财务柔性对资本结构及其动态调整的影响分析——基于我国A股上市公司经验数据
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摘要
以我国2007—2016年沪深A股上市公司为样本进行实证检验,研究发现,我国上市公司存在获取和保持财务柔性的动机,且通常以持有现金的方式获取财务柔性;财务柔性是企业资本结构决策考虑的关键因素之一,财务柔性有利于优化资本结构调整速度,缓解资本结构调整的偏离度。
This paper examines the impact of financial flexibility on capital structure and its dynamic adjustment by using the data of Chinese A-share listed companies from 2007 to 2016. The results show that there are significant positive correlations between the marginal changes of cash and the enterprise's abnormal rate of return. The financial flexibility is one of the key factors in the decision-making of enterprise capital structure. Financial flexibility can alleviate the deviation of capital structure adjustment.
This paper examines the impact of financial flexibility on capital structure and its dynamic adjustment by using the data of Chinese A-share listed companies from 2007 to 2016. The results show that there are significant positive correlations between the marginal changes of cash and the enterprise's abnormal rate of return. The financial flexibility is one of the key factors in the decision-making of enterprise capital structure. Financial flexibility can alleviate the deviation of capital structure adjustment.
引文
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[2]Ross. Arbitrage theory of capital asset pricing[J]. Journal of Economic Theory,1976:1339-1365.
[3]Myers S C. The capital structure puzzle[J]. Journal of Finance,1984(3):574-592.
[4]Baker M,Wurgler J. Market timing and capital structure[J]. Journal of Fiance,2002(1):1-32.
[5]盛明泉,张敏,马黎裙,李吴.国有产权、预算软约束与资本结构动态调整[J].管理世界,2012(3):151-157.
[6]Byoun. How and when do firms adjust their capital structures toward targets?[J]. Financ. 2008b:3069-3096.
[7]刘名旭.企业财务柔性研究[D].成都:西南财经大学,2014.
[8]李松.上市公司财务柔性及其经济后果研究[D].北京:北京科技大学,2016.
[9]Marchica M T,Mura R. Financial flexibility,investment ability and firm value:Evidence from low leverage firms[J]. Financial management,2009,39(4):1339-1365.
[10]Opler T,Pinkowitz L,Stulz R,et al. The determinants and implications of corporate cash holdings[J]. Journal of Financial Economics,1999,52(1):3-46.
[11]宁宇,刘飞飞.财务弹性视角下的企业价值与投资能力研究[J].北方经济,2011(9):59-60.
[12]王满,姜慧琳.财务柔性对非效率投资的影响:促进还是抑制?[J].会计之友,2014:27-32.
[13]Jagannathan M,Stephens C P,Weisbach M S. Financial flexibility and the choice between dividends and stock repurchases[J]. Journal of financial economics. 2000,57(3):355-383.
[14]董理,茅宁.公司成熟度、剩余负债能力与现金股利政策——基于财务柔性视角的实证研究[J].财经研究,2013(11):59-68.
[15]王满,田旻昊.上市公司财务柔性与股利分配政策研究——基于我国半强制分红的制度背景[J].财经问题研究,2014(6):44-50.
[16]Trigeorgis L. Real options and interactions with financial flexibility[J]. Financial management. 1993,22(3):202-224.
[17]李成友,孙涛,焦勇.要素禀赋、工资差距与人力资本形成[J].经济研究,2018(10):113-125.
[18]Antonio A. The determinants of corporate capital structure:evidence from European countries[M]. University of Durham,Department of economics and finance,2002.
[19]Banerjee H. The dynamics of capital structure[R]. Koc University,2000.
[20]Sonia Ban~os-Caballero,Pedro J. García-Teruel,Pedro Martínez-Solano. Financing of working capital requirement,financial flexibility and SME performance[J]. Journal of Business Economics and Management,2016:1189-1204.
[21]Clark B J. The impact of financial flexibility on capital structure decision:some empirical evidence. Available at SSRN,2010:149-497.
[22]胡建雄,茅宁.国外资本结构调整研究述评及展望[J].外国经济与管理,2014(8):62-72.
[23]田旻昊.财务柔性对非效率投资的影响研究[D].大连:东北财经大学,2016.
[24]盛明泉,车鑫.基于战略管理视角的公司风险承担与资本结构动态调整研究[J].管理学报,2016(11):1635-1640.
