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The Study on the Effect of Debt Financing on Information Technology Enterprises Value Based on Different Growth Opportunities

Author: LiDanNi
Tutor: DuanYun
School: Harbin Institute of Technology
Course: Accounting
Keywords: growth debt financing enterprise value
CLC: F275
Type: Master's thesis
Year: 2012
Downloads: 31
Quote: 0
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Abstract


As one of the external financing methods,debt financing has a potent effecton the development of mothern enterprise.So the domestic and foreign schorlarshave done a lot of research on the effect of debt financing on corporate value,butno consensus has been reached, even often with the opposite effect.During thecourse of analyzing the causes of this phenomenon,people have found that fundand capital the corporate need would differ through different phases of enterprisedevelopment.At the same time, information technology enterprises ischaracterized by high investment、high technology and a substantial increasethrough the period of rapid developmen,so this paper took informationtechnology enterprises in the sample data, made empirical analysis through theapplication of statistical method based on the analysis of theory,to delve intothe effect of debt financing on enterprise value on different growthopportunities.So this paper is greatly significant for making enterprise’s debtfinancing reasonable and improving enterprise value.This paper summarized systematically some theory relevant to debtfinancing,like MM theory and the theory of agency cost.And it put forward studyhypothesis, described data source and variables selected based on the analysis oftheory.Through the method of factor analysis,this paper sorted sample companiesin order of growth to get the samples with high growth or low growth.Troughempirical analysis on data, this paper drew a conclusion that for the overallsamples,debt financing and enterprise value had significantly negativecorrelations;for the samples with high growth, debt financing and enterprisevalue had significantly negative correlations;for the samples with low growth,debt financing and enterprise value did not have significant correlations.And itused background information and relevant theory to explain the empiricalresults,then put forward suggestion from the three angles of internal and externalenvironment that the companies run in、information technology enterprises、investors to enhance practicality of the research.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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