法律渊源、关系异象与资本结构决策机理:基于17个国家地区制造业的面板证据  

Legal System,Anomalous Effect and Capital Structure Choice Mechanics:Based on Panel Data on the Manufacturing Industry in 17 Countries and Regions

作　　者：吴泽福[1] 

机构地区：[1]华侨大学工商管理学院,福建泉州362021

出　　处：《管理工程学报》2014年第4期10-20,共11页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金资助项目(70573033);教育部规划基金资助项目(12YJA790147);泉州市哲社规划资助项目(2012Y04)

摘　　要：本文选取处于不同法律渊源的17个国家(地区)制造业上市公司2004-2008年的公司特征数据和国家宏观经济指标,研究国际间资本结构动态决定的宏观与微观因素的交互作用关系。结果发现:一是经济增速、资本形成和法治制度等国家宏观经济制度因素主要通过公司特征因子依次间接调整目标资本结构水平且作用关系路径和效应强弱排序相对不变;二是宏观要素对制造业上市公司资本结构直接效应存在英美法系国家(地区)显著高于大陆法系国家(地区),而在大陆法系国家(地区)范围内法国大陆法系最高,德国大陆法系(地区)次之,斯堪的纳维亚大陆法系国家最低的现象;三是发展中国家公司特征因素与目标资本结构的关系异象根源于特定经济制度背景,而在不同法律渊源国家(地区)范围内特定微观因素对资本结构的作用效应强弱顺序具有相对稳定性。The current study on the determinants of capital structure is based on special economic background and not on the adjustment effect of market economics.The determination mechanism of capital structure in different countries with different legal systems has become an imperative research topic.This paper discloses mutual effects on dynamic determinants of capital structure from macroeconomic and microeconomic perspectives and explores the determination mechanism of capital structure and institutional causes of capital structure abnormalities.Firstly,we construct a capital structure determinant model using macroeconomic indices and corporation characteristics based on the annual data of listed manufacturing corporations in 17 areas from 2004-2008.This model uses years and countries as dummy variables to control divergence effec ts and considers vector autoregressive adjustment process to reflect the dynamic reverse on target debt level,and utilizes dynamic panel GMM program to correct the parameter estimation biases of multiply regression.Moreover,Wald F＇s statistics are used to compare divergence effects of corporate characteristics between different countries grouped by four legal systems.Secondly,the determinant model of capital structure including macroeconomic and statute factors discloses the effects of economic and law on corporation financial leverage.By applying the least square method weighting reciprocal standard variance of country dummy variable,macroeconomic effect analysis eliminates heteroscedastic defect of regressing country dummy variables and macroeconomic factors.Thirdly,structural equation model with multiply latent indices and factors analyze indirect effect of macroeconomic and statute factors on capital structure.By applying the maximum likelihood estimation method with information and causal steps,parameter estimation biases and multicollinearity issues are removed.Internal consistent parameter and retest reliability coefficient has enough reliability for latent variables related to capit

关 键 词：法律渊源 关系异象 资本结构 公司特征因素 制度效应 

分 类 号：F276.6[经济管理—企业管理]