作　　者： ;

机构地区： 哈尔滨工业大学

出　　处： 《经济管理》 2012年第2期 50-56,共7页

摘　　要： 文以2006～2009年部分制造业（8个子行业）上市公司为样本，考察了在不同的行业环境下，上市公司创新战略与资本结构之间的关系。研究结果表明，当公司处于不确定性较弱的行业环境下，创新战略与资本结构正相关；当公司处于不确定性较强的行业环境下，创新战略与资本结构负相关。也就是说，公司越注重创新，其资本结构构成中的负债比例就应越低。同时还发现，当公司处于不确定性较弱的行业环境下，其资本结构与创新战略正相关，说明在这种环境下高财务杠杆有利于实施创新战略；当公司处于不确定较强的行业环境下，其资本结构与创新战略负相关，说明在这种环境下低财务杠杆更有利于实施创新战略。 Capital structure seems simply to be the proportion of capital and debt, but it virtually decides system arrangement ： the relationship among the owners of principal and nexus relationship between owners of principal and other owners. Then how to select capital structure is one of the most important decisions for firms. Since Modigliani and Miller （1958） proposed the theory of capital structure, scholars have established and improved a lot of theories about capital structure. But in practice, some issues such as： how to select between debt financing and stock financing and how many elements influence capital structure are very difficult to answer. From conclusions of domestic and foreign literatures, we know that capital structure is a kind of rational choice, which is based on corporate strategy and environment. But there is no consistent conclusion about the relationship among environment, strategy and capital structure. Chinese firms are faced with environment which is more dynamic and special. So the processes of strategy management and capital structure decision will be much more complex in this environment. We should go deep into research about the relationship among environment, strategy and capital structure, combine capital structure decision and strategy management and apply it in practice better, thus to provide theory guide and reference for firms. According to strategy management＇ s study model, from finance theory and strategy management standpoint, this paper discusses the following issues： how the strategic element impact on capital structure and firm＇ s capital structure must be aligned with the strategic element, this kind of study can help to disclose the real causes of formation of capital structure ; help to disclose the truth of environment and capital structure impact performance ; help to disclose the truth of strategy and capital structure impact on performance ; help to hold the essence of finance behavior and strategy behavior of Chinese firms, then optimize resources de

关 键 词： 行业环境 创新战略 资本结构

分 类 号： [F275]

领　　域： []