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在供给侧改革和经济转型的大背景下,我国长三角地区传统产业面临着严峻的挑战与机遇。本文以2009-2014年我国长三角地区传统产业上市公司为样本,实证检验公司面临的微观环境不确定性与多元化经营对资本成本的影响。研究结果表明:长三角地区传统产业上市公司面临的微观环境不确定性越高,资本成本就越高;长三角地区传统产业上市公司多元化经营程度越高,越能够缓解资本成本和环境不确定性带来的威胁;国资控股传统产业上市公司的多元化经营对资本成本与环境不确定性之间正相关关系的缓解作用大于民营控股传统产业上市公司。
In the context of supply-side reform and economic restructuring, the traditional industries in the Yangtze River Delta of our country are facing severe challenges and opportunities. In this paper, we take the listed companies of traditional industries in Yangtze River Delta from 2009 to 2014 as a sample to test the micro-environmental uncertainty and the impact of diversification on the cost of capital. The results show that: the listed companies in the traditional industries in the Yangtze River Delta face higher micro-environmental uncertainty and higher capital costs; and the higher the degree of diversification of listed companies in the traditional industries in the Yangtze River Delta, the more they can ease the cost of capital and the uncertainty of the environment The threat brought by sex; the diversification of listed companies holding state-owned shares in traditional industries has a greater mitigating effect on the positive correlation between capital cost and environmental uncertainty than the privately controlled listed companies in traditional industries.