非财务利益相关者与公司资本结构选择——一个动态调整模型

Non-Financial Stakeholders and the Choices of Firms’ Capital Structure——A Dynamic Adjustment Model

本文构建一个双向效应动态调整模型,采用中国非金融上市公司面板数据,应用广义矩估计(GMM)率先从动态视角实证分析非财务利益相关者(如供应商、顾客和员工)如何影响公司资本结构选择。研究发现:中国上市公司存在目标资本结构,债务调整成本是影响资本结构选择的一个重要因素;总体而言,中国上市公司的管理者在做资本结构决策时较少考虑非财务利益相关者的利益。

The paper constructs a two-way effects dynamic adjustment model, adopts panel data of Chinese non-financially listed companies and applies generalized method of moments（GMM） to empirically analyze how non- financial stakeholders （such as suppliers, customers and employees） affect the choice of capital structure from a dynamic perspective for the first time. The study finds that： ①The target capital structure doses exist in Chinese listed companies in China, and the adjustment cost of debt is an important factor affecting the choice of capital structure. ②Generally speaking, the managers of Chinese listed companies seldom take the interest of the non- financial stakeholders into account while making decisions of capital structure.