金融资产配置有助于实现杠杆治理效应吗?

Does the Allocation of Financial Assets Help Leverage Governance?

文章选取2005-2019年非金融类企业为样本,检验金融资产配置实现的杠杆治理效应。研究发现:第一,企业配置金融资产降低了其趋向目标资本结构的调整速度,形成负向治理效应;第二,相比杠杆不足的企业,金融资产配置形成的负向治理效应在杠杆过度的企业中显著;第三,当宏观金融杠杆水平较高时,金融资产配置形成的负向治理效应在杠杆过度的企业中更加显著。内生性检验和稳健性检验后,上述结论依然成立。机制检验发现:杠杆过度的企业配置金融资产,未能通过减少有息负债促使其资本结构向下优化调整;而杠杆不足的企业配置金融资产,也无法通过增加有息负债促使资本结构向上优化调整,印证了企业配置金融资产不具备积极的杠杆治理效应这一研究结论。文章从财务杠杆治理视角揭示金融资产配置形成的蓄水池效应小于挤出效应,导致企业趋向目标资本结构调整速度降低。

Using the sample of non-financial firms through 2005 to 2019, we test the effect of the allocation of financial assets on the leverage governance. Firstly, we find that the allocation of financial assets reduces the speed to optimize the capital structure,which forms a negative leverage governance effect. Secondly, compared with the underleverage firms, the above effect is more significant in the over-leveraged firms. Thirdly,in the over-leveraged firms, the negative leverage governance effect derived from the allocation of financial assets is more significant during the period of high macro financial leverage. After the endogeneity test and the robustness test, the above conclusion is still valid. The mechanism test shows that in the over-leveraged firms, the allocation of financial assets can’t promote the capital structure to downward optimization by reducing interest bearing liabilities, and that in the under-leveraged firms, the allocation of financial assets can’t promote the capital structure to upward optimization by increasing interest bearing liabilities. The mechanism test proves the conclusion that the allocation of financial assets has no effect on leverage governance. The results show that from a perspective of financial leverage governance, the reservoir effect formed by the allocation of financial assets is lower than the crowding-out effect, which reduces the adjusting speed to the optimal capital structure.