政治关联、融资约束与资本结构周期性变动

Political Association,Financing Constraints,and Cyclical Fluctuations of Enterprise Capital Structures

政治关联在一定程度上决定了企业面临的融资约束程度,进而影响企业资本结构的周期性变动,基于此,本文比较分析了面临弱融资约束的国企、有政治关联的民企及面临强融资约束的无政治关联民企三类企业资本结构的周期性变动特征,剖析了其呈现不同特征的原因,并探讨了融资约束对资本结构周期性变动的影响。研究表明,有政治关联的民企资本结构呈顺经济周期特征,与此相反,同样面临弱融资约束的国企,资本结构却呈逆经济周期特征,可能原因在于国企资本结构决策并未站在所有者利益角度、承担了较多政策性职能以及国有资本要求回报率过低等。由于受到强融资约束,不具有政治关联的民企资本结构并未表现出顺周期特征,这说明融资约束确实限制了企业最优资本结构的实现。此外,针对不同行业及不同期限债务的研究发现,基建投资类行业国企资本结构逆经济周期特征尤为明显,短期借款呈顺周期特征,而长期借款呈逆周期特征。

Political association determines the degree of financing constraints of enterprises to a certain extent, and then influences the cyclical fluctuations of enterprises capital structure. Combining enterprise property rights, enterprises are divided into three categories： state-owned enterprises; private enterprises which have political background; private enterprises which have not political background. This paper compares the periodic characteristics of these three kinds of enterprise capital structures, and analyses the impact of financing constraints on the cyclical fluctuations of capital structures. The study has shown that, the capital structure of private enterprises which have political background appears economic cycle characteristics, and the capital structure of state-owned enterprises appears reverse economic cycle characteristics.