CAJ | 학술논문

本文以中国A股主板上市公司为研究对象，采用2007-2011年公司数据，将企业生命周期作为约束条件纳入公司财务弹性供给对资本结构决策影响的分析，检验处于生命周期发展不同阶段企业财务弹性供给对资本结构决策的影响。研究发现：处于生命周期不同阶段企业的资本结构存在显著差异，公司财务弹性供给能力与资本结构负相关。成长期企业利用外部财务弹性供给，企业资产负债率高；成熟期企业内部财务弹性供给能力提高，调整资本结构，减少负债；衰退期企业内、外财务弹性供给恶化，公司杠杆最低。
본문이중국A고주판상시공사위연구대상，채용2007-2011년공사수거，장기업생명주기작위약속조건납입공사재무탄성공급대자본결구결책영향적분석，검험처우생명주기발전불동계단기업재무탄성공급대자본결구결책적영향。연구발현：처우생명주기불동계단기업적자본결구존재현저차이，공사재무탄성공급능력여자본결구부상관。성장기기업이용외부재무탄성공급，기업자산부채솔고；성숙기기업내부재무탄성공급능력제고，조정자본결구，감소부채；쇠퇴기기업내、외재무탄성공급악화，공사강간최저。
Using the data of Chinese listed firms during the period 2007 -2011 in CSMAR,this paper analyzed the influence of firm＇ s financial flexibility supply on capital structure by designing an index of corporate lifecycle. The findings indicated that corporate capital structure in the different stage of corporate lifecycle has significant differ- ence and that the supply of corporate finance flexibility is negatively correlated with the capital structure and has significant effect on it. In the growth stage, finns＇ debt ratio is high because they draw on external finacncial flexi- bility supply. In the mature stage, with the increase of internal finance flexibility supply, firms adjust their capital structure and reduce their debt. In the stagnant stage, because both the internal and external supply of corporate fi- nance flexibility deteriorates, finns＇ leverage falls to the lowest.