股权融资不确定性、经济周期与资本结构调整速度

Equity Financing Uncertainty,Business Cycle and Capital Structure Adjustment Speed

对于股票市场环境如何影响上市公司资本结构调整行为,已有文献研究了股权融资规模、股票收益率等因素的作用,本文进一步考察了股权融资不确定性的影响。基于2001-2014年我国A股上市公司的样本,研究发现:上市公司面临的股权融资不确定性越大,其资本结构调整的速度越快,且这一效应在宏观经济周期较好时更为明显。进一步区分杠杆调整方向后,我们发现,面对股权融资不确定性的上升,高杠杆企业降杠杆的速度变得更快,而宏观经济周期越好,低杠杆企业面对股权融资不确定性上升时加杠杆速度提高的效应越明显。本文的结论对于我国资本市场建设的完善以及相关经济政策的制定具有一定现实意义。

Stock market environments are influential to capital structure adjustment behavior of public listed firms.Previous research focused on the effects of financing scale and rate of return.This paper further investigates the impacts of uncertainty factors in particular.Based on the data of Chinese A-Share Listed Companies from 2001-2014,we discover that greater equity financing uncertainty comes with faster capital structure adjustment.This effect is particularly strong during the boom phase of the Marco-economy.Categorization of firms based on leverage levels reveals that when encountered with increasingly equity financing uncertainty,highly geared firms will deleverage more rapidly.Whereas,non-highly geared firms respond to increasingly equity financing uncertainty by increasing their rate of taking on leverages.Therefore,this paper provides valuable insights to China’s capital market operation and relevant economic policies.