摘要
伴随着资本市场发展日臻完善,股权融资和债务融资之间替代性逐渐加强,如何优化债务结构,有效、稳健地去杠杆,成为防范金融风险、改善金融错配亟需解决的问题。以我国非金融上市公司2003~2020年财务数据为研究样本,通过构建股价崩盘风险指标,分析股价崩盘风险、杠杆转移和金融错配之间的内在机制。研究结果发现,股价长期稳定和长期剧烈波动均并不利于企业债务融资和资源配置效率,适当的股价波动能够缓解企业所受到的融资约束;无论是考虑股价崩盘风险,抑或是股权所有制、企业规模的异质性,适当地提高杠杆率有助于缓解金融错配程度;杠杆向低股价崩盘风险、低杠杆率企业转移能够有效改善金融配置效率。
With the improvement of the capital market,the substitution between equity financing and debt financing is gradually strengthened. How to optimize the debt structure and deleverage effectively and steadily has become an urgent problem to prevent financial risks and improve financial mismatch. Taking the financial data of China′s non-financial listed companies from 2003 to 2020 as a research sample and by constructing a stock price crash risk index,the internal mechanism between stock price crash risk,leverage transfer and financial mismatch is analyzed. The results of the study finds that long-term stability of stock prices and long-term violent fluctuations are not conducive to the efficiency of corporate debt financing and resource allocation. Appropriate stock price fluctuations can alleviate the financing constraints of companies;due to the heterogeneity of scale,an appropriate increase in the leverage ratio can help alleviate the degree of financial mismatch;the transfer of leverage to enterprises with low stock price crash risk and low leverage ratio can effectively improve the efficiency of financial allocation.
作者
吕沐天
张文龙
Lü Mu-tian;ZHANG Wen-long(Securities Branch of China Merchants Securities Co.,Ltd.,Taiyuan 030012,China;School of Finance,Shanxi University of Finance and Economics,Taiyuan 030006,China)
出处
《税务与经济》
北大核心
2023年第1期97-105,共9页
Taxation and Economy
关键词
股价崩盘风险
杠杆转移
金融错配
Stock Price Crash Risk
Leverage Transfer
Financial Mismatch
