The Relevance Research Of Water Electricity Gas Industry Listed Company Debt Structure And Enterprise Value

Capital structure has been a focus of research at home and abroad in financial management, reasonable capital structure can reduce enterprise financing costs, enhance enterprise value. Firms often raise funds through equity financing or debt financing, in order to promote the development of the company and enhance the business performance. But in the current study of capital structure, enterprise preference for equity financing, and scholars have more equity financing tendency, less research on debt financing structure. In addition, the scholars in the study of debt financing structure, often not will make a detailed division of enterprise’s debt structure, only on the basis of liability research the relationship between capital structure and corporate value, rarely on its own debt structure. However, as an important part of the capital structure and debt structure plays an important influence on the development of enterprises, so the study of corporate debt structure cannot be ignored.Electric heating, gas, water production and supply industry(hereinafter referred to as the "water and electricity gas industry") is the pillar industry of national economic development, provide the basis for the steady development of national security. Therefore, the research of the water, electricity, gas industry listed company debt structure and enterprise value is advantageous to the enterprise resources reasonable configuration, more conducive to enterprise management goal realization. So in this paper, water and electricity gas industry listed companies as the research object, in order to improve enterprise value for the purpose, divided debt structure into the overall structure of the debt, maturity structure of the debt and type structures of debt, study respectively the three different debt structure’s impact on the enterprise value. Through the study of corporate debt structure and enterprise value relevance, seeking to maximize the enterprise value of the optimal debt structure.In this paper, the content is divided into four areas: Firstly, this article analysis the research status of debt structure from three types of debt structure include the overall structure of the debt, the debt maturity structure and debt source structure, then defined the debt structure and enterprise value on the basis of analysis. Secondly, from the perspective of theory, make a detailed description and analysis about the MM theory, agency theory, signaling theory and the trade-off theory. Thirdly, this article made a detailed analysis about electricity, heat, gas and water production and supply industry. Finally, the empirical analysis has been done for the debt structure and enterprise value, the first step is establish empirical model from the overall structure of debt and debt maturity structure and debt structure three aspects; the second step is according to the theory put forward hypotheses, using the least squares method to study the different debt structure and enterprise value relevance; the third step, combined with industry characteristics to analyze according to the results regression analysis results.Through theoretical analysis and rigorous empirical testing, we get the following conclusions:(1) The overall debt structure and enterprise value is nonlinear inverted "U" shaped relationship.(2) Debt maturity structure and enterprise value positively correlated.(3) In the type of debt structure, business ratio and negatively related to the enterprise value, there is no significantly correlation between enterprise value and bank debt. According to above conclusion, this article put forward concrete suggestions for improvement in four aspects: optimizing the debt structure, reasonable planning debt maturity structure, to perfect the related system and reduce government intervention.