银行关联与企业资本结构动态调整

Connections with Banks and Dynamic Capital Structure Adjustment of Firms

本文以我国2006-2012年的A股上市公司为研究样本,研究了企业持有银行股份对其资本结构动态调整的影响。研究发现:相比于未持有银行股份的上市公司,持有银行股份的上市公司的资本结构动态调整更快,实际资本结构与目标资本结构的偏差更小。我们分别对全样本和配对样本进行了研究,发现结果一致。进一步的研究结果显示:银行关联和企业资本结构的关系受到持股银行产权性质的影响,这一关系只在持股内资控股银行时成立。本文的研究丰富了资本结构动态调整方面的文献,同时对企业的资本结构决策具有重要的借鉴意义。

Based on a sample of Chinese listed firms from 2006 to 2012,this paper investigates the influence of holding bank ownership on the adjustment of a firm's capital structure. The empirical results of both the full and matched sample show that firms holding bank ownership have faster capital structure adjustments and less disparity between actual and target capital structure than those not holding bank ownership. When we divide our sample firms into those holding ownership of banks controlled by Chinese shareholders and those holding ownership controlled by foreign shareholders,the results are only applicable to the former subsample. Our results provide direct evidence that holding bank ownership speeds up adjustment toward target capital structure and narrows the gap between actual and target capital structure. This paper contributes to the literature on dynamic capital structure adjustment,and serves as a reference for firms' capital structure decision-making.