宏观经济环境、终极控制人与上市公司资本结构——基于系统广义矩估计的动态面板数据分析

发布时间：2019-07-18 07:49

【摘要】：本文采用沪深两市1687家A股上市公司2006~2013年的动态面板数据,分别从经济周期、信贷规模、股票市场和货币政策等方面,采用系统广义矩估计方法实证检验了我国宏观经济环境因素对上市公司资本结构的影响,并细化了不同类型终极控制人情况下宏观经济因素对资本结构的影响差异。研究结果表明:宏观经济环境因素显著影响上市公司的资本结构,上市公司资本结构呈现出顺经济周期的变化趋势,货币政策、信贷规模与上市公司资本结构呈正相关关系,股市表现和股市规模与上市公司资本结构呈负相关关系;宏观经济环境对非国有控制企业的资本结构有显著影响,而对中央政府和地方政府控制企业的资本结构影响并不显著。
[Abstract]:Based on the dynamic panel data of 1687 A-share listed companies in Shanghai and Shenzhen stock markets from 2006 to 2013, this paper empirically tests the influence of macroeconomic environmental factors on the capital structure of listed companies from the aspects of economic cycle, credit scale, stock market and monetary policy, and refines the differences of macroeconomic factors on capital structure under the condition of different types of ultimate controllers. The results show that macroeconomic environmental factors significantly affect the capital structure of listed companies, and the capital structure of listed companies shows a changing trend along the economic cycle. Monetary policy, credit scale and capital structure of listed companies are positively correlated, while stock market performance and stock market size are negatively correlated with the capital structure of listed companies. The macroeconomic environment has a significant impact on the capital structure of non-state-controlled enterprises, but has no significant impact on the capital structure of central government and local government-controlled enterprises.
【作者单位】：大连海洋大学经济管理学院;
【基金】：国家自然科学基金青年项目(71101015) 辽宁省教育厅科学研究一般项目(L2014024)
【分类号】：F275;F832.51;F224

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