银行关联与企业资本结构动态调整

Whether firms have the ability to get adequate money at a low cost will directly affect their capital structure adjustment behaviors. Although several articles have explored this topic, but their research methods and conclusions are generally indirect. Nowadays more and more firms build connections with banks in China, and this important institutional background provides us an excellent research setting to study this topic mentioned above. For Chinese firms, bank loans are the main source of their financing, and the connections with banks is bound to have significant impact on firms' financing behavior, and then affect their capital structure adjustment behaviors. Based on firm finance and corporate governance theory, this project intends to use methods such as empirical study, survey and case study to study the economic consequences and operating mechanism of three kinds of connections of firms with banks, including firm holding banks, banks holding firms, and top executives' connections with banks. And we measure capital structure adjustment as the firm capital structure adjustment speed and the degree of deviation from target capital structure. Additionally, we will further study the effects of firms' property rights and the marketization degree of financial market. This project is expected to enrich the literature about the economic consequences of firms' connections with banks and that about the influencing factors of the dynamic adjustment of capital structure. And it also has an important reference value to the decision of firm capital structure adjustment and the reform of China's financial market.

企业能否以较低的成本获得充足的资金将直接影响企业的资本结构调整行为。虽然部分文献研究了这一问题，但它们的研究方法和结论普遍比较间接。中国日益普遍的企业和银行建立关联关系这一重要的制度背景为我们研究这一问题提供了极好的研究场景。对于以银行贷款作为最主要资金来源的我国企业来说，与银行之间的关联关系对它们的融资行为必然会产生重大影响，进而影响它们的资本结构调整行为。本项目拟结合公司财务、公司治理等相关理论，采用大样本实证研究、问卷调查以及案例研究等方法，研究企业持股银行、银行持股企业和高管银行关联等三种形式的银行关联对企业资本结构动态调整速度及偏离目标资本结构程度的影响及机理；同时，还将进一步研究企业产权和金融业市场化程度对上述关系的影响。本项目预期将丰富银行关联的经济后果、资本结构动态调整的影响因素等领域的文献；对企业的资本结构调整决策以及我国的金融业改革具有重要的参考价值。

企业的资本结构直接影响企业的资本成本，对企业的发展具有重要影响。因此，对企业资本结构进行优化调整很重要。然而，企业能否以较低的成本获得充足的资金会直接影响企业的资本结构调整行为。虽然部分文献研究了这一问题，但它们的研究方法和结论普遍比较间接。中国日益普遍的企业和银行建立关联关系这一重要的制度背景为我们研究这一问题提供了极好的研究场景。对于以银行贷款作为最主要资金来源的我国企业来说，与银行之间的关联关系对它们的融资行为必然会产生重大影响，进而影响它们的资本结构调整行为。在这样的背景下，本项目主要研究了银行关联对企业资本结构动态调整的影响。我们的研究发现：与未持有银行股份的上市公司相比，持有银行股份的上市公司资本结构调整速度较快、实际资本结构偏离目标资本结构的程度较小；上述研究结果在高管激励强度高、融资约束程度大的上市公司中更显著。本项目的研究结果表明：持有银行股份加快了企业向目标资本结构调整的速度、降低了与目标资本结构的偏离程度；在企业持股银行的情况下，企业对高管的激励强度越高，高管越有意愿去优化资本结构；融资约束程度大的企业能够更快改善资本结构。