房地产上市公司多元化战略与资本成本关系研究

The Relationship between Diversification Strategy and the Cost of Capital in Listed Real Estate Companies

通过面板数据计量经济学模型,对2003~2013年我国沪深A股中59家房地产上市公司多元化经营战略及其加权平均资本成本进行实证分析。结果表明,多元化经营程度与普通股资本成本负相关,与债务资本成本正相关,与负债占资本比例负相关,与加权平均资本成本显著正相关。这意味着当房地产上市公司实行多元化战略时,该公司的加权平均资本成本也会相应提高。

This paper uses the econometric model to have empirical analysis on the diversification strategy and the weighted average cost of capital, which includes 59 listed real estate companies in Shanghai and Shenzhen A stock markets from 2003 to 2013. The result of our paper shows a negative relation between the degree of diversification and the cost of equity capital. The degree of diversification also shows a positive correlation with the cost of debt capital, a negative correlation with the ratio of debt capital, and a positive correlation with the weighted average cost of capital. This result means that when listed real estate companies have diversification strategy, their weighted average cost of capital will increase.