金融开放对企业资本结构动态调整的影响研究  

Research on the Impact of Financial Openness on Dynamic Adjustment of Corporate Capital Structure

作　　者：程新生[1,2] 刘振华 许诺 CHENG Xinsheng;LIU Zhenhua;XU Nuo(Nankai University,Tianjin,China;Zhejiang University of Finance and Economics,Hangzhou,China)

机构地区：[1]南开大学商学院 [2]南开大学中国公司治理研究院 [3]浙江财经大学中国政府监管与公共政策研究院

出　　处：《管理学报》2024年第5期760-768,778,共10页Chinese Journal of Management

基　　金：国家自然科学基金资助项目(71972105,72272081);国家自然科学基金资助青年科学基金项目(72102206)。

摘　　要：以2006~2020年中国沪深A股上市企业为样本,探讨金融开放对企业资本结构动态调整的影响及机制。研究发现,金融开放提升了企业资本结构调整速度,并且这一关系在非国有产权、资产规模小、金融欠发达区域以及出口导向等融资敏感型企业样本中更为显著。机制检验表明,金融开放显著缓解了企业融资约束,进而提升资本结构调整速度。拓展分析发现,当资本结构向下偏离目标值时,金融开放提高了企业通过增加负债、减少权益方式调整资本结构的概率;当资本结构向上偏离目标值时,金融开放提高了企业通过减少负债、增加权益方式调整资本结构的概率。Based on the data of Chinese A-share listed firms from 2006 to 2020,this study explores the influence and mechanism of financial openness on dynamic adjustment of capital structure.The results show that financial openness improves dynamic adjustment of capital structure,and the relationship is more significant in the samples of non-state-owned and financially underdeveloped regions with small asset scale,as well as export-oriented enterprises.The mechanism test shows that financial openness significantly alleviates financing constraints of enterprises,thus increasing the speed of capital structure adjustment.Finally,this study also finds that financial openness increases the probability of capital structure adjustment by increasing debt and reducing equity when capital structure deviates downward from the target value,or reducing debt and increasing equity when capital structure deviates upward from the target value.

关 键 词：金融开放 资本结构动态调整 融资约束 

分 类 号：C93[经济管理—管理学]