产业政策、资本配置效率与企业技术创新

根据“中国制造2025”规划的信息,使用我国A股上市公司相关数据,运用双重差分方法检验产业政策对企业技术创新的影响及路径。研究表明:产业政策能够显著提高规划范围内企业发明专利申请数量。基于政府对市场干预和股权融资视角的分析发现:与政府对市场干预较强地区相比,政府对市场干预较弱地区的企业技术创新受到产业政策的影响更大;相对于未进行股权融资的规划范围内企业而言,进行股权融资的规划范围内企业其技术创新受到产业政策的影响效果较为明显。进一步的机制检验发现:与对照组相比,产业政策的冲击导致实验组企业研发投入对投资机会的敏感程度上升,并且对政府干预较弱地区以及进行股权融资的规划范围内企业作用更为显著。     

股权分置下的“股权融资偏好”悖论之诠释

在股权分置的制度安排下，中国上市公司偏好股权融资。从融资成本、公司治理机制和企业体制等3个方面对股权融资偏好悖论进行解读，得出中国上市公司偏好股权融资的直接动因是股权融资成本低于债务融资成本、深层原因是公司控制机制的错位和治理机制的扭曲、而转型时期的双重企业体制是中国上市公司偏好股权融资的制度根源。     

政府财政补贴、小微企业创新与融资约束水平——基于A股上市公司的实证分析

利用2013-2017年沪深A股上市公司的数据,探究政府财政补贴、融资约束与小微企业创新的关系,研究发现,政府补贴对企业研发与创新活动具有促进作用,融资约束对企业研发与创新活动具有阻碍作用。进一步研究发现,与国有企业相比,小微企业面临融资约束时政府财政补贴的作用和效果会减弱,即融资约束对政府补贴作用和效果的发挥形成一定抑制和阻碍。在控制了内生性问题和进行稳健性检验后上述结论依然成立。因此,要进一步完善政府和市场对小微企业创新的投融资机制,拓宽多元化筹融资渠道、改善市场营商环境、充分发挥政府财政补贴的激励引导作用,以降低小微企业创新活动的成本。     

用自己的钱还是用别人的钱创新?——基于中国上市公司融资结构与公司创新的研究

中国上市公司是否对创新融资存在显著的选择偏好?本文利用2006～2010年中国上市公司的经验数据研究发现:(1)内源融资、外源融资对公司创新投资均存在显著的正面影响,但外源融资对创新投资的促进效应大于内源融资。(2)进一步考察股权融资、债权融资、政府补助三种外源融资对公司创新的影响可以发现,政府补助最能够显著提高中国上市公司创新投资,股权融资的影响次之,债权融资则不明显。(3)政府补助对债权融资与公司创新投资之间的关系存在显著的调节效应,政府补助可以"刺激"上市公司通过债权融资提高公司创新投资。本文对中国上市公司创新融资的内在逻辑进行了深入探讨,在一定程度上为国家促进企业自主创新和推动资本市场发展提供了理论依据与决策参考。     

金融生态环境与地方政府债务融资成本——基于省级城投债数据的实证检验

地方政府投融资平台的债务风险近年来不断累积,导致担负一方经济建设重任的地方政府背负着巨大的偿债压力。金融生态环境决定了市场主体的外部融资条件,势必也会影响到地方政府债务融资的成本,然而鲜有学术文献尝试探讨二者间关系。鉴于此,本文以2006-2012年期间的省级城投债数据为样本,实证考察了金融生态环境对地方政府债务融资成本的影响效应。结果表明:在控制其他因素的情况下,良好的金融生态环境能够为地方政府筹措资金创造条件,有效地降低了地方政府债务融资成本;地方的经济基础越好,当地政府债务融资的成本越低,这在财政分权程度也比较高的地区更为明显;地方政府治理水平越高,政府债务融资的成本越低,尤其是在法律环境相对薄弱的地区。本文的研究发现不仅能够提供地方政府债务融资影响因素方面新的经验证据,而且对于地方政府债务治理具有重要的参考价值。     

转型经济中宏观冲击与公司融资决策——基于资本结构动态调整框架的实证研究

本文探讨经济改革动态背景中的宏观冲击对我国上市公司资本结构调整的影响。企业选择股权债权融资方式时,一方面要权衡债务融资与股权融资的相对成本,另一方面又受到融资资源可获得性的限制。经验证据表明,信贷市场和股权再融资市场上配额性指标和成本性指标的变动,作为外生的宏观冲击,在统计和经济意义上均对企业资本结构的调整具有重要影响。资本结构的调整幅度是信贷规模的增函数,是股权扩容规模、贷款利率、股市收益率的减函数。本文的发现对于宏观经济政策的制定和实施具有现实的政策意义。     

地方政府投资如何影响上市公司融资成本？

本文首先在基于产出的资产定价模型(PCAPM)框架下建立了政府投资影响公司融资成本的理论模型,证明了政府投资究竟增加还是降低了企业融资成本(WACC)取决于政府投资是提高还是降低公司的产出资本比。其次,利用我国1999-2013年省级面板数据分析了地方政府投资如何影响上市公司融资成本,实证结果表明:地方政府投资总体上减少了公司的产出资本比,进而降低了企业融资成本。     

