摘要
企业战略对资本结构具有重要影响.在中国企业的战略行为中,国际多元化具有越来越重要的地位.从理论上看,由于国家之间的经济行为并不完全相关,国际多元化有助于提高企业的债务比率.基于中国上市公司2009-2011年的平衡面板数据对国际多元化战略与资本结构之间的关系进行的实证研究发现,国际多元化战略显著降低了企业的财务杠杆水平,这与行业多元化形成了鲜明的对比;原因主要在于,跨国经营提高了债务的代理成本,这使得国际多元化降低了企业的债务比率.同时,在跨国公司内部,国际多元化程度与企业的债务比率显著正相关.
Corporate strategy has a significant impact on capital structure. In the strategic behavior of enterprises in China, international diversification has become more and more important. Theory suggests that because the economic behavior between countries is not completely related to each other, international diversification is helpful to raise the enterprise＇s debt ratio. Based on 20{）9 2011 balanced pane] data of Chinese listing corporations, the research on the relationship between international diversification strat- egy and capital structure shows, international diversification significantly reduced the enterprise financial leverage, contrast to industry diversification; and the reason mainly lies in that transnational management increases agency cost of debt, so international diversification reduced the company＇s debt ratio. At the same time, the relationship between the level of international diversification and corporate debt ratio is significantly positive for multinational corporations.
出处
《系统工程理论与实践》
EI
CSSCI
CSCD
北大核心
2014年第10期2556-2564,共9页
Systems Engineering-Theory & Practice
基金
教育部人文社科规划基金(12YJA790050)
国家自然科学基金(71203079)
关键词
国际多元化
行业多元化
资本结构
跨国公司
代理成本
international diversification
industrial diversification
capital structure
multinational corporation
agency cost
