大型投资与资本结构动态调整——基于中国上市公司的经验证据

Large Investment and Capital Structure Dynamic Adjustment——Based on Chinese Listing Corporations Empirical Test

本文以2000-2012年的中国A股上市公司为样本,实证分析和检验了大型投资活动对资本结构动态调整速度和调整路径的影响。研究表明,相比无大型投资企业,有大型投资企业的资本结构调整速度更快;在资本结构动态调整路径方面,在投资初期企业更多地采用权益融资方式,而在投资后期更多地采用负债融资方式。进一步研究发现,投资周期、负债水平和政治关联对投资企业资本结构调整速度有显著影响;投资周期对投资前期以及负债水平对投资末期的资本结构调整路径有显著影响,但政治关联对调整路径没有显著影响。

Based on the sample of Chinese listing firms from 2000 to 2012,the paper tests the effect of large investment on capital structure dynamic adjustment. The result shows that the speed of capital structure adjustment in large investment companies is faster than in non- large ones. The firms finance their funds with equity at the beginning of large investment. On the contrary,they use more debt to finance at the end. We further find out that the length of investment period,leverage deviation and political connection can influence the capital structure adjustment speed of large investment firms. We also show that the length of investment period can take an effect on the financing method at the beginning of investment and leverage deviation does at the end. However,political connection does not take obvious effect on the path of capital structure adjustment.