金融监管政策不确定性与企业资本结构及其动态调整

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中央财经大学学报 ›› 2021, Vol. 0 ›› Issue (4) : 24-37.

金融保险

金融监管政策不确定性与企业资本结构及其动态调整

史建平, 张绚, 黄超

作者信息 +

Financial Regulation Policy Uncertainty, Corporate Capital Structure and Its Dynamics Adjustment

SHI Jian-ping, ZHANG Xuan, HUANG Chao

Author information +

文章历史 +

摘要

金融监管政策的不确定性使企业主体不能充分准确地预测、识别各种金融监管政策的变化,从而使微观企业的预期发生一定程度的偏离。通过研究金融监管政策不确定性对企业资本结构及其动态调整的影响,本文发现金融监管政策不确定性越大,企业的资产负债率越低,而且向最优资本结构动态调整的速度越慢。进一步地,金融监管政策不确定性通过企业不确定性规避和金融中介不确定性规避这两个路径影响企业资本结构的调整。本文不仅有着重要的学术价值,对主管部门制定金融监管政策也具有一定的现实意义。

Abstract

Financial regulation policy uncertainty makes it challenging for enterprises to identify changes in financial regulatory policies and bring undesirable bias to expectations.This paper studies the impact of financial regulation policy uncertainty on corporate capital structure and its dynamic adjustments to find that a higher level of uncertainty is associated with a lower asset to liability ratio,as well as a slower capital optimization adjustment.The analysis also finds that two major channels,namely the corporate uncertainty aversion and financial intermediary uncertainty aversion,contribute to the correlation.This paper aims to enrich the related literature and provide some useful inputs to financial regulatory discussions.

导出引用

史建平, 张绚, 黄超. 金融监管政策不确定性与企业资本结构及其动态调整[J]. 中央财经大学学报, 2021, 0(4): 24-37

SHI Jian-ping, ZHANG Xuan, HUANG Chao. Financial Regulation Policy Uncertainty, Corporate Capital Structure and Its Dynamics Adjustment[J]. Journal of Central University of Finance & Economics, 2021, 0(4): 24-37

中图分类号： F832

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