资产专用性与公司资本结构——来自中国制造业股份有限公司的经验证据

Asset Specificity and Corporate Capital Structure:Empirical Evidence from Chinese Manufacturing's Limited Liability Firms

交易成本经济学视角下的公司融资理论指出,债务与权益应该视为不同类型的“治理结构”,而这种治理结构的具体选择又主要取决于公司资产专用性。我们以2001—2003年我国制造业股份有限公司为研究对象,运用多元线性回归计量模型实证表明,公司资本结构与资产专用性和盈利能力负相关,但公司盈利能力与资产专用性正相关。因此,公司资本结构的决策不仅要考虑公司资产投资具有专用性的特点,而且还要考虑其自身的盈利能力,才可能在激烈的产品市场竞争中获得可持续竞争优势与优良绩效。

Corporate financing theories of transaction cost economics show that debt and equity are a kind of governance structure,which mainly de- pends on asset specificity.Based on Chinese manufacturing's limited liability firms in 2001—2003,our empirical results find that capital struc- ture is negatively associated with its asset specificity and operating profitability,but asset specificity is positively associated with its operating profitability.Therefore,the decision of capital structure is considered both its asset specificity and profitability,thus maintains sustainable competitive advantages and good performance in the fierce product market.