短期国际资本流动对企业杠杆率的影响

The Impact of Short-Term International Capital Flows on the Enterprise Leverage

基于2007~2018年间我国沪深两市非金融类上市企业的季度数据,研究了短期国际资本流动对企业杠杆率的影响。实证结果表明:短期国际资本流入增加会推高企业杠杆率,对短期杠杆率的影响大于对长期杠杆率的影响,对银行信贷杠杆率的影响高于对商业信用杠杆率的影响;短期国际资本流动对民营企业短期杠杆率的影响大于国有企业,对国有企业长期杠杆率的影响大于民营企业;在融资约束较强和投资回收期较长的上市企业中,短期国际资本流动对企业杠杆率上升的促进作用更加明显。本文的研究结论为进一步加强对短期国际资本流动的管理,降低外部冲击对国内金融市场的影响提供了参考。

This paper explores the impact of short-term international capital flows on the enterprise leverage by using the quarterly data of non-financial companies listed in Shanghai and Shenzhen from 2007 to 2018.The result shows that the growth of short-term international capital flows increase the enterprise leverage.Specifically,the impact on short-term leverage is higher than that on long-term leverage,and the impact on bank credit leverage is higher comparing with that on commercial credit leverage.Moreover,regarding on the ownership,it has a greater influence on the short-term leverage of private enterprise than that of state-owned enterprise,and the impact on the long-term leverage of state-owned enterprise is higher than that of private enterprise.Notably,for the listed enterprises with high financing constraints and long payback period,the promotion of short-term international capital flow on the rise of leverage is much more remarkable.The result provides a meaningful reference on how to strengthen the management of short-term international capital flows and reduce the impact of external shocks on the domestic financial market.