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Capital Structure and Earnings Value Relevance

Author: ZuoXiaoXue
Tutor: MeiShiQiang
School: Tianjin University
Course: Accounting
Keywords: Capital Structure Financial Leverage Surplus Value Relevance Earnings response coefficients
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 51
Quote: 0
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Abstract


At present , China 's listed companies earnings quality is generally not high , the capital structure is not yet perfect , so this paper, we consider the the surplus capital structure as the focus of the study investigated the relationship between the two . Combing the results of previous studies based on the value of the surplus correlation to measure the quality of a surplus , the financial leverage to measure the risk of default , and therefore make it a quantitative model capital structure , built between financial leverage and surplus to surplus the reaction coefficient tools to explore the relationship between capital structure and earnings value relevance . The paper selects the Shanghai stock market from 2008 to 2010 and three years of A shares traded manufacturing companies as samples , using paired research methods , the sample was divided into the total share capital and leverage , high leverage and low leverage , a high proportion of long-term leverage and short-term high leverage ratio three paired sample group , and added to the basic model of the earnings response coefficients based on the size of the company , the control variables of Tobin's Q , the system risks Beta test model descriptive statistics , univariate and multiple linear regression statistical analysis methods , come to leverage the company surplus value correlation negatively correlated with this conclusion . Specifically, the full share capital and leveraged companies , has a higher surplus value relevance ; companies with leverage , low levels of leverage , the company's earnings response coefficients ; short - term leverage ratio , related to the company 's surplus value is large. Finally , on the basis of the conclusions for the optimization of the capital structure , improve market supervision proposed some suggestions , and pointed out that this possible innovations , as well as the issue needs further study , pointed out the direction of future research efforts .

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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