行业环境、创新战略与公司资本结构

Industrial Environment,Innovation Strategy and Corporate Capital Structure

通过实证研究发现,当企业处于相对稳定的行业环境下,创新战略与资本结构正相关;当企业处于变化较强的行业环境下,创新战略与资本结构负相关。这意味着公司越注重创新,其资本结构构成中的负债比例就越低。当企业处于相对稳定的行业环境下,资本结构与创新战略正相关,说明在这种情况下高财务杠杆有利于实施创新战略;在动态的行业环境下,资本结构与创新战略负相关,说明在这种情况下低财务杠杆更有利于实施创新战略。

Researches found that a positive correlation will occur between innovative strategy and capital structure when the enterprise is in a relatively stable industrial environment;a negative correlation will result between innovative strategy and capital structure when the enterprise is in a strongly changeable industrial environment.It shows that the more emphasis that the enterprise puts on innovation,the lower the debt ration is in capital structure.The positive correlation shows that high financial leverage facilitate the implementation of innovative strategy in a stable environment;while the negative correlation means that low financial leverage is conducive to the implementation of innovative strategy in a dynamic environment.