周期性行业的企业杠杆特征——基于中国A股上市公司的经验研究  

Corporate Leverage Features of Cyclical Industries: An Empirical Study Based on China's A-Share Listed Companies

作　　者：裘丽[1] 张建平[1] 

机构地区：[1]对外经济贸易大学国际商学院,北京100029

出　　处：《当代财经》2016年第4期61-71,共11页Contemporary Finance and Economics

摘　　要：以中国2000-2014年间A股上市公司为研究样本,选取了来自2176家上市公司的1 9020个观察值,从实证角度检验经济周期、行业周期性对企业的经营杠杆和财务杠杆的影响。研究结果表明:周期性行业具有高杠杆特征,经营杠杆和财务杠杆显著高于防御性行业,并且经营杠杆的波动与财务杠杆的波动较防御性行业更为强烈。企业在经济周期的不同阶段会顺应经济周期调整企业的资产结构和资本结构,这个结论验证了中国企业资本结构管理中权衡理论的存在,以及企业管理者在财务战略管理上存在择时行为。引入经济周期与行业周期性的交乘项进行检验的结果显示:周期性行业受经济周期影响对经营杠杆与财务杠杆的调整幅度较防御性行业更为显著。Taking China＇s A-share listed companies from 2000 to 2014 as research samples, this paper selects 19020 observed values from 2176 listed companies to empirically test the influence of business cycle and industrial cyclicity on corporate operating leverage and financial leverage. The re- suits show that the cyclical industries have higher leverage characteristics, their operating leverage and financial leverage are significantly higher than that of the defensive industries, and the fluctuations of operating leverage and financial leverage are more intense than that of the defensive industries. Enter- prises at different stages of the business cycle would adjust their asset structure and capital structure accordingly, which proves the existence of the trade-off theory in the capital structure management of China＇s enterprises and the timing behavior of the business managers in their financial strategic man- agement. When business cycle and industrial cyclicity are introduced in cross-product term, the result of the test indicates that influenced by business cycle the cyclical industries exhibit significantly higher extent of adjustment on their operating leverage and financial leverage than the defensive industries.

关 键 词：经济周期 周期性行业 经营杠杆 财务杠杆 

分 类 号：F273.7[经济管理—企业管理]