资本结构波动、利率市场化和企业财务困境.docVIP

资本结构波动、利率市场化和企业财务困境 王明虎 章铁生 安徽工业大学商学院 X 关注成功！ 加关注后您将方便地在 我的关注中得到本文献的被引频次变化的通知！ 新浪微博 腾讯微博 人人网 开心网 豆瓣网 网易微博 摘????要： 通过数理推论,演绎了资本结构波动对财务困境的推动作用,以及利率市场化的推进如何影响资本结构波动与财务困境之间的关系。运用我国2002—2013年上市公司财务数据,对理论推理进行实证检验,研究结果表明,资本结构波动导致企业陷入财务困境的可能性增大;利率市场化进程的加快可以降低资本结构波动幅度,从而缓解了资本结构波动对企业财务困境的助推效应。进一步研究发现,在利率市场化进程中,利率决定方式市场化和利率浮动范围的扩大能显著降低资本结构波动对财务困境的推动作用,而基准利率水平确定对企业财务困境影响相对比较小。 关键词： 资本结构波动; 利率市场化; 企业财务困境; 静态资本结构理论; 动态资本结构理论; 公司治理结构; 企业融资成本; 作者简介：王明虎(1972—),男,安徽当涂人,安徽工业大学商学院会计系教授,博士,从事企业融资理论研究; 作者简介：章铁生(1974—),男,安徽枞阳人,安徽工业大学商学院会计系教授,博士,从事企业融资理论研究。 收稿日期：2016-01-15 基金：国家社会科学基金资助项目(13BGL049) Capital Structure Fluctuation,Interest Rate Liberalization and Firm Financial Distress WANG Minghu ZHANG Tiesheng School of Business,Anhui University of Technology; Abstract： In this article,using mathematical deduction,we deduce the driving effect of capital structure fluctuation on firm financial distress and the relation among interest rate liberalization,capital structure fluctuation and firm financial distress. Using 2002—2013 financial data of A share listed companies,we check the theoretical deductions of our research. We draw the following conclusions: high capital structure fluctuation leads to high probability of financial distress,rapid interest rate liberalization restrains capital structure fluctuation,thus alleviating the driving force of capital structure fluctuation on the firm financial distress. Further study finds that the liberalization of interest rate formulation and the expansion of interest rate float limit distinctly affect the driving force of capital structure fluctuation on firm financial distress,while the bench-mark interest rate formulation has a little impact on the effect of capital structure fluctuation on firm financial distress. Keyword： capital structure fluctuation; interest rate liberalization; financial distress; static capital structure theory; dynamic capital structure theory; corporate governance structure; enterprise financing cost; R