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.
出处
《财经理论与实践》
CSSCI
北大核心
2006年第4期52-57,共6页
The Theory and Practice of Finance and Economics
关键词
公司产品竞争战略
融资决策行为
行业特征变量
Competition Stratagem
Financing
Decision - making Behavior
Industry Character Variable