公司治理对企业资本结构动态调整速率的影响

Corporate Governance and Dynamics of Capital Structure Adjustment

本文基于2000—2013年中国上市公司数据,通过构建反映公司治理水平的G指标,来研究公司治理水平对企业资本结构调整速率的影响,并引入产品市场竞争程度指标——布恩指数考察这一外部因素的作用效果,进而比较分析公司治理环境对企业调整资本结构速率的差异化影响。研究结果显示,公司治理水平低的企业,其资本结构调整速率相应较低;产品市场竞争愈激烈,企业资本结构调整速率愈快,这种情况在公司治理水平低的企业中体现得更为明显;对于不同负债类型的企业,公司治理水平低的企业资本结构调整速率均低于公司治理水平高的企业,但是原因却不尽相同。这一研究对现实中企业改善公司治理水平,利用债务这一有效工具缓解股东与经理人之间的矛盾,制定融资决策、优化企业资本结构以及提高企业绩效具有重要的指导意义。

This paper mainly investigates the relationship between corporate governance and capital structure adjustment rate using panel data of listed companies in China from 2000 to 2013. Moreover, it also uses a G-index as a proxy for corporate governance and applies a Boone index to examine the impact of product market competition and corporate governance on capital structure. The results suggest the corporate governance has a distinct effect on the capital structure adjustment rate, strong governance firms has a quicker adjustment rate than weak governance firms, and both over-levered and under-levered firms with strong corporate governance adjust quickly towards target capital structure for different motivation. Thus, this study can be used to help state-owned enterprises improve business performance and corporate governance, ease the contradiction between shareholders and managers with the tool of debt, and solve credit problems, having significant influence on optimizing and adjusting capital structure.