时变融资约束与公司资本结构动态调整研究  

Research on Time-varying Financial Constraints and Companies' Capital Structure Dynamic Adjustment

作　　者：潜力[1,2] 胡援成[3,4] 

机构地区：[1]华东交通大学经管学院,江西南昌330013 [2]华东交通大学产业与金融研究院,江西南昌330013 [3]江西财经大学金融管理国际研究院,江西南昌330013 [4]江西财经大学金融发展与风险防范中心,江西南昌330013

出　　处：《统计与信息论坛》2016年第1期33-40,共8页Journal of Statistics and Information

基　　金：国家自然科学基金项目<基于时变融资约束视角下的企业资本结构动态调整研究>(71262010);国家自然科学基金项目<基于企业资金循环的债权退出风险研究>(71172192)

摘　　要：公司的资本结构选择不仅受到资金需求面的影响,而且受到资本市场资金供应面的约束。从资金供应面的角度出发,探究在时变融资约束条件下公司资本结构的动态调整。选用了347家1998年之前上市的公司1998至2013年的数据为样本,发现公司资本结构的调整以及调整速度均呈现顺周期调整现象。还关注到相对于非融资约束公司,融资约束公司资本结构是顺周期调整的,并且在经济繁荣时,融资约束公司融资时更关注融资成本因素,而在经济衰退时,则只关注融资规模的影响。另外,还发现融资约束将减慢公司资本结构调整的速度。The choice of capital structure not only depends on fund needed of companies, but also relied on fund supplies of financial markets. This paper studies the impact on capital structure from macroeconomic conditions and financial constraints, by using the data of 347 listing companies from 1998 to 2013. The paper finds that the firm＇s capital structure adjustment and adjusting speed showed a procyclical phenomenon. We also discuss the effect of financial constraints to capital structure. Compare with non-financial constraints firms, the capital structure of financial constraints companies shows procyclical adjustment. When economic boom, the financial constraints firms more concern about costs of finance. However, the financial constraints companies only worry about the factor of financing scale during economic depression. In addition, we also find that financing constraints will slow down the speed of the company＇s capital structure adjustment.

关 键 词：融资约束 宏观条件 经济周期 资本结构调整 

分 类 号：F275[经济管理—企业管理]