从银行视角谈地方政府融资平台贷款风险及化解办法——以内蒙古乌海市为例

近年来,地方政府为了便于融资、保障基础项目资金供给,各地都建立了政府融资平台,由该平台作为承贷主体统一向银行贷款,然后再将贷款转贷给企业或项目.2009年,我国刺激内需、增加基础设施投资的宏观调控措施出台后,各地政府新建项目和融资规模大幅增加,大量银行贷款通过政府融资平台流入基础建设项目.这种融资方式在降低银行贷款风险和成本、便利企业运作的同时也蕴涵着一定风险和潜在问题.     

中国旅游企业股权融资成本文献综述

随着旅游行业的不断发展,股权融资成为旅游企业发展的重要渠道。本文旨在探索中国旅游企业所有权性质,信息质量披露,公司治理机制与中国旅游企业股权融资成本的关系。     

内部控制质量影响银行借款契约的条款设置吗?——基于融资成本与期限结构视角的研究

本文以融资成本和借款期限作为银行借款契约的代理变量,实验检验内部控制质量、企业规模与银行借款契约的关系。研究显示:提升内部控制质量有助于企业获得较低的借款融资成本和较长的借款期限;银行债权人出于自我保护动机导致了债务人的企业规模会影响借款契约条款的设置,即与小规模企业相比,大规模企业获得了更为宽松的借款契约条款;与大规模企业相比,高质量的内部控制对降低借款融资成本和获得较长期限的贷款在小规模企业中更为显著。因此,企业为获得更为宽松的借款契约条款,应加强和完善内部控制制度建设,同时,小规模企业应适时扩大规模分散风险。     

中国上市公司资本结构的调整速度及其影响因素——基于不平行面板数据的经验分析

文章采用742家公司1991—2004年的非平行面板数据,基于8种不同的目标资本结构替代变量,对中国上市公司的资本结构调整速度及其影响因素进行了经验分析。结果发现:1.中国上市公司年度间的资本结构调整速度很小;2.趋向和背离目标水平调整资本结构均是公司常见的行为,而且过度调整发生的频率也很高;3.调整速度的影响因素分析并没有得出一个一致显著令人满意的解释,但似乎本期调整速度与上期调整速度负显著相关。     

Ultimate Ownership and Adjustment Speed Toward Target Capital Structures: Evidence from China

We investigate whether ultimate ownership affects firms’ adjustment speed toward target capital structures for Chinese publicly listed companies over the period 1999–2009. We divide our sample into state-owned enterprises (SOEs) and non-SOEs according to their ultimate ownership. We find that SOEs have higher leverage ratios and slower adjustment speeds toward target capital structures. Our results are consistent with the trade-off theory, implying that the political resources of SOEs can lead to a higher persistence and slower leverage adjustment speeds in comparison to non-SOEs. Finally, our results also raise a question: Why do Chinese companies adjust their capital structure so fast?     

产业政策与企业资本结构调整速度

本文以2006-2015年我国沪深A股上市公司为研究样本,在“十一五”与“十二五”产业规划所处的时间区间内,考察了产业政策对企业资本结构调整速度的影响以及作用路径。结果显示,产业政策与企业资本结构调整速度显著正相关,且分别在非国有、小规模和融资约束较严重的企业中更加显著。区分调整方向后发现,产业政策能提高资本结构向上调整的速度,但只有重点产业政策能提高固定资产比例较低的企业向下调整的速度。基于作用路径的分析发现,产业政策提高了企业选择增加债务的方式来调整资本结构的概率;重点产业政策提高了特定类型企业以增加权益方式向下调整资本结构的概率。上述结果表明,产业政策主要通过债务融资方式影响资本结构调整速度,而只有受到重点产业政策支持的特定类型的企业能够通过权益融资方式提高资本结构调整速度。     

Multinationality and capital structure dynamics: A corporate governance explanation

This paper examines the impact of corporate governance on capital structure dynamics. Using ordinary least squares regressions on 17,496 firm-year observations for 2,294 US multinational companies (MNCs) over the period 1990–2018, we find that MNCs with strong corporate governance use more debt than those with weak governance. Furthermore, strong corporate governance is associated with a faster speed of adjustment to capital structure. This relationship is more pronounced for MNCs than domestic companies, particularly for overlevered firms. We also use the two-part zero-inflated fractional regression model, instrumental variable, and structural equation model estimations to deal with any endogeneity concerns associated with the explanatory variables. Overall, our findings, which withstand a battery of robustness checks, suggest that improvements in corporate governance reduce the costs of monitoring for bondholders, resulting in increased debt financing.     

