竞争战略、财务杠杆与公司绩效

Competitive Strategy,Financial Leverage and Corporate Performance

以2003年至2015年中国沪深两市上市公司为研究对象,对竞争战略和财务杠杆如何影响企业绩效进行实证检验。结果发现,差异化对财务绩效具有显著的负面影响,对市场绩效具有显著的正面影响;财务杠杆与财务绩效和市场绩效呈显著的"U"型关系;竞争战略和财务杠杆的交叉项对财务绩效有比较显著的正面影响,对市场绩效有比较显著的负面影响。这些新的发现表明,"降成本""去杠杆"确实有助于提升企业的财务绩效;竞争战略和财务杠杆的适当组合能对公司绩效产生显著影响;负债的公司治理效应和财务杠杆效应都没有充分发挥出来。

Taking the listed companies of Shanghai stock exchange and Shenzhen stock exchange during 2003 through 2015 as the research object,we try to empirically test on how the competitive strategy and the financial leverage affect the business performance.The results of regression analysis show that the differentiation has a significantly negative impact on the financial performance,and has a significantly positive impact on the market performance.The financial leverage has a significant U-shaped relationship with the financial performance and the market performance.The cross terms of competitive strategy and financial leverage has a significantly positive impact on financial performance,and has a significantly negative impact on market performance.These new findings suggest that ＂reducing costs＂ and ＂ deleveraging＂ do help to improve corporate financial performance.The appropriate combination of competitive strategy and financial leverage may have a significant impact on corporate performance.Both the corporate governance effect and the financial leverage effect of debt are not fully realized.