| 农业上市公司多元化战略与资本结构动态调整 |
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| 引用本文： | 任曙明,马强,晏雅卉.农业上市公司多元化战略与资本结构动态调整[J].大连理工大学学报(社会科学版),2010,31(3). |
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| 作者姓名： | 任曙明 马强 晏雅卉 |
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| 作者单位： | 大连理工大学经济系 |
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| 基金项目： | 大连理工大学交叉学科建设专项项目，大连理工大学人文社会科学研究基金项目 |
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| 摘 要： | 文章建立了农业上市公司资本结构的动态调整模型,采用24家农业上市公司2002~2007年的非平衡面板数据,研究了农业上市公司采取多元化战略对资本结构向其目标水平进行动态调整的影响。研究结果表明,农业上市公司资本结构的调整与其多元化程度呈显著负相关,多元化程度越高,资本结构偏离其目标水平的程度越小,而资本结构的调整速度也越慢。文章的结论支持了共同保险和内部资本市场理论。从多元化动机看,农业上市公司的非农多元化是其对农业弱质性和资本市场摩擦的理性反应。
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| 关 键 词： | 农业上市公司 多元化战略 资本结构 动态调整 |
Diversification Strategy of Listed Agriculture Companies and Dynamic Adjustment of Capital Structure |
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| REN Shu-ming,MA Qiang,YAN Ya-hui.Diversification Strategy of Listed Agriculture Companies and Dynamic Adjustment of Capital Structure[J].Journal of Dalian University of Technology(Social Sciences),2010,31(3). |
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| Authors: | REN Shu-ming MA Qiang YAN Ya-hui |
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| Institution: | REN Shu-ming; MA Qiang; YAN Ya-huiDepartment of Economics; Dalian University of Technology; Dalian 116024; China; |
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| Abstract: | The paper studied the correlation between diversification strategy and capital structure dynamic adjustment of agriculture companies by establishing a dynamic adjustment model of capital structure and exploring unbalanced panel data of 24 Chinese listed agriculture companies of the period from 2002 to 2007.The empirical results show that diversification strategy has a significant effect on the capital structure dynamic adjustment of agriculture companies,and the diversification strategy is negatively correl... |
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| Keywords: | listed agriculture companies diversification strategy capital structure dynamic adjustment |
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