资本自由化与企业负债融资——来自我国工业企业的实证研究

The Liberalization of Capital and Firm's Capital Structure——Evidence from China's Industrial Enterprises

资本结构决策对企业经营发展十分重要,研究企业资本结构与金融环境的关系有助于理解金融环境对企业发展的支持,具有重大理论和现实意义。本文的实证研究发现资本自由化的提高整体上有助于企业的负债融资。在企业的债务结构中,资本自由化能够有效地提高企业的短期负债水平,并且短期负债融资对长期负债融资具有替代作用。此外,本文发现在中国资本自由化过程中,政府及制度因素是最为关键的。这也反映了政策改革的重点方向。

Capital structure is very important in the growth of enterprises and the research on the relationship of capital structure and financial environment is helpful for us to understand the supporting of the financial environment to enterprise development. The empirical study shows that capital liberalization can effectively increase the level of short-term debt, but longterm debt is significant negative correlation. On the whole, capital liberalization is also helpful for the debt financing to enterprises. In addition, this paper finds that in the process of China＇s capital liberalization, government and institutional factors still is the most crucial factor, it also reflects the emphasis of the reform policy.