资本结构与产业生命周期：基于中国上市公司的实证研究

资本结构与产业生命周期间的关系属于产业组织理论和公司财务理论两个学科的交叉领域———战略公司财务研究的范畴。本文基于中国上市公司的数据,在对于现有文献回顾的基础上,通过建立计量经济模型研究了资本结构决策与产业生命周期之间的互动关系。本文的实证研究表明:处于产业生命周期不同阶段上市公司的资本结构存在显著的差异;产业生命周期阶段能够稳定、有效的影响上市公司的资本结构。处于成长阶段的上市公司由于内源融资能力较强,同时增长机会较多,因此企业保持较低的财务杠杆,资本结构和成长阶段显著负相关;而处于衰退阶段的上市公司,公司经营风险高而财务风险低,公司则宁愿选择较高的债务水平,资本结构和衰退阶段显著正相关,这可能是由于公司财务战略造成的。

Capital Structure and Industry Life Cycle:Empirical Research Based on Listed Companies of China

The relationship between capital structure and industry life cycle can be attached to the research area of strategic corporate finance, which is the cross-study aspect of the theory of corporate finance and the theory of industry organization. This paper establishes mathematic model and makes empirical research based on the data of Chinese listed companies. The research conclusion of this paper can be described as follows: Firstly, there's significant difference between listed companies in different stage of industry life cycle. Secondly, industry life cycle has permanent impression on the capital structure of Chinese listed companies. The listed company in growth stage usually has lower leverage because of powerful internal funds capability and more growth opportunities. The listed company in decline stage often has higher leverage maybe because of the corporate financial strategy.