股票流动性对公司资本结构的影响研究  

The Impact of Liquidity on Capital Structure Decisions

作　　者：徐晟[1,2] 张勇[3] 李雨[1] 

机构地区：[1]中南财经政法大学金融学院 [2]中南财经政法大学金融工程系 [3]中国建设银行股份有限公司中山市分行

出　　处：《投资研究》2012年第2期132-143,共12页Review of Investment Studies

基　　金：国家社科基金项目“危机冲击与我国金融安全问题研究”(09CJL025)经费资助

摘　　要：本文分析了流动性对公司资本结构的影响。理论分析表明,一个公司股权交易流动性的提高,使得公司股权融资成本得以降低,公司更倾向于采用增发、配股等股权融资的方式融资,这会降低公司的财务杠杆率。同时,借鉴资本结构动态调整的思想分析,发现个股流动性越高,资本结构的调整速度越快。本文基于2002—2010沪深两市发行的非金融业A股数据,采用面板数据回归等方法研究了股票流动性等因素对公司资本结构的影响,本文的经验结果支持这一理论假设。We explore the impact of liquidity on capital structure decisions. Firms that enjoy more liquid equity experience a lower cost of equity and may be more motivated to adopt more equity and less debt in their capital structure. Consistent with this notion, the empirical evidence demonstrates an negative relation between liquidity and leverage. Our results are especially interesting because we examine firms in China, where capital markets are less sophisticated than the U.S., bank loans more prevalent, and corporate ownership much more concentrated. In spite of these differences, we document that firms with more liquid equity are significantly iess leveraged.

关 键 词：流动性 资本结构 杠杆率 公司金融 

分 类 号：F224[经济管理—国民经济] F832.51