中国金融学术研究网
CHINA FINANCIAL RESEARCH NETWORK

公司财务--资本结构
工作论文
2011-08-23 第4卷 第3期

编: 清华大学经管学院金融学教授。

执行主编: 杨之曙清华大学经济管理学院金融学副教授。


本期目录

(博士生论坛征文)融资约束,再融资能力与现金分红

郭牧炫 南开大学经济学院
魏诗博 南开大学经济学院

管理层激励和资本结构的关联研究

邹国庆 吉林大学商学院
唐亮 东北师范大学商学院

Efficiency of Multiunit Structure and Internal Capital Market

Song Zhu Beijing Normal UniversitySchool of Economics and Business Administration

The Value of Social Capital as an Informal Institution: Evidence from Firms’ Debt Financing in China

Yamin Zeng Nankai UniversityBusiness School
Junsheng Zhang Central University of Finance and EconomicsCentral University of Finance and Economics


论文摘要

(博士生论坛征文)融资约束,再融资能力与现金分红

郭牧炫 南开大学经济学院
魏诗博 南开大学经济学院

2008年证监会颁布的《关于修改上市公司现金分红若干规定的决定》提高了上市公司的再融资门槛,变相降低了上市公司的再融资能力。本文利用该新政作为外生于公司的再融资能力下降,选取2006-2009年的数据,检验了再融资能力的下降对上市公司现金分红的影响。通过两次差分法(DID)比较研究了新政对具有不同融资约束公司现金分红的不同影响。结果发现再融资能力的下降使得上市公司现金分红显著减少。在新政颁布后,相比于无融资约束的公司,有融资约束的公司显著增加了现金分红;而新政颁布之前,两类公司的现金分红并没有明显差异,这些证据不足以证明现金分红可作为区分国内上市公司融资约束的有效指标。

管理层激励和资本结构的关联研究

邹国庆 吉林大学商学院
唐亮东北师范大学商学院

管理层行为偏好会影响企业的融资结构,首先,本文从理论上阐述了这一关联机制,在实证方面,我们选择2004到2009年1279家上市公司的数据,通过构建管理层激励和资本结构的动态面板数据模型进行估计,主要研究结论是:企业资本结构具有自相关特征;上市公司偏好于股权融资,而不是债务融资;管理层权力、持股比例并不能解释资产负债率的变化;国有股比例,总经理的外部聘请不会影响公司的资本结构。

Efficiency of Multiunit Structure and Internal Capital Market

Song Zhu Beijing Normal UniversitySchool of Economics and Business Administration

Multiunit structure can internalize the managerial market to promote competition among subsidiary managers, and create an internal capital market within firms to alleviate external financing constrains, and it also may lead to diversification to lower the operation risk and regulation. While it brings in more agency problem created by subsidiary managers, causing the efficiency of internal capital market and diversification confusing. Using the data of listed firms in China, an emerging market, this paper examines the efficiency of multiunit structure within the firm, investigating the influence on capital allocation and firm performance. We find that multiunit structure is better in emerging market since it is efficient in capital allocation, reducing the inefficient investment by reducing the overinvestment and alleviating the underinvestment, and the bright side of multiunit structure dominates the agency problem associated, thus beneficial for firm performance, both short-term and long-term accounting returns. In less developed capital market under current situation, multiunit structure is better.

The Value of Social Capital as an Informal Institution: Evidence from Firms’ Debt Financing in China

Yamin Zeng Nankai UniversityBusiness School
Junsheng Zhang Central University of Finance and EconomicsCentral University of Finance and Economics

The paper studies the effect of social capital on the firms’ debt capacity and capital structure in China. We measure the social capital of China’s 31 provinces through four indexes: the number of NGOs per capita, the index of trust among peoples, the volunteer blood donation ratio of civics, and the money and material donation of civics. The results show that in those areas with more social capital, the firms are more likely to have higher debt ratio and longer debt maturity, and the firms can get debt financing with less tangible assets. And in those districts, the firms are easier to obtain bank credits and trade credits. The paper has two contributions to the economics literature: first, it confirms the economic value of social capital from a micro view; second, it provides a new perspective to understand the firms’ capital structure choice.


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