产业政策与企业资本结构调整速度
|
摘要
本文以2006-2015年我国沪深A股上市公司为研究样本,在"十一五"与"十二五"产业规划所处的时间区间内,考察了产业政策对企业资本结构调整速度的影响以及作用路径。结果显示,产业政策与企业资本结构调整速度显著正相关,且分别在非国有、小规模和融资约束较严重的企业中更加显著。区分调整方向后发现,产业政策能提高资本结构向上调整的速度,但只有重点产业政策能提高固定资产比例较低的企业向下调整的速度。基于作用路径的分析发现,产业政策提高了企业选择增加债务的方式来调整资本结构的概率;重点产业政策提高了特定类型企业以增加权益方式向下调整资本结构的概率。上述结果表明,产业政策主要通过债务融资方式影响资本结构调整速度,而只有受到重点产业政策支持的特定类型的企业能够通过权益融资方式提高资本结构调整速度。
Recently,the dynamic adjustment of leverage has become a popular research topic. Theorists point out that each company has a target value of leverage,and lower or higher levels damage firm value. Therefore,when leverage deviates from the target value,the company has an incentive to adjust it towards the target value.However,due to the incompleteness of the market,many factors prevent companies from freely adjusting their leverage. This is especially pronounced in China, where high financing costs and a lack of financing opportunities delay leverage adjustment. Research has shown that a company's external financing environment has an important impact on the speed of leverage adjustment. Although industrial policy is considered an important institutional factor affecting a company's financing environment,we know of no research on whether and how industrial policy affects the speed of leverage adjustment, which provides us with a researchopportunity.As an important institutional background in China,industrial policy has a significant impact on the external financing environment of companies through direct intervention and indirect guidance,and may thus affect the speed of leverage adjustment. Direct intervention mainly includes technological control, environmental protection control,directory guidance,market access control,project approval control,etc.,while indirect guidance includes fiscal subsidies,tax incentives,and financial policies aimed at ensuring the implementation of industrial policy. In terms of debt financing,industrial policies enable selected companies to be favored by banks and to be related with higher mortgage expectations,resulting in more loans and faster upward leverage adjustment. In terms of equity financing,industrial policies provide selected companies with more financing opportunities via SEO,etc.,which speeds up downward leverage adjustments. However,because the debt financing channel is dominant among Chinese listed companies,the main impact of industrial policies is likely to be faster upward leverage adjustment.Drawing on a sample of Chinese A-share listed companies from 2006 to 2015,this article explores the influence of industrial policy on the speed of leverage adjustment during the eleventh and the twelfth five-year plans. Industrial policies are identified through policy documents and relevant literature and firm-level financial data is obtained from the CSMAR database. The empirical results reveal that support from industrial policies is associated with faster adjustment,and the effect is more pronounced in non-SOEs,smaller firms,and firms under more serious financial constraints. After separating the two adjustment directions,we show that being supported by industrial policies helps firms speed up upward adjustment and also helps firms with fewer fixed assets speed up downward adjustment. This article also indicates that debt financing is the main channel through which industrial policy affects the speed of leverage adjustment,and support from key industrial policies can affect how certain kind of firms adjust leverage via equity financing. Our results suggest that equity financing is still relatively costly compared with debt financing,and that companies still face many restrictions when attempting to obtain it.This study contributes to the literature on industrial policy and leverage adjustment. It also provides direct empirical results on the channels of influence, enriching our perspective when evaluating the economic consequences of industrial policy. This study also has important policy implications. Considering the costs of capital market financing,providing companies with convenient debt financing channels can speed up leverage adjustment. We should also further improve the efficiency of the capital market,remove unnecessary policy barriers,reduce the transaction costs of equity financing,and provide more flexible ways for companies to quickly adjust their leverage. Future studies could focus on the impact of stock market reforms on the speed of leverage adjustment.
