财政政策对资本结构动态调整机制研究  

Study on Dynamic Adjustment Mechanism of Fiscal Policy to Capital Structure

作　　者：夏天 张启望 张楠[3] Xia Tian;Zhang Qiwang;Zhang Nan

机构地区：[1]沈阳大学商学院,辽宁沈阳110044 [2]辽宁大学经济学部商学院,辽宁沈阳110136 [3]辽宁大学经济学部新华国际商学院,辽宁沈阳110136

出　　处：《企业经济》2023年第8期93-106,共14页Enterprise Economy

基　　金：辽宁省社会科学规划基金项目“‘科技强审’战略下辽宁省数字化审计建设研究”(项目编号:L21BGL040);辽宁省教育厅高等学校基本科研项目“‘科技强审’战略下辽宁省‘审计智能+’建设研究”(项目编号:LJKQR2021071);沈阳市哲学社会科学规划课题“‘科技强审’战略下大数据审计创新路径研究”(项目编号:SY202107L)。

摘　　要：宏观经济政策的实施对微观企业行为具有重要的直接影响,而资本结构是企业融资行为所积累的结果表现。因此,深入分析财政政策对资本结构决策调整具有重要的理论与实践意义。本文基于广义财政政策视角,阐述财政政策对资本结构动态调整的作用机理。研究发现:中央财政和综合税收的独立效应加快资本结构调整速度,而地方财政和货币供给的独立效应减缓资本结构调整速度。除综合税收以外,其他财政政策与货币政策的协同效应均加快资本结构调整速度。同时发现,综合税收对资本结构的调整呈双侧波动式形态,而中央财政、地方财政和货币供给对资本结构的调整呈单侧形态。研究结论一方面为加快推进财税体制改革提供依据,政府应形成财政货币政策联动机制,以激发地方政府财政行为的积极性;另一方面为企业融资决策提供借鉴,即企业应充分利用财政和货币政策信号效应。The implementation of macroeconomic policy has an important direct influence on the behavior of micro-enterprises.Capital structure is the accumulated result of enterprise financing behavior.Therefore,the in-depth analysis of fiscal policy has important theoretical and practical significance for the decision-making adjustment of capital structure.Based on the perspective of broad fiscal policy,this paper expounds the mechanism of fiscal policy on the dynamic adjustment of capital structure.It is found that the independent effect of central finance and comprehensive tax revenue accelerates the speed of capital structure adjustment,while the independent effect of local finance and money supply slows down the capital structure adjustment.Except for comprehensive taxation,the synergistic effect of other fiscal policy and monetary policy accelerates the capital structure adjustment.At the same time,it is found that the adjustment of capital structure by comprehensive tax is in the form of bilateral fluctuation,while the adjustment of capital structure by central finance,local finance and money supply is in the form of unilateral adjustment.On the one hand,the research conclusions provide a basis for accelerating the reform of the fiscal and taxation system,and the government should form a linkage mechanism of fiscal and monetary policies to stimulate the enthusiasm of local governments'fiscal behavior;on the other hand,it provides reference for enterprises'financing decisions,that is,enterprises should make full use of the signal effect of fiscal and monetary policies.

关 键 词：财政政策 资本结构 动态调整 交互作用 

分 类 号：F275.1[经济管理—企业管理] F810.4[经济管理—国民经济]