市场化程度和股权结构动态调整速度  

Degree of Marketization and Dynamic Adjustment Speed of Ownership Structure

作　　者：李井林 卢珊 LI Jing-lin;LU Shan(Hubei University of Economics,Hubei Center for Accounting Development Research,Wuhan 430205,China)

机构地区：[1]湖北经济学院会计学院/湖北会计发展研究中心,武汉430205

出　　处：《湖北经济学院学报》2021年第1期65-76,126,共13页Journal of Hubei University of Economics

基　　金：国家社会科学基金青年项目(17CGL013)。

摘　　要：本文以中国沪深交易所A股上市公司2006-2018年的面板数据实证检验了企业所在地区市场化的程度对股权结构动态调整速度的影响。研究结果显示:市场化程度显著提升了企业股权结构动态调整速度。进一步地,在考虑企业产权性质、企业规模和企业控制程度等情境下,相比于非国有企业,市场化程度对国有企业的股权结构动态调整速度的促进效应更大;相比于大规模企业,市场化程度对小规模企业的股权结构动态调整速度的促进效应更大;相比于过度控制的企业,市场化程度对控制不足的企业股权结构动态调整速度的促进效应更大。这一结果为更好地理解现实中宏观制度环境对微观个体企业股权结构动态调整速度的影响,以及企业根据内外部环境的变化调整优化股权结构提供了经验证据支持。This article uses panel data from 2006-2018 of A-share listed companies on the Shanghai and Shenzhen Stock Exchange in China to empirically test the impact of the degree of marketization in the region where the company is located on the dynamic adjustment speed of the equity structure.The research results show that the degree of marketization has significantly improved the speed of dynamic adjustment of corporate equity structure.Further,considering the nature of the enterprise property rights,the enterprise size and the degree of enterprise control,the degree of marketization has a greater effect on the dynamic adjustment speed of the equity structure of state-owned enterprises’equity structure compared with non-state-owned enterprises.Compared with large-scale enterprises,the degree of marketization has a greater effect on the dynamic adjustment speed of the equity structure of small-scale enterprises.Compared with over-controlled companies,the degree of marketization has a greater effect on the dynamic adjustment speed of the equity structure of under-controlled companies.This article provides empirical evidence support for a better understanding of the actual impact of the macro-institutional environment on the dynamic adjustment speed of the micro-individual enterprise’s equity structure and the adjustment and optimization of the equity structure in accordance with changes in the internal and external environments.

关 键 词：市场化程度 股权结构 动态调整 

分 类 号：F275.5[经济管理—企业管理]