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

发布时间：2018-03-05 05:27

本文选题：融资约束　切入点：产品市场竞争　出处：《产业经济研究》2014年03期 　论文类型：期刊论文

【摘要】：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。
[Abstract]:Based on the theory of financing constraint economics and the theory of industrial organization, taking the listed companies in Shenzhen and Shanghai stock markets from 1998 to 2012 as samples, this paper studies the financing constraints among different industries based on industrial heterogeneity. The relationship between product market competition and the dynamic adjustment of capital structure. The results show that the financial constraints and product market competition are not only negatively related to the target capital structure of the enterprise, but also to the target capital structure of the enterprise. Moreover, the degree of financing constraint can influence the adjustment speed of capital structure of enterprises, and there are differences in adjustment speed among industries. At the same time, we find that for the enterprises with lower degree of financing constraints, the competition of product market is more intense. The smaller the actual capital structure deviates from the target capital structure, the more the actual capital structure deviates from the target capital structure, but when the degree of financing constraint increases to a certain point, the extent of actual capital structure deviating from the target capital structure will increase with the increase of the fierce competition in the product market. And the more serious the financing constraint, the more obvious the deviation, but the deviation is different among different industries.
【作者单位】：南京财经大学金融学院;南京大学工程管理学院;
【基金】：教育部人文社会科学研究项目青年基金(项目编号:10YJC910005) 江苏省教育厅高校“青蓝工程”优秀青年骨干教授培养项目江苏高校优势学科建设工程资助项目(PAPD)的资助
【分类号】：F275;F832.51;F224

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