中国上市公司资本结构存在时间效应吗？
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| Title | Does Time Effect Exist in Capital Structure of China’s Listed Companies ?
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| 作者 | 丁志国 张洋 张骞予 丁钰洋 |
| Author | Ding Zhiguo, Zhang Yang, Zhang Qianyu and Ding Yuyang |
| 作者单位 | 吉林大学 |
| Organization | Jilin University |
| 作者Email | dingzg@jlu.edu.cn； |
| 中文关键词 | 上市公司 资本结构 时间效应 内生性 上市兴奋 |
| Key Words | Listed Company; Capital Structure; Time Effect; Endogenous; Listing Exuberance |
| 内容提要 | 国内外已有研究主要关注资本结构的影响因素及其影响效果，忽略了剔除外部因素冲击情况下资本结构随着上市时间变化是否存在一般性时变规律的问题。本文选取中国A股市场上市公司2002—2014年的全样本季度数据，对中国上市公司资本结构随时间变化的一般性规律及其内生性特征进行实证检验，并给出理论猜想解释上市公司资本结构存在内生性时间效应的经济学原因。实证检验表明：公司的资本结构随上市时间变化呈现显著倒U型曲线规律，表现为先上升再下降的时变特征，即使剔除了外生因素的影响后上述时变规律稳健，因此上市公司的资本结构具有显著的内生性时间效应。理论猜想认为：硬性上市条件约束使企业在上市初期具有较低的资本结构，上市成功给企业管理者带来的上市亢奋使得资本结构迅速上升，随后管理者会在资本结构上升带来的企业价值提高和破产风险加剧导致的企业价值下降之间进行理性权衡，使得上市公司的资本结构在上升一段之后开始下降。本研究结论能够为后续关于资本结构的理论研究提供一个崭新的视角和数据支持。 |
| Abstract | Studies today around the world mostly focus on the influence factors and results of capital structure, but the issue that whether generalized time-varying laws exists in capital structure with the change of listing schedule removed external factors’ impact has been neglected. This paper chooses the whole quarterly data during 2002—2014 from listed companies in China’s A share market as sample, and empirically examines the generalized laws and endogenous feature of public companies’ capital structure in China with time varying then gives the guess in theory to explain the economic reason of the existence of endogenous time effect in listed companies’ capital structure. Empirical test shows that corporation's capital structure appears significantly inverted U-shaped curve pattern, which manifests time-varying characteristics rise at first and then fall down. Even if we removed the effect of exogenous factors, the time-varying regularity mentioned above stays sound, so we can come to the conclusion that the capital structure of listed companies has significant endogenous time effect. A reasonable guess stands that the inflexible conditional constraint make companies have a pretty low capital structure. Listing exuberance that successfully coming into market brought to the business manager make capital structure shoot up. Then manager would reasoningly weigh the rise of enterprise value brought by rise in capital structure against the decline of enterprise value brought by aggravation of bankrupt risk, so listed companies’ capital structure shows rising in a period of time and then going down. This conclusion would offer a brand new perspective and data support to the following research on capital structure. |
| 文章编号 | WP1002 |
| 登载时间 | 2015-12-30 |
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