| The capital structure is one of the important indexes to reflect the financial management status of an enterprise.In the form of corporate debt and equity ratio,reasonable capital structure gives full play to the role of financial leverage,conducive to the growth of enterprises.Therefore,it is very meaningful to study the adjustment process of enterprise capital structure towards the target structure.There have been a large number of foreign literature studies on the speed of enterprise capital structure adjustment in the face of macro impact,but domestic research on capital structure still stays at the level of enterprise characteristics,and only a few literatures study the adjustment behavior of enterprise capital structure from the macro level.This paper studies the impact of macro-factor fluctuations on the adjustment of enterprise capital structure from the perspectives of monetary policy,stock market and economic cycle.In addition,due to different property rights and heterogeneity of financing constraints,this paper makes the following two innovations based on the dynamic adjustment model of enterprise capital structure under macro shocks.The first is to carry on the grouping demonstration according to the property right nature,compares the difference of the enterprise capital structure adjustment when the state-owned enterprise and the non-state-owned enterprise are subjected to the macroscopic shock.State-owned enterprises enjoy policy preference and easier access to financial support,which is more conducive to the increase of debt ratio and adjustment of capital structure of these enterprises.However,non-state-owned enterprises are limited in external financing,so it is of profound significance to explore the role of property right nature in the adjustment of enterprise capital structure under macro impact.The results show that there is a significant difference between state-owned enterprises and non-state-owned enterprises in the degree of response to macroeconomic changes.Compared with state-owned enterprises,the adjustment of capital structure of non-state-owned enterprises has a more significant response to the changes of monetary policy,economic cycle and stock market yield.On the other hand,financing constraints reveal the degree of incompleteness of the financial market and reflect the difficulty of enterprises in financing in the capital market.The more serious the financing constraint is,the stronger the restraining effect is,and the slower the adjustment process of enterprise capital structure is.This article is based on corporate investment efficiency and the relationship to every enterprise has its own characteristics,through the stochastic frontier analysis(SFA)to build the financing constraint index El,after quantitative impact of financing constraints and macro together into the capital structure dynamic adjustment model,discuss the financing constraints heterogeneous enterprise capital structure adjustment and the macro impact of the differences between reaction.The results show that corporate capital structure adjustment with severe financing constraints has stronger response to monetary policy,economic cycle and stock market yield changes.Taking data of a-share listed companies in Shanghai and shenzhen stock exchanges from 2006 to 2017.After stata processing,the balance panel data containing 1209 companies and 14,508 effective observation values were finally obtained.The average value of dynamic adjustment range of capital structure estimated by dynamic GMM is about 0.35,indicating that Chinese listed companies adjust about 35%towards the target capital structure each period.Heterogeneity based on the different nature of property rights,as well as financing constraint adjustment of macro impact on enterprise capital structure from the Angle of behavior,not only helps to improve the dynamic adjustment model explanation,but also for the company management decision makers and economic policymaking has certain reference significance:first,the government policy makers should pay attention to different enterprise capital structure adjustment to react with the differences of macroeconomic fluctuations,make more appropriate and rationalization of the economic policy.Secondly,the reform of the capital market can be relaxed step by step to reduce the financing constraints of the financial market and improve the enthusiasm of enterprises to optimize the capital structure.Third,the company managers fully understand the effectiveness of macro policies,which will help enterprises to optimize the target capital structure.Finally,listed companies should standardize their own governance structure,increase the degree of information disclosure,reduce the financing friction caused by information asymmetry. |
