Capital Markets Regulation and Enterprises' Capital Structure
- 管理学院－已发表论文 
本文在总结和分析中国资本市场制度背景的基础上,探讨了管制对企业资本结构的影响。以2001—2016年上市公司为研究对象,本文发现:(1)公司规模、有形资产比重、成长性、盈利性与资本结构的关系符合信贷市场管制,使得银行偏好低风险的预期,这较权衡理论更能解释中国上市公司的资本结构。(2)权益再融资要求将上市公司划分开来,使得两组公司资本结构具有显著差异,且盈利能力与资本结构的关系在组间也完全相反。(3)高度管制的资本市场制度下,存在资金盈余的公司倾向于保留内部收益;存在资金短缺的企业,其融资选择受到权益再融资要求、货币政策、产业政策和企业性质等制度因素的限制;整体上,上市公司资本结构的调整速度较低,每年只有5.0%。研究结果表明,资本市场管制增加了企业进行外部融资的交易成本,使得有资金剩余的公司具有较强的预防性动机,而存在资金短缺的公司在融资时又受到资本市场制度的影响,选择权有限。因此,基于自由选择融资方式的资本结构研究在中国可能缺少现实基础。Based upon summarizing and analyzing the institution of capital markets in China, this paper explores how the regulation influences the capital structure of listed firms between 2001 and 2016. The results indicate that： ~）On regulated credit market, the banks prefer firms with low risks, which is justified by the association between firm size, proportion of tangible assets, growth, profitability and capital structure. That could better interpret the capita] structure of Chinese listed companies than the trade-off theory. @） Based on the requirements of Seasoned Equity Offering （SEO）, the sample was divided into two groups： qualified and non- qualified firms. We observe that there is a significant difference for the capital structure between the two groups; there is a negative relationship between profitability and capital structure for the qualified group while there is a positive relationship for the non-qualified group. （~）Under the highly regulated capital market, companies with surplus tend to retain more cash; when the firm requires external financing, its financing options were restricted by institutional factors, such as SEO requirements, monetary, policy, industrial policy and property rights; in general, the company often adjusts capital structure toward targets slowly, approximately 5.0% per year. The findings above suggest that the regulation on capital markets increases the transaction cost of enterprises to undertake external financing, and companies with surplus have strong precautionary motivation whereas firms with shortage of funds have limited financing options. Therefore, the research on the capital structure, which assumes that firms could choose financing channel freely, may be lack of the reality foundation in China.