guó)文化傳媒企業(yè)迎來(lái)新的契機(jī)。近年來(lái)文化傳媒企業(yè)通過(guò)深化公司治理、推動(dòng)兼并重組和推進(jìn)股權(quán)激勵(lì)等方式不斷發(fā)展,與此同時(shí)企業(yè)資本結(jié)構(gòu)也在企業(yè)發(fā)展過(guò)程中不斷變化。文化傳媒企業(yè)在享受良好發(fā)展機(jī)遇的同時(shí),如何謹(jǐn)慎利用各種投資機(jī)會(huì),規(guī)避風(fēng)險(xiǎn),企業(yè)采取何種經(jīng)營(yíng)決策和融資決策,在企業(yè)轉(zhuǎn)型的過(guò)程中如何通過(guò)優(yōu)化企業(yè)資本結(jié)構(gòu)提升企業(yè)價(jià)值,對(duì)輕資產(chǎn)、低負(fù)債率、偏好股權(quán)融資的文化傳媒企業(yè)來(lái)說(shuō)是十分重要的研究課題。本文研究我國(guó)文化傳媒上市公司資本結(jié)構(gòu)對(duì)企業(yè)價(jià)值的影響,對(duì)促進(jìn)文化傳媒企業(yè)的發(fā)展具有重大意義。本文以我國(guó)文化傳媒上市公司為研究對(duì)象,首先闡述資本結(jié)構(gòu)理論、企業(yè)價(jià)值理論以及資本結(jié)構(gòu)對(duì)企業(yè)價(jià)值的作用機(jī)理,分析資本結(jié)構(gòu)在企業(yè)價(jià)值評(píng)估中的重要地位；其次分析當(dāng)前文化傳媒企業(yè)的資本結(jié)構(gòu)特點(diǎn)和企業(yè)發(fā)展現(xiàn)狀,并選用EVA評(píng)估模型對(duì)文化傳媒上市公司企業(yè)價(jià)值進(jìn)行評(píng)估；之后選取我國(guó)38家文化傳媒上市公司2009年至2014年六年間共228個(gè)樣本的數(shù)據(jù),并建立面板模型,利用Stata統(tǒng)計(jì)分析軟件對(duì)我國(guó)文化傳媒上市公司資本結(jié)構(gòu)對(duì)企業(yè)價(jià)值的影響進(jìn)行實(shí)證分析,并對(duì)我國(guó)民營(yíng)文化傳媒上市公司與國(guó)有文化傳媒上市公司資本結(jié)構(gòu)對(duì)企業(yè)價(jià)值的影響進(jìn)行對(duì)比分析。本文研究發(fā)現(xiàn),我國(guó)文化傳媒上市公司資產(chǎn)負(fù)債率與企業(yè)價(jià)值呈倒“U”型相關(guān)關(guān)系；長(zhǎng)期有息負(fù)債率與企業(yè)價(jià)值存在負(fù)相關(guān)性,但關(guān)系不顯著；股權(quán)集中度對(duì)企業(yè)價(jià)值有負(fù)面影響,但股權(quán)集中度對(duì)民營(yíng)文化傳媒上市公司企業(yè)價(jià)值有正面影響：核心競(jìng)爭(zhēng)力、公司規(guī)模、成長(zhǎng)性與企業(yè)價(jià)值存在顯著正相關(guān)關(guān)系。通過(guò)對(duì)回歸結(jié)果的分析,結(jié)合當(dāng)前我國(guó)文化傳媒上市公司面臨的市場(chǎng)環(huán)境和發(fā)展現(xiàn)狀,對(duì)完善我國(guó)文化傳媒上市公司資本結(jié)構(gòu),提高其企業(yè)價(jià)值提出改進(jìn)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(xué)位授予單位】：東南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2016
【分類(lèi)號(hào)】：G124;F275

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