公司的多样化战略与资本结构关系的实证研究

本文在分散风险理论、交易成本理论和代理成本理论的基础上,深入探讨了公司多样化战略与资本结构之间的内在关系,并形成研究假设。本文采用熵值指数来度量公司的多样化程度。经分层和回归检验后发现。公司经营多样化程度与负债水平呈显著正相关关系;不相关多样化公司的负债水平显著高于相关多样化公司;对不相关多样化公司来说,多样化程度是决定资本结构的重要因素。总之,研究结果支持了基于分散风险理论和交易成本理论的假设,拒绝了基于代理成本理论的假设。

An Empirical Study on the Link between Diversification Strategy and Capital Structure of China's Public Companies

On the theories of coinsurance effect, transaction costs and agency costs, this study analyzes the potential relationship between capital structure and the diversification strategy by making hypothesis. Here we use entropy index as a proxy of firm diversification strategy. After group sampling and being tested by regression models, it shows a positive and statistically significant relation between firm debt level and the degree of firm diversification. And firms with unrelated diversification strategies are apt to have a higher debt level than those with related diversification strategies. To the former, the degree of diversification plays an important role in determining their capital structures. In conclusion, the results accept the hypothesis based on the theories of coinsurance effect and transaction costs, rejecting the hypothesis of agency costs.