高新技术企业成长性对资本结构动态调整的影响研究——基于不同成长阶段的实证分析

Research on the Influence of the Growth of High-tech Enterprises on Dynamic Adjustment of Capital Structure——Empirical Analysis based on the Different Growth Stages

企业成长性是投资者和经营者都非常关注的问题。以2011年至2019年高新技术企业为研究样本,通过对企业各成长阶段建立标准部分调整模型和扩展部分调整模型发现,企业的成长性与资本结构负相关,验证了权衡理论,但在各成长阶段的表现却不尽相同,表明企业成长性对资本结构的影响是动态的;资本结构调整的速度在成长期表现最快,其次为衰退期,成熟期表现最慢,说明在不同成长阶段企业对资金的需求是不同的。企业成长性对调整速度在成长期表现为显著的正向影响,倾向于债务融资;在成熟期债务融资受到了限制,调整速度开始下降;在衰退期,由于我国资本市场存在严格的淘汰和监管机制,使得调整欲望愈加强烈。

The growth of an enterprise is a matter of great concern to both investors and operators.This article takes the high-tech enterprises from 2011 to 2019 as the research sample,and establishes a standard partial adjustment model and an extended partial adjustment model for each growth stage of the enterprise.The study found that the growth of a company is negatively related to the capital structure,which validates the trade-off theory,but its performance in each growth stage is different,indicating that the impact of corporate growth on the capital structure is dynamic.The speed of capital structure adjustment is the fastest in the growth period,followed by the recession period,and the slowest performance in the maturity period,which shows that the demand for funds for companies in different growth stages is disparate.The impact of corporate growth on the speed of adjustment shows a significant positive effect in the growth period,which tends to be debt financing.In the mature period,debt financing is restricted,and the adjustment speed begins to decline.During the recession period,due to the strict elimination and supervision mechanism China's capital market,the desire for adjustment becomes more intense.