摘要
金融危机后,企业的零负债行为成为中国上市公司中最新且普遍存在的现象。考虑到通过行业虚拟变量或剔除行业影响等方式难以充分探讨行业因素对企业零负债行为的影响,本文试图从行业特征入手,结合外部经济环境的变化,动态考察中国上市公司中零负债现象的原因及其经济效应。我们在研究行业竞争程度对公司零负债决策的影响的基础上,进一步分析了不同期限下的零负债决策及政策效果。之后,引入外部经济环境不确定性、货币政策及机构持股等因素,动态考察行业特征影响的路径及其原因,支持了保持财务弹性和降低代理冲突对公司零负债行为选择的影响,但尚未发现融资约束的证据。最后,分析零负债政策的经济效果,以探讨该政策对公司价值的影响。
After the financial crisis, the zero-leverage behavior of enterprises has become the latest and widespread phenomenon among listed companies in China. Considering that it is difficult to fully explore the impact of industry factors on the zero-leverage behavior of enterprises through industry dummy variables or eliminating industry influences, this paper attempts to dynamically examine the causes and its economic effects of zero-leverage phenomenon in listed companies in China from the characteristics of the industry and the changes in the external economic environment.Based on the study of the impact of industry competition on the company’s zero-leverage decision-making, we further analyze the zero-leverage decision-making and policy effects under different deadlines. Later, the introduction of external economic environment uncertainty, monetary policy and institutional shareholding factors, dynamic investigation of the path of industry characteristics and its causes, support the maintenance of financial flexibility and reduce the impact of agency conflict on enterprises’ choice of zero-leverage behavior,but no evidence of financing constraints has been found. Finally, analyze the economic effects of the zero-leverage policy to explore the impact of the policy on company value.
作者
孙艳梅
孟祥雯
Sun Yanmei;Meng Xiangwen
出处
《宏观经济研究》
CSSCI
北大核心
2019年第2期33-45,68,共14页
Macroeconomics
基金
国家社会科学基金项目(项目号:18BJY233)
教育部人文社科研究项目(项目号:17YJC790136)的阶段性成果
关键词
零负债
行业竞争
宏观经济环境
公司业绩
Zero-leverage
Industry competition
Macroeconomic environment
Firm performance