[25]Cook D O,Tang T. Macroeconomic conditions and capital structure adjustment speed[J]. Journal of Corporate Finance,2010,16(1):73-87.
[26]姜付秀,黄继承.产品市场竞争与资本结构调整速度[J].世界经济,2015(7):99-119.
[27]Faulkender M. Cash flows and leverage adjustments[J]. Journal of Financial Economics,2012,103(3):632-646.
(1)限于篇幅,不再列示控制变量回归结果,如有需要,可向作者索取。
(2)限于篇幅,对于模型内生性及稳健性检验并未列示,如有需要,可向作者索取。
[2]Ross. Arbitrage theory of capital asset pricing[J]. Journal of Economic Theory,1976:1339-1365.
[3]Myers S C. The capital structure puzzle[J]. Journal of Finance,1984(3):574-592.
[4]Baker M,Wurgler J. Market timing and capital structure[J]. Journal of Fiance,2002(1):1-32.
[5]盛明泉,张敏,马黎裙,李吴.国有产权、预算软约束与资本结构动态调整[J].管理世界,2012(3):151-157.
[6]Byoun. How and when do firms adjust their capital structures toward targets?[J]. Financ. 2008b:3069-3096.
[7]刘名旭.企业财务柔性研究[D].成都:西南财经大学,2014.
[8]李松.上市公司财务柔性及其经济后果研究[D].北京:北京科技大学,2016.
[9]Marchica M T,Mura R. Financial flexibility,investment ability and firm value:Evidence from low leverage firms[J]. Financial management,2009,39(4):1339-1365.
[10]Opler T,Pinkowitz L,Stulz R,et al. The determinants and implications of corporate cash holdings[J]. Journal of Financial Economics,1999,52(1):3-46.
[11]宁宇,刘飞飞.财务弹性视角下的企业价值与投资能力研究[J].北方经济,2011(9):59-60.
[12]王满,姜慧琳.财务柔性对非效率投资的影响:促进还是抑制?[J].会计之友,2014:27-32.
[13]Jagannathan M,Stephens C P,Weisbach M S. Financial flexibility and the choice between dividends and stock repurchases[J]. Journal of financial economics. 2000,57(3):355-383.
[14]董理,茅宁.公司成熟度、剩余负债能力与现金股利政策——基于财务柔性视角的实证研究[J].财经研究,2013(11):59-68.
[15]王满,田旻昊.上市公司财务柔性与股利分配政策研究——基于我国半强制分红的制度背景[J].财经问题研究,2014(6):44-50.
[16]Trigeorgis L. Real options and interactions with financial flexibility[J]. Financial management. 1993,22(3):202-224.
[17]李成友,孙涛,焦勇.要素禀赋、工资差距与人力资本形成[J].经济研究,2018(10):113-125.
[18]Antonio A. The determinants of corporate capital structure:evidence from European countries[M]. University of Durham,Department of economics and finance,2002.
[19]Banerjee H. The dynamics of capital structure[R]. Koc University,2000.
[20]Sonia Ban~os-Caballero,Pedro J. García-Teruel,Pedro Martínez-Solano. Financing of working capital requirement,financial flexibility and SME performance[J]. Journal of Business Economics and Management,2016:1189-1204.
[21]Clark B J. The impact of financial flexibility on capital structure decision:some empirical evidence. Available at SSRN,2010:149-497.
[22]胡建雄,茅宁.国外资本结构调整研究述评及展望[J].外国经济与管理,2014(8):62-72.
[23]田旻昊.财务柔性对非效率投资的影响研究[D].大连:东北财经大学,2016.
[24]盛明泉,车鑫.基于战略管理视角的公司风险承担与资本结构动态调整研究[J].管理学报,2016(11):1635-1640.
[25]Cook D O,Tang T. Macroeconomic conditions and capital structure adjustment speed[J]. Journal of Corporate Finance,2010,16(1):73-87.
[26]姜付秀,黄继承.产品市场竞争与资本结构调整速度[J].世界经济,2015(7):99-119.
[27]Faulkender M. Cash flows and leverage adjustments[J]. Journal of Financial Economics,2012,103(3):632-646.
(1)限于篇幅,不再列示控制变量回归结果,如有需要,可向作者索取。
(2)限于篇幅,对于模型内生性及稳健性检验并未列示,如有需要,可向作者索取。