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论文编号：	3193
作者编号：	2120092316
上传时间：	2011/6/3 16:04:29
中文题目：	多元化程度对资本成本影响的实证研究
英文题目：	An Empirical Study: the Impact of Diversification Strategy
指导老师：	刘志远
中文关键字：	多元化战略 权益资本成本 债务资本成本 总资本成本
英文关键字：	diversification strategy，equity capital cost，debt capital cost，total capital cost
中文摘要：	多元化领域的相关研究一直是学术界的热点问题。对多元化的研究主要集中于多元化战略的动因研究与多元化战略的经济影响研究等方面。资本成本作为多元化战略的经济后果之一，与多元化战略密切相关，是研究多元化战略的经济影响时不应被忽略的重要因素，值得广泛关注和深入研究。纵观近年来学者们对多元化战略的经济后果研究，作者发现已有文献并未对多元化战略与资本成本的关系给予充分的关注。 基于此种现状，也为进一步完善和补充现有文献的研究成果，本文尝试以我国沪深两市主板A股制造业上市公司为研究样本，研究制造业上市公司的多元化程度对其债务资本成本，权益资本成本和总资本成本的具体影响。文章从风险分散理论、期权定价模型、优序融资理论和内部资本市场理论所隐含的多元化战略与资本成本之间的关系入手，研究我国制造业上市公司的多元化程度对其债务资本成本、权益资本成本和总资本成本的影响。通过理论推演、提出假设、构建模型和进行具体的实证分析，全面深入的剖析了多元化程度使用不同的衡量指标时，如何影响上市公司的资本成本。最后得出的结果表明我国制造业上市公司在实施多元化战略后，随着多元化程度的提高，其债务资本成本，权益资本成本以及加权平均资本成本均下降。
英文摘要：	The research of diversification strategy has been a hot topic. The research has focused on the motivation and mechanism of diversification. As one of the economic consequences of diversification strategy, capital cost has closely associated with this strategy, Capital cost is an important factor belong to the mechanism research of diversification strategy.During these years,scholars who study on mechanisms research in this field haven’t given sufficient attention on the capital cost. There are few existing literature refer to the relationship between diversification strategy and capital cost. Under this circumstances, this paper attempts to research the diversification strategy’s affect on equity capital cost,debt capital cost and total capital cost. This paper would use a sample of listed manufacturing companies in China and look up appropriate data from Shanghai and Shenzhen A share market. The implied relationship between diversification strategy and capital cost was discussed through some theories,like risk diversification theory,B—S model,pecking order theory and internal capital market theory.base on these theories,we have discussed the the diversification strategy’s affect on equity capital cost,debt capital cost and total capital cost.Through theoretical deduction,raise hypothesis, construct models and conduct detailed empirical analysis,this paper accomplished a comprehensive and in-depth analysis that how the diversification strategy effect on capital cost with different diversification measure. In the last the results show that along with the increased diversification level of the listed manufacturing companies, the debt capital cost, equity capital cost and total capital cost all declined.
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