金融结构与企业资本结构动态调整关系的实证研究

An Empirical Study on the Relationship Between Financial Structure and Dynamic Adjustment of Enterprises’ Capital Structure

本文以中国A股市场非金融上市公司1999~2018年的数据为样本,实证检验并分析了金融结构对资本结构调整的影响。研究表明:当金融结构趋向于市场主导型时,企业将向下调整资本结构,降低企业的资产负债率,同时加快资本结构调整速度;当金融结构趋向于银行主导型时,企业将向上调整资本结构,提高企业的资产负债率,同时企业的资本结构调整速度会有所下降。另外,随着金融结构市场主导程度的提高,融资约束程度较高企业的资本结构调整速度要快于融资约束程度较低的企业,资本结构调整方向为向上调整的企业的调整速度要慢于调整方向为向下调整的企业。

Based on the data of non-financial listed companies in China’s A-share market from 1999 to 2018, this paper empirically tests and analyzes the impact of financial structure on capital structure adjustment. The research shows that when the financial structure tends to market-oriented, enterprises will adjust capital structure downward, reduce the asset-liability ratio of enterprises, and accelerate the speed of capital structure adjustment. When the financial structure tends to be bank-oriented, enterprises will adjust their capital structure upward, improve their asset-liability ratio, and the speed of capital structure adjustment will be reduced. In addition, with the improvement of market dominance of financial structure, the capital structure adjustment speed of enterprises with higher degree of financing constraint is faster than that of enterprises with lower degree of financing constraint, and the capital structure adjustment speed of enterprises with downward adjustment is faster than that of enterprises with upward adjustment.