集团品牌战略与资本结构动态调整  

The Impact of Group Brand Strategy on Capital Structure’s Dynamic Adjustment

作　　者：梁思源 曾庆生[1,2] 张程 LIANG Si-yuan;ZENG Qing-sheng;ZHANG Cheng(Shanghai University of Finance and Economics,Shanghai 200433,China)

机构地区：[1]上海财经大学会计学院,上海200433 [2]上海财经大学会计与财务研究院,上海200433

出　　处：《当代财经》2021年第6期126-137,共12页Contemporary Finance and Economics

基　　金：国家自然科学基金重点项目“互联网时代市场监管研究”(71632006);教育部人文社会科学重点研究基地重大项目“简政放权与会计、财务问题研究”(18JJD790010)。

摘　　要：以2007—2017年中国A股上市公司为研究对象,在构建集团品牌战略度量指标的基础上,检验了集团品牌战略与资本结构动态调整之间的关系。研究发现:差异化集团品牌战略有利于企业加快资本结构动态调整,这主要表现为提高资本结构向上调整的速度。作用路径检验发现:差异化集团品牌战略显著降低了债务资本成本。进一步的异质性检验发现:在非国有企业和信息环境较差的企业中,集团品牌战略的影响作用更显著。因此,企业在进行资本结构调整时,需要结合企业特征考虑集团品牌战略对资本结构动态调整的影响。Taking China’s A-share listed companies from 2007 to 2017 as research objects,this paper constructs the index of group brand strategy and investigates the relationship between group brand strategy and capital structure’s dynamic adjustment.The finding shows that the diversified group brand strategy can help enterprises to speed up the dynamic adjustment of capital structure,which is mainly manifested in the improvement of the speed of upwards adjustment of capital structure.The result of the test of the acting path shows that the diversified group brand strategy has significantly reduced the cost of debt capital.The result of further heterogeneity test shows that among the enterprises of non-state owned or with poor information environment,the impact of group brand strategy is more significant.Therefore,when carrying out the adjustment of capital structure,enterprises should consider the impact of group brand strategy on the dynamic adjustment of capital structure by referring to the characteristics of them.

关 键 词：集团品牌战略 资本结构 动态调整 

分 类 号：F272.3[经济管理—企业管理]