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公司资本结构决策及其经济后果历来是学术界与实务研究的热点问题。现有研究通常假设公司财务决策是自身特征的函数且不受同行业公司影响,而笔者的研究表明同行公司的资本结构决策行为是公司财务政策的重要参考依据。使用中国上市公司2007—2013年的数据,构建固定效应模型,研究发现公司短期借款和商业信用与同行公司特质回报显著负相关,上市公司通过短期债务学习同行公司的资本结构调整行为。研究进一步发现公司资本结构决策变化是对同行业公司资本结构决策行为的反应,而非应对同行公司其他特征变化所做的调整,且盈利性较低以及规模较小公司作为效仿者会学习盈利性较高以及规模较大公司等行业领袖资本结构决策行为,但反之不成立。研究结论表明上市公司间资本决策行为在一定程度上具有学习效应,这将有助于我们在我国特殊制度情境下更为深刻地理解上市公司资本结构行为,同时亦为国内现有相关研究提供补充性的经验证据。
Corporate capital structure decision-making and its economic consequences have always been the academic and practical issues of hot topics. The existing research usually assumes that the company’s financial decision-making is a function of its own characteristics and is not affected by the same industry companies. However, the author’s research shows that the capital structure decision-making behavior of peer companies is an important reference for the company’s financial policy. Using the data of Chinese listed companies from 2007 to 2013, this paper constructs a fixed-effect model and finds that there is a significant negative correlation between short-term borrowings and commercial credit of the Company and the return of trait of the peer companies. The listed companies adjust the capital structure of peer companies through short-term debts. The research further finds that the change of corporate capital structure decision-making is a response to the capital structure decision-making of the same industry companies rather than the adjustment of other characteristics of peer companies, with lower profitability and smaller companies as imitators to learn profitability Higher and larger companies and other industry leaders capital structure decision-making behavior, but not vice versa. The conclusion of the study shows that the capital decision-making among listed companies has a learning effect to a certain extent, which will help us to understand the capital structure behavior of listed companies in a more profound way under the special institutional environment of our country. At the same time, it also supplements the existing domestic research Sexual empirical evidence.