企业票据融资与资本结构调整速度关系研究——以沪深A股上市公司为例

Research on the Relationship Between Corporate Bill Financing and the Speed of Capital Structure Adjustment:Evidence from A-share Listed Companies in Shanghai and Shenzhen Stock Exchange

文章分析了企业票据融资对资本结构动态调整速度的影响,并结合沪深A股市场非金融上市公司1998-2020年的数据进行实证检验。研究表明,企业票据融资规模较小时“税盾效应”带来的收益大于财务困境带来的成本,资本结构调整速度随着企业票据融资规模的上升而加快,企业票据融资规模较大时财务困境带来的成本高于“税盾效应”带来的收益,这将降低企业资本结构调整速度,企业票据融资规模对资本结构调整速度的影响是非线性的,即企业票据融资规模与资本结构调整速度之间呈“倒U型”非线性关系。另外,企业融资约束程度的不同,企业票据融资规模对资本结构调整速度的影响也存在差异。文章最后从监管部门、金融机构和企业三个层面提出对策建议。

The authors analyze the impact of corporate bill financing on the dynamic adjustment speed of capital structure, and makes an empirical study using the data of nonfinancial listed companies in Shanghai and Shenzhen A-share market from 1998 to 2020.The research shows that when the scale of corporate bill financing is small, the income brought by "tax shield effect" is greater than the cost brought by financial distress. The speed of capital structure adjustment accelerates with the increase of corporate bill financing scale. When the scale of corporate bill financing is large, the cost brought by financial distress is higher than the income brought by "tax shield effect", which will reduce the speed of corporate capital structure adjustment. The influence of corporate bill financing scale on the speed of capital structure adjustment is nonlinear, that is, the relationship between corporate bill financing scale and the speed of capital structure adjustment is "inverted U" shaped. In addition, there are differences in the impact of corporate bill financing scale on the speed of capital structure adjustment due to the different degree of corporate financing constraints. Finally, the author put forward countermeasures and suggestions from three levels: regulatory authorities, financial institutions and corporations.