Linking corporate strategy to capital structure: diversification strategy, type and source of financing
研究了公司多元化战略与资本结构的关系，发现相关多元化偏好股权融资，无关多元化偏好债务融资；通过收购实现多元化更依赖公开融资，内部发展则依赖私人融资，且财务与多元化战略存在相互影响。
This study examines the relationship between corporate strategy and capital structure, specifically the diversfication and financing strategies of a firm. The results show that equity financing is preferred for related diversification and unrelated diversification is associated with debt financing. Additionally, firms diversifying through acquisitions are more likely to use public sources of financing and those emphasizing internal development of new businesses depend primarily on private sources of financing. Using simultaneous equation estimation, we found a reciprocal relationship between a firm's financial strategy and its corporate diversification strategy. Mode and nature of diversification are also reciprocally interrelated. © 1998 John Wiley & Sons, Ltd.