流动性共性与企业的融资行为及资本结构

Commonality in liquidity,corporate financing behavior and capital structure

基于市场微观结构理论关于流动性共性的定价原理,探讨了流动性共性对企业的融资行为以及资本结构决定的作用机理,并采用2000年—2016年中国A股上市公司的数据做出了实证检验.研究结果发现,个股的流动性共性会导致企业新增的外部权益融资、债务融资以及外部融资总额下降;与新增的外部权益融资相比,新增的债务融资下降程度更大,且流动性共性与资本结构呈显著的负相关关系.经进一步检验还发现,与牛市期间相比,在熊市期间流动性共性对资本结构的负向影响是显著增强的;在整个市场状态发生逆转之时,流动性共性将进一步降低资本结构;与股权分置改革之前相比,改革之后资本结构与流动性共性之间的负向关系是显著减弱的;机构投资者持股比例较高、成长性较高的企业,其资本结构与流动性共性之间的负向关系是显著增强的.

Based on the pricing principle of commonality in liquidity from the perspective of market micro- structure, this paper empirically investigates the mechanism of how commonality in liquidity affects corporate financing behavior and the decision of capital structure, using the sample of Chinese A-share listed companies during 2000--2016. The empirical results show that commonality in liquidity causes a reduction of new incre- mental external financing including equity, debt and total financing, with debt having a reduction degree big- ger than of equity, and a decline in capital structure. The negative relation between commonality in liquidity and capital structure is enhanced significantly during the period of bear compared with the period of bull; meanwhile, under adverse market conditions, commonality in liquidity will also reduce capital structure; com- pared with the period before the split share structure reform, the negative relation is weakened significantly af- ter the reform. In addition, the negative relations of those companies with more property rights of institutional investors and higher growth are significantly greater.