Recently,the dynamic adjustment of leverage has become a popular research topic. Theorists point out that each company has a target value of leverage,and lower or higher levels damage firm value. Therefore,when leverage deviates from the target value,the company has an incentive to adjust it towards the target value.However,due to the incompleteness of the market,many factors prevent companies from freely adjusting their leverage. This is especially pronounced in China, where high financing costs and a lack of financing opportunities delay leverage adjustment. Research has shown that a company's external financing environment has an important impact on the speed of leverage adjustment. Although industrial policy is considered an important institutional factor affecting a company's financing environment,we know of no research on whether and how industrial policy affects the speed of leverage adjustment, which provides us with a researchopportunity.As an important institutional background in China,industrial policy has a significant impact on the external financing environment of companies through direct intervention and indirect guidance,and may thus affect the speed of leverage adjustment. Direct intervention mainly includes technological control, environmental protection control,directory guidance,market access control,project approval control,etc.,while indirect guidance includes fiscal subsidies,tax incentives,and financial policies aimed at ensuring the implementation of industrial policy. In terms of debt financing,industrial policies enable selected companies to be favored by banks and to be related with higher mortgage expectations,resulting in more loans and faster upward leverage adjustment. In terms of equity financing,industrial policies provide selected companies with more financing opportunities via SEO,etc.,which speeds up downward leverage adjustments. However,because the debt financing channel is dominant among Chinese listed companies,the main impact of industrial policies is likely to be faster upward leverage adjustment.Drawing on a sample of Chinese A-share listed companies from 2006 to 2015,this article explores the influence of industrial policy on the speed of leverage adjustment during the eleventh and the twelfth five-year plans. Industrial policies are identified through policy documents and relevant literature and firm-level financial data is obtained from the CSMAR database. The empirical results reveal that support from industrial policies is associated with faster adjustment,and the effect is more pronounced in non-SOEs,smaller firms,and firms under more serious financial constraints. After separating the two adjustment directions,we show that being supported by industrial policies helps firms speed up upward adjustment and also helps firms with fewer fixed assets speed up downward adjustment. This article also indicates that debt financing is the main channel through which industrial policy affects the speed of leverage adjustment,and support from key industrial policies can affect how certain kind of firms adjust leverage via equity financing. Our results suggest that equity financing is still relatively costly compared with debt financing,and that companies still face many restrictions when attempting to obtain it.This study contributes to the literature on industrial policy and leverage adjustment. It also provides direct empirical results on the channels of influence, enriching our perspective when evaluating the economic consequences of industrial policy. This study also has important policy implications. Considering the costs of capital market financing,providing companies with convenient debt financing channels can speed up leverage adjustment. We should also further improve the efficiency of the capital market,remove unnecessary policy barriers,reduce the transaction costs of equity financing,and provide more flexible ways for companies to quickly adjust their leverage. Future studies could focus on the impact of stock market reforms on the speed of leverage adjustment.
