| 有限套利与企业市场价值 |
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| 引用本文： | 冉生欣.有限套利与企业市场价值[J].南京理工大学学报(自然科学版),2005,29(6):755-758. |
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| 作者姓名： | 冉生欣 |
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| 作者单位： | 华东师范大学,商学院,上海,200062 |
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| 基金项目： | 华东师范大学2005年优秀博士生培养基金 |
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| 摘 要： | 以有限套利理论为基础，在假定市场投资者（套利者）面临信贷约束和利率多样化的前提下，该文从分析投资者有限套利行为的角度研究了企业资本结构与其市场价值的关系，并得到如下结论：当投资者面临信贷配给或较企业更高的借款利率时，企业举债是有利的，即此时的企业市场价值高于不举债时的市场价值；而且，随着企业杠杆度的不断提高，投资者的有限套利行为将使企业的破产风险增大。
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| 关 键 词： | 有限套利 市场价值 资本结构 信贷配给 利率多样化 |
| 文章编号： | 1005-9830(2005)06-0755-04 |
| 收稿时间： | 2004-11-22 |
| 修稿时间： | 2005-10-18 |
Limited Arbitrage and Enterprise's Market Value |
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| RAN Sheng-xin.Limited Arbitrage and Enterprise''''s Market Value[J].Journal of Nanjing University of Science and Technology(Nature Science),2005,29(6):755-758. |
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| Authors: | RAN Sheng-xin |
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| Institution: | Business School, East China Normal University, Shanghai 200062, China |
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| Abstract: | Based on the limited arbitrage theory and the assumption that the investors are confronted with credit constraints or interest rate differential,this paper studies the relationship between enterprise's capital structure and its market value by means of analyzing the investors' limited arbitrage behavior.The conclusion is that,even if the other conditions of MM Theorem 1 are not changed when the investors are confronted with credit constraints or interest rate differential,the enterprise's capital structure can also affect its market value,that is,the leverage enterprise' market value is often higher than that of others.Furthermore,with the enterprises' leverage ratio increasing,their bankrupt risk rises because of the investors' limited arbitrage. |
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| Keywords: | limited arbitrage market value capital structure credit constraint interest rate differential |
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