中国公司产品竞争战略中的融资决策行为与行业特征变量关系检验  

The Relation Test of Financing Decision-making Behavior in Production Competition Stratagem and Industry Character Variable

作　　者：肖虹[1] 

机构地区：[1]厦门大学会计系,福建厦门365100

出　　处：《财经理论与实践》2006年第4期52-57,共6页The Theory and Practice of Finance and Economics

摘　　要：首先运用非参数检验法中的Wilcoxon秩检验方法,研究融资决策行为与行业成长机会的关系;其次,通过分析各行业资产负债率与行业销售利润率、行业销售收入之间的Pearson相关关系,检验行业生命周期与融资决策行为的关系。检验结果显示,随着行业景气的上升,行业内公司选择了更多的债务融资。同时,市场竞争激烈的行业以及处于衰退期的行业对债务融资更具依赖性,行业产出水平与债务融资正相关,行业破产公司比例与债务融资负相关。This paper first researches the relation of financing decision- growing opportunity by using Wilcoxon order test of nonparameter test method relation of industry lifecycle and financing decision- making by using Pearson making and industry Secondly, it test the correlativity method.The result show that, many company in an industry trend to choose more debt policy along with the industry prosperity. However, the industry in dog - eat - dog market and the industry in wane depend on more debt; and the relation of the industry output and debt is positive, whereas the relation of the industry bankruptcy company proportion and debt is negative.

关 键 词：公司产品竞争战略 融资决策行为 行业特征变量 

分 类 号：F273.2[经济管理—企业管理]