引文
[1]毕晓方、张俊民和李海英,2015,《产业政策、管理者过度自信与企业流动性风险》,《会计研究》第3期,第57~63页。
[2]邓可斌和曾海舰,2014,《中国企业的融资约束:特征现象与成因检验》,《经济研究》第2期,第47~60页。
[3]韩乾和洪永淼,2014,《国家产业政策、资产价格与投资者行为》,《经济研究》第12期,第143~158页。
[4]何熙琼、尹长萍和毛洪涛,2016,《产业政策对企业投资效率的影响及其作用机制研究---基于银行信贷的中介作用与市场竞争的调节作用》,《南开管理评论》第5期,第161~170页。
[5]黄继承、阚铄和朱冰,2016,《经理薪酬激励与资本结构动态调整》,《管理世界》第11期,第156~171页。
[6]黄继承和姜付秀,2015,《产品市场竞争与资本结构调整速度》,《世界经济》第7期,第99~119页。
[7]黄继承、朱冰和向东,2014,《法律环境与资本结构动态调整》,《管理世界》第5期,第142~156页。
[8]姜付秀、屈耀辉和陆正飞,2008,《产品市场竞争与资本结构动态调整》,《经济研究》第4期,第99~11页。
[9]鞠晓生、卢荻和虞义华,2013,《融资约束、营运资本管理与企业创新可持续性》,《经济研究》第1期,第4~16页。
[10]黎文靖和郑曼妮,2016,《实质性创新还是策略性创新?---宏观产业政策对微观企业创新的影响》,《经济研究》第4期,第60~73页。
[11]黎文靖和李耀淘,2014,《产业政策激励了公司投资吗》,《中国工业经济》第5期,第122~134页。
[12]李青原和王红建,2013,《货币政策,资产可抵押性,现金流与公司投资---来自中国制造业上市公司的经验证据》,《金融研究》第6期,第31~45页。
[13]连立帅和陈超,2016,《产业倾向性政策与会计稳健性---基于国家规划布局内重点软件企业的经验证据》,《中国会计评论》第1期,第63~82页。
[14]卢太平和张东旭,2014,《融资需求、融资约束与盈余管理》,《会计研究》第1期,第35~41页。
[15]麦勇、胡文博和于东升,2011,《上市公司资本结构调整速度的区域差异及其影响因素分析---基于2000-2009年沪深A股上市公司样本的研究》,《金融研究》第7期,第196~206页。
[16]茅锐,2015,《产业集聚和企业的融资约束》,《管理世界》第2期,第58~71页。
[17]孟庆玺、尹兴强和白俊,2016,《产业政策扶持激励了企业创新吗?---基于“五年规划”变更的自然实验》,《南方经济》第12期,第1~25页。
[18]屈耀辉,2006,《中国上市公司资本结构的调整速度及其影响因素---基于不平行面板数据的经验分析》,《会计研究》第6期,第56~62页。
[19]盛明泉、张敏、马黎珺和李昊,2012,《国有产权,预算软约束与资本结构动态调整》,《管理世界》,第3期,第151~157页。
[20]宋凌云和王贤彬,2013,《重点产业政策、资源重置与产业生产率》,《管理世界》第12期,第63~77页。
[21]苏冬蔚和曾海舰,2009,《宏观经济因素与公司资本结构变动》,《经济研究》第12期,第52~65页。
[22]王克敏、刘静和李晓溪,2017,《产业政策、政府支持与公司投资效率研究》,《管理世界》第3期,第113~124页。
[23]王小鲁、余静文和樊纲,2017,《中国分省份市场化指数报告(2016)》,北京:社会科学文献出版社。
[24]于蔚、金祥荣和钱彦敏,2012,《宏观冲击、融资约束与公司资本结构动态调整》,《世界经济》第3期,第24~47页。
[25]余明桂、范蕊和钟慧洁,2016,《中国产业政策与企业技术创新》,《中国工业经济》第12期,第5~22页。
[26]于泽、陆怡舟和王闻达,2015,《货币政策执行模式、金融错配与我国企业投资约束》,《管理世界》第9期,第52~64页。
[27]张胜、张珂源和张敏,2017,《银行关联与企业资本结构动态调整》,《会计研究》第2期,第49~55页。
[28]祝继高、韩非池和陆正飞,2015,《产业政策、银行关联与企业债务融资---基于A股上市公司的实证研究》,《金融研究》第3期,第176~191页。
[29]Allen,F.,J.Qian,C.Zhang,and M.Zhao.2012.“China's Financial System:Opportunities and Challenges”NBERworking paper.
[30]An,Z.,D.Li,and J.Yu.2015.“Firm Crash Risk,Information Environment,and Speed of Leverage Adjustment”,Journal of Corporate Finance,31:132~151.
[31]Antzoulatos,A.A.,K.Koufopoulos,C.Lambrinoudakis,and E.Tsiritakis.2016.“Supply of Capital and Capital Structure:The Role of Financial Development”,Journal of Corporate Finance,38:166~195.
