CAJ | 학술논문

为什么企业偏好保守资本结构？文章从财务柔性理论视角出发,以刚结束的金融危机为冲击事件,研究了危机前企业的保守资本结构对危机时期融资、投资行为的影响。实证结果发现：在金融危机之前,资本结构保守的企业相对投资较少,储备了较高的负债融资柔性。因而在金融危机时期具有更强的负债融资能力,不仅能够提高投资支出,而且投资支出主要取决于危机中所面临的投资机会,对内源资金可获得性并不敏感。相反,对照企业在危机中面临明显的融资约束,投资规模缩减,投资支出更多地受制于内部现金流量。文章的研究发现支持了保守资本结构能够增强企业财务柔性,从而能够更好地应对不利冲击的观点,为企业资本结构决策提供了重要的可资借鉴的经验证据。
위십요기업편호보수자본결구？문장종재무유성이론시각출발,이강결속적금융위궤위충격사건,연구료위궤전기업적보수자본결구대위궤시기융자、투자행위적영향。실증결과발현：재금융위궤지전,자본결구보수적기업상대투자교소,저비료교고적부채융자유성。인이재금융위궤시기구유경강적부채융자능력,불부능구제고투자지출,이차투자지출주요취결우위궤중소면림적투자궤회,대내원자금가획득성병불민감。상반,대조기업재위궤중면림명현적융자약속,투자규모축감,투자지출경다지수제우내부현금류량。문장적연구발현지지료보수자본결구능구증강기업재무유성,종이능구경호지응대불리충격적관점,위기업자본결구결책제공료중요적가자차감적경험증거。
Why companies prefer conservative capital structure？ Based on the theory of financial flexibility, and choosing the recently financial crisis as study event, this paper, empirically investigates the impacts of conservative capital structure preserved during the pre-crisis period on corporate investment behaviors in crisis. The resuhs show that： during the pre-crisis period, companies maintaining conservative capital structure invest relatively less, and control companies invest relatively more. While in the crisis period, companies with conservative capital structure have greater capacity to raise debt funds, and greatly increase their investment expenditures, which mainly depend on their growth opportunities. In contrast, control companies rely much on the internal cash flow to support their investment expenditures, which reduced substantially as a result. In general, the empirical evidence provided in the paper supports the view that, companies can establish financial flexibility by maintaining conservative capital structure, so as to handle adverse shocks more effectively. And this also offers some useful empirical evidences for corporate capital structure decision.