Are firms accessing venture funding more financially constrained? New evidence from capital structure adjustments

We analyze whether firms that receive venture capital (VC) at a later date face more financial constraints than a one-by-one matched sample of firms that did not receive VC funding (control group). The aim is to check whether their financial flexibility explains why they decide to seek external equity funding. In contrast with other papers, which focus on the sensitivity of investments to cash flow, we study this issue by applying a dynamic model to analyze the speed of adjustment to their target debt levels prior to receiving the first VC investment. We analyze a representative sample of 237 Spanish unlisted firms that received VC between 1995 and 2007 and its corresponding control group. We find that firms that receive VC funding show a significantly lower speed of adjustment than their matched peers before the initial VC round. It seems that the former are more concerned about funding the required investments than about adjusting the firm's debt ratio to a target level. Our results confirm the role of VC in filling the equity gap in constrained unlisted firms. From a capital structure perspective, VC may become a tool for these companies to balance their capital structure in a growth process.     

中国上市公司资本结构的动态目标调整:制度特征导向

本文采集了1994—2004年中国上市公司的相关平行数据,运用动态目标调整模型考察了上市公司的资本结构及其调整过程。模型中不仅包含了企业微观特质因素,而且包含了信息不对称、所有权集中度等制度性因素。实证检验的结果表明从动态模型的视角看,中国上市公司资本结构决策与经典理论的预期在企业微观特质方面表现出一致性,但在制度性层面却出现了背离,这主要是源于制度性力量在中国企业资本结构决策中具有关键的导向作用。中国上市公司资本结构的动态调整中面临相对较高的交易成本,这与当前中国金融市场与金融体制的欠发达状况相关。     

Board interlocks and capital structure dynamics: evidence from China

Using a sample of Chinese A‐share listed companies from the Shanghai and Shenzhen stock exchanges from 2007 to 2016, this paper investigates the effects of director network centrality on the speed of capital structure adjustment. The results indicate that firms in the central position of the director network have a higher speed of capital structure adjustment and a lower extent of deviation from the target capital structure. This effect is mainly significant for non‐state‐owned enterprises (non‐SOEs). Collectively, the evidence shows the network of interlocked directors creating mechanisms for information and resource exchanges, which enhance the efficiency of corporate financing polices.     

Does Family Control Shape Corporate Capital Structure? An Empirical Analysis of Eurozone Firms

This study investigates the relationship between family control and corporate capital structure considering the dynamic nature of the debt policy and the ownership structure of family firms. Our results show that the sensitivity of debt to fluctuations in cash flow is less pronounced in family firms and highlight that family control increases the speed of adjustment toward target debt. Four dimensions of the family business model explain these results: deviations of voting from cash flow rights, the presence of a second blockholder in the company, involvement of family members in management, and the generation in charge of the business. The weaker negative impact of cash flow on debt is driven by family firms with no control‐enhancing mechanisms, companies with active family participation in management and family businesses that are still controlled by the first generation. By contrast, the more severe agency conflicts between owners and creditors in family firms with a second blockholder lead to more pronounced pecking order behaviour. Furthermore, the higher flexibility in corporate decision‐making of family firms managed by the family and under the influence of the first generation explains why family companies are able to rebalance their capital structure faster.     

Economic policy uncertainty and leverage dynamics: Evidence from an emerging economy

We test capital structure adjustments under dynamic trade-off theory using the standard partial adjustment framework, in light of long- and short-run economic policy uncertainties (EPU). Analysing a sample of Indian firms listed on the National Stock Exchange (NSE500) for 2009 to 2018, we report a positive association between EPU and leverage but a negative association between EPU and speed of adjustment. An additional analysis indicates that the positive influence of long-run policy shocks on leverage is channelled through the growth prospects available to them. The leverage of firms in industries that are more sensitive to government subsidies reports a stronger positive association between the two variables both in the long and short run. Also, analysis using the suppliers of credit emphasizes that the increase in cost of debt drives the positive association between EPU and leverage for Indian firms. By delving into the mechanisms that impact the association between EPU and speed of adjustment, we find that the negative impact of EPU on leverage adjustments is moderated through the change in investments and the cost of debt only in the long run. The group affiliated firms display a strong positive association between EPU and leverage but a stronger negative association between EPU and speed of adjustment. Our results are robust across alternative measures of EPU, leverage, technique vis-à-vis endogeneity, large sample (4165 listed Indian companies) and heterogeneities based on firm size.     

Employment protection and leverage adjustment speed: Evidence from China

Stricter employment protection may affect capital structure adjustment speed in two ways. First, it may increase the cost of capital and decrease the leverage adjustment speed. Second, it increases financing needs and capital adjustment speed. Using China's 2008 Labor Contract Law as a natural experiment and the PSM-DID methodology, we find that the latter effect dominates the former. Specifically, stricter employment protection increases leverage adjustment speed, and this effect is more pronounced for non-state-owned firms and firms with larger leverage deviations. Furthermore, transmission channel tests show that employment protection increases firms’ substitution of labor with capital, driving up investment and financing needs. Finally, the increased leverage adjustment speed induced by enhanced employment protection is beneficial to firm performance.