ᇏݓഈ൧܄ඳሧЧࢲܒა൧ӆࡎᆴ࣮ ീ ᆞ ॖ čתКҍࣜն࿐ ն৵ 116025Ď ᅋ ေğЧ໓ၛ൧ Ē ୍֥ഈ൧܄ඳູ࣮ؓའđᄝܒᄯӉ௹ބ؋௹ሧЧࢲܒଆ֥ࠎԤഈđႄೆਔᅏಊбੱଆđؓሧЧࢲܒބఒြ൧ӆࡎᆴ֥ܱ༢ࣉྛਔંٳ༅აൌᆣဒb࣮ؿགྷđݓഈ൧܄ඳ֥Ӊ௹ބ؋௹ሧЧࢲܒनაఒြ֥൧ӆࡎᆴӯڵཌྷܱđطაᅏಊбੱӯᆞཌྷܱb ܱՍğሧЧࢲܒ ఒြࡎᆴ ᅏಊбੱ ၂a໙ี֥ิԛ ఒြቔູ႓০ྟ֥ࣜ࠶ቆᆮđఃᇶေ֥ഠ߶ۿିࣼ൞Էᄯ࣐ॖି؟֥ࡎᆴđൌགྷఒြࡎᆴ֥ቋն߄b၂ᆰၛটđሧЧࢲܒაఒြࡎᆴ֥ܱ༢൞ࣜ࠶࿐ࡅૌ෮ಣᇓ֥࣮ᇶีđః໓ང္ॖ໌ݰԉׯđ҂ܵ൞Ֆંߎ൞ൌᆣ֥࢘؇ुđޓ؟໙ีഉקંbପહđཞᇏݓᆃဢᄝࣜ࠶ؿᅚඣaࣁವࢲܒaഠ߶ᇅ؇֩֩ა༆ٚݓࡅ෮࣮֥бࢠ֥ܿٓ൧ӆࣜ࠶Мࣟཌྷಀമჹ֥౦ྙ༯đః܄ඳ֥ሧЧࢲܒა൧ӆࡎᆴᆭࡗ൞ᄸဢ֥ܱ༢ĤЧ໓൫ᄝંٳ༅ބൌᆣဒ֥ࠎԤഈđູݓഈ൧܄ඳሧЧࢲܒა൧ӆࡎᆴᆭࡗ֥ܱ༢ิ܂၂ུࣜဒྟ֥ࢲંđѩࣼሧЧࢲܒႪ߄໙ีิԛཌྷܱ֥ࡹၰb໓ᅣު૫҆ٳࢲܒೂ༯ğֻؽ҆ٳؓݓଽຓܱႿھଁี֥ંބൌᆣ໓ངቓਔࡥေ֥߭ܤđູ༯໓࣮ቓં௫ׇĠֻ҆ٳູ࣮ഡ࠹đࢺകਔဢЧބэਈ֥࿊౼ၛࠣଆ֥ࡹ৫bھ҆ٳૌᄝࡹ৫Ӊ௹ބ؋௹֥ሧЧࢲܒଆ֥ࠎԤഈđ൮ՑႄೆਔᅏಊбੱଆđپڶਔགྷႵ֥࣮ӮݔĠֻඹ҆ٳ൞݂߭ࢲݔაဒĠቋުđֻ҆ٳሹࢲਔ࣮֥ࢲݔđѩิԛਔ၂ུࡹၰb ؽa ཌྷܱ࣮໓ང֥߭ܤ ܱႿሧЧࢲܒაఒြ൧ӆࡎᆴ֥ં໓ངཌྷ֒پڶbModigliani ބ Millerč1958Ďิԛਔᇷ֥MMקđಪູᄝ၂ק่֥ࡱ༯đ܄ඳ֥ࡎᆴ৫ႿሧЧࢲܒđၹՎ܄ඳࡎᆴაሧЧࢲܒܱbඥҵંčFarrar ބ Selwyn, 1967;Brennan, 1970Ďಪູđॉ੮֞ᅏༀᄝ܄ඳඥༀַ२ᇏ֥ቔႨđ܄ඳࡎᆴ߶ෛሢᅏༀ֥ഈശطิۚbطӁӮЧંčWarner, 1977; Baxter, 1967; Barron,1974Ďᄵಪູݖ؇ڵᅏ߶ᄹࡆ܄ඳ֥ӁӮЧđ܄ඳವሧӮЧิۚđݝ܄ඳࡎᆴb Jensen ބ Meckling č Ďࡼກսܱ༢ႄೆሧЧࢲܒ֥ٳ༅ॿࡏᇏđᆷԛೂݔսದაກದ֥ଢѓ҂၂ᇁđ߶֝ᇁս໙ี֥ؿളđطսӮЧ֥ؿള߶ࢆ֮ఒြ֥ࡎᆴb Rossč1977Ďa-FMBOE ބ 1ZMF
