摘要
本文从资本结构动态调整视角考察了企业金融化的经济后果。基于2007—2018年我国A股上市公司半年度数据,考察了实业企业金融化对资本结构调整速度的影响。结果显示,企业金融化与资本结构调整速度显著负相关。区分调整方向后发现,企业金融化降低了资本结构向上调整速度,而对资本结构向下调整速度无显著影响。进一步研究发现,在规模较小、盈利状况较差和非国有企业中,企业金融化与资本结构调整速度的负相关关系更为显著。对资本结构调整方式的分析发现,企业金融化显著提高了企业通过债务融资方式调整资本结构的概率,而对权益融资调整方式的影响相对较小。
This article examines the economic consequences of corporate financialization from the perspective of dynamic capital structure adjustment.Based on the semi-annual data of A-share listed companies in China from 2007 to2018,this paper examines the impact of industrial corporate financialization on the speed of capital structure adjustment.The results show that corporate financialization is associated with slower speed of capital structure adjustment.After distinguishing the two adjustment directions,we find corporate financialization makes firms speed down upward adjustment but has no significant influence on the downward adjustment.Further research finds that the relationship is more significant in small-scale,poorly profitable and non-state-owned enterprises.The analysis on the paths of capital structure adjustment indicates that corporate financialization significantly increases the probability of adjusting by debt financing,but has relative small impact on the probability of adjusting by equity financing.This paper not only enriches the relevant literature on the economic consequences of corporate financialization and the factors that influence the speed of capital structure adjustment,but also provides empirical evidence that corporate financialization is harmful to alleviating the problem of difficult financing and is not helpful for promoting corporate deleveraging.
作者
廉永辉
黎梦瑶
Lian Yonghui;Li Mengyao
出处
《财经科学》
CSSCI
北大核心
2020年第8期1-12,共12页
Finance & Economics
基金
教育部人文社会基金青年项目“我国实业企业金融化:现状、动因和后果”(17YJC790088)的资助。
关键词
企业金融化
资本结构调整速度
债务融资
权益融资
Corporate Financialization
Speed of Capital Structure Adjustment
Debt Financing
Corporate Deleveraging
