摘要
本文以委托代理理论为基础,在考虑消费者利益的前提下,构建了产品多元化战略与融资结构决策关系的理论模型,根据2009-2012年中国创业板上市公司的面板数据,采用加权最小二乘法,实证检验我国创业板上市公司产品多元化战略对其融资结构决策的影响。理论模型表明,企业最优的融资结构决策是产品多元化战略与代理成本的均衡结果;实证结果表明,我国创业板上市公司多元化程度与财务杠杆显著负相关,支持了基于委托代理理论分析产品多元化与融资结构关系的理论观点。
Based on the agency theory and under the premise of taking the interests of the customers into account,product diversification strategy and the theoretical model of financing structure are constructed. According to the Panel data released by the GEM in 2009-2012 China,by WLS,the influence on the decision-making of financing structure by the diversification strategy of GEM is tested in a real way.Theoretical models show that the optimal financing structure is a balanced result of product diversification strategy and the cost of agency.Empirical results show that diversity of GEM has a significant negative correlation with the financial leverage,which gives strong support to the theory that analysis should be given to the relationship between product diversification and the financing structure based on the agency theory.
出处
《管理评论》
CSSCI
北大核心
2016年第4期178-185,共8页
Management Review
基金
国家自然科学基金项目(71150002)
关键词
产品多元化战略
融资结构
理论模型
实证检验
product diversification strategy
financing structure
theoretical model
empirical study