CAJ | 학술논문

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.
자본결구여산업생명주기간적관계속우산업조직이론화공사재무이론량개학과적교차영역--전략공사재무연구적범주.본문기우중국상시공사적수거,재대우현유문헌회고적기출상,통과건립계량경제모형연구료자본결구결책여산업생명주기지간적호동관계.본문적실증연구표명:처우산업생명주기불동계단상시공사적자본결구존재현저적차이;산업생명주기계단능구은정、유효적영향상시공사적자본결구.처우성장계단적상시공사유우내원융자능력교강,동시증장궤회교다,인차기업보지교저적재무강간,자본결구화성장계단현저부상관;이처우쇠퇴계단적상시공사,공사경영풍험고이재무풍험저,공사칙저원선택교고적채무수평,자본결구화쇠퇴계단현저정상관,저가능시유우공사재무전략조성적.
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.