֥֩ྐݼԮ־ଆંಪູđఒြࣜႏᆀؓఒြ֥ࣜႏሑঃбຓ҆ሧᆀႵሢ۷؟֥ਔࢳđުᆀສສ۴ऌభᆀ֥ವሧथҦট؎ఒြ֥ࣜႏሑঃbᆃဢđሧЧࢲܒ֥࿊ᄴࣼ๙ݖఃྐ༏Ԯ־ۿି႕ཙሧᆀؓఒြࣜႏሑঃ֥؎ࣉط႕ཙఒြ֥ࡎᆴbၛ.ZFST ބ .BKMVG
ູսі֥ႪವሧંčQFDLJOH PSEFS UIFPSZĎဢՖྐ༏҂ؓӫ֥࢘؇ԛؿđಪູ҂֥ವሧٚൔཟሧᆀԮ־҂֥ྐݼđՖط႕ཙሧᆀؓఒြࡎᆴ֥؎b ॥ᇅಃંಪູđሧЧࢲܒ҂ࣇܿקሢఒြഺჅ൬ၭ֥ٳđطߎܿקሢఒြഺჅ॥ᇅಃ֥ٳğࣜႏᆀᅝႵ֥ܢಃᄀ؟đః॥ᇅି৯ࣼᄀ఼đᆃဢđႮႿࣜႏᆀؓ॥ᇅಃЧദ֥ொݺđሧЧࢲܒ߶๙ݖ॥ᇅಃ֥ٳ႕ཙఒြ֥൧ӆࡎᆴb ᄝൌᆣ࣮ٚ૫္҂كఃದbೂMasulisđRonald W.(1983)֥࣮іૼఒြࡎᆴ֥эაఃڵᅏඣ֥эӮᆞཌྷܱܱ༢ĠLaxmi Chand Bhandari(1988)ᄝuᅏༀ/ಃၭбა௴๙ܢ௹ຬ൬ၭğࣜဒᆣऌv၂໓ᇏ֤ԛᅏༀ/ಃၭбა௴๙ܢ௹ຬ൬ၭӮᆞཌྷܱܱ༢Ġ(1994)ᄝॉҳਔሧЧࢲܒэ߄ؓ܄ඳܢௐࡎ֥۬႕ཙު֤ԛࢲંğܢௐࡎ۬ෛ܄ඳҍༀۗۆ֥ᄹࡆطഈശđෛ܄ඳҍༀۗۆ֥ࡨഒط༯ࢆbBooth֩ದč2001Ď๙ݖؓ۱ؿᅚᇏݓࡅဢЧඔ
ऌ֥ٳ༅ؿགྷđԢਔࣃϘ҃ຳຓđః෮Ⴕؿᅚᇏݓࡅ֥܄ඳြࠛčఒြࡎᆴĎაሧЧࢲܒᆭࡗթᄝሢۚ؇ཁᇷ֥ڵཌྷܱܱ༢bFrank ބ Goyalč2003ĎႨૅݓ֥٤ࣁವఒြՖ1950୍֞2000୍Їও࣍20ຣ۱ܴҩэਈ֥ஔնඔऌ९đ࣮ࢲݔཁൕ൧ӆࡎᆴაҍༀۗۆбੱᆭࡗӯڵཌྷܱܱ༢b ݓଽܱႿሧЧࢲܒაఒြࡎᆴ֥ં࣮ഉ҂؟đఃᇏޱჱӮč2002ĎՖMMଆࠣྩᆞ֥MMଆೆ൭đၛൈࡗࡎᆴູࠎԤࡹ৫ّ႘ሧЧࢲܒაҍༀڄག֥ఒြࡎᆴࠎЧଆbѩᆌؓఒြ֥ਆᇕࠎЧሑđࠧࡎᆴᄹӉބࡎᆴකࡨđၛࠣఒြࡎᆴ֥ࠞཋބनྙൔٳљࣉྛ૭ඍބ࣮bᄝൌᆣ࣮ٚ૫đၛӧཫᄆაӤ(1998)ູࢠᄪbૌ࿊౼ਔ1993୍3ᄅ21ರၛభᄝ൧ഈ൧֥Aܢࣉྛٳ༅đѩ࿊౼ਔ1993୍7ᄅᇀ1994୍3ᄅቔູٳ༅ൈࡗ؍b๙ݖ࠹ෘ۲ҕਈࡗ֥ཌྷܱ༢ඔၛࠣࣉྛ؟