论文部分内容阅读
本文使用2003~2011年中国制造业上市公司的季度数据为样本,借鉴伯格等人(Berger et al.,1996)关于资产有形性的计算办法,以有息债务率和资产负债率作为资本结构的代理变量,分别从融资约束与货币政策两个角度研究资产有形性与公司资本结构间的关系,并同时考察的应收账款、存货以及固定资产三种不同类型的有形资产与公司资本结构的关系。结果发现:(1)资产有形性与资本结构呈显著正相关,同时应收账款、存货以及固定资产与资本结构间的关系存在显著差异,其中固定资产与资本结构间的敏感性最强,应收账款与存货则不确定,表明资产有形性与公司资本结构间关系主要通过固定资产抵押实现;(2)相对受融资约束程度较低的公司样本资产有形性与公司资本结构的不显著,受融资约束较重的公司样本中其资本结构与资产有形性关系显著为正;(3)相对于紧缩的货币政策,宽松的货币政策降低资本结构与资产有形性的敏感性,其中固定资产表现最显著。这意味着资产有形性可以作为抵押以缓解公司融资约束,其主要通过固定资产渠道实现,应收账款与存货的抵押能力十分有限。此外本文还发现了公司规模、资产报酬率、盈利波动程度、发展机会、公司年龄等与资本结构间的稳定关系。
This paper uses the quarterly data of China’s manufacturing listed companies from 2003 to 2011 as a sample, draws on the calculation method of assets tangibleness by Berger et al. (1996), takes the interest-bearing debt ratio and asset-liability ratio as the capital structure , We study the relationship between the tangible assets and the company’s capital structure from the perspectives of financing constraints and monetary policy respectively. At the same time, we examine three different types of tangible assets such as accounts receivable, inventory and fixed assets and the capital structure Relationship. The results show that: (1) There is a significant positive correlation between the asset tangibleness and the capital structure. Meanwhile, the relationship among the accounts receivable, inventory, fixed assets and capital structure are significantly different. Among them, the sensitivity between fixed assets and capital structure is the strongest, Account receivables and inventories are not certain, indicating that the relationship between the tangible assets and the company’s capital structure is realized mainly through the mortgage of fixed assets. (2) The tangible assets and the company’s capital structure of the companies with relatively less financial constraints are not significant (3) Relative to tighter monetary policy, loose monetary policy reduces the sensitivity of capital structure and asset tangibleity. The fixed assets The most significant performance. This means that the tangible assets can be used as a mortgage to ease the financing constraints of the company, which is mainly achieved through fixed assets channels, accounts receivable and inventory mortgage capacity is very limited. In addition, this article also found the company scale, return on assets, earnings volatility, development opportunities, the age of the company and the stability of the relationship between the capital structure.