摘要
以2003—2015年沪深A股上市公司为研究样本,考察股权集中度与资本结构动态调整之间的关系,并通过分组检验考察产权性质、公司规模和盈利情况对股权集中度与调整速度之间关系的影响,结果表明:股权集中度的提高将加快资本结构调整速度;在资本结构向下调整的子样本中,股权集中度的提高对加快资本结构调整速度有更加明显的效果,说明股权集中度对资本结构动态调整的影响具有非对称性;股权集中度对资本结构动态调整速度的促进作用在民营企业、小规模公司和盈利的公司中更为明显。
With A-share listed companies in Shanghai and Shenzhen from 2003 to 2015 as samples,this paper examines the relationship between ownership concentration and dynamic adjustment of capital structure.By group testing,this paper also examines the influence of property rights,enterprise scale and the profit on the relationship between the ownership concentration and the adjustment speed.The results show that the increase of ownership concentration will accelerate the adjustment speed of capital structure.In the sub samples,when the direction of adjustment is downward,the relationship is much more significant,which shows that the effect of ownership concentration on the dynamic adjustment of capital structure is asymmetric.Additionally,we find that non-state-owned enterprise,small and profitable companies can strengthen the function of ownership concentration respectively.
作者
贺康
李盼盼
刘巍
HE Kang LI Panpan LIU Wei(Jincheng College, Sichuan University, Chengdu 611731, China)
出处
《南京审计大学学报》
CSSCI
2017年第2期49-57,共9页
Journal of Nanjing Audit University
关键词
股权集中度
资本结构均衡
资本市场
企业债务融资
股权制度改革
产权性质
企业规模
ownership concentration
equilibrium of capital structure
capital market
corporate debt financing
ownership system reform
property rights
enterprise scale
