零杠杆现象演变趋势与公司财务特征  

The Evolution of Zero-leverage Trend and Firms' Financial Characteristics

作　　者：唐齐鸣[1] 黄昆[1] 

机构地区：[1]华中科技大学经济学院,湖北武汉430074

出　　处：《财经论丛》2016年第4期62-71,共10页Collected Essays on Finance and Economics

基　　金：国家自然科学基金资助项目(71473092)

摘　　要：零杠杆现象在我国上市公司中普遍存在,零杠杆公司占比逐年增长。研究发现,IPO重启、股票市场层次以及行业效应有助于解释逐年递增的零杠杆趋势。从财务特征来看,零杠杆公司规模小、年龄小、非债务税盾大、成长机会大、资产有形性低、现金流充裕、盈利性高、留存收益多、资本支出少;同时,零杠杆公司普遍受到融资约束,这意味着融资难的局面尚未改善,中小企业自身以及外部资本市场需要继续努力。Zero-leverage phenomenon is a common occurrence in the Chinese market,and the percentage of zero-leverage firms exhibits an increasing trend. This paper finds that the restart of IPO activities,the development of multi-level capital market as well as industry effects contribute to explaining the increasing prevalence. In terms of firms＇ financial characteristic,firms with lower total assets,younger age,higher non-debt tax shields,higher market-to-book ratio,lower tangibility,larger cash flows,higher profitability,higher retained earnings and lower capital expenditures are more likely to have zero debt. Zero-leverage firms are mostly constrained in their debt capacity,implying that the financing situation of the small- and mediumsized enterprises is still severe,and that both the small- and medium-sized enterprises and the external market should make further efforts to improve the situation.

关 键 词：零杠杆 IPO重启 多层次资本市场 行业效应 财务特征 

分 类 号：F276.6[经济管理—企业管理]