政府控制、制度背景与资本结构动态调整

本文研究了政府控制和制度环境与上市公司资本结构动态调整的关系。政府控制同时产生股权限制和融债优势两种相反的作用力,更有利于债权融资调整,不利于股权融资调整,使得国家持股比例与调整速度之间呈现倒U形关系;流通股的增加扩大了融资摩擦,减缓了调整速度。政府分级增加了地方政府控制企业的融资成本,不利于调整的发生;欠发达的市场化进程扩大了政府分级的融资成本,尚不足以提供资源配置的无障碍平台。政府控制企业和非政府控制企业的调整决策差异,反映了它们理性经济行为的次优选择。

Government Control, Institutional Environment and Dynamic Capital Structure

We study the impacts that government control and institutional environment exert on the dynamic capital structure of Chinese publicly listed companies.We posit government control acts on the adjustment with debt supremacy and limited equity which go by contraries.The former helps improve the speed of adjustment but the latter hinders it.State shareholdings are Kuznets-Curve associated with the speed of adjustment,while Circulating Shares are negative associated with it.The improvement of adjustment costs because of government decentralization and resources Scarcity result in slowly speed for companies controlled by local government.Companies in the regions with higher degree of marketization are not likely to adjust their capital structure in time.