摘要
本文立足经典资本结构决定理论,从企业成长性角度对资本结构的决定因素进行了扩展,并利用中国A股市场数据对理论预测进行验证。本文的实证结果表明,由于成长型企业债务担保能力有限并且短期现金流较少,从承债能力角度看,成长型企业相对于非成长型企业较弱。同时,由于成长型企业内部代理成本较低,无须像非成长型企业那样通过负债引入监督机制,从借债动机看,成长型企业相对于非成长型企业较弱。通过以上两种途径,企业的成长性会影响资本结构,导致成长性高的企业更倾向于更大的股权融资比例。
This paper studies the determinant of capital structure from the aspect of a corporate＇ s growth type and evidence from stock market in China is provided to support our claims. We find that high growth type firms are more likely to issue equity rather than debts, compared to low growth type firms. Two reasons may account for this phenomenon： first, high growth type finns have limited solvency and cash flow in short run which are not compatible for debts; second, the high growth type firms do not need debts as a monitoring source which weakens their debt borrowi^g motives.
出处
《财经科学》
CSSCI
北大核心
2015年第3期66-75,共10页
Finance & Economics
关键词
成长型
资本结构
融资方式
Growth Type
Capital Structure
Financing Method
