中国上市公司隐性契约与资本结构的实证研究

Empirical Study on the Implicit Contracts and Capital Structure of China's Listed Companies

隐性契约的存在使企业进行融资决策时需考虑除股东、债权人、管理者之外其他利益相关者———企业顾客的影响。通过隐性契约与资本结构关系实证检验,分析了隐性契约对企业融资政策的影响,得出结论:专用性资产比重以及对顾客隐性负债的履行对企业资本结构产生显著影响。

The existence of implicit contracts forces enterprises to take into account not only the interests of stock- holders, creditors and administrators in the process of making their financing decisions, but also the interests of other relevant beneficiaries, such as clients. Through an empirical testing of the relationship between the implicit contracts and the capital structure, this paper has an analysis of the impact of the implicit contracts on enterprises＇ financing strategies and then draws a conclusion that the proportion of specialized assets and the fulfillment of the clients＇ implicit debts have a significant impact on enterprises＇ capital structure.