金融发展对企业资本结构动态调整的影响——以制造业上市公司为研究对象

Influence of Financial Development on the Dynamic Adjustment of Capital Structure——Taking listed manufacturing companies as research objects

以2008—2015年我国制造业上市公司为研究对象,研究金融发展对制造业上市公司资本结构动态调整方向的影响.通过实证分析发现,金融市场发展与制造业上市公司资本结构负相关,与理论预期相符;但金融中介发展却与资本结构负相关,与理论预期不符.综合分析后发现,金融中介的信贷向房贷倾斜冲击了其对企业部门的融资供给量,导致金融中介发展与制造业上市公司资本结构负相关.最后,根据分析结果,提出相关建议.

This paper studies the impact of financial development on the dynamic adjustment of the capital structure of China＇s listed manufacturing companies from 2008 to 2015.Through an empirical analysis,it is found that the development of financial market is negatively correlated with the capital structure of listed manufacturing companies,which is consistent with the theoretical expectation.However,the development of financial intermediaries,though negatively related to the capital structure,is not consistent with the theoretical expectation.After a comprehensive analysis,it is found that the credit loans of financial intermediaries are tilted to housing mortgage and the financing of the manufacturing sector is affected,which leads to the negative correlation between the development of the financial intermediary industry and the capital structure of the listed companies.Finally,based on the analysis results,some suggestions are put forward.