融资约束、市场竞争与资本结构动态调整——基于产业异质性的研究

运用融资约束经济学理论和产业组织理论,以1998~2012年间深沪两市上市公司作为样本,基于产业异质性研究了不同产业之间融资约束、产品市场竞争与资本结构动态调整间的关系。结果表明,融资约束、产品市场竞争不仅与企业的目标资本结构有显著的负相关关系,而且融资约束程度的大小能够影响企业资本结构的调整速度,并且产业之间的调整速度存在差异性;同时,我们发现对于融资约束程度较低的企业,产品市场竞争越激烈,实际资本结构偏离目标资本结构的幅度越小;但当融资约束的程度提高到某一点以后,随着产品市场竞争激烈程度的增加,实际资本结构偏离目标资本结构的幅度反而会增大,并且融资约束的程度越严重,其偏离幅度越显著,但这种偏离在不同的产业之间是不同的。

Financial Constraint,Product Market Competition and Dynamic Capital Structure Adjustment --A Research Based on Industry Heterogeneity

Based on financial constraint economics theory and industrial economics theory, this paper tests the relations among financial constraint, product market competition and dynamic capital structure adjustment with the sample of Chinese listed firms in Shanghai and Shenzhen securities markets from 1998 to 2010. The empirical study shows that financial constraint and product competition have a significant negative correlation with the firms＇ target capital structure, and the degree of financial constraint can also affect the capital structure adjustment speed. At the same time, we found that as product market competition becoming more and more intense, the actual capital structure of enterprises which with the lower level of financing constraints has smaller deviation from the target capital structure. While, when the degree of financial constraint after a certain point, as product market competition becoming more and more intense, the actual capital structure has bigger deviation from the target capital structure, and more seriously, more significant. However, the deviation among industries is various.