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Web of Proceedings - Francis Academic Press
Web of Proceedings - Francis Academic Press

Research on the Relationship between Debt Arrangement Structure and Corporate Value

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DOI: 10.25236/icess.2019.016

Author(s)

Yue Geng

Corresponding Author

Yue Geng

Abstract

The debt arrangement structure is divided into public debt and non-public debt based on whether the information is publicly disclosed. It is generally believed that corporate bonds represent typical public debts and bank loans represent typical non-public debts of enterprises. This paper selects Shanghai and Shenzhen A-share companies listed on the main board from 2015 to 2017 as samples, and uses multiple linear regression analysis to explore the relationship between debt arrangement structure and company value. The results show that bank loans are an important source of corporate funds, the bond ratio is seriously insufficient; public debt is significantly negatively correlated with company value; non-public debt is significantly negatively correlated with company value.

Keywords

Debt Arrangement Structure, Public debt, Non-public debt, Company Value