摘要
本文以中国沪深两市1995-2013年A股上市公司为研究样本,采用固定效应模型和部分调整模型(Partial-Adjustment Model)考察了中央、地方两级财政支出政策对不同性质企业的资本结构及其动态调整的影响。研究表明:地方财政支出对企业目标杠杆率具有正向影响,但主要影响国有企业,对非国有企业的影响并不明显;而中央财政支出对两类企业目标杠杆率都具有负向影响。基于剔除"机械效应"后的动态调整模型估计结果,本文发现非国有企业资本结构的动态调整速度高于国有企业。本文的发现有助于加深我们对财政刺激政策微观效应的认识,不同层面的财政政策刺激对企业的异质性影响应引起决策部门的重点关注。
Based on samples from 1995 to 2013, this paper uses fixed-effects model and partial-adjustment model, to examine the effects of both central and local government＇s fiscal policies on the capital structure and dynamic adjustments of different listed companies in A shares market. The study indicates that local fiscal spending imposes a positive effect on firm＇s leverage rate, especially for state-owned companies, but not significant for private companies. Meanwhile, the central government＇s fiscal spending has negative impacts on the target leverage rate of both two types of firms. Furthermore, according to the dynamic-adjustment model estimations, this research shows that private companies present a higher pace of capital structure adjustment than those state-owned companies. This paper helps to improve our understanding of the micro-effects of fiscal stimulation policy. The policy-maker should seriously consider the different effects caused by different level of fiscal policies and different enterprise properties.
作者
王朝才
汪超
曾令涛
Wang Chaocai Wang Chao Zeng Lingtao
出处
《财政研究》
CSSCI
北大核心
2016年第9期52-63,共12页
Public Finance Research
关键词
财政政策
企业性质
资本结构
动态调整
Fiscal Policy
Enterprise Property
Capital Structure
Dynamic Adjustment
