风险投资与上市公司资本结构动态调整

Venture Capital and the Capital Structural Dynamic Adjustment of Listed Companies in China

本文从资本结构偏离目标程度和资本结构调整速度两方面考察了风险投资对上市公司资本结构动态调整的影响。研究发现在资本结构偏离目标程度方面,风险投资背景对公司资本结构偏离目标程度具有显著的降低作用;持股比例较高、采用联合投资模式或高声誉的风险投资对上市公司资本结构偏离目标程度的降低作用更为显著;风险投资对资本结构偏离目标程度的作用受到公司负债水平及财务状况的影响,在过度负债伴随财务盈余或者负债不足伴随财务赤字的公司中作用更明显。在资本结构调整速度方面,风险投资对上市公司资本结构调整速度无显著影响。

This paper explores the impact of VC on the capital structural dynamic adjustment of listed companies in China fromperspectives of both the bias from the target level and capital structure adjustment speed. The results show that, for the bi- as from the target capital structure, VC significantly reduces the degree of bias; the VCs of higher share proportion, VC syndi- cates or higher reputational VCs have more significant reduoing roles on the capital structure bias; the role of VC on the bias from the target capital structure level is affected by the company＇s debt level and financial condition, more significant in over- indebted companies with financial surpluses or under-indebted companies with financial deficits. For the capital structure ad- justment speed, VC has no significant impact on the speed of capital structure adjustment.