政策不确定性、财务柔性价值与资本结构动态调整  

Policy Uncertainty,Value of Financial Flexibility and Dynamic Adjustment of Capital Structure

作　　者：顾研[1] 周强龙 Gu Yan;Zhou Qianglong

机构地区：[1]复旦大学经济学院,上海市200433 [2]中国金融期货交易所,复旦大学管理学院,上海市200122

出　　处：《世界经济》2018年第6期102-126,共25页The Journal of World Economy

基　　金：国家自然科学基金青年项目(71403238)和中国博士后科学基金面上资助项目(2017M610220)的资助。

摘　　要：本文以2001-2014年中国A股上市公司为样本,研究了政策不确定性如何影响资本结构的动态调整。结果表明,随着政策不确定性的上升,资本结构决策趋于保守,财务柔性价值在该过程中起到关键作用。政策不确定性上升使企业的财务柔性价值显著提高;对财务杠杆高于目标的企业,财务柔性价值越高,资本结构调整速度越快;而对杠杆低于目标的企业,财务柔性价值越高,资本结构调整速度越慢;对杠杆高于目标的企业,政策不确定性的程度越高,财务柔性价值的影响就越显著。此外,在调整方式上,高财务柔性价值企业更倾向于采用增加权益的方式实现资本结构的保守调整,且对杠杆高于目标的企业,政策不确定性水平越高,这种对调整方式的选择倾向越明显。Based on a sample of Chinese A-Share listed companies from 2001 to 2014,this paper investigated how policy uncertainty affects firms’dynamics adjustment of capital structure’Our empirical results show that as policy uncertainty increases,firms’capital structure decisions tend to be conservative,where the value of financial flexibility plays a key role in this process’In particular,with the rise in policy uncertainty,the firms’value of financial flexibility increased significantly’When the firm’s leverage was above the target,a greater value of financial flexibility led to a faster adjustment of the capital structure’When the firm’s leverage was below the target,a greater value of financial flexibility resulted in a slower adjustment of the capital structure’When the firm’s leverage was above the target,the higher the degree of policy uncertainty was,the more significant the impacts of the value of financial flexibility were’In addition,in terms of adjustment methods,firms with a high value of financial flexibility tended to achieve a conservative adjustment in the capital structure through increased equity,and the tendency to use increased equity was more obvious for firms with leverage above target when the degree of policy uncertainty was higher.

关 键 词：政策不确定性 财务柔性价值 资本结构调整 

分 类 号：F275[经济管理—企业管理]