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首页> 外文期刊>Management Decision >Ownership structure, corporate diversification and capital structure: Evidence from China's publicly listed firms
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Ownership structure, corporate diversification and capital structure: Evidence from China's publicly listed firms

机译：股权结构，公司多元化和资本结构：来自中国上市公司的证据

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Purpose - The purpose of this paper is to investigate whether, and to what extent, corporate diversification into related and unrelated businesses affects capital structure choices, and whether ownership structure is germane to the understanding of corporate diversification strategies and debt-equity financing choices.rnDesign/methodology/approach - Univariate approaches include the parametric two-sample Mest, non-parametric Kolmogorov-Smirnov test and Kruskal-Wallis rank test, and cluster analysis. Multivariate approaches include panel data regressions to identify the sign and magnitude of the effect of diversification on capital structure, after controlling for a number of industry and firm characteristics as suggested in the literature.rnFindings - Corporate diversification into related or unrelated industries has opposite effects on capital structure, after controlling for ownership structure and corporate governance mechanisms. Consistent with the prediction of organizational economics, an increase in the degree of business relatedness is associated with a reduction in debt while an increase in business unrelatedness is associated with an increase in debt. In addition, there is strong evidence that government-controlled firms use less debt financing and that government ownership weakens the positive relationship between unrelated diversification and leverage. The results are robust to different measures of capital structure. Originality/value - Traditional finance literature has not been able to provide conclusive evidence on what affects corporate capital structure decisions. This paper shows that a corporate strategy perspective, with its emphasis on a managerial decision-making process, can provide a behavioral basis for understanding capital structure choices.
机译：目的-本文的目的是调查公司向相关和不相关业务的多元化经营是否以及在何种程度上影响资本结构的选择，所有权结构是否与对公司多元化战略和债务股权融资选择的理解紧密相关。 /方法论/方法-单变量方法包括参数两样本Mest，非参数Kolmogorov-Smirnov检验和Kruskal-Wallis等级检验，以及聚类分析。多元方法包括面板数据回归，以在控制了文献中建议的许多行业和公司特征之后，确定多元化对资本结构的影响的迹象和程度.rn发现-公司多元化进入相关或不相关行业对企业产生相反的影响资本结构，控制所有权结构和公司治理机制之后。与组织经济学的预测一致，业务关联度的增加与债务的减少相关，而业务无关性的增加与债务的增加相关。此外，有充分的证据表明，政府控制的公司使用的债务融资较少，而且政府所有权削弱了无关的多元化与杠杆之间的积极关系。结果对于不同的资本结构测度是可靠的。原创性/价值-传统财务文献无法提供有关影响公司资本结构决策的决定性证据。本文表明，以公司战略视角为重点的管理决策过程可以为理解资本结构选择提供行为基础。

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