중국기업의 부채구조가 기업가치에 미치는 영향

[Purpose]The business environment of Chinese companies is changing rapidly, with corporate financial management becoming increasingly important as globalization of the global economy progresses. The management of a company’s financial structure to procure capital is one of the its most important management strategies. Since China joined the WTO in 2001, the reform and opening of its capital market have accelerated. As the number of listed companies in China has increased rapidly in recent years, managers’ interest in the capital structure and debt financing decisions of Chinese companies has increased. [Methodology]The study’s research hypothesis and model aimed to verify the effect of the capital and debt structures of Chinese listed companies on corporate value and to analyze how the debt ratio affects the corporate value of companies with high financial risks. [Findings]The results of the empirical analysis were as follows: First, the capital structures of companies had significant negative (－) effects on corporate value. Second, among the corporate debt structures, the long－term debt ratio to had significant negative (－) effects on corporate value, while short－term debt ratio had significant positive (＋) effects on corporate value. [Implications]The main purpose of this study was to understand the corporate capital and debt structure required to increase corporate value for rapidly developing Chinese companies. We intend to use these results to provide useful information to corporate information users to improve the capital structure of companies and protect investors’ interests.