产业政策、产权性质与资本结构动态调整

Industrial Policy,Nature of Property Rights and Dynamic Adjustment of Capital Structure

本文以我国"十二五"期间A股上市公司为样本,从偏离程度、调整速度这两大视角出发,实证分析了产业政策对企业资本结构动态调整的作用机理。研究发现:企业是否得到产业政策的支持,将对其资本结构的调整行为产生重要影响,有产业政策支持的企业实际资本结构偏离目标资本结构的程度更小,资本结构调整速度更快。结合我国的制度背景,基于产权性质的分析结果表明,相对于国有企业来说,非国有企业中产业政策对资本结构偏离程度及调整速度的影响更显著。研究结论不仅有利于评估宏观政策的执行效果,为国家政策的制定提供决策参考,同时也丰富了宏观环境与微观企业行为的相关理论,可为微观企业资本结构的决策提供有益的参考。

Based on a sample of Chinese A-share listed firms during the "Twelfth Five-Year Plan" period, this paper empirically tests the impact of industrial policy on the dynamic adjustment of capital structure. The study found that: firms with industrial policy support have less disparity between actual and target capital structure and faster capital structure adjustments than those without industrial policy support. Taking into account the nature of property rights, it is found that compared with state-owned enterprises,the impact of industrial policies on the disparity of capital structure and the speed of capital structure adjustment is more pronounced in non-state-owned enterprises. This study can not only expand the research field of dynamic adjustment of capital structure, but also test the micro-effects of industrial policy, and provide new evidence for the influence of institutional background on corporate behavior.