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本文探寻了资本结构研究领域的新思路,考虑董事长社会关系资本对任职公司资本结构的影响,并结合宏观经济周期考察公司的融资模式。通过建立面板数据固定效应模型,本文发现董事长社会关系资本对公司资本结构存在显著正影响,具有社会关系的董事长所在公司杠杆率高于没有社会关系的公司杠杆率。此外,对于董事长社会关系发达的公司来说,其资产负债率呈现出了逆经济周期变动模式,当宏观经济上行时,资产负债率下降,宏观经济下行时,资产负债率上升。而董事长不具有社会关系资本的公司资本结构没有明显的随经济周期变动特征。
This paper explores new ideas in the field of capital structure research, considers the influence of chairman’s social capital on the firm’s capital structure, and examines the company’s financing model in combination with the macroeconomic cycle. Through the panel fixed effect model, this paper finds that the social capital of the chairman has a significant positive impact on the capital structure of the company, and the leverage ratio of the chairman of the company with the social relationship is higher than that of the company without social relations. In addition, for companies with developed chairman’s social relations, the debt-to-asset ratio has shown a pattern of counter-cyclical changes. When the macroeconomy goes up, the asset-liability ratio declines and the macroeconomic downturn increases the asset-liability ratio. The capital structure of the company that the chairman does not have the social relation capital has no obvious characteristics with the change of the economic cycle.