Research On The Impact Of Asset Specificity On Capital Structure Of Listed Companies

This article selects the a-share listed companies in China from 2013 to 2017 as the research object,and screens out eligible 4340 research samples.Add the intermediary role of financial flexibility to the research on the impact of asset specificity on capital structure in the past.To discuss the interaction among asset specificity,financial flexibility and capital structure.In order to make the research model more complete and the research results more general and extensive,referring to the existing research literature,tobin's Q value,profitability,liquidity and asset mortgage value were selected as the main control variables,and the year factor was controlled at the same time.This paper is based on the related theory of asset specificity,the related theory of flexible financial and the related theory of capital structure,and it is supplemented by descriptive statistics and statistical analysis of correlation.The first step is to predict and infer the relationship between each variable,and then draw out the final conclusion based on the model of regression analysis and robustness testing: the asset specificity of the listed companies have a negative impact on capital structure,i.e.,the higher the asset specificity,the lower the debt ratio on its capital structure itself.The conclusion reminds the listed companies to take the degree of asset specificity as an important factor in the formulation of corporate capital structure.Financial flexibility has a significant negative impact on the capital structure,that is,listed companies lacking financial flexibility reserve have a high asset-liability ratio,on the contrary,listed companies with sufficient financial flexibility reserve have a low liability ratio in the capital structure.Asset specificity is positively correlated with financial flexibility.The reason is that the enterprise not only needs to demonstrate the robustness of its financial status to the investors of specific assets,but also needs to reserve certain financial flexibility for its weak liquidity due to specific assets to cope with the crisis or meet other capital needs.Finally,through the classical mediation test procedure,it is verified that financial flexibility does play an intermediary role in the relationship between asset specificity and capital structure.The study of this paper will supplement and improve the existing literature on asset specificity,financial flexibility and capital structure.particularly,the financial flexibility as an intermediary is an omission in previous studies,and it is the innovation of this paper,too.