宗教、风险厌恶与资本结构动态调整  

Religion, Risk Averse and Capital Structure Adjustment

作　　者：何鑫萍[1,2] 戴亦一[1] 翁若宇 

机构地区：[1]厦门大学管理学院,福建厦门361005 [2]杭州电子科技大学会计学院,浙江杭州310018 [3]厦门大学王亚南经济研究院,福建厦门361005

出　　处：《山西财经大学学报》2016年第9期1-12,共12页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目(71072052);国家自然科学基金项目(71372071);国家自然科学基金项目(71572158)

摘　　要：选取2004-2014年在A股主板上市的非金融类企业作为研究样本,实证分析了宗教对资本结构决策的影响。研究结果表明:企业受宗教的影响越大,其资本结构水平高于目标水平的可能性就越低;当资本结构水平高于目标水平时,其向下调整的速度更快,反之,其向上调整的速度更慢;金融发展能够显著促进宗教的"低资本结构效应"。进一步的研究显示,受宗教影响较大的企业更倾向于通过减少负债来降低资本结构水平,而不是采用正净权益融资。Using the sample of non-financial A-share listed firms during the period 2004 to 2014, this paper empirically investigates the impact of religion on capital structure decision. The study finds that the stronger the listed firms are influenced by religion,the lower possibility of the capital structure leverage above the target. The paper also finds that the downward adjustment speed is faster when the capital structure leverage is above the target, the upward adjustment is slower when the leverage is below the target,and financial development can significantly enhance＂the effect of lower capital structure leverage by religion.＂Moreover, the stronger the listed firms are influenced by religion, the more likely they attempt to decrease capital structure leverage by reducing debt, rather than adopting positive net equity financing.

关 键 词：宗教 风险厌恶 资本结构动态调整 

分 类 号：F276[经济管理—企业管理]