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企业战略差异度与债务融资能力研究

发布时间:2022-01-29 16:56
 
ABSTRACT
Today's world is in an era of competition. Enterprises choose a strategy, that is, choose a way of competition. Some studies have shown that the ultimate success of an enterprise is not because it adopts the same strategic mode as the industry norm, but because of the difference between its business strategy and the industry norm strategy.
Foreign countries began to study strategic differences in 1977, while China's domestic research on strategic differences started relatively late. Since recent years, the research results have increased, mainly from the enterprise performance, earnings management, audit behavior and other aspects of the impact of strategic differences. However, few scholars have conducted in-depth research on the relationship between strategic difference and debt financing ability. Access to financing is a very important capability for an enterprise to achieve long-term development in the future. As the most important financing method for enterprises, the enterprise adopts the differentiation strategy mode, which may not only bring extreme performance to the enterprise, but also have a noticeable impact on the enterprise^ debt financing ability. In addition, in the economic environment where the owners and operators of modern enterprises are separated, the specific management decisions and strategic choices are made and implemented by the management. It can be seen that the management should have an obvious impact on the strategy of the enterprise and also affect the debt financing ability of the enterprise. Whafs more, thanks to the guidance of national policies, external institutional investors have achieved considerable development, which has more and more influence on the capital market. In this context, the research of this paper has certain theoretical and practical significance.
This paper selects the data of a-share listed companies in Shanghai and Shenzhen from 2007 to 2017 and adopts the research methods of normative research and empirical research to analyze and confirm the correlation between corporate strategic difference degree and debt financing ability. On this basis, this paper discusses the adjustment effect of the power allocation inside and outside the enterprise on the relationship between the strategic difference degree and the debt financing ability. The results show that :(1) When other conditions remain unchanged, the strategic difference degree of enterprises is negatively correlated with the debt financing ability, that is, the greater the strategic difference degree is, the weaker the debt financing ability of enterprises is. Moreover, after the use of two-stage least square method to control the endogeneity of variables, the strategic difference of enterprises is still significantly negatively correlated with their debt financing ability, indicating that the conclusion of this paper is robust. (2) The management power and the shareholding ratio of institutional investors both have a regulating effect, which can adjust the correlation between the strategic difference degree and the debt financing ability. Specifically, the increase of the management power will further enhance the negative correlation between the strategic difference degree and the debt financing ability. The increase of the shareholding ratio of institutional investors will effectively reduce the negative correlation between corporate strategy difference and debt financing ability. (3) After the distinction between state-owned enterprises and non-state-owned enterprises, it is found that the strategic difference of non-state-owned enterprises has a greater negative impact on debt financing ability than that of state-owned enterprises; After dividing the high-tech industry and non-high-tech industry, it is found that compared with the non-high-tech industry, the strategic difference of enterprises in the high-tech industry has a greater negative impact on the debt financing ability. The above conclusion has the enlightenment significance to the enterprise, the investor and the market.
Compared with the existing literature at home and abroad, the contribution of this paper is as follows: firstly, this paper provides empirical evidence for the impact of strategy formulation on enterprises from a new perspective. Most of the previous literature examined the direct impact of strategic information on the business activities and earnings management of enterprises, but paid little attention to the impact of corporate strategy on its debt financing ability and its impact mechanism. In addition, this paper takes the management power and the shareholding ratio of institutional investors as the moderating variables to investigate the influence of them on the relationship between the degree of strategic difference and debt financing ability. On the one hand, it provides a new perspective for the research of the two, and on the other hand, it also enriches the literature on this aspect.
