财政政策、融资约束与资本结构动态调整——基于中国上市公司的实证分析

Fiscal Policy,Financing Constraints and the Dynamic Adjustment of Capital Structure——Empirical Analysis Based on China Listing Corporations

基于我国经济体制改革深化、政府宏观调控加强的大环境,本文将视角聚焦于财政政策和融资约束对企业资本结构动态调整的影响上,通过构建资本结构动态调整的部分调整模型,利用372家我国沪深A股上市公司2006-2013年的平衡面板数据,考察宏观财政政策对企业微观行为的影响,以及这些影响是否会因为企业融资约束程度不同而有所区别。通过实证研究发现:第一,融资约束与资本结构调整速度负相关;第二,财政支出与资本结构调整速度正相关,且融资约束程度越高越会放大财政支出对调整速度的影响;第三,税收与资本结构调整速度负相关,且融资约束程度越高越会放大税收对调整速度的影响。

This paper focuses on macro financial policy and micro financing constraints on corporate capital structure influence on the dynamic state adjustment and uses 372 of China’s Shanghai and Shenzhen A shares of listing Corporation 2006- 2013 years of a balanced panel data,specifically to study the relationship between the three. The empirical results are as follows. First,the financing constraints have a negative correlation with the capital structure adjustment speed; second,fiscal expenditure and capital structure adjustment speed are positively related,and higher degree of financing constraints will amplify the effects of financial expenditure on the speed of adjustment; third,tax and capital structure adjustment speed are negatively related,and higher degree of financing constraints will amplify the effects of taxation on the speed of adjustment.