融资约束、宏观影响与上市公司资本结构动态调整汇.pdfVIP

研究领域 金融学 * 融资约束融资约束、宏观、宏观环境环境与资本结构与资本结构动态动态调整调整 融资约束融资约束、、宏观宏观环境环境与资本结构与资本结构动态动态调整调整 于蔚 金祥荣 钱彦敏 内容提要：本文从理论和经验两个维度探讨，经济转型背景下，宏观环境对我国上 市公司融资选择和资本结构调整行为的影响。研究发现，宏观环境不仅影响企业的目标 资本结构，还作为外生的冲击，作用于资本结构的动态调整。并且，对于不同融资约束 程度的企业，宏观环境对企业融资选择的影响方式存在差异。第一，宏观经济的波动通 过改变企业经营者与外部投资者之间的委托代理关系，进而影响目标资本结构，融资约 束较轻的企业的资本结构表现出逆周期倾向；对于存在严重融资约束的企业，抵押品价 值的顺周期特征导致了资本结构的弱顺周期倾向。第二，经济环境及宏观政策的波动改 变了企业面临的信贷环境和股权再融资环境，进而影响资本结构的动态调整。对于存在 融资约束的企业，资本结构的调整更多地受到信贷、股权再融资配额性指标的刚性制约； 不存在融资约束的企业对成本性指标的变动更为敏感。 关键词：融资约束 委托代理关系 外生宏观冲击 目标资本结构 动态调整 Financial Constraints, Macroeconomic Conditions and Capital Structrue Dynamics Yu Wei, Jin Xiangrong and Qian Yanmin (College of Economics, Zhejiang University) Abstract: This paper examines how macroeconomic conditions affect capital structrue choice for listed Chinese companies. We find that macroeconomic conditions do not only have an impact on firms’ target leverage, but also affect the dynamic adjustment of leverage as exogenous short-term shocks. Moreover, the way macroeconomic conditions exert influences on finacially constrained firms and unconstrained firms is quite different. Target leverage is counter-cyclical for the relatively unconstrained firms, but weakly pro-cyclical for the relatively constrained firms. Economy and policy fluctuation alter firms’ access to bank loan and equity refinancing, and therefore affect the dynamic adjustment of leverage. The dynamics of capital structrue is more sensitive to credit and equity refinancing quota for the relatively constrained firms, while more sensitive to interest rate and stock market return for the relatively unconstrained firms. Key Words: Financia