ჭཌྟ݂߭ުđࠆ֤ࢲંğഈݚܢ൧൬ၭაڵᅏ/ಃၭбੱa܄ඳܿଆڵཌྷܱđაBETAᆞཌྷܱbቔč2003Ďၛ1999୍ູඔऌԳ१đ࿊౼ਔᄝ1994୍7ᄅ1ರᆭభᄝaധഈ൧֥220ࡅ܄ඳቔູဢЧđቓਔࢩ૫ඔऌٳ༅đࢲݔіૼሧӁڵᅏੱა܄ඳࡎᆴӮڵཌྷܱbၬӑބࢀᆒലč2001Ď࿊౼ਔ1992୍୍ָభഈ൧֥31ࡅ܄ඳቔູဢЧ܄ඳđၛ1992୍j1999୍ቔູٳ༅ൈ؍đؓݓഈ൧܄ඳࢩ૫ඔऌ֥ཌྟٳ༅b࣮ࢲݔіૼđԢ1994୍a1999୍ਆ୍ຓđ؟ඔ୍؇ກџQᆴაሧӁڵᅏੱӯཁᇷ֥ڵཌྷܱܱ༢đ୍؇नඔऌ֥݂߭ࢲݔ္ӯགྷࠞཁᇷ֥ڵཌྷܱܱ༢bᤞဇဝč2002Ď࿊౼ݓഈ൧܄ඳᇏ֥oሸކpྛြູ࣮ؓའđؓMMקᆭଁี၂ࣉྛਔဒđࢲݔಪູሧЧࢲܒაఒြࡎᆴᆭࡗીႵܱ༢b a࣮ഡ࠹ 1ēဢЧೱ࿊ ھ҆ٳ֥࣮ဢЧЇওᄝഈݚᆣಊࢌၞ෮ഈ൧1998୍֞2000֥෮Ⴕഈ൧܄ඳđູཨԢBܢؓఒြࡎᆴ࠹ෘ֥႕ཙđหࡼݣႵBܢ֥ܢௐัԢĠႮႿࣁವো܄ඳႵఃห൹֥ሧЧࢲܒđ۴ऌݓଽຓ࣮֥ܸ২္ࡼఃัԢĠݖ؇֥ሧӁڵᅏੱၛࠣݖ֥ۚTobin’QᆴčఃᆴնႿ5Ď߶ߊଆ֥໗קྟđࢆ֮ଆ֥ࢳ৯đܣࡼᆃུܢௐ္၂ѩัԢđᆃဢđቋު܋֤ඔऌ1313۱bཌྷܱඔটሱऍӖሧຩaഈݚᆣಊࢌၞ෮aᆣࡓ߶ຩᅟ֩b 2ēଆܒࡹ ႮႿޘࢩ૫ඔऌٳ༅֥൞֥࣡ሑঃđ࣮֥ඔऌಸਈཬđ҂ିԉٳّ႘۲эਈᄝൈࡗഈ֥э߄ሑঃbၹՎđᄝᆃૌҐႨކӮඔऌč1BOFM %BUBĎđ֤ଆିܔൈّ႘࣮ؓའᄝൈࡗބࢩ૫ֆჭਆ۱ٚཟഈ֥э߄ܿੰb ཌྷܱэਈ֥ࢸק č ĎФࢳэਈູ܄ඳ֥൧ӆࡎᆴđૌႨກџ2ᆴč5PCJO’2Ďটޙਈbఃᇏ5PCJO’2 ܄ඳሹ൧ᆴ ሧӁᇗᇂӮЧbႮႿݓ֥ห൹ܢಃࢲܒđԢਔੀ๙ܢຓߎႵݓࡅܢaمದܢ֩٤ੀ๙ܢđၹՎđᄝ࠹ෘ܄ඳሹ൧ᆴ֥ൈީđೂݔႨᆰࢤႨܢௐࡎ۬ট࠹ෘ٤ੀ๙ܢ֥ࡎᆴ߶թᄝ໙ีđᄝᆃૌႨૄܢ࣪ሧӁսู٤ੀ๙ܢ֥ࡎ۬đሧӁᇗᇂӮЧႨ܄ඳሹሧӁ֥ᅫ૫ࡎᆴսูđڵᅏ൧ᆴႨᅏༀ֥ᅫ૫ࡎᆴսูđᆃဢđ5PCJO’2 