KEYWORDS: degree of strategic difference; debt financing ability; management power; institutional investors
目录
第一章绪论 1
第一节研究背景与研究意义 1
—、研究背景 1
二、研究意义 1
第二节概念界定 2
—、战略差异度 2
二、 债务融资能力 4
三、 管理层权力 5
四、 机构投资者 6
第三节研究方法与研究框架 6
—、研究方法 6
二、 研究内容 7
三、 研究框架 8
四、 创新之处 8
第二章文献综述 10
第一节文献回顾 10
—、企业战略的影响效应 10
二、 企业战略差异的影响效应 12
三、 企业债务融资能力的影响因素 15
第二节文献评述 18
第三章理论基础与研究假设 19
第一节理论基础 19
—、决策有用观 19
二、 信号传递理论 20
三、 信息不对称理论 21
四、 委托代理理论 22
五、 战略管理理论 22
第二节研究假设 23
—、战略差异度与债务融资能力 23
二、企业内外权力配置的调节效应 24
第四章研究设计与实证分析 27
第一节 研究设计 27
—、变量选取与数据来源 27
二、 主要变量界定 27
三、 研究模型构建 29
第二节实证分析 30
—、描述性统计 30
二、 相关性分析 31
三、 多元回归分析 31
第三节稳健性检验 34
—、替代解释变量 34
二、制造业作为样本 35
第四节 内生性检验 37
第五节机制检验 38
第六节进一步研究 39
—、产权性质 40
二、行业分类 42
第五章 研究结论与启示 45
第一节研究结论 45
第二节政策性建议 46
第三节 研究局限性与未来展望 46
一、 研究局限性 46
二、 未来展望 47
参考文献 48
致谢 55
在读期间科研成果
第一章绪论
第一节研究背景与研究意义
—、研究背景
“战略"这个词语一开始诞生于军事领域,后来在经济领域被赋予了其他含义。 从经济学的角度来解释战略,它指的是一个企业通过利用各种可以利用的资源和 条件,增强自身的行业竞争力,并得到行业优势的一整套方针和措施(Rumeltet al., 1994)。对于企业来说,不同的战略代表了不同的竞争模式。单个企业为了 自身的生存与扩张会不断改变其发展战略,随着行业发展的不断成熟,那些能够 充分利用各种资源和优势,善于抓住机遇的企业在激烈的竞争环境中存活下来, 最终会在行业中形成一套被普遍认可的常规战略模式(Hambrick, 1997)。
用理性的眼光看待当今世界的发展,竞争已是常态。在此背景之下,企业唯 —能做的就是不断的改变,也就是及时根据内外部经济条件的变化改进自身的战 略模式。现有研究已经证明,一个企业能够取得成功不是由于它实施了与行业常 规模式相似或相同的战略,而是得益于其战略模式与行业常规模式之间的差异程 度(叶康涛等,2015)。企业若采用行业常规战略模式,最有可能的结果是取得行 业平均水平的业绩(Tang etal., 2011)。企业若想获得更大的发展,拥有更领先 的地位,最好的选择显然不是行业常规战略模式。
衡量一个企业的好坏,不仅要看其盈利情况,更要关注其未来的发展潜力, 其中是否能够获得融资成为企业一项非常重要的能力。债务融资作为企业最重要 的融资方式,企业采用与行业常规战略存在差异的战略模式,不仅可能会给企业 带来极端化(或好或坏)的业绩(Tangetal. , 2011;叶康涛,2(H4),也会对 企业的债务融资能力产生不容忽视的影响。
在现代企业所有者和经营者分立的经济环境下,企业具体的经营决策和战略 选择都是由管理层来做出,并进行战略实施。可见管理层对企业的战略应该有显 而易见的影响关系,也会影响企业的债务融资能力。另外,得益于国家政策的指 导,外部机构投资者获得了长足的发展,越来越多的影响着资本市场,也势必会 对企业治理产生影响。
在此背景下,本文研究企业战略差异度与债务融资能力之间的相关性,并进 —步分析管理层权力与机构投资者持股对其的调节作用。
二、研究意义
(-)理论意义
1.丰富了企业战略的经济后果研究
当前学术界大多从企业战略的创新、企业战略的选择、战略的多元化、战略 的国际化等方面对企业战略展开研究,只有少数学者选择战略差异度作为研究对 象。而且,国外在1977年就开始对战略差异进行研究,相比之下,我国学者对战 略差异展开研究的时间较晚,近些年来研究成果才逐渐上涨,在研究过程中仍然 存在着很多的不足。国内学者们主要从企业绩效、分析师行为、盈余管理、成本 粘性、企业融资、股价崩盘风险、审计行为、会计信息有效性、投资人等角度考 察了战略差异度的影响,但鲜有研究探讨战略差异度对企业债务融资能力的影响。 本文理论分析并实证检验了战略差异度对债务融资能力的影响效应,进一步丰富 了战略差异度经济后果的相关研究。
2.充实了债务融资能力的影响因素研究
当前学术界对企业资本结构的研究中,研究股权融资的文献较多,而研究企 业债务融资的文献较少。而且,当前针对企业债务融资能力影响因素的研究多集 中在企业规模、企业盈利能力、企业成长性、企业资产担保余值等,鲜有研究深 入检验企业战略选择对债务融资能力的影响。同时,现有研究基本上均是将企业 作为一个相对独立的个体考察对象,来研究其内外部众多经济因素对企业融资能 力的影响,而战略差异度是一个与同行业平均水平进行比较产生的概念,因此有 必要对其进行深入分析,以挖掘其对完善企业治理机制和制定企业未来发展策略 的正面价值。本文的研究丰富了企业债务融资能力的研究范围。
(二)现实意义
债务融资能力作为衡量企业发展前景的一项重要财务指标,债务融资的内容 因具体的债权人、债务人不同而有所差异。但是,中国市场经济的现状是体制尚 不健全、信息不对称问题比较突出,这就使得企业普遍面临较为严重的融资约束。 就我国国家现状而言,我国对债权人的法律保护较弱、企业治理结构不完善。在 这样的制度背景下,深入研究战略差异度对企业债务融资能力的影响具有一定的 现实意义。一方面,它为希望提高融资能力的企业提供了一个新的调整方向;另 —方面,它也为债权人在判断是否注资的时候贡献了多一个的考虑因素。
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