CAJ | 학술논문

本文立足经典资本结构决定理论，从企业成长性角度对资本结构的决定因素进行了扩展，并利用中国A股市场数据对理论预测进行验证。本文的实证结果表明，由于成长型企业债务担保能力有限并且短期现金流较少，从承债能力角度看，成长型企业相对于非成长型企业较弱。同时，由于成长型企业内部代理成本较低，无须像非成长型企业那样通过负债引入监督机制，从借债动机看，成长型企业相对于非成长型企业较弱。通过以上两种途径，企业的成长性会影响资本结构，导致成长性高的企业更倾向于更大的股权融资比例。
본문립족경전자본결구결정이론，종기업성장성각도대자본결구적결정인소진행료확전，병이용중국A고시장수거대이론예측진행험증。본문적실증결과표명，유우성장형기업채무담보능력유한병차단기현금류교소，종승채능력각도간，성장형기업상대우비성장형기업교약。동시，유우성장형기업내부대리성본교저，무수상비성장형기업나양통과부채인입감독궤제，종차채동궤간，성장형기업상대우비성장형기업교약。통과이상량충도경，기업적성장성회영향자본결구，도치성장성고적기업경경향우경대적고권융자비례。
This paper studies the determinant of capital structure from the aspect of a corporate＇ s growth type and evidence from stock market in China is provided to support our claims. We find that high growth type firms are more likely to issue equity rather than debts, compared to low growth type firms. Two reasons may account for this phenomenon： first, high growth type finns have limited solvency and cash flow in short run which are not compatible for debts; second, the high growth type firms do not need debts as a monitoring source which weakens their debt borrowi~g motives.