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通过构建资本结构部分调整模型,研究发现,针对实际资本结构偏离目标值的幅度及方向不同,竞争态势不同的企业采取的资本结构调整策略不同。具体而言,当实际资本结构偏离目标值较小,或远高于目标值时,竞争优势企业的资本结构调整幅度明显高于一般企业,环境动态性越强,竞争优势企业的资本结构调整幅度越大,环境动态性对一般企业没有显著影响。另一方面,当实际资本结构远低于目标值时,竞争优势企业的资本结构调整幅度却不及一般企业,环境动态性失去调节作用。研究结果说明,竞争态势较强的企业相应的资本结构决策动态管理能力明显增强,动态环境下的战略管理导向也更为显著。
By constructing a partial adjustment model of the capital structure, we find that different strategies of capital structure adjustment adopt different rates and directions of actual capital structure deviations from the target value. Specifically, when the actual capital structure deviates from the target value or is much higher than the target value, the adjustment of capital structure of the competitive advantage enterprises is obviously higher than that of the general enterprises, and the stronger the environmental dynamic is, the adjustment of the capital structure of the competitive advantage enterprises The greater the environmental dynamics have no significant impact on the average business. On the other hand, when the actual capital structure is much lower than the target value, the adjustment of capital structure of the competitive-edge enterprises is less than that of the general enterprises, and the dynamic of the environment loses its regulatory role. The result of the research shows that the ability of dynamic management of the corresponding capital structure decision-making in the competitive enterprises is obviously enhanced, and the strategic management orientation in the dynamic environment is more obvious.