[32]Blundell,R.,and S.Bond.1998.“Initial Conditions and Moment Restrictions in Dynamic Panel Data Models”,Journal of Econometrics,87(1):115~143.
[33]Brisker,E.R.,and W.Wang.2017.“CEO's Inside Debt and Dynamics of Capital Structure”,Financial Management,46(3):655~685.
[34]Chang,Y.K.,R.K.Chou,and T.H.Huang.2014.“Corporate Governance and The Dynamics of Capital Structure:New Evidence”,Journal of Banking and Finance,48:374~385.
[35]Chen,D.,O.Z.Li,and F.Xin.2017.“Five-year Plans,China Finance and Their Consequences”,China Journal of Accounting Research,10(3):189~230.
[36]Cook,D.O.,and T.Tang.2010.“Macroeconomic Conditions and Capital Structure Adjustment Speed”,Journal of Corporate Finance,16:73~87.
[37]Devos,E.,S.Rahman,and D.Tsang.2017.“Debt Covenants and the Speed of Capital Structure Adjustment”,Journal of Corporate Finance,45:1~18.
[38]Elsas,R.,and D.Florysiak.2015.“Dynamic Capital Structure Adjustment and the Impact of Fractional Dependent Variables”,Journal of Financial and Quantitative Analysis,50(5):1105~1133.
[39]Fama,E.F.,and K.R.French.2002.“Testing Trade-Off and Pecking Order Predictions about Dividends and Debt”,Review of financial studies,15(1):1~33.
[40]Faulkender,M.,M.J.Flannery,K.W.Hankins,and J.M.Smith.2012.“Cash Flows and Leverage Adjustments”,Journal of Financial Economics,103(3):632~646.
[41]Fischer,E.O.,R.Heinkel,and J.Zechner.1989.“Dynamic Capital Structure Choice:Theory and Tests”,Journal of Finance,44(1):19~40.
[42]Flannery,M.J.,and K.W.Hankins.2013.“Estimating Dynamic Panel Models in Corporate Finance”,Journal of Corporate Finance,19(1):1~19.
[43]Flannery,M.J.,and K.P.Rangan.2006.“Partial Adjustment toward Target Capital Structures”,Journal of Financial Economics,79(3):469~506.
[44]Graham,J.R.,and C.R.Harvey.2001.“The Theory and Practice of Corporate Finance:Evidence from the Field”,Journal of Financial Economics,60(2-3):187~243.
[45]Hale,G.2007.“Prospects for China’s Corporate Bond Market”,FRBSF Economic Letter,(7):1~3.
[46]Hovakimian,A.2004.“The Role of Target Leverage in Security Issues and Repurchases”,The Journal of Business,77(4):1041~1072.
[47]Hovakimian,A.,T.Opler,and S.Titman.2001.“The Debt-equity Choice”,Journal of Financial and Quantitative Analysis,36(1):1~24.
[48]Huang,R.,and J.R.Ritter.2009.“Testing Theories of Capital Structure and Estimating the Speed of Adjustment”,Journal of Financial and Quantitative Analysis,44(2):237~271.
[49]Jiang,F.,Z.Jiang,J.Huang,K.A.Kim,and J.R.Nofsinger.2017.“Bank Competition and Leverage Adjustments”,Financial Management,46(4):995~1022.
[50]Kayhan,A.,and S.Titman.2007.“Firm’s Histories and Their Capital Structure”,Journal of Financial Economics,83(1):1~32.
[51]Korajczyk,R.A.,and A.Levy.2003.“Capital Structure Choice:Macroeconomic Conditions and Financial Constraints”,Journal of Financial Economics,68(1):75~109.
[52]Leary,M.T.,and M.R.Roberts.2005.“Do Firms Rebalance Their Capital Structures?”,The Journal of Finance,60(6):2575~2619.
[53]Li,W.,C.Wu,L.Xu,and Q.Tang.2017.“Bank Connections and the Speed of Leverage Adjustment:Evidence from China's Listed Firms”,Accounting and Finance,57:1349~1381.
