跨行业框架下企业资本结构与产品市场行为互动机制研究
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摘要
本文主要在跨行业框架中考察上下游企业产品市场行为影响企业资本结构的内在机制。具体而言,在借鉴已有研究成果的基础上,本文主要从两个维度展开:首先,从上下游企业专用性关系投资维度,利用负债的承诺作用及信号传递功能,分析企业如何运用负债激励上下游企业进行专用性关系投资,并提出企业资本结构与上下游企业专用性关系投资存在反向关系的理论假设;其次,从上下游企业议价能力维度,分析上下游企业议价能力影响企业资本结构决策的内在机制。由于负债可以阻止议价能力较强的上下游企业掠夺企业剩余,企业可根据上下游企业的议价能力来安排资本结构,进而本文提出企业资本结构与上下游企业议价能力存在正向关系的理论假设。
本文运用静态模型与动态调整模型从行业层面对本文的理论假设进行实证分析,研究发现:(1)在控制住产品市场竞争强度等因素后,企业的财务杠杆与上下游行业的研发支出强度呈显著的负相关,但企业所属的行业与上下游行业的相似程度,并不影响企业财务杠杆与上游行业研发支出强度的负相关关系;(2)企业财务杠杆与上下游行业内的企业个数呈显著的负相关,企业所属行业的企业个数越多,企业财务杠杆与上下游行业内的企业个数的负相关关系就越强;(3)企业资本结构调整幅度随上下游行业研发支出强度的变化而变化,二者之间呈现出负相关关系;(4)企业资本结构随上下游企业议价能力的动态变化做出调整,上下游企业议价能力越趋向下降,企业资本结构偏离目标资本结构程度就越大。
This paper mainly examines the intrinsic mechanisms that the product market behavior of upstream-downstream firms affects a firm's capital structure.In detail,utilizing existing research, this paper is forwarding from two dimensions.Firstly,using the function of debt that it can make a commitment and convey information about a firm,i analyze how a firm use debt to incentive its upstream-downstream firms to make relationship-specific investments,and hypothesize that a firm's capital structure is negatively related to the relationship-specific investments of its upstream-downstream firms.Secondly,how the bargaining power of a firm's upstream-downstream firms affects its capital structure is explored.Debt can prevent a firm's upstream-downstream firms with a strong bargaining power from predating on its surplus.Thus, a firm can decides its capital structure based on the bargaining power of its upstream-downstream firms.Further,the hypothesis that there is a positive relation between a firm's capital structure and the bargaining power of its upstream-downstream firms is brought.
This paper makes an empirical test on theoretical hypothesis with both static and dynamic adjustment models from industry level.It is found that:(1) after controlling the factors as to product market competition degree that affect a firm's capital structure,a firm's leverage is negatively related to the R&D intensities of its upstream-downstream firms,however,the closeness of a firm's industry to its upstream-downstream industry does not affect the negative relation between a firm's leverage and the R&D intensities of its upstream-downstream firms;(2) a firm's leverage is negatively related to the number of firms in its upstream-downstream industry,and the more is the number of firms in its industry,the stronger is the negative relation; (3) the degree of the adjustment of a firm's debt ratio changes with the dynamic of the R&D intensities of its upstream-downstream firms,and there is a negative correlation between them; (4) a firm adjusts its capital structure according to the bargaining power dynamic of its upstream -downstream firms,and if the bargaining power of its upstream-downstream firms decreases more,the degree of a firm's capital structure deviant from the capital structure is less.
本文运用静态模型与动态调整模型从行业层面对本文的理论假设进行实证分析,研究发现:(1)在控制住产品市场竞争强度等因素后,企业的财务杠杆与上下游行业的研发支出强度呈显著的负相关,但企业所属的行业与上下游行业的相似程度,并不影响企业财务杠杆与上游行业研发支出强度的负相关关系;(2)企业财务杠杆与上下游行业内的企业个数呈显著的负相关,企业所属行业的企业个数越多,企业财务杠杆与上下游行业内的企业个数的负相关关系就越强;(3)企业资本结构调整幅度随上下游行业研发支出强度的变化而变化,二者之间呈现出负相关关系;(4)企业资本结构随上下游企业议价能力的动态变化做出调整,上下游企业议价能力越趋向下降,企业资本结构偏离目标资本结构程度就越大。
This paper mainly examines the intrinsic mechanisms that the product market behavior of upstream-downstream firms affects a firm's capital structure.In detail,utilizing existing research, this paper is forwarding from two dimensions.Firstly,using the function of debt that it can make a commitment and convey information about a firm,i analyze how a firm use debt to incentive its upstream-downstream firms to make relationship-specific investments,and hypothesize that a firm's capital structure is negatively related to the relationship-specific investments of its upstream-downstream firms.Secondly,how the bargaining power of a firm's upstream-downstream firms affects its capital structure is explored.Debt can prevent a firm's upstream-downstream firms with a strong bargaining power from predating on its surplus.Thus, a firm can decides its capital structure based on the bargaining power of its upstream-downstream firms.Further,the hypothesis that there is a positive relation between a firm's capital structure and the bargaining power of its upstream-downstream firms is brought.
This paper makes an empirical test on theoretical hypothesis with both static and dynamic adjustment models from industry level.It is found that:(1) after controlling the factors as to product market competition degree that affect a firm's capital structure,a firm's leverage is negatively related to the R&D intensities of its upstream-downstream firms,however,the closeness of a firm's industry to its upstream-downstream industry does not affect the negative relation between a firm's leverage and the R&D intensities of its upstream-downstream firms;(2) a firm's leverage is negatively related to the number of firms in its upstream-downstream industry,and the more is the number of firms in its industry,the stronger is the negative relation; (3) the degree of the adjustment of a firm's debt ratio changes with the dynamic of the R&D intensities of its upstream-downstream firms,and there is a negative correlation between them; (4) a firm adjusts its capital structure according to the bargaining power dynamic of its upstream -downstream firms,and if the bargaining power of its upstream-downstream firms decreases more,the degree of a firm's capital structure deviant from the capital structure is less.
引文
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