摘要
以2000—2015年的A股制造业上市公司为研究对象,探究金融危机前后资本供给冲击对公司资本结构的影响,并根据企业所有制的不同,进一步考察金融危机前后资本供给冲击对不同所有制企业资本结构的影响.运用系统GMM估计法进行实证分析发现:资本供给冲击在危机前后都是影响公司资本结构的显著因素,并且资本供给冲击对公司资本结构的影响在危机前后存在显著差异;危机前国有企业偏好债务融资,使得其实际股市收益率与公司资本结构显著正相关;危机后民营企业在实际股市收益率下降时仍然增发配股融资,使得其实际股市收益率与公司资本结构显著正相关;实际贷款利率与公司资本结构显著负相关;危机后金融机构贷款对象的选择偏好压缩了企业部门的资金获得,使得信贷规模与公司资本结构出现显著负相关;危机后企业积极从股票市场上融资,导致其股权融资规模与公司资本结构的关系为显著正相关.最后根据分析结果提出相关建议.
This paper takes manufacturing companies listed in 2000 through 2015 as the research object to explore the impact of capital supply shocks on corporate capital structure before and after the financial crisis.Based on the different ownership types of enterprises,we further examine the impact of capital supply shocks on their capital structure.Empirical analyses show that the impact of capital supply shocks before and after the crisis was a significant factor affecting corporate capital structure,with significantly different effects before and after a crisis.State-owned enterprises preferred debt financing,making the actual stock market return positively correlated with their capital structure before the crisis.Private-owned enterprises still issued additional shares when the actual stock market returns declined after the crisis,making the real stock market yield positively correlated with their capital structure.The actual lending rate was significantly negatively correlated with a listed company’s capital structure.After the crisis,financial institutions’preferences in selecting loan objects has compressed the financing of the enterprise sector,making the post-crisis credit scale significantly negatively correlated with the capital structure of companies.Enterprises actively raised funds from the stock market after the crisis,making their scale of equity financing positively correlated with their capital structure.Finally,some suggestions are made based on the analysis results.
作者
谢桂标
许姣丽
XIE Gui-biao;XU Jiao-li(School of Economics and Management,Wuyi University,Jiangmen 529020,China)
出处
《五邑大学学报（自然科学版）》
CAS
2018年第3期63-71,共9页
Journal of Wuyi University(Natural Science Edition)