[54]?ztekin,?.2015.“Capital Structure Decisions around the World:Which Factors are Reliably Important?”,Journal of Financial and Quantitative Analysis,50(3):301~323.
[55]?ztekin,?.,and M.J.Flannery.2012.“Institutional Determinants of Capital Structure Adjustment Speeds”,Journal of Financial Economics,103(1):88~112.
1按照一般文献做法,本文未汇报最优资本结构模型(4)的回归结果。选取内生变量二期至五期滞后作为工具变量(Lag(2,5))。Wald检验P值为0. 000,AR(2)检验的P值为0. 241,不存在支持二阶序列相关的证据,Sargan检验的P值为0. 253,不能拒绝工具变量有效的零假设。
1感谢审稿专家提出的建设性意见。
2王小鲁等(2017)提供的“政府与市场的关系”指数时间区间为2008-2014年,下设的“减少政府对企业的干预”分项指数只披露了其间偶数年份的数据,因此本文选用前者衡量政府干预的程度。以2008年的指数补充2006、2007年的指数,以2014年的指数补充2015年的指数。
1当然,资本结构向上调整的路径也包括减少权益资本,资本结构向下调整的路径也包括减少负债资本,下文将就产业政策影响资本结构调整速度的具体路径在于增加融资而非减少资本给出直接的证据。
1感谢审稿专家提出的建设性意见。
[2]邓可斌和曾海舰,2014,《中国企业的融资约束:特征现象与成因检验》,《经济研究》第2期,第47~60页。
[3]韩乾和洪永淼,2014,《国家产业政策、资产价格与投资者行为》,《经济研究》第12期,第143~158页。
[4]何熙琼、尹长萍和毛洪涛,2016,《产业政策对企业投资效率的影响及其作用机制研究---基于银行信贷的中介作用与市场竞争的调节作用》,《南开管理评论》第5期,第161~170页。
[5]黄继承、阚铄和朱冰,2016,《经理薪酬激励与资本结构动态调整》,《管理世界》第11期,第156~171页。
[6]黄继承和姜付秀,2015,《产品市场竞争与资本结构调整速度》,《世界经济》第7期,第99~119页。
[7]黄继承、朱冰和向东,2014,《法律环境与资本结构动态调整》,《管理世界》第5期,第142~156页。
[8]姜付秀、屈耀辉和陆正飞,2008,《产品市场竞争与资本结构动态调整》,《经济研究》第4期,第99~11页。
[9]鞠晓生、卢荻和虞义华,2013,《融资约束、营运资本管理与企业创新可持续性》,《经济研究》第1期,第4~16页。
[10]黎文靖和郑曼妮,2016,《实质性创新还是策略性创新?---宏观产业政策对微观企业创新的影响》,《经济研究》第4期,第60~73页。
[11]黎文靖和李耀淘,2014,《产业政策激励了公司投资吗》,《中国工业经济》第5期,第122~134页。
[12]李青原和王红建,2013,《货币政策,资产可抵押性,现金流与公司投资---来自中国制造业上市公司的经验证据》,《金融研究》第6期,第31~45页。
[13]连立帅和陈超,2016,《产业倾向性政策与会计稳健性---基于国家规划布局内重点软件企业的经验证据》,《中国会计评论》第1期,第63~82页。
[14]卢太平和张东旭,2014,《融资需求、融资约束与盈余管理》,《会计研究》第1期,第35~41页。
[15]麦勇、胡文博和于东升,2011,《上市公司资本结构调整速度的区域差异及其影响因素分析---基于2000-2009年沪深A股上市公司样本的研究》,《金融研究》第7期,第196~206页。
[16]茅锐,2015,《产业集聚和企业的融资约束》,《管理世界》第2期,第58~71页。
[17]孟庆玺、尹兴强和白俊,2016,《产业政策扶持激励了企业创新吗?---基于“五年规划”变更的自然实验》,《南方经济》第12期,第1~25页。
[18]屈耀辉,2006,《中国上市公司资本结构的调整速度及其影响因素---基于不平行面板数据的经验分析》,《会计研究》第6期,第56~62页。
[19]盛明泉、张敏、马黎珺和李昊,2012,《国有产权,预算软约束与资本结构动态调整》,《管理世界》,第3期,第151~157页。
[20]宋凌云和王贤彬,2013,《重点产业政策、资源重置与产业生产率》,《管理世界》第12期,第63~77页。
[21]苏冬蔚和曾海舰,2009,《宏观经济因素与公司资本结构变动》,《经济研究》第12期,第52~65页。
[22]王克敏、刘静和李晓溪,2017,《产业政策、政府支持与公司投资效率研究》,《管理世界》第3期,第113~124页。
[23]王小鲁、余静文和樊纲,2017,《中国分省份市场化指数报告(2016)》,北京:社会科学文献出版社。
[24]于蔚、金祥荣和钱彦敏,2012,《宏观冲击、融资约束与公司资本结构动态调整》,《世界经济》第3期,第24~47页。
[25]余明桂、范蕊和钟慧洁,2016,《中国产业政策与企业技术创新》,《中国工业经济》第12期,第5~22页。
[26]于泽、陆怡舟和王闻达,2015,《货币政策执行模式、金融错配与我国企业投资约束》,《管理世界》第9期,第52~64页。
[27]张胜、张珂源和张敏,2017,《银行关联与企业资本结构动态调整》,《会计研究》第2期,第49~55页。
[28]祝继高、韩非池和陆正飞,2015,《产业政策、银行关联与企业债务融资---基于A股上市公司的实证研究》,《金融研究》第3期,第176~191页。
[29]Allen,F.,J.Qian,C.Zhang,and M.Zhao.2012.“China's Financial System:Opportunities and Challenges”NBERworking paper.
[30]An,Z.,D.Li,and J.Yu.2015.“Firm Crash Risk,Information Environment,and Speed of Leverage Adjustment”,Journal of Corporate Finance,31:132~151.
[31]Antzoulatos,A.A.,K.Koufopoulos,C.Lambrinoudakis,and E.Tsiritakis.2016.“Supply of Capital and Capital Structure:The Role of Financial Development”,Journal of Corporate Finance,38:166~195.
[32]Blundell,R.,and S.Bond.1998.“Initial Conditions and Moment Restrictions in Dynamic Panel Data Models”,Journal of Econometrics,87(1):115~143.
[33]Brisker,E.R.,and W.Wang.2017.“CEO's Inside Debt and Dynamics of Capital Structure”,Financial Management,46(3):655~685.
[34]Chang,Y.K.,R.K.Chou,and T.H.Huang.2014.“Corporate Governance and The Dynamics of Capital Structure:New Evidence”,Journal of Banking and Finance,48:374~385.
[35]Chen,D.,O.Z.Li,and F.Xin.2017.“Five-year Plans,China Finance and Their Consequences”,China Journal of Accounting Research,10(3):189~230.
[36]Cook,D.O.,and T.Tang.2010.“Macroeconomic Conditions and Capital Structure Adjustment Speed”,Journal of Corporate Finance,16:73~87.
[37]Devos,E.,S.Rahman,and D.Tsang.2017.“Debt Covenants and the Speed of Capital Structure Adjustment”,Journal of Corporate Finance,45:1~18.
[38]Elsas,R.,and D.Florysiak.2015.“Dynamic Capital Structure Adjustment and the Impact of Fractional Dependent Variables”,Journal of Financial and Quantitative Analysis,50(5):1105~1133.
[39]Fama,E.F.,and K.R.French.2002.“Testing Trade-Off and Pecking Order Predictions about Dividends and Debt”,Review of financial studies,15(1):1~33.
[40]Faulkender,M.,M.J.Flannery,K.W.Hankins,and J.M.Smith.2012.“Cash Flows and Leverage Adjustments”,Journal of Financial Economics,103(3):632~646.
