论文部分内容阅读
通过选取1998年之前上市的350家公司2000-2013年数据为研究样本,采用基于机制转移的面板阈值回归模型,对比分析了宏观经济波动下周期性行业与非周期性行业公司资本结构的非线性调整差异。结果发现:与周期性行业公司相比,非周期性行业公司有着较快的短期资本结构调整速度,特别是具有高有形资产、中等规模、低盈利和高成长性等财务特征的非周期性行业公司的资本结构短期调整速度更快;其次,周期性行业公司资本结构的长期调整是逆周期的,但非周期性行业公司的调整则不显著。另外,融资约束减慢了这两类公司资本结构调整的速度。在国家“供给侧”改革的推进中,一要尽快降低周期性行业公司的财务杠杆,二要加快这些周期性行业公司的兼并重组。
By selecting the data of 350 companies from 2000 to 2013 listed before 1998 as the research sample and using the panel threshold regression model based on the mechanism transfer, the nonlinearity of the capital structure of the cyclical industry and non-cyclical industry is analyzed and compared under macroeconomic fluctuations Adjust the difference. The results show that, compared with the cyclical industry firms, the aperiodic industry firms have a faster rate of adjustment for short-term capital structure, especially in the non-cyclical industries with high physical assets, medium-sized, low-profit and high-growth financial features The short-term adjustment of the capital structure of the company is faster; secondly, the long-term adjustment of the capital structure of the cyclical industries is counter-cyclical, while the adjustment of the non-cyclical industries is not significant. In addition, financing constraints slowed the pace of capital structure readjustments in both groups. In the promotion of the “supply-side” reform of the country, we must first reduce the financial leverage of cyclical industry companies as soon as possible and second, accelerate the mergers and acquisitions of companies in these cyclical industries.