科研管理

科研管理 ›› 2017, Vol. 38 ›› Issue (2): 125-134.

• 论文 • 上一篇    下一篇

战略性资产投资对资本结构的影响—以中国创业板企业为例

马娜，钟田丽     

  1. 东北大学工商管理学院，辽宁 沈阳110819
  • 收稿日期:2014-12-08 修回日期:2016-04-21 出版日期:2017-02-20 发布日期:2017-02-13
  • 通讯作者: 马娜
  • 基金资助:

    国家自然科学基金项目“基于产品市场竞争的创业企业融资结构决策研究”(项目号： 71150002；起止时间：2012.1-2014.12)和中央高校基本科研业务费项目“基于产业组织学视角的企业战略性资产投入对融资结构影响的实证研究”(项目号：N120606003；起止时间：2013.1-2014.12)。

The impact of strategic assets investment on capital structure by taking ChiNext companies in China as an example

Ma Na, Zhong Tianli   

  1. School of Business Administration, Northeastern University, Shenyang 110819, Liaoning, China
  • Received:2014-12-08 Revised:2016-04-21 Online:2017-02-20 Published:2017-02-13

摘要： 产业组织学视角资本结构影响因素现有研究大多以企业同质性为前提，考察价格、产量、行业特征等对资本结构的影响。不同于现有研究，本文在企业异质性前提下，以交易成本论为基础，运用实证研究方法，检验具有专用特征的不同战略性资产投资对资本结构的影响。其研究结论是：战略性资产投资与资本结构负相关，不同战略性资产投资对资本结构的负向影响程度不同，由高到低依次是声誉资产投资、技术资产投资、R&D资金投资、人力资本投资和关系资产投资。本文的研究对于完善产业组织学视角资本结构影响因素研究以及优化创业板企业资本结构具有重要意义。

关键词: 战略性资产, 资产专用性, 资本结构, 创业板企业

Abstract: Most of studies about the capital structure influencing factors from the perspective of industrial organization theory focus on the impacts of price, production, industry characteristics etc. on capital structure under the premise of firms homogeneity. Different from existing researches, this article, under the premise of firms heterogeneity, tests the relationship between different strategic assets investment characterized by specificity and capital structure using empirical research method based on the transaction cost theory. The research conclusion is that strategic assets investment is negatively related to the capital structure, and the influence degrees of different strategic assets investment on capital structure are different, which are reputation investment, technology investment, R&D investment, human capital investment and relationship investment from high to low in turn. This article has important significance for improving capital structure influencing factors’ theory research from the perspective of industrial organization and the optimization of China ChiNext companies’ capital structure.

Key words: strategic assets, asset specificity, capital structure, ChiNext companies