经济金融化与资本结构动态调整

Financialization and dynamic adjustment of capital structure: Evidence from China

通过构建包含厂商、家庭和银行的AD-AS产品市场均衡模型,本文推导得到企业目标资本结构的测算方程.在此基础上,以金融渠道获利作为经济金融化的度量指标,基于2007年~2015年中国非金融类上市公司半年期数据,系统考察了经济金融化对资本结构调整速度及其偏离度的影响.实证结果显示,经济金融化程度越高,企业资本结构偏离度越大且调整速度越慢,尤其在非国有企业、过度负债企业和小规模企业更为凸显,即存在非对称效应.此外,本文还发现经济金融化显著抑制固定资产投资,投资偏好改变及抵押担保能力下降有助于理解其对资本结构动态调整的负向作用.可见,基于金融渠道的获利模式促使企业形成对高杠杆率的路径依赖,加剧实际资本结构与目标值的偏离度,从而不利于宏观去杠杆及供给侧结构性改革.

This paper builds an extended AD-AS model with firms, households and banks, and then obtains the estimation equation of target capital structures. Using the ratio of financial profit to total profit as the proxy of financialization, this paper examines the roles of financialization in capital structure adjustment with the semi-annual data of nonfinancial listed firms during 2007 and 2015. The empirical results show that, financialization exacerbates capital structure deviation and decreases the speed of dynamic adjustment, and their relationships are stronger in firms with private ownership, smaller size and over-debt. Financialization significantly discourages fixed asset investments. Moreover, changes in investment preferences and decrease in collateral capacity are conducive to understanding the negative roles of financialization in the dynamic adjustment of capital structures. Financialization increases firms' dependence on high financial leverage to make profits and enlarges the deviation of their actual capital structures from the target. Our findings suggest that financialization increases the difficulty of lowering firm's leverage in the process of structural supply丒side reform.