čੀ๙൧ᆴ ٤ੀ๙൧ᆴ ᅏༀᅫ૫ࡎᆴĎ ሹሧӁᅫ૫ࡎᆴ č ĎࢳэਈູሧЧࢲܒč$"1Ďbᄝൌᆣ࣮ᇏđؓሧЧࢲܒ֥؇ਈđ࿐ඌࢸੀྛᇕቓمğ၂൞ሹڵᅏ/ሹሧӁđࠧሹڵᅏੱĠؽ൞ڵᅏĔಃၭđࠧӁಃбੱđᆃᆺ҂ݖ൞ڵᅏੱ֥ਸ਼၂ᇕіղٚൔĠ൞Ӊ௹ڵᅏĔሹሧӁđࠧӉ௹ڵᅏੱbູਔࢠಆ૫ֹّ႘ሧЧࢲܒđૌҐႨӉ௹ڵᅏੱčCAPĎބሹڵᅏੱčCAPĎট؇ਈሧЧࢲܒđٳљࡹଆb LTč3Ď॥ᇅэਈૌ౼ ࣪ሧӁ൬ၭੱčROAĎđ୍֥ࠧ֒ሹ൬ၭა࣪ሧӁ֥бੱbၹູ࣪ሧӁ൬ၭੱაఒြ֥ࡎᆴթᄝሢࢠ఼֥ཌྷܱܱ༢đ๙ӈটࢃđ၂۱֥ఒြ֥࣪ሧӁ൬ၭੱᄀۚđᄀି൳֞ሧᆀ֥ܱᇿაሔϿđପહ֥൧ӆіགྷࣼᄀݺđఒြࡎᆴ္ࣼᄀնb
ݓࡅܢбੱčSSPĎđࠧݓࡅܢᅝሹܢЧ֥бੱbᄝݓഈ൧܄ඳห൹֥ܢಃࢲܒ༯đᆣಊ൧ӆֱၩѩܓބսಃᆚؠؓࣜႏᆀ֥ࡓ൳֞ਔᇗཤđݓࡅᄝ܄ඳᇍࢲܒᇏѩ҂൞“ࠒ֥ࠞࡓᆀ”đݓࡅܢб২֥ิۚᄝሹุഈ֝ᇁଽ҆ದ॥ᇅބႮՎႄؿ֥֣֡ڄག߶ؓఒြ֥ࣜႏིࠛӁള۷ն֥ڵ૫ིႋbၹՎđՖ၂Ϯ֥؎টुđݓࡅܢб২ႋა܄ඳࡎᆴӮڵཌྷܱđݣݓࡅܢ֥ഈ൧܄ඳб҂ݣݓࡅܢ֥ഈ൧܄ඳఃࡎᆴေ֮b ఒြܿଆčSIZEĎđᄝᆃૌ౼LOGčSIZEĎđࠧ܄ඳሧӁᅫ૫ࡎᆴ֥ؓඔᆴb܄ඳܿଆؓఃࡎᆴ္Ⴕᇗေ֥႕ཙđ๙ӈܿଆࢠཬ֥ఒြႵ۷఼֥ঔᅦି৯ބؿᅚభđၹՎ۷൳ሧᆀ֥ሔஶb ӮӉྟč(3085)ĎđఒြӮӉྟ֥ޙਈᆷѓޓ؟đૌ౼࣪ሧӁᄹӉੱb၂ϮটඪđӮӉྟᄀࡄ֥ఒြఃࡎᆴ္ࣼᄀնb ଆ ૌটॉҳఒြ൧ӆࡎᆴაሧЧࢲܒᆭࡗ֥ܱ༢đູՎૌ֤ࣼ֞Ӊ௹ڵᅏੱބሹڵᅏੱіൕ֥ਆ۱ଆğ ଆč1ĎaTobin’sQ=ȥ+ȦCAP +Ȧ ROA +Ȧ SIZE +Ȧ GROWTH +Ȧ T SSP +ȩ ଆč ĎaTobin’sQ=ȥ+ȦCAP +Ȧ ROA +Ȧ SIZE +Ȧ GROWTH +Ȧ L SSP +ȩ ᅏಊଆ ႮႿݓห൹֥ࣁವุᇅᄯӮਔ෮໌ၿྛᅏༀೈჿඏ֥໙ีđॖି֤ᄝࢠ֥ܿٓ൧ӆࣜ࠶่ࡱ༯֥ၿྛᅏༀ֥ᇍۿି֤҂֞ؿߨđ֤ሧЧࢲܒაఒြࡎᆴ֥ܱ༢ԛགྷാᆇ֥౦ঃbၹՎđૌหљॉҳਔ၂קӱ؇ഈႵљႿၿྛᅏༀ֥ఒြᅏಊؓఒြࡎᆴ֥႕ཙbᆃဢđሧЧࢲܒᄝૌᆃࣼэӮఒြᅏಊაሹሧӁ֥бੱčCAPĎ֥ྙൔđൈđૌᆩB֡ఒြؿྛᅏಊބఃॖַࡎᆴႵᇗေ֥ܱ༢đၹՎᄝჰࠎԤഈđૌᄹࡆਔॖַሧӁᆃ۱эਈč$0--ĎđࠧܥקሧӁࡆթࠊބሹሧӁ֥бੱb֤֞ၛ༯ଆğ ଆč ĎaTobin’sQ=ȥ+ȦCAP +Ȧ ROA +Ȧ SIZE +Ȧ GROWTH +Ȧ B SSP+ȦCOLL +ȩ ඹa ݂߭ࢲݔაဒ ؓႿሧЧࢲܒაఒြࡎᆴ֥ཌྷܱ༢đഈඍଆ֥݂߭ࢲݔೂі၂aіؽބіb Ֆі၂ބіؽ֥ࢲݔᇏđૌॖၛؿགྷđ҂ܵ൞ሹڵᅏੱߎ൞Ӊ௹ڵᅏੱđनაఒြ֥ࡎᆴӯڵཌྷܱ֥ܱ༢đіૼᄹࡆఒြ֥ڵᅏ҂҂ିิۚఒြ֥ࡎᆴđّط߶ࢆ֮ఒြ֥ࡎᆴbᆃაݓຓ֥ંཌྷቐđطაݓଽ࿐ᆀቔč2003Ďaၬӑބࢀᆒലč2001Ď֥࣮֩ࢲݔ၂ᇁb܄ඳܿଆაఒြࡎᆴ္ӯགྷԛڵཌྷܱ֥ܱ༢đᆃބૌ֥ყ௹၂ᇁđіૼܿଆࢠཬ֥܄ඳ۷Ⴕঔᅦି৯ބਅݺؿᅚభყ௹đಸၞ൳ሧᆀ֥ሔஶb႓০ି৯ބӮӉྟनބఒြࡎᆴӯᆞཌྷܱđіૼ႓০ି৯ᄀ఼aӮӉྟᄀݺ֥ఒြࡎᆴᄀնbݓࡅܢӻܢб২ބఒြࡎᆴӯཁᇷ֥ڵཌྷܱđაૌ֥ყ௹ປಆ၂ᇁđඪૼݓࡅܢ֥թᄝ֥ಒࢆ֮ਔఒြ֥ࡎᆴb і၂ğଆč Ď֥ҕඔܙ࠹ࢲݔބ҆ٳဒࢲݔ э ਈ ༢ ඔ ѓ ሙ ҵ 5 ࠹ᆴ ཌྷϴۀੱ $ $"15 4*;& 441 30" & (3085) &
R-squaredğ Adjusted R-squaredğ іؽğଆč Ď֥ҕඔܙ࠹ࢲݔބ҆ٳဒࢲݔ э ਈ ༢ ඔ ѓ ሙ ҵ 5 ࠹ᆴ ཌྷϴۀੱ $ $"1- 4*;& 441 30" (3085) & 3 TRVBSFEğ Adjusted R-squareEğ ؓбіބі၂aіؽ֥ࢲݔđૌؿགྷᄝ܄ඳܿଆaݓࡅܢб২ၛࠣሧӁڵᅏੱ֩ᆷѓაఒြ֥ࡎᆴܱ༢ഈऎႵ၂ᇁྟbط٤ӈᆴ֤ᇿၩ֥၂ׄ൞ᅏಊбੱაఒြ֥ࡎᆴӯཁᇷᆞཌྷܱđᆃ۱ࢲݔაଆč Ďބଆč Ď֥ࢲݔཌྷّđᆃ٤ӈႵၩၬğၹູіૼఒြᅏಊྙൔ֥ᅏༀᄀ؟