[41]Fischer,E.O.,R.Heinkel,and J.Zechner.1989.“Dynamic Capital Structure Choice:Theory and Tests”,Journal of Finance,44(1):19~40.
[42]Flannery,M.J.,and K.W.Hankins.2013.“Estimating Dynamic Panel Models in Corporate Finance”,Journal of Corporate Finance,19(1):1~19.
[43]Flannery,M.J.,and K.P.Rangan.2006.“Partial Adjustment toward Target Capital Structures”,Journal of Financial Economics,79(3):469~506.
[44]Graham,J.R.,and C.R.Harvey.2001.“The Theory and Practice of Corporate Finance:Evidence from the Field”,Journal of Financial Economics,60(2-3):187~243.
[45]Hale,G.2007.“Prospects for China’s Corporate Bond Market”,FRBSF Economic Letter,(7):1~3.
[46]Hovakimian,A.2004.“The Role of Target Leverage in Security Issues and Repurchases”,The Journal of Business,77(4):1041~1072.
[47]Hovakimian,A.,T.Opler,and S.Titman.2001.“The Debt-equity Choice”,Journal of Financial and Quantitative Analysis,36(1):1~24.
[48]Huang,R.,and J.R.Ritter.2009.“Testing Theories of Capital Structure and Estimating the Speed of Adjustment”,Journal of Financial and Quantitative Analysis,44(2):237~271.
[49]Jiang,F.,Z.Jiang,J.Huang,K.A.Kim,and J.R.Nofsinger.2017.“Bank Competition and Leverage Adjustments”,Financial Management,46(4):995~1022.
[50]Kayhan,A.,and S.Titman.2007.“Firm’s Histories and Their Capital Structure”,Journal of Financial Economics,83(1):1~32.
[51]Korajczyk,R.A.,and A.Levy.2003.“Capital Structure Choice:Macroeconomic Conditions and Financial Constraints”,Journal of Financial Economics,68(1):75~109.
[52]Leary,M.T.,and M.R.Roberts.2005.“Do Firms Rebalance Their Capital Structures?”,The Journal of Finance,60(6):2575~2619.
[53]Li,W.,C.Wu,L.Xu,and Q.Tang.2017.“Bank Connections and the Speed of Leverage Adjustment:Evidence from China's Listed Firms”,Accounting and Finance,57:1349~1381.
[54]?ztekin,?.2015.“Capital Structure Decisions around the World:Which Factors are Reliably Important?”,Journal of Financial and Quantitative Analysis,50(3):301~323.
[55]?ztekin,?.,and M.J.Flannery.2012.“Institutional Determinants of Capital Structure Adjustment Speeds”,Journal of Financial Economics,103(1):88~112.
1按照一般文献做法,本文未汇报最优资本结构模型(4)的回归结果。选取内生变量二期至五期滞后作为工具变量(Lag(2,5))。Wald检验P值为0. 000,AR(2)检验的P值为0. 241,不存在支持二阶序列相关的证据,Sargan检验的P值为0. 253,不能拒绝工具变量有效的零假设。
1感谢审稿专家提出的建设性意见。
2王小鲁等(2017)提供的“政府与市场的关系”指数时间区间为2008-2014年,下设的“减少政府对企业的干预”分项指数只披露了其间偶数年份的数据,因此本文选用前者衡量政府干预的程度。以2008年的指数补充2006、2007年的指数,以2014年的指数补充2015年的指数。
1当然,资本结构向上调整的路径也包括减少权益资本,资本结构向下调整的路径也包括减少负债资本,下文将就产业政策影响资本结构调整速度的具体路径在于增加融资而非减少资本给出直接的证据。
1感谢审稿专家提出的建设性意见。
© 2004-2018 中国地质图书馆版权所有 京ICP备05064691号 京公网安备11010802017129号 地址：北京市海淀区学院路29号 邮编：100083 电话：办公室：(+86 10)66554848；文献借阅、咨询服务、科技查新：66554700 |