摘要
从战略管理和财务理论融合的角度,利用762家上市公司的面板数据对公司多元化战略与资本结构之间的关系进行实证分析,研究发现:公司的债务水平与多元化程度存在显著的正相关关系,并且单一业务型公司的负债水平最低,主导业务型和相关业务型公司的居中,非相关业务型公司的债务水平最高。因此,公司战略的制定与实施应考虑其财务影响;同样,资本结构决策也应该考虑如何与公司战略相配合,以从资本结构决策中获得竞争优势。
From the view of integrating modern financial theory and strategy management, this article analyzed the effects of corporate diversification strategies on capital structure using the panel data of 762 listed companies in China. Our results show that debt ratio is significantly and positively correlated with diversification strategies. In addition, singled-busines companies have the lowest debt level, unrelated companies have the highest debt level, and related and dominant companies are somewhere in between. This study of a company＇s competitive strategies should take company＇s capital structure should also match the reveals that the formation and implementation into account their financial impact, and that a company＇s strategies in order to maintain competitive advantages.
出处
《财经理论与实践》
CSSCI
北大核心
2009年第6期61-67,共7页
The Theory and Practice of Finance and Economics
关键词
多元化战略
资本结构
面板数据
Diversification strategy
Capital structure
Panel data