đః൧ӆࡎᆴࣼᄀۚbॖđაၿྛᅏༀཌྷбđఒြᅏಊ֥ᇍۿି֥ؿߨေປ֥؟bൈđଆč Ď֥ࢲݔ္ູૌႪ߄ఒြ֥ሧЧࢲܒิ܂ਔ٤ӈᇗေބႵၭ֥ఓൕĆ іğଆč Ď֥ҕඔܙ࠹ࢲݔބ҆ٳဒࢲݔ э ਈ ༢ ඔ ѓ ሙ ҵ 5 ࠹ᆴ ཌྷϴۀੱ $ $"1 # 4*;& 441 30" $0-- 3 TRVBSFEğ "EKVTUFE 3 TRVBSFEğ a࣮ࢲં ఒြࡎᆴაሧЧࢲܒڵཌྷܱܱ༢֥ჰၹฐ༅ ଆč Ďބଆč Ď֥݂߭ࢲݔіૼđᇏݓ֥ᆜุߌބ༆ٚࢠູ֥ܿٓ൧ӆࣜ࠶թᄝሢࢠն֥ҵၳđՖط֝ᇁਔሧЧࢲܒބఒြࡎᆴཌྷܱ༢აሧЧࢲܒཌྷܱં֥МđૌಪູᄯӮᆃᇕҵၳ֥ჰၹᇶေႵğ č Ďၿྛᅏༀೈჿඏིႋ၇ಖթᄝb࣐ܵᆃ୍ུটđݓࡅؓఒြބၿྛࣉྛਔ༢ਙ֥ڿ۪đ൞đ໙ี֥ܱ෮ᄝiiӁಃ໙ี၇ಖીႵ֤֞Ⴕི֥ࢳथđ֤ၿྛᅏༀč؋௹ᅏༀބӉ௹ᅏༀĎ֥ೈჿඏིႋၛ۴Ԣbط҂ܵ൞+FOTFO֥ሱႮགྷࣁੀࡌඪaHSPTNBO ބ IBSU֥ᅏༀքЌࠏᇅaSPTT֥ྐݼԮ־ଆ֩न൞ၛᅏༀ֥႗ჿඏࠏᇅູభิ֥bᆃ֤ࣼᅏༀ֥ᇍۿି֤҂֞Ⴕི֥ؿߨb č ĎӁࠏᇅ֥҂ປbೂᅏༀ֥႗ჿඏ၂ဢđӁࠏᇅ֥ປ္൞ᅏༀ֥ᇍࠏᇅؿߨིႨ֥၂۱భิ่ࡱbᄝݓđෙಖuӁمvᄪࣼԛđ൞ႮႿᆯ۽ࣼြaၿྛᅏༀ֩ჰၹđᄜࡆഈֹٚᆟکᄝӁݖӱᇏሱദ০ၭ֥ཟđ֤ఒြӁႵم၇bંഈࢃđӁ֥ڄགႋھؓࣜದྙӮႵི֥ჿඏb൞ݓ֥ൌ࠽౦ঃ൞đӁުࣜޓഒ֤֞ޅྙൔ֥ӲـđЇওࠊл֥ބ٤ࠊл֥b
č ĎሧЧ൧ӆིੱ֮༯bՖ၂༢ਙഈ൧܄ඳݝܢת֥০ၭ൙ࡱၛࠣ෮໌֥oᆟҦ൧p֩іૼਔݓሧЧ൧ӆႭః൞ᆣಊ൧ӆߎ٤ӈ҂ܿٓđ൧ӆིੱ֮༯bᆃᇕ౦ঃႵॖିఒြࡎᆴ҂ିႵّི႘ሧЧࢲܒטᆜྐݼđၹՎૌ֥ࢲંაࡹ৫ᄝႵི൧ӆഈ֥ሧЧࢲܒંཌྷቐb ՖሧЧࢲܒुఒြᅏಊؿᅚ Ֆଆč Ďބଆč