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《The Theory and Practice of Finance and Economics》 2002-04
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The Research of Capital Structure and Firm Value of Listed Companies in China

Yan Yanyang (College of Finance, Hunan University, Changsha 410079)  
The research of the relationship between capital structure and firm value of listed companies in China can help us understand not only the decision ability of listed companies, but also the market and its responsiveness to information. This paper, therefore, discusses the theory of the relationship. The result of the empirical test of the proposition 1 of MM theorem, taking the companies with comprehensive business scope as the sample, shows that the firm value is irrelevant to the capital structure of listed companies. Finally, an explaining conclusion is obtained.
【CateGory Index】: F832.5
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