宏观审慎政策与企业资本结构优化——兼论资本要素市场化配置效率改进  

Macro-prudential Policy and Optimization of Firms’ Capital Structure——The Improvement of Market-oriented Allocation Efficiency of Capital Factors

作　　者：陈艳[1] 李佳颖[1] Chen Yan;Li Jiaying

机构地区：[1]山东财经大学会计学院,250014

出　　处：《会计研究》2022年第4期156-167,共12页Accounting Research

基　　金：国家社会科学基金重大项目(21ZDA040)的资助

摘　　要：本文以2010-2019年全部A股上市企业为样本,分析宏观审慎政策对企业资本结构动态调整的影响。研究发现,宏观审慎政策能够促进企业资本结构优化,即宏观审慎政策能够提高企业资本结构向目标资本结构的调整速度。机制检验表明,宏观审慎政策通过提高金融资源配置效率促进了企业资本结构的优化调整。进一步研究发现,企业内、外部治理机制能够增强宏观审慎政策对企业资本结构的优化作用;宏观审慎政策调控下,资本结构动态调整呈非对称性,债务调整是企业资本结构优化的主要方式,权益融资优化企业资本结构能力不足;货币政策与宏观审慎政策双支柱框架对企业资本结构优化具有协同效应。本文拓展了宏观审慎政策在微观企业层面的政策效果研究,为政府宏观调控在资本要素市场化改革中的积极作用提供了直接的经验证据支持。This paper using data on all A-share listed firms from 2010 to 2019 test the impact of macro-prudential policy on dynamic adjustment of firms’capital structure.The research shows that macro-prudential policy can promote the optimization of firms’capital structure,that is,macro-prudential policy can improve the adjustment speed of firms’capital structure.The mechanism test shows that macro-prudential policy promotes the optimal adjustment of firms’capital structure by improving the efficiency of financial resource allocation.Further analysis reveals that firms’internal and external governance mechanisms can enhance the optimization effect of macro-prudential policy on capital structure.Under the macro-prudential policy regulation,capital structure’s dynamic adjustment is asymmetric,debt adjustment is the main way to optimize firms’capital structure,the optimization ability of equity financing is insufficient.The two-pillar framework of monetary policy and macro-prudential policy has a synergistic effect on the optimization of firms’capital structure.This paper expands the research on the effect of macro-prudential policy at firms’level,and provides direct empirical evidence for the positive role of government’s macro-control in market-oriented reform of capital factors.

关 键 词：要素市场化 宏观审慎政策 资本结构优化 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]