中国金融学术研究网
CHINA FINANCIAL RESEARCH NETWORK

公司财务--资本结构
工作论文
2013-11-19 第4卷 第10期

编: 清华大学经管学院金融学教授。

执行主编: 杨之曙清华大学经济管理学院金融学副教授。


本期目录

资本结构调整速度与持久性的再检验---基于剔除机械效应的研究

顾乃康 中山大学管理学院
邓剑兰 中山大学管理学院

股权结构会影响商业银行信贷行为的周期性特征吗? ——来自中国银行业的经验证据

潘敏 武汉大学经济与管理学院
张依茹 武汉大学经济与管理学院

Financial Development and the Cost of Equity Capital

Jeong Bon Kim City University of Hong KongCity University of Hong Kong
Mary L. Z. Ma Xiamen UniversityXiamen University

Government ownership and the cost of debt

Kun Wang The Australian National UniversityResearch School of Accounting & Business Information Systems
Greg Shailer The Australian National UniversityResearch School of Accounting & Business Information Systems
Dan S. Dhaliwal University of ArizonaDepartment of Accounting


论文摘要

资本结构调整速度与持久性的再检验---基于剔除机械效应的研究

顾乃康 中山大学管理学院
邓剑兰 中山大学管理学院

本文在剔除由资产规模变动引起的机械效应基础上重新检验了企业的融资行为对资本结构调整速度、均值反转与持久性的影响。实证结果发现:在剔除了这种机械效应后,企业的融资行为仍引致资本结构的均值反转现象,但因调整速度很低而使得均值反转的趋势不是很明显。同样地,在剔除了机械效应后,资本结构的持久性系数不再为正,企业的长期融资行为导致资本结构发生了偏离目标值的过度调整。这意味着Lemmon等(2008)所发现的资本结构持久性现象很可能是资产规模长期变动引起的机械效应所致,而不是企业长期融资行为的结果。总之,在剔除了机械效应的影响后,我们没有发现支持动态权衡理论的足够证据。

股权结构会影响商业银行信贷行为的周期性特征吗? ——来自中国银行业的经验证据

潘敏武汉大学经济与管理学院
张依茹 武汉大学经济与管理学院

基于我国32家商业银行2003-2011年的年度非平衡面板数据,本文实证检验了银行信贷行为对宏观经济周期变化的反应,并考察了股权结构变化对其所产生的影响。结果显示,我国银行业的信贷总量增速和中长期贷款占比表现出逆周期特征,短期贷款比例与之相反;第一大股东持股比例和国有股占比的提高均会强化银行信贷总量增速的逆周期性,外资持股比例的增加则会弱化该特征;在经济下行周期中,国有持股比例较高的银行会加强中长期贷款投放力度,外资股占比较高的银行则会削减短期贷款投放规模。

Financial Development and the Cost of Equity Capital

Jeong Bon Kim City University of Hong KongCity University of Hong Kong
Mary L. Z. Ma Xiamen UniversityXiamen University

This study examines relation between financial development and the cost of equity capital and finds the following main results: (1) stock market development in general reduces cost of equity, consistent with its role in liquidity provision, information asymmetry reduction, and risk diversification helping to reduce systemic risk; (2) banking development only weakly decreases the cost of equity, consistent with the pervasive state-ownership in large banks constraining their efficiency. Further analysis reveals that the relation between stock market development and cost of equity is more pronounced in large firms and in firms with lower growth potentials, suggesting that stock market development fails to support small and/or growth firms. Moreover, the relation is more pronounced in region with low accounting quality, weak law enforcement, or lower market integration, and in period prior to split share structure reform. The evidence suggests that stock market developments and other institutional arrangements substitute each other in reducing cost of equity. This study contributes to literatures on financial development and cost of equity, and also holds immediate policy implications.

Government ownership and the cost of debt

Kun Wang The Australian National UniversityResearch School of Accounting & Business Information Systems
Greg Shailer The Australian National UniversityResearch School of Accounting & Business Information Systems
Dan S. Dhaliwal University of ArizonaDepartment of Accounting

This study investigates the impact of ultimate government ownership or control on the cost of debt of Chinese listed corporations. We first examine the relative level of cost of debt of corporations under government control compared to corporations under individual or family control. We then explore circumstances under which government control is likely to reduce a corporation’s cost of financing. Our results suggest that the benefits of government control are conditional on firm-specific financial circumstances and internal- and external-corporate governance environment. We find that, on average, government controlled corporations have lower cost of debt but the effect is not homogeneous. Government controlled corporations have lower cost of debt when they are highly financially constrained and have higher risk of being expropriated by controlling shareholders and in provinces where the local government is less effective, but not otherwise.


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