银行授信影响了资本结构动态调整速度吗?——考虑样本选择偏误的实证分析  

Do Lines of Credit Affect Capital Structure Adjustment Speed？ Evidence from Dynamic Panel with Sample Selection

作　　者：常亮[1] 

机构地区：[1]广东外语外贸大学会计学院

出　　处：《金融学季刊》2015年第1期1-23,共23页Quarterly Journal of Finance

基　　金：广东省自然科学基金博士启动项目“银行授信对企业创新的影响机制、效率评价及提升对策研究”;广东外语外贸大学高层次人才项目(GWTP-BS-2014-17)支持

摘　　要：银行授信可以通过缓解企业融资约束来降低企业的资本结构调整成本，从而有效提高资本结构的动态调整速度。但同时，企业能否获得银行授信，受到公司规模、投资机会等因素的影响，具有明显的样本选择性。因此，本文基于中国上市公司2001—2011年数据，在控制了授信的样本选择偏误的条件下，得到以下可信的证据：获得授信的公司表现出较快的调整速度，而不控制样本选择偏误的普通动态面板方法会使得估计有偏。本文不仅为资本结构的动态权衡理论提供了支持，同时也突出了在分组回归中控制样本选择偏误的重要性。With the panel data of Chinese listed firms during the time period of 2001-2011,this paper empirically studies the effect of credit lines on the capital structure adjustment speed, based on the theoretical assumption that bank lines of credit could reduce financial constraints so as to reduce adjustment costs. Traditional dynamic panel estimation are flawed to the bias of sample selection, since credit firms are selected according to firm size and investment opportunity. This paper uses dynamic panel model with sample selection to overcome these shortcomings. The results show that credit firms perform a much faster speed of capital structure adjustment comparing with non-credit firms.

关 键 词：银行授信 资本结构 样本选择 动态面板模型 

分 类 号：F275[经济管理—企业管理]