摘要
如何有效地实施“去杠杆”是现阶段供给侧结构性改革的重心。为此,本文利用2007—2016年上市公司发债数据,研究企业信用评级调整对企业资本结构的影响,从而提出“去杠杆”的新路径。研究结果表明,信用评级调整对企业资本结构有着显著影响。具体地,当信用评级下调时,企业杠杆率将降低,信用评级下调的企业资本结构的调整速度会提高5%,且相比于原来的增速提高25%。另外,在区分管理层主动与被动降杠杆的机制下,本文发现,信用评级调整影响资本结构的机制主要是信用评级下调增大了企业的融资约束,降低了企业的外部负债融资比例,从而导致企业的杠杆率降低,表现为管理层被动地降杠杆。本文的结论扩展了信用评级调整影响企业杠杆水平的理论研究,也为政府部门从信息中介功能角度提出了“去杠杆”的新路径。
The existing foreign literature mainly analyzes the role of credit rating adjustment from the perspective of capital structure.However,the existing literature neglected that credit rating is an alternative variable to financing constraints,which means that credit rating downgrades affect capital structure not as a management initiative,but as an information signal to external participants.Changes in external financing constraints,as the adjustment of credit rating indicates,reduce the scale of corporate lending and subsequently lead to lower leverage.Based on the two mechanisms:management s active adjustment and external financing constraints that affect the leverage rate of enterprises,this paper will analyze whether the corporate credit rating adjustment can realize the effect of“deleveraging”from Chinese debt market s perspective and clarify the mechanism of credit rating adjustment affecting the leveraged interest rate of enterprises.Based on the analysis above,this research utilize bond data from the exchanges from 2007 to 2016 to study the impact of credit rating adjustment on the capital structure of enterprises.The results show that:Firstly,there exists an optimal capital structure,as well as a certain phenomenon that it will return to the mean character.The speed of this adjustment is about 13%.Second,compared to firms that has no change in credit rating,firms with lower(higher)credit ratings will have a lower(higher)leverage ratio.The speed of firms with falling credit rating to adjust their capital structure will be increased by 5%.Thirdly,through further mechanism testing,we find that the main mechanism of credit rating adjustment affecting leverage is that credit rating adjustment affects the financing constraints of enterprises,rather than the management s will to restore the original rating and to intentionally adjust the leverage ratio of enterprises.Fourthly,considering that the changes of crest ratings are not exogenous,in order to better control the endogenous,this paper uses the tool varia
作者
林晚发
刘颖斐
LIN Wan-fa;LIU Ying-fei(School of Economics and Management of Wuhan University,Wuhan,Hubei,430072,China)
出处
《经济管理》
CSSCI
北大核心
2019年第6期176-193,共18页
Business and Management Journal ( BMJ )
基金
国家社会科学基金重大项目“政府职能转变的制度红利研究”(18ZDA113)
国家自然科学基金项目“信用评级的信息效应与功能效应:基于信用评级机构异质性视角”(71602148)
教育部人文社科项目“信用评级调整、市场中介与企业战略选择”(18YJC630109)
关键词
信用评级调整
资本结构
融资约束
credit rating adjustment
capital structure
financing constraints
