宏观经济环境对资本结构动态调整的影响——基于金融危机背景的实证分析  

Influence of Macroeconomic Environment on Dynamic Adjustment of Capital Structure——Based on the Background of Financial Crisis

作　　者：谢桂标 许姣丽[1] XIE Gui-biao;XU Jiao-li(Economics and Management College,Wuyi University,Jiangmen 529020,China)

机构地区：[1]五邑大学经济管理学院,广东江门529020

出　　处：《财经理论研究》2018年第3期99-106,共8页Journal of Finance and Economics Theory

摘　　要：以2000-2015年的制造业上市公司为研究对象,探究危机前后宏观经济环境对资本结构动态调整的影响,并根据企业的所有制不同,进一步考察危机前后宏观经济环境对不同所有制企业资本结构动态调整的影响。运用一阶差分GMM和虚拟变量法进行实证分析,实证结果显示:危机前后宏观经济环境对企业资本结构动态调整存在显著差异,危机前宏观经济环境变量与资本结构动态调整负相关,危机后为正相关;危机前后宏观经济环境对不同所有制企业的资本结构动态调整的影响有一定的显著差异,危机前宏观经济环境变量与不同所有制企业资本结构动态调整负相关,其中经济增长率对不同所有制公司资本结构调整的影响是显著的,通货膨胀对民营企业的资本结构动态调整影响不显著,而对国有企业的影响显著;危机后宏观经济环境变量与不同所有制企业资本结构动态调整正相关,宏观经济环境对民营企业资本结构动态调整的影响是不显著的,对国有企业的影响是显著的。最后根据检验结果提出相关政策建议。Manufacturing listed companies from 2000 to 2015 as the research object,this paper explores the impact of the macroeconomic environment on the dynamic adjustment of capital structure before and after the crisis.According to the different ownership of enterprises,the impact of the macroeconomic environment on the dynamic adjustment of the capital structure of different ownership enterprises before and after the crisis is also examined. The empirical results show that there are significant differences in the impact of macroeconomic environment on the dynamic adjustment of enterprise capital structure before and after the crisis. Before the crisis,the macroeconomic environment variables were negatively correlated with the dynamic adjustment of capital structure and positive correlation after the crisis. The macroeconomic environment has a significant difference in the impact of dynamic adjustment of capital structure of enterprises with different ownership before and after the crisis. The macroeconomic environment variables before the crisis are negatively correlated with the dynamic adjustment of capital structure of different ownership enterprises. The effect of economic growth rate on the capital structure adjustment of different ownership companies is significant. The effect of inflation on the dynamic adjustment of capital structure of private enterprises is not significant while the impact of state-owned enterprises is significant. After the crisis,the macroeconomic environment variables are positively related to the dynamic adjustment of the capital structure of the different ownership enterprises. The impact of the macroeconomic environment on the dynamic adjustment of the capital structure of private enterprises is not significant,and the impact on the state-owned enterprises is significant. Finally,according to the test results proposed relevant policy recommendations.

关 键 词：宏观经济环境 金融危机 资本结构 

分 类 号：F830.99[经济管理—金融学]