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自2000年以来,极端债务保守公司(杠杆率低于5%的公司)的数量和占比均呈现出明显的增长趋势。本文发现:第一,融资约束越重的公司越有可能发生进入行为,越不可能发生退出行为,且极端债务保守公司的退出行为伴随着融资约束的减轻,表明外源融资约束是公司采取极端债务保守策略的原因之一;第二,异常投资并不显著影响极端债务保守公司的进入或退出行为,且退出行为并未伴随着投资对内部资金依赖性的减弱,表明追求财务灵活性并非公司采取极端债务保守策略的动机;第三,针对2008年金融危机的检验进一步验证了融资约束假设,并否定了财务灵活性假设对极端债务保守行为的解释力。此外,本文发现退出行为是资本结构“均值回复”的表现。
Since 2000, the number and proportion of extreme debt conservative companies (companies with leverage of less than 5%) have shown a clear upward trend. The findings are as follows: First, the more financially constrained firms are more likely to enter, the less likely they will be to exit and the exit of debt-intensive firms with the mitigation of financing constraints, indicating that exogenous financing constraints are the most important Second, abnormal investment does not significantly affect the entry or exit behavior of extreme debt conservative companies, and exit behavior is not accompanied by the decline of the dependence of investment on internal funds, indicating that the pursuit of financial flexibility is not the company Third, the test of the financial crisis in 2008 has further verified the financing constraint hypothesis and negated the explanatory power of the financial flexibility assumption on the extreme debt conservative behavior. In addition, this paper finds that exit behavior is the manifestation of capital structure “average response ”.