产业竞争下的民企资本结构选择——兼以苏宁云商为例  

Private Enterprises' Capital Structure Strategy under Industry Competition——Evidence from Suning

作　　者：李曜[1] 丛菲菲[1] 

机构地区：[1]上海财经大学金融学院,200433

出　　处：《会计研究》2015年第4期47-54,96,共8页Accounting Research

基　　金：教育部人文社科项目"收购型股权投资基金引入国有企业重组转型:机制;效应与支持制度研究"(12YJA790074);国家社科基金项目"并购型股权投资基金在企业重组转型中的作用机制;效应及支持制度研究"(13BJL038)

摘　　要：在行业竞争环境下,民营企业的低财务杠杆是出于被动接受还是主动选择?本文提出企业低杠杆经营的竞争优势和财务弹性的理论模型,通过实证研究发现行业竞争强度和企业的资产负债率负相关,在预期未来产业竞争发生时,民营企业的资本结构向下调整幅度大于国有企业。并以苏宁云商为例,进一步证实了上述结果。本文的结论是,在激烈的产业竞争来临之前,民营企业的低财务杠杆并不仅是金融歧视造成的结果,也是企业为建立竞争优势和获取财务弹性而自主选择的一种财务战略。在当前我国经济转型过程中,这一研究发现对于理解我国民企的资本结构、制定符合民企需要的金融政策,具有一定的借鉴意义。Is private enterprises' low financial leverage due to passive acceptance or proactive choice under the industry competitive environment? We improve the model of competitive advantage theory and financial flexibility theory on enterprises' low leverage. We find the intensity of industry competition has a negative correlation with the firms' asset-liability ratio. And for the same change of competition intensity,the private companies will decrease their leverage in advance to a greater magnitude than state-owned enterprises do. Finally,taking Suning corporation as example,we confirm the competitive advantage theory and financial flexibility theory of capital structure does exist. This paper concludes that before the coming industry competition private enterprises' low leverage is not only the result of external factor,but also a business competition strategy of enterprises. During the industry transition process of China's economy,this researchsheds light for understanding private enterprises' capital structure and formulating appropriate financial policies.

关 键 词：资本结构 竞争优势 财务弹性 苏宁云商 

分 类 号：F721[经济管理—产业经济] F724.6F715.5