摘要
战略公司财务理论认为外部产品市场特征与公司资本结构之间有着强烈的互动关系,行业差异是影响公司资本结构的重要因素。对中国上市公司资本结构行业差异的实证研究表明:中国上市公司不同行业门类间以及制造业中各次类之间的资本结构存在显著差异,且这种差异不是由于个别行业的异常值引起的,而是行业间普遍存在的,但是制造业中各次类之间的差异不如行业门类之间的差异那么明显;大约有8.78%的资本结构差异可由公司所处的行业门类来解释;制造业内各次类的趋同性很强,只有2.37%的资本结构差异可由公司所处的行业次类来解释。
According to strategic corporate finance theory, there is strong relationship between product market structure and corporate capital structure. Industry difference is an important factor that affects corporate capital structure. The practical study of industry difference of capital structure of Chinese listed companies showed that there is significant capital structure difference among different industry, as well as among sub-categories of manufacturing. Moreover, such kind of difference arises not due to abnormity of specific industry, but generally exists among industries. However, the difference among the sub-categories of manufacturing is not as significant as that among different industries. About 8. 78% of capital structure difference can be explained by industry difference. While in manufacturing, since there is strong homoplasy among its sub-categories, only 2. 37% of capital structure difference can be explained by sub-categories of manufacturing.
出处
《产业经济研究》
2005年第3期23-29,共7页
Industrial Economics Research
关键词
资本结构
行业差异
战略公司财务
capital structure
industry difference
strategic corporate finance
