多元化战略对公司资本结构的影响

The Influence of the Diversified Strategy on the Company's Capital Structure

本文根据2002—2012年沪深A股上市公司的面板数据构建资本结构动态模型,运用系统广义矩估计方法(GMM)研究我国上市公司的资本结构与多元化战略的关系,拓展了先前对于财务政策和多元化的研究。通过比较相关和不相关多元化企业,强调了多元化形式的不同对于财务决策的不同影响。同时,关注专业化、相关多元化和不相关多元化公司向目标资本结构的调整速度。研究发现不相关多元化公司的调整速度相对于专业化公司和相关多元化公司要快。

The paper constructs the dynamic capital structure model based on the panel data of A-share listed companies of Shang- hai and Shenzhen Stocks Market from 2002 to 2012, and studies the relationship between the capital structure of listed companies in China and the diversified strategy using the systematic generalized moment estimation method （GMM）, which expands the previous re- search on the financial policy and diversity. By comparing the related and unrelated diversified enterprises, the paper emphasizes that the different forms of diversity have the different effects on the financial decisions. At the same time, the speed of the adjustment of professional, related diversification and unrelated diversified companies to the targeted capital structure should be focused on. The study finds that the adjustment of the unrelated diversified companies is faster than the professional companies and the related diversi- fied companies.