金融资产配置、商业信用融资与资本结构动态调整速度

Allocation of Financial Assets,Commercial Credit and Dynamic Adjustment of Capital Structure

以2008-2017年沪深A股非金融类企业为研究样本,基于商业信用融资视角,考察了金融资产配置对资本结构动态调整速度的影响。研究发现,企业金融资产配置总额占比越高,资本结构动态调整速度越慢。按照流动性和期限长短区分短期金融资产和长期金融资产后发现,短期金融资产和长期金融资产占比越高,资本结构调整速度越慢。此外,商业信用融资能够缓解金融资产配置对资本结构动态调整的负向影响,尤其是当供应商集中程度较高和处于货币政策紧缩期时。进一步研究发现,在企业信息不透明度较高和面临严重的融资约束时,金融资产配置对资本结构动态调整的负向影响尤为显著。

Taking 2008-2017 non-financial A-share listed companies in Shanghai and Shenzhen as research samples,this paper studies the impact of financial asset allocation on the speed of dynamic adjustment of capital structure from the perspective of commercial credit.It is found that the higher the proportion of total financial asset allocation,the slower the dynamic adjustment of capital structure.According to the division of liquidity and term,it is found that the higher the proportion of short-term financial assets and long-term financial assets is,the slower the speed of capital structure adjustment will be.In addition,commercial credit can alleviate the negative impact of financial asset allocation on the dynamic adjustment of capital structure,especially when the supplier concentration is high and the monetary policy is tight.Further research shows that the negative impact of financial asset allocation on the dynamic adjustment of capital structure is particularly significant when the information opacity of enterprises is high and the financing constraints are serious.