“一带一路”倡议与企业资本结构动态调整

The“Belt and Road”Initiative and Dynamic Adjustment of Enterprise Capital Structure

文章以2007—2020年我国A股上市公司为研究样本,采用双重差分研究设计,实证检验“一带一路”倡议对企业资本结构动态调整的影响。研究发现:“一带一路”倡议的提出显著提高了参与企业的资本结构调整速度:“一带一路”倡议提出后,参与企业资本结构调整速度提高了12.3%。机制分析发现:“一带一路”倡议通过缓解融资约束、降低信息不对称水平提高企业资本结构调整速度。进一步研究发现:获得银行授信会显著加强“一带一路”倡议对资本结构调整速度的正向影响,分析师关注度增加会显著加强“一带一路”倡议对资本结构调整速度的正向影响。文章的结论表明,参与“一带一路”倡议的企业能够通过加快资本结构调整实现企业价值提升。

This paper takes China’s A-share listed companies from 2007 to 2020 as research samples,and adopts a double differential research design to empirically test the impact of the“Belt and Road”initiative on the dynamic adjustment of enterprise capital structure.It is found that the“Belt and Road”initiative significantly increased the speed of capital structure adjustments of participating companies.After the“Belt and Road”initiative was proposed,the speed of capital structure adjustments of participating companies increased by 12.3%.It is analyzed that“Belt and Road”initiative speeds up the adjustment of enterprise capital structure by relaxing the restrictions on financing and lowering the unsymmetric level of information.It is further proved that authorized bank credit and increased attention of analysts will significantly strengthen the positive effect of“Belt and Road”initiative on the speed of capital structure adjustments.It is concluded that participating in“Belt and Road”initiative will raise the value of enterprises by accelerating the speed of capital structure adjustments.