战略差异度影响内部资本市场的活跃度和功能发挥吗?——来自A股上市公司的经验数据

Does Strategy Deviance Influence the Vitality and Function of Internal Capital Market--An Empirical Study on Chinese A-share Listed Companies

本文以2008—2016年的A股上市公司为样本,首先考察了战略差异度与内部资本市场活跃度之间的关系,研究发现,内部资本市场的活跃度受到战略差异度的影响,两者之间呈现正相关关系;其次考察了两者之间的关系在产权性质不同上市公司中的差异,研究发现,非国有上市公司中两者之间的正相关关系更为明显;并进一步考察了内部资本市场缓解融资约束作用在不同战略差异度公司中的差异,研究发现,战略差异度大的公司中内部资本市场缓解融资约束功能发挥更好。

The paper uses companies listed in Chinese A-stock market during 2008-2016 as an example to examine the relationship between strategic deviance and internal capital market vitality firstly.It is found that strategic deviance influences internal capital market vitality.The greater the strategic deviance is,the greater the vitality will be.Secondly,we examine the difference of their relationship in companies with different property rights and come to the conclusion that non-state-owned listed companies show stronger positive relationship of strategic deviance with vitality of internal capital markets.Thirdly,the paper tests the influence of strategic deviance to the function of internal capital market and finds that internal capital market can relieve financing constraints for companies with great strategic deviance while the function of relieving financing constraints is not obvious for companies with little strategic variety.