银行业竞争与微观企业资本结构动态调整

财经论丛 ›› 2017, Vol. 33 ›› Issue (11): 53-62.

银行业竞争与微观企业资本结构动态调整

盛明泉¹, 汪顺²

1.安徽财经大学会计与财务发展研究中心,安徽蚌埠 233030;
2.安徽财经大学会计学院,安徽蚌埠 233030

收稿日期:2016-12-13 出版日期:2017-11-10 发布日期:2017-11-10
作者简介:盛明泉(1964-),男,安徽淮南人,安徽财经大学会计与财务发展研究中心教授,博士后; 汪顺(1993-),男,安徽枞阳人,安徽财经大学会计学院硕士生。
基金资助:
国家自然科学基金资助项目(71540004);安徽财经大学研究生科研创新项目(ACYC2015171)

Banking Competition and Dynamic Adjustment of Capital Structure of Micro-Enterprise

SHENG Mingquan¹, WANG Shun²

1.Development Research Center for Accounting & Financial Studies, Anhui Univorsity of Finance & Economics, Bengbu 233030, China;
2.School of Accounting, Anhui University of Finance & Economics, Bengbu 233030, China

Received:2016-12-13 Online:2017-11-10 Published:2017-11-10

摘要/Abstract

摘要： 本文通过对银监会网站披露的金融许可证信息的收集与整理,获取了同时包含省际信息与时间信息的银行业竞争数据,并进一步结合2005~2014年A股上市公司数据,探讨地区银行业竞争程度对微观企业资本结构动态调整速度的影响。结论表明,企业所在地的银行业竞争能够加速企业资本结构动态调整进程,但由于银行业竞争主要通过缓解企业融资约束、降低动态调整成本这一路径发挥作用,因此,在过度负债、国有产权及成长性较低的企业样本组中,其作用效果相对不明显。本文研究为银行业结构与经济增长提供了来自于中国的经验证据,也一定程度上拓展了资本结构动态调整相关领域的研究视角。

关键词: 银行业竞争, 资本结构动态调整, 最优金融结构, 调整成本, 融资约束

Abstract: Based on the data of banking competition including provincial information and time information through collecting and analyzing the financial license information issued by CBRC, and in combination with the data of A-share listed companies ranging from 2005 to 2014,this article discusses how regional banking competition degree affects the speed of Micro-enterprises' capital structure dynamic adjustment. The result indicates that banking competition of the place where enterprises arelocated does accelerate the process of dynamic adjustment. However,banking competition comes into play by easing financing constraints and reducing the dynamic adjustment costs,resulting in relatively inconspicuous effect on the sample group of enterprises which have excessive debt and develop slowly in the state-owned property right. This research provides empirical evidence from China for the topic about banking structure and economic growth discussed hotly by the current academic circlesand,to some extent,expands the research perspective of the field related to capital structure dynamic adjustment.

Key words: Banking Competition, Capital Structure Dynamic Adjustment, Optimal Financial Structure, Adjustment Costs, Finance Constraints

中图分类号:

F830.33
F275

盛明泉, 汪顺. 银行业竞争与微观企业资本结构动态调整[J]. 财经论丛, 2017, 33(11): 53-62.

SHENG Mingquan, WANG Shun. Banking Competition and Dynamic Adjustment of Capital Structure of Micro-Enterprise[J]. , 2017, 33(11): 53-62.

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