经济问题
經濟問題
경제문제
On Economic Problems
2015年
10期
1-6
,共6页
多元化战略%资本成本%房地产上市公司
多元化戰略%資本成本%房地產上市公司
다원화전략%자본성본%방지산상시공사
diversification strategy%cost of capital%listed real estate company
通过面板数据计量经济学模型，对2003～2013年我国沪深A股中59家房地产上市公司多元化经营战略及其加权平均资本成本进行实证分析。结果表明，多元化经营程度与普通股资本成本负相关，与债务资本成本正相关，与负债占资本比例负相关，与加权平均资本成本显著正相关。这意味着当房地产上市公司实行多元化战略时，该公司的加权平均资本成本也会相应提高。
通過麵闆數據計量經濟學模型，對2003～2013年我國滬深A股中59傢房地產上市公司多元化經營戰略及其加權平均資本成本進行實證分析。結果錶明，多元化經營程度與普通股資本成本負相關，與債務資本成本正相關，與負債佔資本比例負相關，與加權平均資本成本顯著正相關。這意味著噹房地產上市公司實行多元化戰略時，該公司的加權平均資本成本也會相應提高。
통과면판수거계량경제학모형，대2003～2013년아국호심A고중59가방지산상시공사다원화경영전략급기가권평균자본성본진행실증분석。결과표명，다원화경영정도여보통고자본성본부상관，여채무자본성본정상관，여부채점자본비례부상관，여가권평균자본성본현저정상관。저의미착당방지산상시공사실행다원화전략시，해공사적가권평균자본성본야회상응제고。
This paper uses the econometric model to have empirical analysis on the diversification strategy and the weighted average cost of capital , which includes 59 listed real estate companies in Shanghai and Shenzhen A stock markets from 2003 to 2013.The result of our paper shows a negative relation between the degree of diversifi-cation and the cost of equity capital.The degree of diversification also shows a positive correlation with the cost of debt capital , a negative correlation with the ratio of debt capital , and a positive correlation with the weighted aver-age cost of capital.This result means that when listed real estate companies have diversification strategy , their weighted average cost of capital will increase.
