自贸区制度与资本结构动态调整

Free Trade Zone Institution and Capital Structure Dynamic Adjustment

自贸区的设立通过制度创新为企业发展带来了新的机遇与挑战。基于2007—2019年A股上市公司的数据,本文首次研究了自贸区设立对企业资本结构动态调整的作用。研究发现,自由贸易试验区的设立显著提高了企业资本结构的调整速度,并且对非国有企业和负债不足的企业该效应更为显著。此外,机制研究表明,自贸区制度通过两个渠道影响资本结构调整:融资约束渠道和市场竞争渠道。进一步研究发现,自贸区设立降低了企业的债务融资成本,并促进了企业的债务和权益融资活动。本文使用工具变量法、倾向性得分匹配法、安慰剂检验、其他的资本结构测度和估计方法进行了一系列稳健性检验,发现研究结论依然成立。总之,本文从资本结构优化的视角评估了中国自贸区建设的微观效应。

The establishment of free trade zone(FTZ)has brought new opportunities and challenges to the firm s development through institutional innovation.Based on the data of A-share listed firms from 2007 to 2019,this paper is the first to study the effect of the establishment of FTZ on the dynamic adjustment of capital structure.It is found that the establishment of pilot free trade zones significantly improves the capital structure adjustment speed of firms,and this effect is more significant for non-state-owned and under-levered firms.In addition,the mechanism study shows that the establishment of FTZ affects capital structure adjustment through two channels:financial constraint channel and market competition channel.Further research reveals that the establishment of FTZ reduces the debt financing costs for firms and promotes both debt and equity financing activities.This paper conducts a series of robustness tests using instrumental variable method,propensity score matching method,placebo test,and alternative capital structure measures and estimation methods,and finds that the research conclusion still robust.In conclusion,this paper evaluates the micro effects of the construction of China s free trade zones from the perspective of capital structure optimization.