资本结构理论研究包含两大方向，资本结构与企业价值的关系就是最主要的一个。随着资本结构理论越来越被要求运用于实践去解决上市公司融资问题，以企业价值最大化为导向的资本结构研究则备受关注。不少国内外学者通过实证分析探讨了两者之间的关系，但资本结构对企业价值产生什么样的影响，国内外学者还没有达成一致。本文的研究目的是分析北京地区上市公司资本结构与企业价值的关系，以2000～2006年面板数据为研究对象，在参考相关文献的基础上，选取影响企业价值因素的加权和衡量企业价值，建立了企业价值与资本结构的面板数据模型。实证结果表明北京上市公司资本结构与企业价值呈显著负相关。
The study of capital structure theory includes two directions. The relationship of capital structure and enterprise value is very important. Along with capital structure theory being increasingly asked to solve the financing problem of listed companies，the research of capital structure which makes the maximizing enterprise value as the guidance was concerned. But the domestic and foreign scholars have not get the same idea for the existing of the relationship between them，while there were many scholars have made study of it. The goal of this article is analyze the relation between capital structure of listed companies in Beijing and enterprise value，the panel data from 2000 to 2006 was used as the object of study，and the sum of weighted factors was selected to descript enterprise value，based of this，a panel data model of enterprise value and capital structure was established. The empirical results show that there is a significant negative correlation between the capital structures of listed companies in Beijing and enterprises value.