Ď֥ࢲݔुđႮႿഈ֥ඍჰၹđ֤ᅏༀؓఒြࡎᆴ֥ቔႨӁളਔၳ߄bԢਔࣉ၂҄ࠒࠞႵི֥ࣉྛఒြބၿྛӁಃڿ۪aࡆնᇭೂuӁمv֩ཌྷܱمੰ֥ࡹഡބൌീ৯؇ၛࠣ໗ຈ֥՜ࣉሧЧ൧ӆ֥ࡲूؿᅚຓđՖଆč Ď֥ࢲݔᇏૌྋ༟ֹु֞ਔՖؿᅚఒြᅏಊ൧ӆ֥࢘؇ট࣮ሧЧࢲܒބఒြࡎᆴ֥ܱ༢b ଆč ĎіૼTobin’sQაCAPᆭࡗӯࢠ఼֥ᆞཌྷܱđ္ࠧఒြᅏಊ֥ಒିᄹࡆఒြ֥ B ࡎᆴđᆃဢđᄝࠒࠞࣉఃծീ֥ൈđॖၛ๙ݖധ߄ఒြᅏಊ൧ӆaᄹࡆᅏಊᄝڵᅏᇏ֥б২টڿଢభݓഈ൧܄ඳ֥ሧЧࢲܒđࡼఃቔູטᆜሧЧࢲܒ֥ᇗေ۽ऎބ൭؍đၛิۚఒြི֥ࠛބࡎᆴb Ֆᅏಊ൧ӆሱദ֥࢘؇ुđᇅ؇ྟၹ൞֝ᇁఒြᅏಊؿᅚᇌު֥൮ေჰၹbᄝؿྛᇅ؇ٚ૫ଢభൌྛ֥൞БСނሙᇅđ൞đఒြᅏಊؿྛ֥௹ཋa০ੱaࣁح֩नႮྛᆟथקĠࢌၞᇅ؇ٚ૫đၿྛࡗ֥ᅏಊ൧ӆ҂ࢤବఒြᅏಊđطఒြᅏಊࢌၞ൧ӆؿᅚߏતđ֤ሧᆀჹھ൧ӆđؽࠩ൧ӆ֥ூೈّݖটࡆնਔఒြᅏಊ၂ࠩ൧ӆ֥bఃՑđಌكཌྷႋ֥ྐႨࠩࠏܒđ҂ିູሧᆀิ܂ԉٳ֥ྐ༏đؓ൧ӆ֥ؿᅚٳ҂০b ႮՎđູ՜ࣉఒြᅏಊ൧ӆ֥ࡲूؿᅚđૌႋھ൮༵ڿэᅏಊุ֥ܵᇅđᇯ҄Ⴎགྷᄝ֥ނሙᇅཟᇿҨᇅሇ݅đࢆ֮ؿྛᅏಊ֥ࡪđࡨഒྛᆟۄყđิۚఒြᅏಊؿྛ֥൧ӆ߄ӱ؇bൈđൌྛቓ൧അᇅ؇đᄹ఼ఒြᅏಊ֥ੀྟbࠒࠞؿᅚࠏܒሧᆀđႪ߄ᅏಊ൧ӆሧᆀ֥ܒӮb ࠒࠞؿᅚఒြᅏಊ൧ӆ҂ູఒြิ܂۷ܼ֥ٗವሧٚൔđطॖၛڿэఒြᅏༀб২ܒӮđטᆜބႪ߄ఒြ֥ሧЧࢲܒđᄹࡆఒြࡎᆴđ၂ई؟֤b ҕॉ໓ངğ [1]ລߩğuഈ൧܄ඳᅏༀವሧa܄ඳᇍა൧ӆࡎᆴvđuࣜ࠶࣮v2003č8Ď < >ၬӑğuᇏݓഈ൧܄ඳሧЧࢲܒ࣮vđᇏݓഠ߶॓࿐ԛϱഠđ ୍ϱb < >मщၲğuሧЧࢲܒં࣮ၲ໓ࠢvđഈݚದԛϱഠđ ୍ԛϱb < >ߛഒνaᅦەğuᇏݓഈ൧܄ඳܢಃವሧொݺٳ༅vđuࣜ࠶࣮vđ č Ď < >ڞҍğuఒြವሧིੱٳ༅vđࣜ࠶ܵԛϱഠđ ୍ԛϱ < >ഫၜڂğuሧЧࢲܒંൎvđࣜ࠶॓࿐ԛϱഠđ b < >ᆞ٦ğuఒြൡ؇ڵᅏ֥ંٳ༅აൌᆣ࣮vđuࣜ࠶࣮vđ č Ďb < >ӧཬᄆaӤğuഈݚܢ൧֥൬ၭაሧЧࢲܒܱ༢ൌᆣ࣮vđuКࣘն࿐࿐Бvđčᅽ࿐ഠ߶॓࿐ϱĎđ č Ďb < >ᅦႥޚğuંݓఒြವሧࢲܒႪ߄აᅏಊ൧ӆؿᅚvđuҍࣜ໙ี࣮vđ č Ďb < >+FOTFO
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ቔᆀࡥࢺğീᆞॖč1979——Ď ଳ ᆄࡾaೋνದ תКҍࣜն࿐ණൖ࣮ളđࣁವ࿐ህြb tel:13575773245 E-mail: alpha_312@ The Study of the Relationship Between Capital Structure and Market Value about Chinese Listed Company Shi zhengke (The Dongbei University of Finance and Economics DaLian 116025 ) Abstract: this paper take the Chinese listed companies from 1998-2000 as the object, we create a bond ration model besides the long run and short run capital structure to make theory analyses and positive analyses between capital structure and market value. The result show that the long run and short run capital structure have a negative relation with market value and the bond ration has a positive relation with market value. Keywords: Capital structure market value bond ration
