摘要
可持续盈利能力是企业长久生存和永续发展的重要影响因素,是理论界与实务界一直以来关注的焦点。改善企业的资本结构是提升企业可持续盈利能力的重要手段。实证检验表明:增强企业的债务融资能力可有效提升企业的可持续盈利能力;企业价值作为一家公司的市场表现在两者之间具有中介效用。增强债务融资能力(当期)——提高企业市场价值(当期)——促进企业可持续盈利能力(未来),是债务融资能力对企业可持续盈利能力影响机理的基本脉络。
Sustainable profitability is an important factor for enterprise long-term survival and sustainable development,and it is the focus of theoretical circles and practical circles have been concerned. Improving the capital structure of enterprise is an important means to enhance sustainable profitability. This paper selects 2012-2014A-share listed enterprises from the CCER,CSMAR database as a research sample,through empirical proof： Enhancing the debt financing capacity of enterprise can promote its sustainable profitability effectively; As the market performance of a company,enterprise value has an intermediary role between debt financing capacity and sustainable profitability.Enhancing debt financing capacity（current period）——promoting enterprise value（current period）——improving enterprise sustainable profitability（in future）,is the basic sequence of ideas to explore how debt financing capacity affects enterprise sustainable profitability.
作者
刘建华
周林
Liu Jianhua Zhou Lin(College of Business, Liaoning University, Shenyang Liaoning 110136)
出处
《沈阳师范大学学报（社会科学版）》
2017年第4期91-97,共7页
Journal of Shenyang Normal University(Social Science Edition)
基金
辽宁省社会科学规划基金重点项目(L15AGL011)
辽宁大学亚洲研究中心项目(Y201603)
关键词
债务融资能力
企业价值
企业可持续盈利能力
上市企业
debt financing capacity
enterprise value
enterprise sustainable profitability
listed enterprise
