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论文编号：	2441
作者编号：	2120082133
上传时间：	2010/6/10 14:12:56
中文题目：	非金融业公司进入金融业对其公司绩效的影响研究——基于资本结构的调节效应
英文题目：	The Study on the Influence of Non-financial Industry Companies Entering Financial Industry to Corporate Performance.——Based on the Moderation Effect of Capital Structure.
指导老师：	薛有志
中文关键字：	进入金融业;公司绩效;资本结构;调节效应
英文关键字：	Entering financial industry;Corporate performance;Capital structure;Moderation effect
中文摘要：	自从美国著名的战略管理学家Ansoff（1957）最早在《哈佛商业评论》上提出了多元化战略（Diversification Strategy），多元化战略便成为理论界与实践界广泛探讨的话题。然而，在理论研究中，由于金融业的特殊性，往往把金融业排除在研究之外。事实上，非金融业公司进入金融业也属于无关多元化的范畴，因此，对于非金融业公司进入金融业来说，也可以在多元化战略的框架下进行研究。 金融业所掌握的大量财务资源，以及由于政府管制所造成的金融业的高盈利水平，使得诸多公司都倾向于进入金融业，这样一方面有可能获得财务资源从而缓解自身的资本约束，另一方面也可以通过进入金融业获得较高的盈利，从而带动整个公司绩效的提升。然而，进入金融业这一行为究竟能否为公司带来融资上的便利，以及将会对公司绩效会产生何种影响，都需要进行深入细致的研讨。 本文首先对多元化战略的背景进行了回顾，并对金融业的特征进行了阐述，并详细回顾了多元化相关的理论，以及公司选择进入金融业的动机，从理论上对多元化战略的优势和劣势进行了剖析，并且从内部资本市场理论、制度基础理论和资本结构理论三个方面对公司进入金融业的动机进行了归纳总结。 其次，本文从管理层、公司自身以及外部因素三个层面分别对公司进入金融业的动机、优劣势以及必然性进行了详细的阐述和总结，由此根据公司是否进入金融业、公司负债水平和公司绩效三者之间的关系提出了三个研究假设。 最后，本文以中国A股市场上市公司的数据为样本，通过一系列的数据选取和样本筛选，获得了数据样本，并采用两独立样本t检验和线性回归分析的方法对数据进行了实证研究，最终实证研究的结果表明，公司进入金融业有利于提高其负债水平，但却对公司绩效会产生不利的影响，而负债水平则会对公司进入金融业与公司绩效之间的关系产生负的调节效应。由此告诫计划进入金融业的公司，虽然进入金融业会为公司带来融资上的优势，但仍要谨慎决定是否进入金融业，以避免对公司绩效所产生的不利影响。
英文摘要：	Since first proposed by American strategic management theorists H. Igor Ansoff (1957) in the “Harvard Business Review”, diversification strategy has been widely investigated by the theorists and practitioners of many areas or industries. The financial industry, however, is always excluded from the theoretical research due to its distinctive nature. While as a matter of fact, in the financial industry the action that the non-financial companies enter the financial industry also belongs to unrelated diversification. Therefore, the above phenomenon can also be studied under the framework of diversification strategy. Given the reasons that financial industry owns substantial financial resources, and has a high level of profitability resulted from the strict control by the government, many non-financial companies intend to enter the financial industry in order to gain financial resources to ease capital constraints, and to get higher profit to boost the company's performance. However, intensive study is still needed to find out whether or not entering the financial industry can bring the financing convenience, as well as its real impact on the company's performance. This essay first reviewed the background of the diversification strategy and then elaborated the characteristics of the financial industry. Then a detailed review of related theories of diversification strategy and an analysis on the motives of non-financial companies entering the financial industry were made. In theory, the advantages and disadvantages of diversification strategy were also analyzed. After that, the company's motives were summarized based on three aspects, namely: internal capital market theory, institution-based theory and capital structure theory. Secondly, the motives, the advantages and disadvantages, and the necessity of companies’ entering the financial industry were elaborated and summarized from three perspectives: management, the companies themselves and the external factors. Based on that, three hypotheses were proposed in accordance with the relationship among whether entering the financial industry, corporate debt levels and corporate performance. Finally, the Chinese A-share market listed companies were considered as the sample data. The data sample was finally accessed through a series of data selection and sample selection, an empirical study was done by using methods of two independent sample t test and linear regression. The final results show that the companies’ entering the financial industry can help improves their debt level. However, it will bring a negative impact on the companies’ performance. At the same time, the debt level of the company will moderate the relationship between the action of entering the financial industry and the corporate performance. These results warn the companies that the decision whether to enter the financial industry should be made prudentially though it can bring financial advantages, in order to avoid its negative impact on the corporate performance.
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