摘要
基于沪港通所带来的政策冲击,采用倾向得分匹配和双重差分的方法,实证检验了我国资本市场开放与企业资本结构决策之间的关系。研究发现,沪港通的启动显著加快了试点企业资本结构调整速度,并降低了资本结构偏离目标的程度,进而促进了企业资本结构动态优化。区分不同偏离方向和调整方式的进一步研究显示,资本市场开放效应存在非对称性,其影响在杠杆过度企业中表现得更为稳健。高杠杆企业更倾向于采取权益融资方式调整资本结构而非债务方式。丰富了微观财务视角资本市场开放效应的实证研究,为进一步深化资本市场改革开放提供了经验证据。
Based on the policy impact brought by the launch of Shanghai-Hong Kong stock connect,this paper uses the method of Propensity Score Matching and Difference-in-Difference to empirically test the relationship between capital market liberalization and enterprise capital structure decision-making.The study found that the launch of Shanghai-Hong Kong stock connect has speeded up the capital structure adjustment of the pilot enterprises,reduced the degree of capital structure deviating from the target,and promoted the optimization of the capital structure of the enterprises.Further studies of different deviations and adjustment methods show that the opening effect of capital market is more robust in leveraged enterprises,and the high leveraged enterprises are more inclined to adopt equity financing to adjust the capital structure rather than the way of debt.This paper enriches the empirical research on the effect of capital market opening from the perspective of micro finance,and provides empirical evidence for further deepening the reform and opening up of capital market.
作者
丁一
李启佳
DING Yi;LI Qi-jia(Management College,Ocean University of China,Qingdao 266100,Shandong,China;School of Economics,Ocean University of China,Qingdao 266100,Shandong,China)
出处
《河南大学学报（社会科学版）》
CSSCI
北大核心
2020年第4期44-55,共12页
Journal of Henan University(Social Sciences）
基金
国家社科基金项目“同等保护各类资本产权与促进混合所有制经济健康发展问题研究”(15BJL021)阶段性成果
中央高校基本科研业务费专项中国海洋大学研究生自主科研项目“董事网络、信息传递与公司研发创新的同群效应研究”(201961039)阶段性成果
关键词
资本市场开放
沪港通
动态资本结构
资源配置效率
capital market liberalization
Shanghai-Hong Kong Connect
dynamic capital structure
resource allocation efficiency
