财政分权、地方政府债务与企业资本结构动态调整

Fiscal Decentralization,Local Government Debt and Dynamic Adjustment of Enterprise Capital Structure

本文以沪深A股上市公司2006—2020年数据为样本,研究地方政府债务对企业资本结构动态调整的影响。研究发现:地方政府债务能够显著增加企业资本结构调整速度。具体而言,地方政府债务能够显著增加高负债企业向下调整资本结构的速度,而对低负债企业向上调整资本结构的速度没有显著影响。财政分权程度越大,地方政府债务对企业资本结构调整速度的正向影响越大。进一步研究发现,企业根据地方政府债务对资本结构的调整是主动调整的结果而非机械调整;企业根据地方政府债务对资本结构的调整具有实时性;高负债企业主要是通过降低有息负债下调资本结构而非通过增加权益资本的途径;相对于融资约束高的企业,融资约束低的企业根据地方政府债务调整资本结构的速度更快;从产权性质看,地方政府债务对非国有企业资本结构调整速度的影响更显著。本文的研究结论为企业资本结构动态调整的影响因素提供了经验证据。

This paper studies the influence of local government debt on the dynamic adjustment of corporate capital structure by taking the data of Shanghai and Shenzhen Ashare listed companies from 2006 to 2020 as samples.The results show that local government debt can significantly increase the speed of capital structure adjustment of enterprises.Specifically,local government debt can significantly increase the speed of downward capital structure adjustment of enterprises with high debt,but has no significant impact on the speed of upward capital structure adjustment of enterprises with low debt.The greater the degree of fiscal decentralization,the greater the positive impact of local government debt on the speed of corporate capital structure adjustment.Further research shows that the capital structure adjustment of enterprises according to local government debt is the result of active adjustment rather than mechanical adjustment;The adjustment of capital structure by enterprises according to local government debt is real-time;Enterprises with high debt mainly reduce their capital structure by reducing interest-bearing liabilities rather than by increasing equity capital;Compared with enterprises with high financing constraints,enterprises with low financing constraints can adjust their capital structure according to local government debt more quickly;From the property nature,local government debt has a more significant impact on the speed of capital structure adjustment of non-state-owned enterprises.The conclusion of this paper provides empirical evidence for the factors influencing the dynamic adjustment of enterprise capital structure.