多元化战略与资本结构之间关系探析

Analytical Study of the Relationship betwee Diversification Strategy and Capital

构建动态结构模型,根据2000-2006年中国上市公司的面板数据,运用系统广义矩方法对其进行了检验。检验结果表明,共同保险理论和内部资本效率理论均无法解释我国上市公司特有的资本结构的变化。我国上市公司的资本结构和多元化战略间是互为因果关系的。多元化程度的提高,很可能加剧债权人和公司间的信息不对称,从而提升企业的负债能力,引起资本结构上升;而资本结构上升又会反过来对多元化行为产生一定的制约作用,引起多元化程度的下降。此外,多元化经营会带来企业盈利能力和企业规模的下降,说明企业多元化行为所增加的负债资金主要被转移到了企业的核心行业,且并未能取得很好的经营绩效。因此,多元化和资本结构相互影响的过程并未表现出明显的战略关系特征,很可能为债权人和投资者带来利益侵害。

Based on the analysis of the panel data of China＇s listed firms from 2000 to 2006,this paper tests the relationship with SYS GMM through establishing the dynamic structure model.We find out that the theory of coinsurance and that of internal capital market both can not explain the change of special capital structure of China＇s listed firms.Capital structure and diversification strategy of China＇s listed firms interact each other.The increase of diversification might increase information asymmetry between the creditor and the company,then enhance the debt ability of the company,and cause the decrease of diversification while the increase of capital structure restricts diversification in return,and makes it decrease.In addition,diversification leads to the decline of the profit and size of the company,which shows that the increased debt financing from diversification is mainly transferred to the key industry of the company,but doesn＇t gain good performance.Thus the relationship between diversification and capital structure might not have the relationship of management strategy,and the influential course between diversification and capital structure might infringe the creditors＇ and investors＇ benefit.