营商环境改善会促进企业资本结构优化吗?——来自中国A股上市公司的证据  

Does the Improvement of the Business Environment Promote the Optimization of Corporate Capital Structure?Evidence from A-share Listed Companies in China

作　　者：朱跃序[1] 徐天骄 ZHU Yuexu;XU Tianjiao(Shandong Technology and Business University,Yantai Shandong 264005,China)

机构地区：[1]山东工商学院,山东烟台264005

出　　处：《金融理论与教学》2025年第2期21-31,68,共12页Financial Theory and Teaching

基　　金：教育部人文社会科学研究青年基金项目“新一轮个税改革的经济效应评估与改进政策研究——基于CGE-MSA模型”(19YJC790207);山东省自然科学基金博士基金项目“个人所得税综合性改革的政策评估与选择:基于工薪阶层公平性改善视角的CGE-MSA分析”(ZR2019BG016);烟台市校地融合发展项目“居民财产再分配的税收政策及其财富效应研究”(2022YB08)。

摘　　要：营商环境是影响企业经营管理的重要外部条件,营商环境改善对企业发展具有重要的推动作用。选取2009-2022年中国A股非金融上市公司为样本,探究营商环境改善对资本结构优化调整的影响。实证结果显示,营商环境改善降低了企业实际资本结构与目标资本结构的偏离程度。机制检验发现,营商环境的改善通过降低融资约束、增加企业信息透明度以及提高盈利能力等方式促进了资本结构的优化调整。异质性分析表明,在小规模、高科技、高竞争度和低股权制衡度企业中,营商环境对资本结构优化的影响更显著。进一步研究发现,营商环境改善有助于加快企业资本结构调整速度。研究结论揭示营商环境影响企业资本结构优化的传导路径的同时,也为营商环境优化资本结构提供了重要的实践指导意义。The business environment is an important external condition that affects the operation and management of enterprises.The improvement of the business environment plays a significant role in promoting the development of enterprises.This paper selects non-financial A-share listed companies in China from 2009 to 2022 as samples to investigate the effect of improved business environment on the optimization and adjustment of capital structure.The empirical results indicate that the improvement of the business environment reduces the deviation between the actual capital structure and the target capital structure of enterprises.Through mechanism tests,it is found that this improvement promotes the optimal adjustment of capital structure by alleviating financing constraints,increasing the transparency of enterprise information,and enhancing profitability.Heterogeneity analysis reveals that the impact of the business environment on the optimization of capital structure is more pronounced in small-scale enterprises,high-tech enterprises,enterprises with high industry competition,and enterprises with low equity check and balance.Further research finds that the improvement of the business environment helps accelerate the speed of capital structure adjustment.The research conclusions not only reveal the transmission path through which the business environment affects the optimization of enterprises’capital structure,but also provide important practical guiding significance for optimizing the capital structure by improving the business environment.

关 键 词：营商环境 融资约束 资本结构 调整速度 

分 类 号：F832.5[经济管理—金融学]