预算软约束与资本结构——来自中国上市公司的经验证据  

Soft Budget Constraint and Capital Structure——Evidence from Chinese Listed Companies

作　　者：李昊[1,2] 

机构地区：[1]天津财经大学会计学系,天津300222 [2]安徽财经大学会计学院,安徽蚌埠233030

出　　处：《山西财经大学学报》2009年第10期71-79,共9页Journal of Shanxi University of Finance and Economics

基　　金：国家自然基金项目(70872082);安徽省自然科学研究项目(KJ2007B257);安徽财经大学重点科研项目(ACKYQ0911ZD)资助

摘　　要：本文结合中国制度背景,研究预算软约束与资本结构之间的关系。以1998至2006年非金融上市公司为样本,采用面板数据,实证检验预算软约束如何改变中国上市公司资本结构影响因素的作用路径,并最终改变资本结构本身。本文研究发现,预算软约束能够改变传统资本结构影响因素与资本结构作用关系,从而实现对资本结构的影响。具体而言,预算软约束环境下,有形资产率与杠杆比率关系出现弱化,呈负相关;成长性则表现出与杠杆比率正相关甚至无关;公司规模和盈利性则更多的表现出与杠杆比率负相关。Integrating institutional background of China, the paper, theoretically deduced the relationship between soft budget constraint and the capital structure, empirically examines how soft budget constraint influenced the channels of the capital structure determinants and the change of the capital structure of Chinese listed companies by adopting non - financial listed companies panel data from 1998 to 2006. It is found in the study that soft budget constraint could change the effecting mechanisms between the capital structure determinants and the capital structure. As stated in detail, with the background of soft budget constraint, （ 1 ）the relationship between the tangible assets and the leverage become weakening and which even become negative correlation; （2）the growth is positive relationship with leverage, and sometimes the relationship become non-significance; （3）the corporate size and profttability are negative relationship with the leverage widely.

关 键 词：预算软约束 资本结构 面板数据 

分 类 号：F275[经济管理—企业管理]