竞争战略对资本结构影响的实证研究  

An Empirical Study of the Impact of Competitive Strategies on Capital Structure

作　　者：章细贞[1] 

机构地区：[1]中南大学商学院,湖南长沙410083

出　　处：《中南财经政法大学学报》2008年第1期56-60,共5页Journal of Zhongnan University of Economics and Law

基　　金：湖南省自然科学基金资助项目"基于战略视角的企业财务保守行为研究"(06JJ50159);湖南省社科基金项目"湖南省上市公司战略选择对资本结构影响的研究"(06ZC93);中南大学人文社科基金资助项目"湖南省上市公司战略选择对资本结构影响的研究"

摘　　要：基于交易成本经济学和战略管理理论,本文分析了竞争战略对资本结构的影响,并形成研究假设。通过建立多元回归模型进行实证分析,实证结果表明竞争战略是资本结构的重要影响因素,负债比率与差异化战略和成本领先战略存在显著的正相关关系。公司竞争战略的制定与实施应考虑其财务影响,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。Based on transaction cost economics and strategic management theories,this paper analyzes the impact of competitive strategies on capital structure and proposes a hypothesis.Through a multivariate regression analysis based on the data of 891 listed companies in China from 2003-2005,the paper shows that competitive strategies are important determinants of capital structure.In addition,debt ratio is significantly and positively correlated with both differentiation and cost leadership strategies.This study reveals that the formation and implementation of a company's competitive strategies should take into account their financial impact,and that a company's capital structure should also match the company's competitive strategies in order to maintain competitive advantages.

关 键 词：差异化战略 成本领先战略 资本结构 

分 类 号：F272[经济管理—企业管理]