宏观信贷政策政治关联和公司资本结构.doc

宏观信贷政策、政治关联和公司资本结构* 黄霞 （重庆大学经济与工商管理学院，重庆 400030） 摘要本文资本供给面的两个即宏观信贷（市场化条件）和政治关联（非市场化条件）研究公司资本结构的影响。为民营企业和非民营企业政治关联划分为政府官员类和代表委员类，并根据行政级别和地域级别进行细分本文实证发现宏观信贷政策会影响企业资本结构；总体上民营企业的主动资本结构和总资产负债率较非民营企业要高，但是在同等的信贷水平下，相对于非民营企业，民营企业的资产负债率却偏低，并且在信贷紧缩下，民营企业的资产负债率相对下降幅度更大；政治关联。 关键词宏观信贷政策；政治关联；资本结构 Macro-credit Policy, Political Connection and Enterprise Capital Structure LU Jing HUANG Xia (School of Economics and Business Administration, Chongqing University, Chongqing 400030, China) Abstract This paper studied the influencing factors of the company’s capital structure from the two dimensions of the capital supply which are the macro credit (the market condition) and the political connection (non-market condition). Samples are divided by the different economic nature known as private enterprises and non-private enterprises. As well as to political connection is divided into the government officials class and on behalf of the committee members class, and in accordance with the administrative level and regional level further subdivided. The empirical research shows that macro-credit policy counld affect corporate capital structure, private enterprises active in the overall capital structure and total asset-liability ratio than non-private enterprises, but in the same level of credit relative to non-private enterprises, private enterprises balance rate low, and under the credit crunch, private enterprise asset-liability ratio relative decline; political connection does not affect the company’s capital structure, indicating the degree of market is improving. Key Words Macro-credit Policy; Political Connection; Capital Structure; Corporate Finance 一、引言 1958年6月《美国经济评论》第48卷刊出莫迪格利安尼和米勒提出的MM定理，自此，资本结构理论成为学界一直不断研究和探讨的领域。针对是否存在最优资本结构以及公司如何选择资本结构，学者们提出了权衡理论、融资顺序理论、融资偏好理论、融资决策理论等，孰优孰劣却未有一致结论（Shyam-SunderMyers，1999；Fama and French，2002）。 国内学者从不同对资本结构进行了深入研究。如沈根祥和朱平芳（1999），黄贵海和宋敏（2004），他们利用中国上市数据研究资本结构与企业特征因素之间的关系，显示中国上市公司与其他国家一样，财务杠杆随企业规模、非债务税遁的增加而增大，随公司盈利能力增加而减小；姜付秀和刘志彪（200