信贷政策与企业资本结构——来自中国国有和非国有上市公司的实证比较研究

Credit Policy and the Corporation Capital Structure——Empirical Comparative Study of the Chinese State-owned and Non-state-owned Listed Companies

以1999～2010年中国上市公司的微观数据为例,研究了信贷政策对国有和非国有上市公司资本结构选择的影响。研究发现,在面临信贷政策冲击时,国有比非国有上市公司资本结构调整幅度大。从负债结构上看,国有上市公司流动负债率和长期负债率的敏感程度均小于非国有上市公司,且非国有上市公司负债期限的变动更明显。进一步研究信贷政策对于不同规模上市公司资本结构的影响后发现,小规模上市公司资本结构对信贷政策的敏感性较弱。为此,有必要根据不同性质和规模的企业制定差异化的信贷政策,从而为优化企业资本结构提供有利条件。

This paper studies the impact of the credit policy on the choices of capital structure of both listed state-owned companies and non-state-owned listed companies,with the financial data of Chinese listed companies between the year of 1999 and 2010.The result shows that the response of the state-owned listed companies is more intense than that of non-state-owned under the same credit policy shock.As for liability structure,the sensitivity of current ratio and long-term debt ratio of state-owned enterprise is less than the non-state-owned enterprises,while non-state-owned listed companies witness more variation in debt maturity.For small listed companies,the response is less intense than that of large-scale companies under the same credit policy shock.It＇s necessary for the government to optimize the structure of Chinese corporate credit by formulated different credit policy according to the different nature and size of enterprises.